Seafood Market

Seafood Market was estimated at USD 159 Billion in 2019 and expected to grow at 2.5% CAGR over the forecast period.

Introduction of the Global Seafood Market Report

Seafood refers to all type of crustaceans, fish, and molluscs which is either in processed or fresh form. Seafood is high on proteins and is known to be one of the best foods for the body and mind. The consumption of seafood helps in preventing heart attacks and strokers, decreases blood pressure, and is rich in Omega-3 fatty acid.

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The seafood market is experiencing an upsurge in demand over the forecast period. This is mainly due to the rise in awareness of the health benefits related to seafood and a significant change in the lifestyle of the consumers. Non-vegetarian consumers are gradually changing their lifestyle and drastically following pescetarianism. Pescetarianism means being vegetarian while still consuming seafood in the diet and does not include any meat such as pork, beef, poultry, and others. There has been a drastic shift in consumers’ preference towards healthy diet pattern, as meat and meat products often include harmful chemicals and pesticides. Thus, this factor has surged the demand for seafood among the consumers over the coming years. Furthermore, growing consumer awareness related to the living conditions of the cattle in farms has further changed the preference of non-vegetarians to pescetarianism; thus fuelling the growth of the seafood market.

Some other factors surging the growth of the market include innovations and variations in seafood dishes and rising demand for fat-free proteinaceous food around the world. Various seafood restaurants are emphasizing on offering exotic seafood options such as Fisheries Innovation in Scotland and Miya’s in the U.S. These restaurants & seafood service providers aim at sustainable seafood options such as catfish and tilapia. These factors are propelling the growth of the seafood market. On the other hand, the lower shelf life of the product, the reduction of sea species, government regulations on raising and packaging of seafood, and the emergence of diseases while raising and processing seafood will hamper the growth of the market.

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Based on the Product Type, the product type segment is segmented into fish, crustaceans, molluscs, and others. The fish segment is further sub-segmented into salmon, tuna, pollock, and others. Among these, the fish segment is expected to dominate the market during the forecast period due to the increasing popularity of fish as a rich protein alternative to meat. Additionally, the demand for fish has surged due to the rising number of meat-eaters, coupled with growing consumer awareness about the health benefits related to the consumption of fish.

Based on Distribution Channel, the distribution channel is segmented into supermarkets & hypermarkets, convenience stores, specialty stores, online retail, and others. The supermarket & hypermarket segment is expected to grow at a higher CAGR during the forecast period due to the easy availability of a variety of seafood under one roof. Furthermore, numerous attractive discounts and cashback offers are further contributing to the growth of this segment.

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Based on the region, the Asia-Pacific region is expected to grow at a higher CAGR during the forecast period due to growing disposable income and an increasing number of fast-food restaurants that serve fish. In recent years, the level of online ordering from restaurants is rising at an exceptional rate, thus creating various growth opportunities for restaurants to improve their sales channels & revenue. In this region, developing countries such as India and China are becoming the centers of some of the most popular fish related cuisines worldwide.

Various notable players operating in the market include 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, and The Phillips Family, among others. 

Key Developments:

• • In 2020, Nueva Pescanova USA has introduced a new Toss & Serve Shrimp line for retail. The new Toss & Serve Shrimp line includes exceptional white shrimp in three varieties of sauce pairings: citrus herb, chipotle sea salt, and salted butter with garlic. Pescanova USA announced that they want to make seafood accessible to individuals working for long hours and do not know about the kitchen.
  • In 2020, SeaPak introduces breaded shrimp for kids. SeaPak Shrimp & Seafood Co. offers a new breaded shrimp product for children in supermarket chains such as Publix and Food Lion. They are whole grain-breaded, minced shrimp bites in the shape of starfish and sea turtles. SeaPak director mentioned a requirement for a kid-centric product in the frozen seafood market, so this product is especially for them as it contains a kid-friendly taste and a great fun factor.

The global Seafood Market has been segmented on the basis of Product Type, Product Format, Distribution Channel, and regions. Based on the Product Type, the product type segment is segmented into fish, crustaceans, molluscs, and others. The fish segment is further sub segmented into salmon, tuna, pollock, and others. The crustaceans segment is sub segmented into crabs, shrimps, prawns and others. The molluscs segment is sub segmented into scallops, oysters, and others. Based on Product Format, the product format segment is further segmented into fresh & live, frozen, canned, and chilled. Based on Distribution Channel, the distribution channel is segmented into supermarkets & hypermarkets, convenience stores, speciality stores, online retail, and others. 

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Key questions answered in this research report:

• • At what pace is global seafood market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in seafood market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global seafood market?
  • Which product type generated maximum revenues in 2019 and identify the most promising product type during the forecast period?
  • What are the various product format areas of global seafood market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Market Segmentation

Global Seafood Market by Product Type

• • Fishes
    • Salmon
    • Tuna
    • Pollock
    • Others
  • Crustaceans
    • Crabs
    • Shrimps
    • Prawns
    • Others
  • Molluscs
    • Scallops
    • Oysters
    • Others
  • Others

Global Seafood Market by Product Format

• • Fresh & Live
  • Frozen
  • Canned
  • Chilled

Global Seafood Market by Distribution Channel

• • Supermarkets & Hypermarkets
  • Convenience Stores
  • Speciality Stores
  • Online Retail
  • Others

Global Seafood Market by Region

• • North America Seafood Market (Option 1: As a part of the free 25% customization)
    • North America Market by Product Type
    • North America Market by Product Format
    • North America Market by Distribution Channel
    • US Market All-Up
    • Canada Market All-Up
  • Europe Seafood Market (Option 2: As a part of the free 25% customization)
    • Europe Market by Product Type
    • Europe Market by Product Format
    • Europe Market by Distribution Channel
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Seafood Market (Option 3: As a part of the free 25% customization)
    • Asia-Pacific Market by Product Type
    • Asia-Pacific Market by Product Format
    • Asia-Pacific Market by Distribution Channel
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • RoW Seafood Market (Option 4: As a part of the free 25% customization)
    • RoW Market by Product Type
    • RoW Market by Product Format
    • RoW Market by Distribution Channel
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating in the Market Name (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • 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,