Seafood Market to Reach $155,316 Million Globally by 2023

The global seafood market was valued at $120,848 million in 2016, and is expected to reach $155,316 million by 2023, registering a CAGR of 3.6% from 2017 to 2023. Asia-Pacific dominated the global market accounting for over two-thirds of the total market share in 2016.

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The preference for seafood is expected to increase in Asia-Pacific, owing to change in lifestyle of people and rise in disposable income. China is a high growth market and has the capacity to pay more for premium and high-quality seafood.

Seafood comprises fish, molluscs, crustaceans, other aquatic animals, aquatic plants, and microphytes. Fish holds a major share in the global seafood market in 2016. The factors driving the demand for seafood are changes in the lifestyle of people, increase in population, and cost-effectiveness of these meals. In addition, the rise in health awareness and benefits offered by seafood, such as high proteins, fatty acids, and vitamins, are expected to boost its demand in the near future. The global seafood market is characterized by the increase in trade across the globe. As fish is highly perishable, proper processing and packing of seafood is required for effective trading. The major companies in the global seafood market collaborated with major foodservice providers & retailers to expand their outreach in their global market.

The groundfish segment is expected to dominate the global market during the forecast period. However, the flatfish segment is anticipated to gain traction in the near future. The convenience offered by frozen fish in terms of cooking is projected to supplement the growth of the aforementioned segments. In 2016, the flatfish and groundfish segments collectively accounted for more than one-fourth share of the global market.
The retail segment accounted for a significant share in the global market in 2016 and is anticipated to maintain its dominance during the forecast period due to growing preference of people for shopping food products from stores rather than online portals. In addition, the availability of fresh seafood is expected to supplement the growth of the retail segment in the near future.

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Dominating Market Players Profiled in this Study:

•Kangamiut Seafood A/S
•American Seafoods Company
•Phillips Foods Inc.
•Trident Seafoods Corporation
•Marine Harvest ASA
•Thai Union Group PCL
•HIRO
•Lee Fishing Company
•Leigh Fisheries.

Key Findings of the Seafood Market:

•In terms of value, the groundfish segment is expected to grow at a CAGR of 3.0% during the forecast period.

•Asia-Pacific is anticipated to witness the highest growth during the forecast period and is expected to maintain its dominant position throughout 2023, registering a CAGR of 4.1% in terms of value.

•The chilled segment is estimated to occupy more than two-thirds share of the global market in 2016.

•China is expected to occupy more than half share of the total Asia-Pacific seafood market by 2023.

•India is expected to grow at a CAGR of 4.8%, in terms of value, from 2017 to 2023.

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In 2016, Asia-Pacific accounted for an approximately two-thirds share of the global seafood market and is expected to continue its dominance during the forecast period. The Asia-Pacific seafood market is anticipated to grow at a significant CAGR due to increasing awareness about health benefits of seafood among consumers.

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