The seafood takeout market is witnessing significant growth, with forecasts projecting a CAGR of 6.50% from 2022 to 2032. The market is expected to expand from US$ 31.1 Billion in 2022 to US$ 51.3 Billion in 2032. Factors such as increasing consumer awareness of the health benefits of seafood, lifestyle changes, and the rise of pescetarianism are driving market growth.
Consumer preferences for healthier dietary options, including seafood, are fueling the demand for seafood takeout. Pescetarianism, which combines seafood with vegetarianism, is gaining popularity, leading to a shift in consumer lifestyles. Additionally, rising consumer expenditures on seafood dishes like sushi indicate a growing appetite for seafood takeout.
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Several factors contribute to the growth of the seafood takeout market:
- Health Awareness: Increasing awareness of the health benefits of seafood and concerns about the quality of meat products are driving consumers towards seafood as a healthier alternative.
- Changing Lifestyles: Lifestyle changes, including the adoption of pescetarian diets and a preference for fresh, natural foods, are influencing consumer choices and driving the demand for seafood takeout.
- Economic Growth: Improvements in economic conditions and rising disposable incomes are expanding the consumer base for seafood takeout, particularly in regions like North America and the Asia-Pacific.
- Technological Innovation: Innovations in food processing and packaging, such as value-added seafood products, are enhancing the appeal and convenience of seafood takeout, driving market growth.
KEY TAKEAWAYS:
- In the United States, the seafood takeout market is estimated to reach US$ billion by 2032, rising at a CAGR of 39.8% throughout the forecast period.
- By 2032, the seafood takeout market in the United Kingdom is expected to be valued US$ million, with a CAGR of % through 2032.
- With a CAGR of % throughout the forecast period, China is expected to reach a market size of US$ million in seafood takeout market by 2032.
- By 2032, the seafood takeout market in Japan is estimated to be worth US$ million, growing at an annual rate of % through 2032.
- With a CAGR of % throughout the forecast period, South Korea is predicted to reach a market size of US$ million in seafood takeout market by 2032.
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COMPETITIVE LANDSCAPE:
Grupo Nueva Pescanova, Marine Harvest ASA, Leigh Fisheries Ltd., are three of the most successful companies generating revenue from the seafood takeout market.
Players operating in the market have been focusing on further increasing their product offerings, through producing a wider variety of seafood products, such as fillets, portions, rings, etc. Additionally, the product portfolios of players are dominated by fillets and portions due to the high consumer demand for seafood takeout from these countries, since these products are extensively used in foodservice and retail.
RECENT DEVELOPMENT:
- Pacific launched a value-added seafood product for Amazon Go in May 2021, and Amazon is partnering with them to create around 20 value-added seafood products quarterly for their Amazon Go stores, which number 29 now – with more to come.
- The Nissui company developed a new type of frozen food with a natural thawing process at room temperature in June 2021. You simply select a portion in a cup and place it in your lunchbox, contributing to the growth of the seafood takeout market.
- Since the early 90s, Asia Pacific has become one of the most prolific markets for food service restaurants due to the opportunities facilitated by the developing economies. Additionally, in recent years, the application of online ordering has been increasing at a rapid pace, thus giving restaurants a chance to expand their sales channels & revenue, creating higher adoption rate of the seafood takeout market.
Key Takeaways for Investors:
- Market Growth Potential: The seafood takeout market presents significant growth opportunities, driven by increasing consumer demand for healthier food options and the rising popularity of seafood-based diets.
- Regional Expansion: Investing in regions like the Asia-Pacific, where developing economies like China and India are driving market growth, can yield substantial returns for investors.
- Product Innovation: Companies that innovate in product development and offer value-added seafood products, such as Pacific Seafood’s collaboration with Amazon, can capture a larger share of the market and capitalize on changing consumer preferences.
- Sustainability Initiatives: Collaboration between stakeholders across the seafood supply chain to promote sustainable fishing practices and environmental conservation can enhance market sustainability and long-term growth prospects.
- Market Dynamics: Understanding consumer trends, such as the shift towards out-of-home dining and the growing popularity of online ordering, can help investors identify new opportunities and adapt their strategies to maximize returns.
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Key segments
By Product Type:
- Shrimp
- Tuna
- Salmon
- Pollock
- Catfish
- Tilapia
- Crab
- COD
- Clams
- Others (Flatfish, Oysters, Mussels, lobster)
By Restaurants Type:
- Quick service restaurant
- Full-service restaurant
- Cafés and bars
- Street food
By Business Type:
- Chained foodservice
- Independent foodservice
By Purchase Model:
- Direct-to-consumer
- Platform-to-consumer
By Payment Type:
- Cash
- Debit cards
- Credit cards
- Digital Wallets
- Electronic bank transfers
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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