Global Seafood Market to Surpass USD 730.28 Billion by 2030 Driven by Increase in Disposable Income
SkyQuest projects that the global seafood market will attain a value of USD 730.28 billion by 2030, with a CAGR of 8.92% during the forecast period (2023-2030). Increasing awareness on health and wellbeing related to seafood consumption and increasing disposable income has facilitated the growth of global seafood market as oily fish have high levels of Omega 3 fatty chains good with EPA and DHA, making it a wonderful choice in people with heart disease. It has been shown that these health benefits of seafood are driving the seafood industry worldwide.
Westford, USA, Feb. 29, 2024 (GLOBE NEWSWIRE) — With the growing demand for seafood, various agencies are coming up with schemes for seafood processors who also export fresh products which has increased the participation of many new players in this sector, and this is the main reason for the global seafood market leadership.
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Each increase in consumption is driving the growth of seafood imports and increasing organized merchants in the food industry is a key market trend observed worldwide. Expenditure at sea and increasing demand for various foods are some of the factors driving the growth of the global seafood market. Pessetarianism spread by various people across the globe is also a major reason for the ethical consumption and consumption of seafood that will push the market growth during the forecast period.
Prominent Players of Global Seafood Market
- 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
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Fish Segment to Dominate Market Owing to Growing Health-Conscious Population
The fish segment accounts for the largest share of the market revenue, owing to its many health benefits. Fish and other fish-based products are higher in protein, lower in calories, omega-3 and other essential fats and vitamins compared to poultry and are therefore preferred meat substitutes Restaurants and meals which are used using different types of fish like salmon, tuna, sardines, among others in many culinary dishes to enhance the taste and flavor of food. Now, the recent trend observed, with high protein and low-fat fish used are products, due to growing health-conscious population, that it also promotes seafood global seafood market growth.
North America is the third largest global seafood market segment. The regional growth can be attributed to the growing millennial population and growing trend towards convenience foods. Manufacturers are working to expand production, in developed countries, such as the US. and Canada, providing practical opportunities for cooperation for domestic players.
Crustacean Segment to Witness Significant Growth Owing to their Greater Usage
Crustacean segment is also experiencing stellar growth in the global seafood market, mainly due to increasing demand for species like crab, lobster, shrimp etc. The huge demand for crustaceans from foodservice industry continues to fuel the global market the power is greater because of the greater usage.
Asia Pacific holds the largest market share and is expected to double in the coming years. Growing population, increasing urbanization and convenient options for home cooking are the major factors driving the growth of the market. In addition, the region is witnessing a sudden spike in health-consciousness everywhere, often influenced by fitness enthusiasts or social media, further dampening the global seafood market growth.
A comprehensive analysis of the major players in the global seafood market has been recently conducted in this report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavors to develop innovative solutions to cater to the growing demand.
Key Developments of Global Seafood Market
- In February 2022, Wanchese Fish Company, a subsidiary of Cook Aquaculture Inc. partly in the United States, launched its new shrimp trawler for operations in the southern Gulf of Argentina.
- In December 2021, Pacific Foods launched processed seafood brands for e-commerce site amazon and amazon has partnered with Pacific Foods to introduce about 20 processed seafood brands for its platform.
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Key Questions Answered in Global Seafood Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence.
- In what ways do regional trends and patterns differ within the global market, and how do these differences shape the market’s future growth?
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