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The global seafood market size is projected to witness a rise during the forecast years, due to the increasing number of restaurants that are offering exotic seafood and changing eating habits and taste of many individuals. An upsurge in demand for seafood from various food sectors is projected to contribute to its market growth in the upcoming years.
Seafood is an essential and important source of protein, vitamins, minerals, and fatty acids and is the best foods for body. Seafood consists of crustaceans, molluscs, fish, other aquatic animals, and microphytes. Main dietary sources are fish and shellfish of omega-3 fatty acids which is known as EPA and DHA that is helpful for reducing the risk of cardiovascular diseases.
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The seafood market trends is growing due to rising consumer awareness about healthy nutrition who are spending much on food products that are rich in nutrients. In addition, increasing disposable income and growing high end and premium seafood is expected to drive the growth of the global seafood market at the forecast period.
Furthermore, increasing improvements and variations by key market players are some of the key market strategies adopted by seafood giants. Marine Harvest ASA (Norway), Thai Union Group Public Company Limited (Thailand) are some of the global seafood company that holds the major revenue share in seafood market.
Fostering consumption of seafood across the world, especially in developing economies is anticipated to increase the demand for seafood during the forecast years. Increasing demand for proteinaceous fat-free food globally among many individuals is further expected to fuel the growth of the seafood market in the forthcoming years.
One of the major factor that hampers the growth of the global seafood market is government regulations on packaging and raising of seafood. There are other factors that are expected to inhibit the growth of the seafood industry such as depleting stocks of wild fish coupled with their high prices.
By Distribution Channel
Among types, the salmonids segment holds the major market share in the global seafood market due higher production and consumption as they provide different added benefits such as fatty acids, high proteins, vitamins. In addition, increasing awareness about the health benefits offered by salmonids among individuals is among the other factor that drives the growth of the global seafood market at the forecast period.
On the basis of category, the global seafood market has been segmented into dried seafood, frozen seafood, salted seafood, smoked seafood, and others. The dried seafood category is projected to be the highest during the forecast years, as dried seafood can be preserved for a longer period of time and essential to meet the demand in off-season or supply deficit situation, hence aid its market growth during the forecast period. In addition, rising demand for various types of seasonal seafood across the globe is driving the market.
At present, North America accounts for the major market share in the global seafood market and is expected to hold the largest share during the forecast years, owing to increasing consumer inclination towards the consumption of seafood. Growing food & beverage industries of North America, due to rising population is anticipated to influence the seafood market growth positively during the forecast period. According to OECD, global per capita consumption averaged at 20.5 kg/person/year in for the period from 2015 to 2017 and the same is projected to increase towards 21.3 kg/person/year by 2027.
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