Press release
Analysis of Key Market Segments Driving the Seafood Market
Seafood
Projected Expansion of the Seafood Market Size by 2029
The global seafood market is anticipated to grow robustly, reaching a valuation of $338.57 billion by 2029. This growth is expected at a compound annual growth rate (CAGR) of 6.6%. Several factors are driving this expansion, including the increasing popularity of plant-based seafood alternatives, the fusion of global cuisines, health and nutrition trends, and the rise of e-commerce in seafood retail. Additionally, supportive government policies aimed at promoting aquaculture, along with efforts to enhance crisis preparedness and supply chain resilience, are contributing to this positive outlook. Key trends during the forecast period include ongoing innovation in seafood products, a wider variety of seafood species becoming available, the influence of international flavors, collaborative conservation efforts, and advancements in technology that improve traceability and transparency.
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Leading Companies Shaping the Global Seafood Market
The seafood sector features prominent companies such as Marubeni America Corporation, Sysco Corporation, Bumble Bee Foods, The Kraft Heinz Company, and Charoen Pokphand Foods PCL. Other major players include Coastal Corp. Ltd., Maruha Nichiro Corporation, Nippon Suisan Kaisha Ltd., Nichirei Corporation, Thai Union Group PCL, and Trident Seafoods Corporation. Additional key contributors to the industry are Lerøy Seafood Group ASA, Bolton Group Srl, High Liner Foods Inc., Nichimo Co. Ltd., Young's Seafood Ltd., Oceana Group Ltd., Grieg Seafood ASA, Austevoll Seafood ASA, Inland Seafood Inc., Beaver Street Fisheries, Cooke Aquaculture Inc., American Seafoods, Handy Seafood Inc., Pacific Seafood, and Phillips Foods Inc.
Strategic Moves in the Seafood Market's Competitive Landscape
In July 2024, Captain Fresh, an India-based seafood value chain marketplace operator, acquired Koral, a Poland-based producer and distributor of branded salmon products, for an undisclosed sum. This acquisition is intended to strengthen Captain Fresh's presence in the $33.5 billion European seafood market. Following the deal, Justyna Frankowska took on the role of CEO, while founder Boguslaw Kowalski now advises on global salmon strategy. This move highlights the growing consolidation and strategic collaborations within the seafood industry to capitalize on regional markets.
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Innovative Culinary Trends Gaining Traction in Seafood
Seafood companies are exploring unique flavor profiles to attract new customer bases and increase market interest. A distinctive example is the introduction of fish-flavored churros, which blend traditional fried dough with savory fish elements. In April 2024, Spain's Profand launched these innovative churros under the brand Snackish at Seafood Expo Global 2024 in Barcelona. Made from fish flour derived from salmon and cod and seasoned with fish fumet, these churros come in two flavors: salmon and cod. Each variety is paired with complementary sauces-sweet red pepper for cod and tartar sauce for salmon. Profand emphasizes sustainability by using less commonly consumed fish species like tarpon, permit, and bonefish to reduce waste. Early feedback has been encouraging, with plans to broaden the market reach beyond Spain in the near future.
Breaking Down Market Share and Segment Forecasts in the Seafood Industry
The seafood market is divided into several key segments for detailed analysis:
1) By Type: Crustaceans, Fish, and Other Seafood
2) By Product Type: Frozen, Dried, Smoked, Canned, and Other Forms
3) By Nature: Organic and Conventional
4) By Distribution Channel: Supermarkets/Hypermarkets, Convenience Stores, E-Commerce, and Other Channels
Further segment breakdowns include:
- Crustaceans such as Shrimp, Crab, Lobster, and Crawfish
- Fish including Salmon, Tuna, Cod, and Sardines
- Other Seafood categories like Mollusks, Seaweed, Caviar, and Anchovies
This structured segmentation offers a comprehensive understanding of the market dynamics and potential growth areas within the global seafood industry.
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