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The global seafood market size was USD 310.75 billion in 2021 and is projected to grow from USD 333.25 billion in 2022 to USD 605.46 billion by 2029, exhibiting a CAGR of 8.92% during the 2022-2029 period. The global COVID-19 pandemic has been unprecedented and staggering, with seafood experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. Based on our analysis, the market exhibited a growth of 12.34% in 2020 as compared to 2019.
The market is experiencing rapid growth owing to rising per capita consumption, increasing disposable income, and growing consumer inclination toward pescetarianism across the globe.
Over the years, a drastic shift has been observed in the consumption pattern of individuals toward a healthy diet, influencing the changes in consumer preferences. The seafood market share in the food industry is expected to increase in the upcoming years, as individuals mainly prefer seafood-based products over poultry and beef due to the equivalent amount of protein with lower calories. Such shifting consumption patterns will fuel market growth.
Market Growth Favored Due to Promising Demand for Nutritionally-Rich Products in Daily Diet
The seafood industry is reaching new heights in every part of the world in terms of production, supply, and consumption. The consumption of fish and other products is rapidly growing due to rising awareness about the importance of seafood-based products and changing lifestyle patterns. Since most countries experienced the lockdown effects, a shortage was observed in the production capacity due to the closure of production plants and reduced purchasing power of the consumers. However, the market found its pace in the latter half of the year 2020 as consumers focused on seeking convenient and nutritionally rich products in their day-to-day diet more than ever. Moreover, the increase in home cooking in the pandemic phase facilitated the incorporation of such products in various cuisines, which further improved the growth potential.
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Market Value to Rise Due to Increase in Purchase of Premium Products
In recent years, the rising trend for premium and luxury products is gaining prominence owing to the growing health benefits, rising healthy eating habits of consumers, and escalated income earnings. The industry has faced numerous challenges in order to sustain its position in the market and thus, the products with strong nutritional scores and the lowest climate impact should be highly promoted for consumption. Besides this, advancements in the packaging technologies such as active food packaging, vacuum packaging, and modified atmosphere packaging (MAP), also play an important role in sustaining the quality attributes of the products. Such techniques further help in preserving and controlling the growth of food pathogens in fishery products and others. Moreover, in order to fulfill the rising demand for a variety of seafood, the countries are intensively working towards producing a sufficient amount of products across the market. For instance, China's processors and farmers increasingly focus on domestic demand, while Western and other Asian producers supply species such as salmon, scallops, and lobster to consumers in China.
Market Share to Rise Due to Increasing Demand for Processed/Ready-to-Cook Seafoods
The demand for processed food in developing nations and higher consumption of convenience food among the working population and millennials have evolved due to lifestyle changes. Owing to rapid urbanization and the busy lifestyles of consumers, the demand for products with longer shelf life has increased. The trend of easy-to-cook products has significantly increased over the years due to advancements in processing techniques, well-equipped cold storage chains, as well as drastic changes in food habits. In addition, the growing innovations in product development such as frozen, canned, and smoked seafood offer lucrative opportunities for convenient cooking amid the busy schedules of individuals.
Market Growth to be Driven by Rising Inclination Toward Adoption of Pescetarianism
Seafood consumption in the world has consistently increased over the past years. The improvement of living standards in developing countries, such as China, India, Brazil, and South Africa, and the health consciousness of some developed countries have contributed to this increase in consumption. The progress of globalization and the increased interest in health consciousness in recent years can cause drastic changes in fish consumption. Various consumers worldwide follow a pescetarian lifestyle, where they consume fish along with a vegetarian diet owing to health-related factors. Fish, particularly salmon, herring, and trout, provide health benefits in addition to nutritional value and are concentrated with omega-3 fatty acids. Omega-3s have been always recommended for their healthy heart and brain-boosting benefits, which in turn, increases the consumption of seafood-based products. Moreover, the regular consumption of fishery products or following a pescetarian diet can further help in minimizing the risk of health-related illnesses such as obesity, cardiovascular diseases, and others.
Market Growth Hampered Due to Growing Inclination of Consumers Toward Plant-Based Meat
The rise in veganism has led to an increase in plant-based food consumption. This factor has enabled manufacturers of established fish markets to increase their focus on launching plant-based meat products, thus hindering the market share. Moreover, vegan or plant-based meat is gaining popularity as celebrities have started to endorse and promote veganism. For instance, in February 2022, Blue Tribe Foods announced Virat Kohli and Anushka Sharma as investors and brand ambassadors for their meat alternatives products. In recent years, plant-based diets have moved from being a niche into the mainstream, with consumers across the globe interested in plant-based food. Moreover, a rise in flexitarian consumers adversely affected the market for fish and other products as these consumers are more inclined toward veggies, legumes, whole grains, and nuts and occasionally prefer meat. These factors are expected to hinder the market growth during the forecast period.
Fish Segment Holds the Largest Share Due to Various Health Benefits
Based on type, the market is segmented into four-sub types such as fish, crustaceans, molluscs, and others. Of these, the fish segment holds the largest market revenue share, owing to its numerous health benefits. Fish and other fish-based products are a rich source of proteins, low in calories, and fatty acids such as omega-3 and crucial vitamins, as compared to poultry, thus making it a desirable choice of meat. Moreover, the rising demand for premium-quality fish products, attributed to their freshness and diversity, is expected to boost the market growth of the fishing business. Several restaurants and food chains are utilizing different types of fish, such as salmon, tuna, and sardine, in many culinary dishes to enhance the flavor and taste of the food. Nowadays, a recent trend has been observed, for protein-rich and fat-free fish-based products, due to the rise in the health-conscious population, which also promotes seafood market growth.
The crustaceans segment is also experiencing stellar growth in the market, primarily due to the rising demand for different types of species such as crabs, lobsters, and shrimps. Due to its higher utilization, the massive demand for crustaceans from the food service industry further fuels the global market potential.
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Fresh Segment to Dominate in the Market Owing to the Quality Attributes
Based on forms, the market is bifurcated into two types namely, fresh and processed products. The fresh segment holds the maximum revenue share due to the high demand for natural and premium products across the market. The fresh form segment is witnessing a strong demand compared to processed forms, owing to flavor and overall quality attributes, as well as numerous health-imparting properties. In addition, fresh products contain high-quality nutrients, which are lost during processing. These factors are expected to fuel market growth.
The processed segment is witnessing substantial growth in the market, attributed to the busy lifestyle and the soaring demand for convenience products. The consumption of processed products has always been prominent, due to their abundance and affordability, with several variants posing a way for the market's momentum.
Modern Retail Channels Hold Major Market Share Owing to the Wide Variety of Products
Supermarkets/Hypermarkets have become the utmost choice of consumers, as it offers a strong range of products, ranging from food & beverages to consumer goods under a single roof. In addition, supermarkets are considered a convenient option for purchasing frozen or fresh seafood as it can be easily stored or frozen, thus contributing to the maintenance of its quality attributes. Products such as Atlantic salmon, tuna, canned fish, sardine, and catfish are the most common types, which are preferred on a larger basis and are easily available in retail channels. In addition, supermarkets/hypermarkets have quick-freezing options, which helps in sustaining the products fresh for a longer period of time. Thus, consumers are highly inclined towards purchasing such products from the retail channels, attributed to the surety of their overall quality.
Asia Pacific Seafood Market Size, 2021 (USD Billion)
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Asia Pacific to Exhibit Highest Growth Due to Increased Consumption of Seafood-based Products
Asia Pacific holds the largest share of the market and is expected to outgrow at a double rate in the upcoming years. Population growth, rising urbanization trends, and easy-to-cook at-home options are the key drivers for market growth. In addition, the region is extensively witnessing a sudden growth in the health-conscious population, which is largely influenced by fitness enthusiasts or social media, further facilitating the growth.
Europe is slated to hold the second-largest market share over the forecast period. This can be attributed to the soaring demand from the population of every age. The rising working population and increased earnings further influence the products' purchasing patterns. The busy lifestyle and rising consumer awareness about the benefits of fresh and premium-quality products also favor the growth of the seafood industry.
North America accounts for the third largest share of the market. The regional growth can be credited to the increasing millennial population and escalating inclination toward convenience food. The manufacturers are working on expanding their production units, in developed countries, such as the U.S. and Canada, which offer lucrative opportunities for the domestic players to collaborate. However, a steep downfall in the sales of the products was observed due to the global outbreak of the COVID-19 pandemic. However, the market in North America recovered in the second half of the year 2020.
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South America and the Middle East & Africa hold a minor market share. However, the industry growth in the region is boosted by the escalating consumer demand for protein-rich foods and evolving taste preferences.
Industry Players Focus on Research Activities for Launch of New Products
Some of the prominent players operating in the market include Nippon Suisan Kaisha Ltd, Maruha Nichiro, and Mowi ASA, among others. The companies are extensively focusing on increasing their customer base, by collaborating with other large business stakeholders, or via joint ventures. In addition, the determined focus on introducing sustainable products with essential nutrients, further enhances the growth of the market. The growing demand for clean-label food, which are safe for consumption and planet, also imparts ample number of opportunities for market growth.
An Infographic Representation of Seafood Market
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The market research report includes quantitative and qualitative insights into the market. It also offers a detailed analysis of the market size and growth rate for all possible market segments. Various key insights presented in the report are an overview of related markets, competitive landscape, recent industry developments such as mergers & acquisitions, the regulatory scenario in critical countries, and key industry trends.
Value (USD Billion)
By Type, Form, Distribution Channel, and Geography
By Distribution Channel
Fortune Business Insights says that the global market size was valued at USD 310.75 billion in 2021 and is projected to reach USD 605.46 billion by 2029.
The market is projected to grow at a CAGR of 8.92% during the forecast period (2022-2029).
The fish segment is expected to be the leading segment in the global market.
Rising demand for processed or ready-to-cook products and the growing inclination toward pescetarian lifestyle are the prominent factors fueling the market growth.
Nippon Suisan Kaisha Ltd, Maruha Nichiro, and Mowi ASA are a few of the top players in the global market.
Asia Pacific is expected to hold the highest market share through the forecast period.
Growing inclination towards plant-based meats is as one of the major restraints for the market.
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