Processed Seafood Market: Coronavirus Impact - Key Takeaways Universal Seafood China National Fishery Corporation (CNFC), Mowi ASA, Seaboard Corporation, Trident Seafood and more
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Some of the leading players operating in the global market includes;
China National Fishery Corporation (CNFC)
High Liner Foods
Austevoll Seafood ASA
The Union Frozen Products
Tropical General Investments Nigeria Ltd.
other processed seafood producers and distributors.
Fortune Business Insights predicts the frozen seafood segment to emerge dominant during the forecast period with respect to segmentation by product. This is owing to the rising demand for frozen food products such as tuna steaks, squid, swordfish, lobster, and others across the globe. On the other side, canned seafood segment may also witness faster growth in the coming years because of the rising demand for canned products, especially in the U.S. As per the segmentation on the basis of distribution channel, the market will
Rising Awareness about Essential Nutrients Found in Seafood Propelling Demand
As per the predictions of Fortune Business Insights, the global market for processed seafood will grow remarkably owing to factors such as rise in seafood trading because of high preference for processed seafood especially in the developed regions where consumption of processed food is quite common. The fact that seafood provides various nutrition with low-fat and calorie quantity is attracting more consumers to this market.
Increasing population and their surging demand for food are creating new growth opportunities for food and beverages industries. The increasing demand for nutritious and convenience foods is helping the market for processed grow remarkably. Rise in popularity of seafood and essential vitamins and nutrients found only in seafood such as omega-3 fatty acid, and other minerals, are enabling growth in the market.
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However, the market for processed seafood may face challenges in terms of overfishing, that has resulted in decline in marine population. Besides this, regulatory measure implemented on production and sale of processed and frozen food products are causing hindrance to the market. Furthermore, low shelf life of the food products is also a major restraint for the market.
Nevertheless, the introduction of improved packaging solutions has resulted in longer shelf life of processed food products and this will help the market gain momentum in the coming years.
Major Segments includes:
By Distribution Channel
Demand from North America Forecast to Remain High
From a geographical perspective, Fortune Business Insights foresees high trade benefits from North America due to the high demand for canned and quick heat food products in developed nations of Canada and the U.S. In 2017, China, Russia, U.S., Norway and Chile were among the top five frozen fish exporting countries in the world. In 2017, China generated a revenue of US$ 2.74 billion, exhibiting a CAGR of 3.8% within the forecast period of 2012 to 2017.
An important factor boosting the global market for processed seafood is the strict trade regulations for adopting advanced processing techniques by both regional and international market players. Various other strategies adopted by market players to remain competitive are company collaborations, mergers and acquisitions, better packaging techniques, and extending the life span of the food items. Some of the companies operating in the global processed seafood market are Mowi ASA, Trident Seafood, China National Fishery Corporation (CNFC), and Universal Seafood.
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