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Seafood Market size was valued at USD 310.75 billion in 2019 and is poised to grow from USD 338.47 billion in 2023 to USD 730.28 billion by 2031, growing at a CAGR of 8.92% in the forecast period (2024-2031).

The 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. 'Austevoll Seafood ASA', 'Trident Seafoods Corp.', 'Amalgam Enterprises ', 'Thai Union Group', 'Maruha Nichiro Corporation', 'Nippon Suisan Kaisha, Ltd.', 'Dongwon Industries', 'Marine Harvest ASA', 'Clearwater Seafoods', 'High Liner Foods', 'AquaChile', 'Mowi ASA', 'Grupo Pescanova', 'Royal Greenland', 'PanaPesca', 'Thai Union Canada', 'Cooke Aquaculture', 'Bakkafrost', 'Kverva AS', 'Lerøy Seafood Group', 'Tassal Group Limited'

Raising awareness regarding the health and wellbeing of consuming sea fish and raise in disposable income has facilitated the growth of the seafood market. As fatty fish contain a good amount of Omega 3 fatty acid chain consisting of EPA and DHA, it makes it a wonderful choice among people with heart problems, some studies have shown the direct relation between consumption of fatty fish and heart disease. These health benefits from seafood are driving the industry of seafood globally.

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. The spread of pescetarianism by various people around the world is also a leading reason for the growth of seafood restraint and dine in that will push the market growth during the forecast period.

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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Global Seafood Market

Product ID: SQSG30I2008