USD 165.51 Billion
Report ID: SQSG30I2008 | Region: Global | Published Date: October, 2022 | Pages: 165 | Tables: 100 | Figures: 66
Seafood Market was valued at USD 165.51 Billion in 2021, and it is expected to reach a value of USD 195.93 Billion by 2028, at a CAGR of 2.70% over the forecast period (202-2028).
Seafood generally consists of the food that is derived from the sea and these are categorized as fish, crustaceans, and molluscs seafood. Increasing awareness and changing lifestyles have forced people to focus on their decorating health and seafood provides a variety of health benefits which attributes to the growth of the seafood market worldwide. The lifestyle of the customer is slowly changing towards non-vegetarian food and a combination of seafood with vegetarian food excluding beef, poultry, pork, and others which are known as pescetarianism. Beef and pork contain harmful substances and a variety of anabolic to treat the meat and grow it, which could affect the health of people consuming it. These are some of the reasons the consumer nowadays prefers seafood as no anabolics and harmful chemicals are used to rear these creatures. The growing awareness of people regarding the living conditions of farmed animals such as poultry, beef cattle, and pork at farms has also made people change their eating preferences from non-vegetarian to pescetarianism. Which in turn will increase the demand for seafood in the coming years.
US Seafood Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 165.51 Billion
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The Global Seafood Market is segmented on the basis of Type, Category, Distribution Channel, and Region. Based on Type, the Seafood Market is segmented into Fish (Salmon, Tuna, Pollock), Crustaceans (Crabs, Shrimps, Prawns), Molluscs (Scallops, Oysters), and Others. Based on category, the Seafood Market is segmented into Dried Seafood, Salted Seafood, Smoked Seafood, Frozen Seafood, and others. Based on the Distribution channel, the Seafood Market is segmented into Supermarkets & Hypermarkets, Convenience Stores, Speciality Stores, Online Retail, and Others. Based on region, the global Seafood market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Seafood Market Analysis by Type
In 2021, based on the type of seafood the Fish (Salmon, Tuna, Pollock) segment has captured the major market share and is expected to grow at a CAGR of 2.9% by 2028 in the global seafood industry. The other types of seafood markets can be categorized into Crustaceans (Crabs, Shrimps, Prawns), Molluscs (Scallops, Oysters), and Others. The high protein content and presence of plenty of fatty acid chains in the fatty fish have contributed to the growth of the sea fish segment in recent years and is expected to grow at the same pace in the coming years too. However, the Molluscs segment is also growing at a decent rate and is expected to grow at a 2.3 % CAGR during the analysis period.
Seafood Market Analysis by Category
Based on the category the seafood market is segmented into Dried Seafood, Salted Seafood, Smoked Seafood, Frozen Seafood, and others. The frozen and fresh seafood segment accounts for the highest market share in 2021. These developments in the sector are one of the reasons driving the seafood industry worldwide.
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In terms of revenue, Asia Pacific held the largest market share of seafood markets in 2021. The presence of a huge number of seafood service restaurants and the growing opportunities in large economies like China and India had enabled the sector to boom in the region. The increasing online penetration and promotion of fish culture in the region by various administrative bodies are also attributed to the growth of the industry. The huge coastline of India and China enables them to develop a large seafood industry and huge exports of fresh seafood globally which will drive the growth of the seafood industry during the forecast period.
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Seafood Market Driver
Seafood Market Restraint
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The Global Seafood market is relatively fragmented, with a high level of competition. Few large players, like Amalgam Enterprises, Austevoll Seafood ASA, and Cooke Aquaculture, Inc, now control the market in terms of market share. These industry leaders are extending their customer base across several areas, and many corporations are creating strategic and collaborative initiatives with other start-up enterprises to enhance their market share and profitability.
Seafood Market Top Player’s Company Profiles
Seafood Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, High per capita consumption increases the import of seafood and an increasing presence of organised retail players in the food industry is a key market trend seen worldwide. Raising expenditure on various seafood dishes are some of the factors behind the seafood market growth. 80% of all fresh and frozen seafood derived is used for human consumption, and that is a huge number it shows the demand for an alternate protein source and changing food habits towards adapting to pescetarianism in the US. The growing awareness of people regarding the living conditions of farmed animals such as beef cattle and pork’s at farms has also made people change their eating preference from non-vegetarian to pescetarianism. This in turn will increase the demand for seafood in the coming years.
|Market size value in 2021||USD 165.51 Billion|
|Market size value in 2028||USD 195.93 Billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
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For the Global Seafood Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Seafood Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
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Product ID: SQSG30I2008