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Seafood Market by 2023 with global industry players: Pacific Seafood, Kangamiut Seafood A/S, American Seafoods Company, Phillips Foods

02-07-2019 07:11 PM CET | Advertising, Media Consulting, Marketing Research

Press release from: Allied Market Research

Seafood Market by 2023 with global industry players: Pacific

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. 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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Seafood comprise 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 of seafood are changes in lifestyle of people, increase in population, and cost-effectiveness of these meals. In addition, 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 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 ground fish segment is expected to dominate the global market during the forecast period. However, the flat fish 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 aforementioned segments. In 2016, the flat fish and ground fish segments collectively accounted for more than one-fourth share of the global market.

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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, availability of fresh seafood is expected to supplement the growth of the retail segment in the near future.

Seafood Market: https://www.alliedmarketresearch.com/press-release/seafood-market.html

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Allied Market Research (AMR) is a full-service market research and business consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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