Global Seafood Market to Exceed Valuation of $195.93 Billion by 2028 | Seafood Premiumization is on the rise and Consumers are Willing to Pay More
Global 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 (2022-2028).
Westford, USA, Dec. 01, 2022 (GLOBE NEWSWIRE) — In a recent report, SkyQuest has provided an in-depth analysis of the seafood market in terms of production, consumption and per capita spending. The global market to surpass revenue generation of $195.93 billion by 2028. The Asia-Pacific region is currently the largest market for seafood production, accounting for 40% of the global total. The region is also expected to be the largest market for seafood consumption by 2028, accounting for 60% of the global consumption.
The demand for seafood market is on the rise globally. This is due to a number of factors, including population growth. As the world’s population continues to grow, there will be more mouths to feed, and seafood will need to be produced in larger quantities to meet this demand. Additionally, people are becoming more aware of the health benefits of eating seafood, and as a result, they are choosing to include it in their diets more often. The combination of these two trends is causing the demand for seafood to increase, and it is likely that this trend will continue in the future.
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The report also examines the key drivers of growth in the seafood market, including rising incomes, urbanization, and health consciousness. Additionally, it analyzes the challenges faced by the industry, such as overfishing, climate change, and food safety concerns. Ultimately, SkyQuest’s report provides a comprehensive view of the current state of the seafood industry and its future prospects.
Seafood Premiumization is Gaining Attention of Consumers in Global Seafood Market
Global seafood consumption has been growing steadily in recent years, and is now worth over $165 billion. This growth is being driven in part by a trend towards premiumization, with consumers increasingly willing to pay more for higher-quality seafood products. According to a new report from SKyQuest, this trend is being fueled by a number of factors, including a greater awareness of the health benefits of seafood, and a desire for more sustainable and ethical products. As a result, premium seafood brands are seeing strong growth, both in developed markets like Europe and North America, and in emerging markets such as China and India.
The report on the global seafood market highlights some of the key players in the premium seafood space, including MSC-certified brands which have seen sales grow by 20% annually since 2018. The report also identifies some of the challenges facing the premium seafood sector, such as ensuring sustainable supply chains and meeting the needs of increasingly environmentally conscious consumers.
In the report, SkyQuest surveyed over 3,000 consumers in eight countries (China, France, India Italy, Japan, Spain, UK, and US) about their attitudes toward seafood premiumization. The results showed that:
—66% of respondents said they would be willing to pay more for seafood that is certified as sustainable by an independent third party.
—64% said they would be willing to pay more for seafood that is certified as ethical by an independent third party.
—63% said they would be willing to pay more for seafood that is deemed to be of superior quality by an expert panel.
However, despite these challenges, the premium seafood market is well positioned for continued growth in the years ahead.
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China to Dominate Asia Pacific Seafood Market
In 2021, over 189 million tons of seafood was produced across the globe, out of which around 156 million tons was consumed. This is significantly up from 145 million tons in 2010. The majority of this seafood is consumed in Asia, where over 60% of the world’s population lives. Not surprisingly, China is the biggest seafood consumer, followed by India, Indonesia, Japan, and the Philippines. The Asia Pacific region is the world’s largest consumer of seafood, accounting for more than 60% of global consumption. This is largely due to the large population in the region, as well as the fact that seafood is a staple in many Asian diets. In addition, the region has a growing middle class that has increased demand for higher-quality seafood products. As a result, the Asia Pacific seafood market is expected to continue to grow in the coming years.
The world’s seafood consumption has been on the rise in recent years. In 2021, the UN’s Food and Agriculture Organization (FAO) reported that the global per capita seafood consumption was 20.5 kg – up from 19.7 kg in 2014. This increase is being driven by a growing global population and rising incomes, which are leading to higher demand for seafood. China is by far the biggest seafood consumer in the world, accounting for over a third of global seafood consumption. Other major consumers include Japan, India, Indonesia, and the United States. As seafood becomes more popular, there is a risk of overfishing and depletion of fish stocks. This would have serious consequences for both the environment and the livelihoods of people who depend on fishing for their livelihoods.
Seafood Market Dynamics
- Increasing pressure on existing on-land resources to feed the rapidly growing population
- Increasing growing focus on healthy food that offers inexpensive source of protein, low fat, and omega-3 fatty acids
- Seafood is becoming more affordable as production methods become more efficient
- Price of seafood has been relatively stable while the prices of other meats have increased in the seafood market
- Fish farming has become more efficient and can provide a consistent supply of seafood
- Seafood is considered a delicacy in many cultures and people are willing to pay more for it.
- Many countries have banned the practice of fishing with dynamite or other methods that damage the environment
- Growing awareness of the importance of preserving the world’s oceans and the creatures that live in them.
- Some seafood, such as shrimp, is easy to cook and can be prepared in a variety of ways in the seafood market
- Seafood is often served in restaurants as an appetizer or main course
Restraints
- Seafood is often more expensive than other protein sources
- Some people find it difficult to prepare and cook, which deters some people from eating it
- Growing concerned about the sustainability of seafood, as overfishing is a major problem in the industry
- Most of the people don’t like the taste of seafood
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Top Players in Global Seafood Market
- Austevoll Seafood ASA (Norway)
- Cooke Aquaculture, Inc. (Canada)
- Thai Union Group PCL (Thailand)
- Dongwon Group (South Korea)
- Lyons Seafood, Ltd. (UK)
- Zhanjiang Guolian Aquatic Products Co., Ltd. (China)
- Princes, Ltd. (UK)
- Trident Seafoods Corp. (US)
- Tri Marine International, Inc. (US)
- Amalgam Enterprises (India)
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