Processed Seafood Market Hits New High | Major Giants Kyokuyo Co. Ltd, Loch Duart Ltd, Mitsubishi Corp, Mowi ASA, Perdue Farms Inc

According to a research report published by Spherical Insights & Consulting, the Global Processed Seafood Market Size is to Grow from USD 239.20 Billion in 2023 to USD 393.54 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 5.10% during the projected period.

Seafood processing is a technique for extending the shelf life of seafood products by freezing, salting, glazing, and packaging for human consumption. higher raw seafood prices have shifted customer preferences toward processed seafood products, perhaps leading to higher growth in the processed seafood business. Advancements in processing technology, as well as increased demand for healthier food items, have the potential to dramatically boost the processed seafood market. For example, high hydrostatic pressure processing (HPP) has been used in the processing of seafood products like oysters to boost yield. However, the absence of novel seafood processing techniques and equipment might restrict market growth.

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The frozen seafood sector holds the biggest market share during the projection period.

Based on the product, the global processed seafood market is categorized into frozen seafood, canned seafood, smoked seafood, dried products, and others. Among these, the frozen seafood sector holds the biggest market share during the projection period. The increasing number of producers and suppliers, as well as technical advancements, are likely to drive market expansion. In 2022, Russia ($3.76 billion), Chile ($2.12 billion), the United States ($2.08 billion), Norway ($1.9 billion), and China ($1.86 billion) were the top exporters of non-fillet frozen fish.

Supermarkets and hypermarkets are expected to boost growth in the processed seafood market.

Based on the distribution channel, the global processed seafood market is categorized into supermarkets/hypermarkets, food stores, and others. Among these, supermarkets and hypermarkets are expected to boost growth in the processed seafood market. Supermarkets will gain from shifting their focus away from fresh seafood cases and toward selling more deli-prepared and frozen fish. Consumers rely primarily on supermarket items and processed foods, which is expected to boost demand.

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Asia-Pacific is having the biggest share of the global processed seafood market over the forecast period.

The Asia-Pacific region is expected to account for a substantial percentage of the global processed seafood market due to the growing number of health-conscious people in India and China. China is the largest exporter of seafood products. According to the Food and Agriculture Organization of the United Nations (FAO), Asian countries remain the leading exporters of fish for human consumption. Rising demand for frozen seafood is predicted to fuel the expansion of processed seafood in this region.

Europe is predicted to grow fastest pace throughout the forecast period. This can be attributed to the growing demand among people of all ages. The expanding labor force and higher wages have a further impact on product purchasing habits. The hectic lifestyle and increased customer awareness of the benefits of fresh and high-quality products also help to expand the seafood industry.

Major vendors in the global processed seafood market include Kyokuyo Co. Ltd, Loch Duart Ltd, Mitsubishi Corp, Mowi ASA, Perdue Farms Inc, Premium Brands Holdings Corp, Thai Union Group PCL, Trident Seafoods Corp, Universal Seafood-Inc, Agrosuper SA, High Liner Foods Inc, Baader Global SE, Bolton Group Srl, China Aquatic Products Co. Ltd, Cooke Aquaculture Inc, Goya Foods Inc, KARRO FOOD GROUP, Cite Marine, Maruha Nichiro, and Others.

Recent Developments

In May 2024, Nissui Group has expanded its processed food range by acquiring Musashino Foods, based in Rikuzentakata City, Iwate Prefecture, Japan.

Key Target Audience

Market Players
Investors
End-users
Government Authorities
Consulting And Research Firm
Venture capitalists
Value-Added Resellers (VARs)

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Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global processed seafood market based on the below-mentioned segments:

Global Processed Seafood Market, By Product

Frozen Seafood
Canned Seafood
Smoked Seafood
Dried Products
Others

Global Processed Seafood Market, By Application

Supermarkets/Hypermarkets
Food Stores
Others

Global Processed Seafood Market, By Regional

North America
US
Canada
Mexico

Europe
Germany
UK
France
Italy
Spain
Russia
Rest of Europe

Asia Pacific
China
Japan
India
South Korea
Australia
Rest of Asia Pacific

South America
Brazil
Argentina
Rest of South America

Middle East & Africa
UAE
Saudi Arabia
Qatar
South Africa
Rest of the Middle East & Africa

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About the Spherical Insights & Consulting
Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.
Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.

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This release was published on openPR.