Seafood Market Size to Surpass Around USD 210.4 Billion by 2030

Ottawa, Oct. 13, 2022 (GLOBE NEWSWIRE) -- Recently Published Report on “Seafood Market - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2022-2030”.

Seafood mainly refers to edible aquatic beings barring mammals, including freshwater and ocean creatures. Fish and other seafood are believed to be amongst the vital foods for humans other than cereals, providing over 15% of the population’s protein intake. The global seafood market has observed a rapid growth.

The highest contributor to the market was the fish segment with $101,526.2 million in 2019, and is projected to reach $125,914.3 million by 2030, at a CAGR of 2.7% during the forecast period.

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Key Insights:

• The fish type segment has captured 56% revenue share in 2021.
• The retail application segment has captured 69% revenue share in 2021.
• The food services segment is poised to grow at a CAGR of 4.3% from 2022 to 2030.
• The Asia-Pacific region was accounted revenue share of around 39.6% in 2021.

Regional Snapshots

In countries like Thailand and Japan, fish is a staple food in their diet. Besides, the region has a critical populace size which is modernizing at a fast rate. The overall growth in the area's economic status has been an important factor in expanding usable salaries, which has supported the increasing utilization and curiosity for seafood. The Asia Pacific heads the market with the maximum portion of the worldwide seafood market because of the great production of fish in the region. Fish forms an irreplaceable part of the eating habits in a large number of districts of the Asia Pacific as the nations have huge beachfront boundaries.

Report highlights.

• On the basis of the type, the fish segment had the largest market growth till the recent years. The fish segment is expected to have a dominant market share during the forecast period as it is a high protein alternative and there is a growing demand for the fish segment. Fish provides high protein low saturated fat diet. Vitamin A, vitamin B and omega-3 fatty acids are extremely essential in maintaining the health of the eyes and brain.
• On the basis of application, the retail segment is the largest contributor to the market. The retail segment is expected to dominate the market during the forecast period. As there's an increased disposable income and low time for cooking meals the retail sector is expected to grow.

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Scope of the Report

Market Dynamics

Drivers

A few fish chains and eateries have advanced across the international market, and this factor will support towards the growth and development of the seafood market. As a result, the volume of income within the market is set to increase at a significant speed. The involvement in seafood across the food hubs is expanding. An enormous number of individuals like to eat fish over other foods, which is a significant driver of market growth. Moreover, beachfront residents are putting forth dedicated trials to foster inventory chains for business and trading fish. The growth of this market usually depends upon the simplicity of obtaining fish from seaside areas.

Restraints

A combined effort of fish ranchers with processors, retailers, wholesalers, merchants, eateries, and suppliers is required to resolve the natural obstacles and further support in making the market socially, ecologically and monetarily economical. Accordingly, this led to contribute toward the growth of the market worldwide. Exhaustion of ocean reserves has limited the market growth; however maintainable fishing helps expand fish reserve to fulfil the growing need.

Opportunities

The advancement in this fragment can be elaborated as the ease it gives over the preparing feast. Also, the choice of quickly expanding the variety of developing pattern of consuming and effectively help the growth of the market. A combined effort among makers and food experts’ organizations is depended upon giving meaningful freedoms to the development for the worldwide Seafood Market Size. However, the food administration department must develop at a higher rate during the predicted forecast period.

Challenges

Improper naming of ocean bottom examples and replaces for waterbody depths is hindering the growth of the seafood market. High contamination caused by in disposable waste and changing weather conditions affect the production of fish and gradually block the growth of the worldwide Market. An increase in price for specific species like shrimp, fish cod, salmon, herring, scallops, mackerel, squid, mussels, and octopus affects the development of the seafood market. Moreover, deficiencies in the inventory of artificially produced fish and salmon varieties have blown the costs of fishes in a global market.

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Recent developments

• December 2021 - An Indian artificial intelligence known as Captain Fresh- boosted seafood marketplace startup, has called for the closing of a Series B fundraising round with USD40 million. The funds will be used to develop tech interventions and advanced tech integrations across the production and demand network. The innovations involve a trading marketplace, the application of artificial intelligence, automation and pricing, and quality assurance using AI “to move huge volumes with precision.”
• February 2022- a seafood cultivation startup which is based in San Francisco, has disclosed an economy of USD100 million Series B funding round. The round was organised by L Catterton, equity firm from the private sector, including several big investors like as Robert Downey Jr., Leonardo DiCaprio, and others. 

Market Segmentation

By Type

• Fish
• Crustaceans
• Mollusca
• Cephalopods
• Ground fish
• Salmonids
• Pelagics
• Tuna
• Others
  
  

By Application

• Retails
• Food Service
• Institutions
  
  

By Nature

• Organic
• Conventional

By Source

• Farm Raised
• Wild Caught

By End Use

• Food
• Pharmaceutical
• Cosmetics
• Industrial
• Biotechnology
• Household Retail

By Category

• Frozen Seafood
• Salted Seafood
• Dried Seafood
• Smoked Seafood
• Others
  
  

By Distribution Channel

• Supermarkets/Hypermarkets
• Convenience Stores
• Specialty Stores
• Others

By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)
  
  

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