Seafood Market Size, Industry Share, Type, Application, Top Key Players and Forecast

Seafood Market by Type, and Application: Opportunity Analysis and Industry Forecast, 2020–2027.

The seafood market size was valued at $159,311.9 million in 2019, and is projected to reach $193,913.6 million by 2027, registering a CAGR of 2.5% from 2020 to 2027. The fish segment was the highest contributor to the market, with $100,187.2 million in 2019, and is estimated to reach $123,909.8 million by 2027, at a CAGR of 2.7% during the forecast period.

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Depletion of sea species has restrained the seafood market growth; however, sustainable fishing may increase the supply of seafood to meet the emerging demand. Collaboration of fishermen and fish farmers with processors, distributors, retailers, restaurants, and food service providers is expected to provide a solution to resolve the environmental issues and further help in making the seafood market environmentally, economically, and socially sustainable.

The seafood market is segmented on the basis of type, application, and region. Based on type, it is divided into fish, crustaceans, mollusca, and others (roe, marine mammals, and medusozoa). On the basis of application, it is classified into retail, institutions, and food service. Based on region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

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By region, Asia-Pacific was the most prominent regional market in 2019. However, Asia-Pacific is expected to grow at a higher CAGR during the forecast period. The growth of this regional segment can be attributed to increase in disposable income and rise in number of fast food restaurants that serve fish.

The key players operating in the seafood industry include Pacific Seafood, Kangamiut Seafood A/S, American Seafoods Company, Phillips Foods, Inc., Trident Seafoods Corporation., Marine Harvest ASA, Thai Union Group PCL, Lee Fishing Company, and Leigh Fisheries.

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Key Findings Of The Study

By type, the fish segment dominated the global seafood market in 2019, and is expected to retain its dominance throughout the forecast period.

By application, the retail application segment accounted for highest share in the face mask market growth in 2019, and is projected to grow at a CAGR of 2.3% from 2020 to 2027.

By region, Asia-Pacific accounted for highest seafood market share in 2019, and is expected to grow at a CAGR of 2.7%.

Key Market Segments

By Type

Fish
Crustaceans
Mollusca
Others
By Application

Retail
Institutions
Food Service

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