Seafood Market Insights, Current And Future Market Trends & Forecast Till 2027

 

The GMI Research forecasts that the seafood market is witnessing an upsurge in demand over the forecast period. This is mainly due to the drastically changing lifestyle of the consumers and increasing awareness of the health benefits regarding seafood.

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Top Manufacturers in the Seafood Market:

·        Pacific American Fish Company, Inc.

·        NISSUI

·        GRUPO NUEVA PESCANOVA

·        Mowi

·        Royal Greenland Seafood A/S

·        Thai Union Group PCL

·        LEE FISHING

·        Trident Seafoods Corporation

·        SeaPak Shrimp & Seafood Company

·        The Phillips Family

Seafood Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)

Key Drivers

The drastically changing lifestyle of the consumers and increasing awareness of the health benefits regarding seafood are the major factors surging the growth of the seafood market size. Non-vegetarian consumers are usually changing their lifestyles and are shifting towards pescetarianism. Pescetarianism refers to staying vegetarian and continue consuming seafood in the diet which does not involve any meat such as poultry, beef, pork, and others. Meat and meat-related products often contain harmful chemicals and pesticides, due to which the consumers are shifting their preference towards a healthy diet pattern. This factor is further enhancing the demand for seafood among the consumers during the forecast period. According to seafood market report, rising consumer awareness regarding the living conditions of the cattle in farms has led to a change in the preference of non-vegetarians to pescetarianism, thereby fuelling the growth of the seafood market.

The strong demand for fat-free proteinaceous food and growing innovations and variations in seafood dishes are some other factors driving the growth of the seafood market worldwide. Several seafood restaurants are focusing on providing exotic seafood options like Fisheries Innovation in Scotland and Miya's in the US. These types of restaurants & seafood service suppliers focus on significant seafood options, including tilapia and catfish. All these factors are energizing the market growth. On the other edge of the spectrum, the factors hindering the growth of the market include the increasing diseases while growing and processing seafood, the decreasing sea species, less shelf life of the product, and government regulations on growing and packaging of seafood.

Regional Drivers

Based on the region, the Asia-Pacific region is projected to grow at a higher CAGR during the forecast period. This is attributed to the rising disposable income, and the growing number of fast-food restaurants that serve fish will fuel the market growth. The rising demand for online food delivery through mobile apps is further elevating growth opportunities for restaurants worldwide, thereby improving sales channel and revenue growth. The developing economies such as China and India are becoming the hub for popular fish-related cuisines across the world.

Seafood Market Segmentation:

Segmentation by Product Type:

·        Fishes

o   Salmon

o   Tuna

o   Pollock

o   Others

·        Crustaceans

o   Crabs

o   Shrimps

o   Prawns

o   Others

·        Molluscs

o   Scallops

o   Oysters

o   Others

·        Others

Segmentation by Product Format:

·        Fresh & Live

·        Frozen

·        Canned

·        Chilled

Segmentation by Distribution Channel:

·        Supermarkets & Hypermarkets

·        Convenience Stores

·        Speciality Stores

·        Online Retail

·        Others

Segmentation by Region:

·        North America

o   United States of America

o   Canada

 

·        Asia Pacific

o   China

o   Japan

o   India

o   Rest of APAC

·        Europe

o   United Kingdom

o   Germany

o   France

o   Spain

o   Rest of Europe

·        RoW

o   Brazil

o   South Africa

o   Saudi Arabia

o   UAE

o   Rest of the world (remaining countries of the LAMEA region)

About GMI Research

GMI Research is a leading market research company that offers market research reports for every industry. Our research teams have seasoned analysts and researchers and are always looking for industry-leading research techniques to create all-encompassing research reports. GMI Research's extensive global network allows it to collect relevant information about the industry on a regional as well as country-level basis. Our main focus is to keep our clients abridged of the emerging opportunities and challenges in a wide range of sectors. We provide step-by-step assistance to our clients through strategic and consulting services to reach a managerial and actionable decision. Our market research report offers in-depth analysis, which contains refined forecasts, a bird's eye view of the competitive landscape, major factors impacting the market growth, and various market insights to aid companies to make strategic decisions. Featured in the ‘Top 20 Most Promising Market Research Consultants’ list of Silicon India Magazine in 2018, we at GMI Research are always looking forward to help our clients to stay ahead of the curve.

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