Seafood Market to Gain USD 564.98 Billion by 2031 | SkyQuest Technology
Westford, USA, Sept. 05, 2024 (GLOBE NEWSWIRE) — SkyQuest projects that Global Seafood Market will attain a value of USD 564.98 Billion by 2031, with a CAGR of 6.52% during the forecast period (2024-2031). Growth in this industry is expected to be significantly influenced by the development of travel and hospitality sectors. This is because they help promote and serve seafood dishes to tourists and travellers. Seafood is usually a conspicuous part on menus in restaurants, hotels, resorts, cruise ships and other venues because of the demand for fish products coming from travellers seeking for unique culinary adventure.
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Browse in-depth TOC on the ” Seafood Market “
- Pages – 165
- Tables – 100
- Figures – 77
Seafood Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $340.86 Billion |
| Estimated Value by 2031 | $564.98 Billion |
| Growth Rate | Poised to grow at a CAGR of 6.52% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Category, Distribution Channel, End Use, Source, Nature and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and the Rest of the world |
| Report Highlights | Rising per capita seafood consumption amidst expanding organized retail dynamics |
| Key Market Opportunities | Rise of online grocery shopping |
| Key Market Drivers | Rising awareness of seafood benefits and increased disposable income |
Fish Type to Dominate the Market Due to Rich Omega-3 Fatty Acid Content
The most popular seafood in the world includes fatty fish, particularly salmon, tuna and mackerel that contain high levels of omega 3 (fatty) acids which are good for the heart and overall health. Rising consumer consciousness about health issues is raising demand hence encouraging suppliers to increase production and supply. Consequently, fatty fish continues to become a favorite among people validating their market dominance.
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Frozen Seafood Category is Largest Growing Sub-Segment Due to Extended Shelf Life and Convenience
Frozen fish has a convenient long shelf life that enables clients to keep it for later use, which makes it dominate the global fish industry. This is due to people with hectic lives prefer fast meal alternatives, and this gives the flexibility of increasing their sales. Modern freezing technology also guarantees product quality, which increases consumer confidence and demand for frozen seafood options.
Huge Exports of Fresh Seafood Globally Helped Asia Pacific to Dominate the Market
The industry has flourished in the area due to the abundance of seafood service restaurants and the expanding potential in major economies like China and India. The industry’s rise is also ascribed to the region’s growing online presence and the numerous administrative entities that support fish culture there.
Seafood Market Insight
Drivers:
- Increasing Adoption of Sustainable Fishing Practices
- Growth of Organized Retail Channels
- Rising Popularity of Pescatarians
Restraints:
- Overfishing and Depletion of Fish Stocks
- Fluctuations in Seafood Prices
- Concerns over seafood safety
Prominent Players in Seafood Market
The following are the Top Seafood Companies
- Maruha Nichiro Corp (Japan)
- Nissui Corp (Japan)
- Mowi ASA (Norway)
- Thai Union Group PCL (Thailand)
- PREMIUM BRANDS HOLDINGS CORPORATION (Canada)
- Austevoll Seafood ASA (Norway)
- LEROY SEAFOOD GROUP ASA (Norway)
- Trident Seafoods (USA)
- SalMar ASA (Norway)
- GRUPO NUEVA PESCANOVA (Spain)
- Bakkafrost (Faroe Islands)
- Dongwon Industries (South Korea)
- High Liner Foods (Canada)
- Royal Greenland (Greenland)
- Agrosuper (Chile)
Key Questions Answered in Global Seafood Market Report
- What is the estimated value of the world seafood market by SkyQuest for the year 2031?
- Which kind of fish, with its high amount of omega-3 fatty acids, is predicted to rule the seafood market?
- Which two major variables are driving the expansion of the frozen seafood segment in the world seafood market?
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This report provides the following insights:
- Analysis of key drivers (Growing consumer awareness of the health benefits of seafood, higher expenditure on seafood dishes while dining out, Increasing adoption of sustainable fishing practices and enhances accessibility & visibility of seafood products), restraints (trade restrictions can hinder international seafood trade, having shorter shelf life compared to other food categories and foodborne illnesses) opportunities (Seafood retailers to reach a broader audience, development of value-added seafood products and ready-to-eat meals & frozen options), and challenges (Adhering to varying international regulations and rapidly changing consumer preferences) influencing the growth of seafood market
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the seafood market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the seafood market
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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