Seafood Market To Be Fueled By Technological Improvements in Processing, Packaging and Storage of Seafood Till 2021 | Million Insights

Global seafood market is expected to witness robust growth over the forecast period owing to rising global population, increasing per capita disposable income, rising consumption and changing diet preferences in developing countries. The technological improvements in processing, packaging and storage of seafood, development of modern distribution channels and increasing number of health conscious people are some other factors anticipating the demand for seafood.

Increasing number of health conscious people is expected to be one of the major driving factor for the market growth. Seafood is considered to be the low calorie food. Most lean fish contains 100 calories per 3 ounce and fishes like salmon contains 200 or less calories per 3 ounce. It contains all essential amino acids fit for human health. Also, it contains omega-3 fatty acid which helps in protecting people against heart diseases and improved infant brain development.

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Seafood such as prawns, can help in nourishing the kidneys. They are very high in proteins. Prawns also helps in clearing blood vessels and warm the meridians. It promotes blood circulation. Hence, people suffering from cold extremities should eat more prawns. People suffering from post-natal delivery with either lack or none lactation should drink prawn broth to increase blood calcium level. The benefits associated with it are expected to witness lucrative growth over the decade.

The global seafood industry consists of two distinct production systems which includes wild catch and aquaculture. Wild catch includes techniques like bottom trawl, dredge, gillnetting, harpooning, siene net, trolling and many more while aquaculture includes farming techniques such as hatchery, open net pens, ponds, shellfish culture, suspended culture etc.

Aquaculture is considered to be the fastest growing seafood producing segment contributing to the market growth. According to the FAO data, in 2013, the global fishery production from aquaculture is estimated to be 160 million tonnes and the proportion of fish production traded internationally is around 37%.Greater the quantity of fish, more are the by-products such as backbones, heads and viscera which can be potentially turned into valuable products fit for human consumption. This new emerging market of by-product is expected to boost the market growth. In 2012, more than 50% of seafood traded globally, comes from developing countries.

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On the basis of product, the market is segmented into prepared, frozen and fresh and chilled seafood. Europe and Japan are the major regions consuming fresh and frozen seafood while in the U.S fresh, frozen and canned seafood are mostly consumed.The market is segmented on the basis of region into North America, Europe, Asia Pacific, Latin America and MEA. North America is estimated to dominate the market. Increasing number of health conscious people, rising food consumption, technological advancement in seafood production and established logistics services are the drivers contributing to largest share of the market.

Asia Pacific is expected to witness fastest growth over the forecast period. The factors supporting the growth are high disposable income, rising global population and continuous technological improvements in processing, packaging and storage. China is considered to be the largest producer of seafood in this region owing to less amount of investment required for labor and processing, easy availability of advanced technological instruments and rising demand for seafood consumption. It is engaged in regional trading and other relationships which includes free trade with ASEAN, agreement with Latin America and other Asian countries and various arrangements involving trade and investment in Africa

The key players in the market are Bolton Group, Nomad Foods, Faroe Seafood, Mogster Group, Marine Harvest, Grupo Freiremar, Pinnacles Food Group, Surapon Foods, Findus Group and Mintel Group Ltd.Many seafood producing companies have pursued acquisitions so as to achieve higher margins, cost reductions and operational synergies. The need for faster distribution channel is the key attribute to acquire the company. The large production companies acquire small production companies, distributors or retailors.

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