Seafood Market is expected to reach US$ 198,854.86 million in 2027

by Sameer Joshi or 26-Dec-2020

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The scope of “Seafood Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Type (Fish, Crustaceans, Mollusca, and Others), Product Type (Fresh, Frozen, Canned, and Others), and Distribution Channel (Supermarkets and Hypermarkets, Convenience Store, Specialty Store, Online, and Others)” involves understanding the factors supporting the growth of the seafood market, estimating and forecasting the revenue and market share analysis, and spotting significant market players and their key developments.

The global seafood market was valued at US$ 158,910.17 million in 2019 and is projected to reach US$ 198,854.86 million by 2027; it is expected to grow at a CAGR of 2.9% during 2020–2027As per the Food and Drug Administration (FDA), seafood encompasses all commercially obtained saltwater and freshwater fish, molluscan shellfish, and crustaceans. The demand for seafood across the globe is anticipated to increase dramatically owing to its health benefits. According to the Food and Agriculture Organization, by 2030, an excess value of 40 million additional tons of seafood, which is an increment of almost 30%, would be required to meet the rising demand. Rising per capita consumption accompanied by the affluent nations’ demand for imported seafood products is considered to strengthen the market further. The demand for seafood products across specialty restaurants is growing at a robust pace in recent times. A large population of consumers prefers to eat seafood over other cuisines, and this is a major factor that propels the market expansion. Moreover, coastal regions are implementing concerted efforts to develop advanced supply chains for the export and supply of seafood. Also, the growth of the seafood market highly depends on the ease of procuring seafood from coastal regions. Furthermore, the improvement in economic condition and progression in disposable income levels helped the market growth. Developing economies are witnessing strong urbanization trend and it resulted in an increase in disposable income among the middle-income groups, subsequently adding to the middle-class population. The medium as well as high-income consumers in urban areas are changing their consumption trend from essential to premium food products. This trend favors seafood companies and suppliers to improve their product and service line in the seafood segment.

Based on type, the seafood market is segmented into fish, crustaceans, mollusca, and others. The fish segment led the seafood market with the highest market share in 2019. Cod, salmon, trout, tuna, haddock, sea bream, plaice, and shark are some type of fishes that are consumed as seafood worldwide. Some of the fishes are raised in ponds or in cages in the sea but most of them are picked up alive from the oceans by the big commercial fishing boats. Fish is an important source of protein. Fishes with white flesh are lower in fat as compared to any other source of animal protein. The oily fish are high in omega-3 fatty acid and serve as a source of good fats. Including fish in diet provides the body with essential nutrients. Also, fish is low in bad fats that is commonly present in red meat. Fishes, such as wild salmon from Alaska, Arctic char, sardines, anchovies, farmed trout and albacore tuna, are high in omega-3s, eco-friendly, and low in environmental contaminants.

Covid-19 first began in Wuhan, China, during December 2019, and since then it has spread across the globe. As of November 2020, the US, India, Brazil, Russia, France, Spain, Argentina, Colombia, the UK, Mexico, Peru, and South Africa are some of the worst affected countries in terms of confirmed cases and reported deaths. According to the latest WHO figures, there are ~46,591,622 confirmed cases and 1,201,200 total deaths globally. The coronavirus outbreak has affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The global food & beverages industry is one of the major industries that are suffering serious disruptions, such as supply chain breaks, and office shutdowns, resulting from this outbreak. The lockdown of various plants and factories in leading regions, such as North America, Europe, Asia Pacific, South America, and the Middle East, and Africa, affects the global supply chains and negatively impacts the manufacturing, delivery schedules, and sales of various goods. Seafood importing countries and companies are struggling financially, as many businesses have been shut down or facing insecurity. Hence, in March and April, many importers canceled, postponed, or reduced their orders. Transportation is also a major concern as many borders are closed due to the global travel bans imposed by countries in Europe, Asia, and North America. This has also affected business collaborations and partnerships opportunities. All these factors have negatively affected the seafood market.

Based on geography, the global seafood market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. Asia Pacific accounted for the largest share of the market in 2019, followed by Europe.

The report segments the global seafood market as follows:

By Type

  • Fish
  • Crustaceans
  • Mollusca
  • Others

By Product Type

  • Fresh
  • Frozen
  • Canned
  • Others

By Distribution Channel

  • Supermarkets and Hypermarkets
  • Convenience Store
  • Specialty Store
  • Online
  • Others

By Geography

  • North America
    • US
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • Italy
    • UK
    • Russia
    • Rest of Europe
  • Asia Pacific
    • Australia
    • China
    • India
    • Japan
    • South Korea
    • Rest of Asia Pacific
  • Middle East & Africa
    • South Africa
    • Saudi Arabia
    • UAE
    • Rest of Middle East & Africa
  • South America
    • Brazil
    • Argentina
    • Rest of South America