The global sales of seafood is set to achieve substantial growth, projected to reach a valuation of US$ 157,042.9 million by 2033, expanding from US$ 114,608 million in 2023. This growth trajectory reflects a compound annual growth rate (CAGR) of 3% through 2033, driven by increasing consumer demand for seafood as a nutritious protein source and culinary delight.
Historically, the seafood industry has demonstrated resilience with a CAGR of 1.6% from 2018 to 2022, showcasing steady demand despite price fluctuations. Seafood remains a preferred protein choice due to its health benefits, including high omega-3 fatty acids and essential nutrients, supporting cardiovascular health and overall well-being.
The tourism and hospitality sectors play a crucial role in bolstering seafood consumption, offering diverse culinary experiences globally. Restaurants, hotels, resorts, and cruise ships prominently feature seafood, catering to the preferences of international travelers seeking high-quality dining options.
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Technological Advancements and Market Dynamics:
Innovations such as 3D printing are revolutionizing the seafood industry by enabling customized product development, catering to varied tastes and dietary preferences. This technology not only enhances product innovation but also addresses sustainability concerns by offering plant-based and cell-based seafood substitutes with minimal environmental impact.
Sustainability initiatives are gaining prominence, driven by consumer demand for ethically sourced seafood. Certifications like the Marine Stewardship Council (MSC) and Aquaculture Stewardship Council (ASC) validate sustainable practices, boosting consumer trust and market competitiveness. Companies focusing on sustainability gain a strategic advantage, appealing to environmentally conscious consumers.
Regional Insights and Market Opportunities:
- North America: Leading the market with a CAGR of 23.4% in 2022, the U.S. seafood industry benefits from robust consumer demand and advancements in traceability technologies. Sustainable practices and a diverse product portfolio, including shrimp, salmon, and tuna, drive growth in this region.
- Asia: Emerging markets like India and China showcase significant growth potential, fueled by rising disposable incomes and increasing seafood consumption. India, with a notable CAGR of 29.6%, emphasizes shrimp exports and local culinary preferences, while China’s aquaculture sector contributes substantially to global seafood production.
- Europe: The United Kingdom, despite Brexit challenges, maintains steady growth with a focus on sustainable fishing practices and market resilience. European markets prioritize fresh and frozen seafood varieties, catering to diverse consumer preferences across the region.
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Competitive Landscape
The seafood sector is frequently characterized by fragmentation, with several small- to medium-sized players competing in different market segments. This comprises aquaculture producers, processors, merchants, and distributors. This fragmentation is a result of the sheer variety of seafood items available and the variety of captured or raised species. While there is a trend toward consolidation among larger fish enterprises, there is also fragmentation at the grassroots level. These businesses may be heavily involved in several facets of the seafood supply chain, including fishing, farming, processing, and distribution. Consolidation may result in economies of scale, improved market accessibility, and improved supply chain management.
Recent Developments:
- Four new retail locations will open in Chennai’s Mogappair, OMR, Adayar, and Ambattur neighborhoods, announced Freshma in July 2023, one of the top omnichannel fresh seafood retailers in South India. The Gowriwakkam, Anna Nagar, Rajakilpakkam, Egmore, and Vadapalani stores are already very well-liked, but the Chennai-based D2C brand hopes to gain market share with the new locations. After the venture’s outstanding performance in the previous financial year, when the brand, under the renowned RRK Retail Pvt. Ltd., netted a stunning 15 crore turnover, the business expects to build ten or more outlets in the upcoming fiscal year.
- Five new seafood products were added to Whole Foods Market shelves across the United States in July 2023, according to a recent announcement from Wild Planet Foods, a pioneer in sustainably obtained seafood that seeks to make fishing a force for good. Wild World, renowned for offering unmatched flavor, offers these new SKUs to consumers who want to improve their health and the world’s health by acquiring premium, high-quality canned fish products that put sustainability first.
Key Companies in the Seafood Market
- Amalgam Frozen Foods Pvt. Ltd. (AFFL)
- American Seafoods Company
- Austevoll Seafood ASA
- Cooke Inc.
- Dongwon F&B
- Faroe Seafood
- Handy Seafood Inc.
- Hansung Enterprise Co. Ltd.
- High Liner Food Incorporated
- Kangamiut Seafood A/S
- Lee Fishing Company
- Leroy Seafood Group
- Lyons Seafoods Limited
- Mowi ASA
- Pacific Seafood
- Phillips Foods Inc.
- Princes Ltd.
- Sajo Group
- Shanghai Fisheries Group Co. Ltd.
- Stolt Sea Farm
- Surapon Foods Public Company Limited
- Tassal Group Limited
- Thai Union Limited PCL
- Tri Marine International Inc.
- Trident Seafoods Corporation
- Young’s Seafood Limited
- Zhangjiang Guolin Aquatic Products Co. Ltd.
Seafood Market Segmentation
By Nature:
- Organic
- Natural
By Source:
- Farm Raised
- Wild Caught
By Product Type:
- Ground Fish
- Pelagics
- Tuna
- Salmonids
- Molluscs
- Crustaceans
- Lobsters
- Crabs
- Shrimp
- Others (Prawns, Trouts, etc.)
By Form:
- Fresh
- Chilled
- Frozen
- Ambient
By End Use:
- Food
- Pharmaceutical
- Cosmetics
- Industrial
- Biotechnology
- Household Retail
By Sales Channel:
- Direct
- Indirect
- Modern Trade
- Convenience Stores
- Specialty Food Stores
- Wholesale Stores
- Discount Stores
- Online Retail
- Other Retail Forms
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa
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