What is the Current Trends of Seafood Market and How it changes the Food Industry

Seafood refers to fish and shellfish. Most of the seafood that is harvested is consumed by humans. The global seafood market has witnessed significant growth in the recent years, owing to change in lifestyles & food habits, increase in population, upsurge in organized retail, rise in disposable income, surge in urbanization, and growth in awareness about the health benefits of seafood. In addition, surge in demand for convenience food and premiumization of products are expected to boost sales of seafood providers. Intense competition in seafood market demands high degree of packaging innovation from brand manufacturers to overcome the challenges which brings in new opportunities for the key players in this market.

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Asia-Pacific is anticipated to account for significant share in the global seafood market. Seafood is in high demand in the Asia-Pacific region, as it contains high amounts of proteins, vitamins, and minerals. Some of the key players have focused on marketing packaged, marinated fish that can be traced online to individual fishers. Oyster farmers, crab & lobster fishers, and finfish distributors use online systems that allow consumers to trace seafood to a specific boat or farm.

The global seafood market was valued at $120,848 million in 2016, and is expected to reach $155,316 million by 2023, registering a CAGR of 3.6% from 2017 to 2023. Asia-Pacific dominated the global market accounting for over two-thirds of the total market share in 2016.

The preference for seafood is expected to increase in Asia-Pacific, owing to change in lifestyle of people and rise in disposable income. China is a high growth market and has the capacity to pay more for premium and high-quality seafood.

Seafood comprise fish, molluscs, crustaceans, other aquatic animals, aquatic plants, and microphytes. Fish holds a major share in the global seafood market in 2016. The factors driving the demand of seafood are changes in lifestyle of people, increase in population, and cost-effectiveness of these meals. In addition, rise in health awareness and benefits offered by seafood, such as high proteins, fatty acids, and vitamins, are expected to boost its demand in the near future. The global seafood market is characterized by increase in trade across the globe. As fish is highly perishable, proper processing, and packing of seafood is required for effective trading. The major companies in the global seafood market collaborated with major foodservice providers & retailers to expand their outreach in their global market.

The ground fish segment is expected to dominate the global market during the forecast period. However, the flat fish segment is anticipated to gain traction in the near future. The convenience offered by frozen fish in terms of cooking is projected to supplement the growth of aforementioned segments. In 2016, the flat fish and ground fish segments collectively accounted for more than one-fourth share of the global market.

Source: Allied Market Research