New York, United States, Oct. 25, 2022 (GLOBE NEWSWIRE) -- A large portion of the world's population is fed by the seafood sector, which has a substantial impact on the social and economic prosperity of various countries. The seafood business encompasses a variety of species, including fish, prawns, shrimp, and crabs, with fish making up more than half of the market. The popularity of health and fitness among millennials and young people is driving up demand for protein powder and nutritional supplements. Fish is a low-calorie source of protein, vitamins, and minerals that also helps develop muscle, therefore fish extracts are widely used in protein powders and dietary supplements.
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Foodservice: The Fastest-Growing Segment of the Seafood Market
Based on the sales channel, the seafood market is segmented into retail, foodservice, and institutional. The retail segment holds the largest share in the seafood market on account of the growing preference towards home-cooked food and rapidly expanding seafood restaurants. Foodservice, on the other hand, is the fastest-growing segment on account of the changing lifestyle of the customers. Today, the customers prefer having exotic foods at restaurants rather than preparing themselves due to hectic work schedule and growing trend of dining out with friends and family, especially in the urban areas. A study commissioned by the Centers for Disease Control and Prevention and National Center for Health Statistics shows that people consume seafood mostly at home, accounting for around 58% of the total seafood consumption.
Report Scope
| Report Metric | Details |
| Market Size | USD 207.2 billion by 2030 |
| CAGR | 2.9% (2022-2030) |
| Historical Data | 2019-2020 |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Fish Type, Sales Channel, Region |
| Geographies Covered | North America, Europe, Asia-Pacific, LAME and Rest of the World |
| Key Companies Profiled/Vendors | 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, Leigh Fisheries, Austevoll Seafood ASA, Amalgam Enterprises, Cooke Aquaculture, Inc., Dongwon Group, Empresas AquaChile S.A, Faroe Seafood, Handy Seafood, Inc., Hansung Enterprise Co. Ltd |
| Key Market Drivers | Debouching Food Trends and Increasing Spending Power to Drive the Market Growth Increasing Demand for Fish-Based Protein Powder to Drive the Market Growth |
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Europe to Hold Lion’s Share in the Seafood Market
In 2018, about USD 22.1 billion worth of fish and seafood was imported in Europe, which was about USD 13.4 billion in 2015. The developing countries account for about 70% of share in Europe’s seafood market, and the top ten suppliers of seafood are India, China, Vietnam, Ecuador, Morocco, Bangladesh, Mauritania, Madagascar, Senegal, and Tanzania. However, the COVID-19 outbreak has severely impacted the region's seafood market due to disruption in the supply chain and lockdown imposed by the governments. The seafood import is projected to recover within two years in Europe. India and Morocco are expected to be the leading supplier of seafood after COVID-19 recovery to Europe.
Key Highlights
- With a predicted CAGR of 2.9% from 2022 to 2030, the size of the worldwide seafood industry is expected to increase from its 2021 value of USD 160.2 billion to USD 207.2 billion by 2030.
- The seafood market is divided into categories based on type, including crustaceans, flatfish, cephalopods, ground fish, pelagids, mollusks, salmonids, and tuna.
- Salmonids and tuna are the most popular seafood species.
- Fish-Based Protein Powder Will Drive Market Growth Due to Growing Demand
- Europe is the largest fish and seafood importer in the world.
Key Players
- 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
- Leigh Fisheries
- Austevoll Seafood ASA
- Amalgam Enterprises
- Cooke Aquaculture, Inc.
- Dongwon Group
- Empresas AquaChile S.A
- Faroe Seafood
- Handy Seafood, Inc.
- Hansung Enterprise Co. Ltd
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Seafood Market: Segmentation
By Fish Type
- Crustaceans
- Flatfish
- Cephalopods
- Groundfish
- Pelagics
- Salmonids
- Molluscs
- Tuna
By Sales Channel
- Retail
- Foodservice
- Institutional
By Region
- North America
- Europe
- Asia-Pacific
- Central and South America and the Caribbean
- The Middle East
- Africa
TABLE OF CONTENT
1 Introduction
1.1 Market Definition
1.2 Market Scope
2 Research Methodology
2.1 Primary Research
2.2 Research Methodology
2.3 Assumptions & Exclusions
2.4 Secondary Data Sources
3 Executive Summary
4 Market Overview
4.1 Report Segmentation & Scope
4.2 Value Chain Analysis: Seafood Market
4.2.1 Vendor Matrix
4.3 Key Market Trends
4.3.1 Drivers
4.3.2 The Restraints
4.3.3 Opportunities
4.4 Porter’s Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Environmental &Regulatory Landscape
4.6 Forecast Factors & Relevance of Impact
4.7 Macro-Economic & Geopolitical Scenario
4.8 Parent Market Overview
4.9 COVID-19 Impact Analysis
4.9.1 Pre and Post-COVID-19 Market Scenario Analysis
4.9.2 Market Recovery Timeline and Challenge
4.9.3 Measures Taken by Top Players
4.9.4 Quarterly Market Revenue and Growth Forecast till 2030
4.9.4.1 North America
4.9.4.2 Europe
4.9.4.3 Asia-Pacific
4.9.4.4 Central and South America and the Caribbean
4.9.4.5 The Middle East and Africa
4.10 Technology Landscape
4.11 Market Share Analysis
4.12 Potential Venture Analysis
4.13 Regional Price Trends
4.14 Raw Material Trends
4.15 Cost Structure Analysis
4.15.1 Labor Cost
4.15.2 Consumables
4.15.3 Maintenance Cost
5 Fish Type Overview
5.1 Introduction
5.1.1 Market Size & Forecast (Value & Volume)
5.2 Crustaceans
5.2.1 Market Size & Forecast (Value & Volume)
5.3 Flat Fish
5.3.1 Market Size & Forecast (Value & Volume)
5.4 Cephalopods
5.4.1 Market Size & Forecast (Value & Volume)
5.5 Ground Fish
5.5.1 Market Size & Forecast (Value & Volume)
5.6 Pelagics
5.6.1 Market Size & Forecast (Value & Volume)
5.7 Salmonids
5.7.1 Market Size & Forecast (Value & Volume)
5.8 Molluscs
5.8.1 Market Size & Forecast (Value & Volume)
5.9 Tuna
5.9.1 Market Size & Forecast (Value & Volume)
5.10 Others
5.10.1 Market Size & Forecast (Value & Volume)
6 Sales Channel Overview
6.1 Introduction
6.1.1 Market Size & Forecast (Value & Volume)
6.2 Retail
6.2.1 Market Size & Forecast (Value & Volume)
6.3 Food Service
6.3.1 Market Size & Forecast (Value & Volume)
6.4 Institutional
6.4.1 Market Size & Forecast (Value & Volume)
7 Regional Overview
7.1 Introduction
7.1.1 Market Size & Forecast (Value & Volume)
7.2 North America
7.2.1 Economic Overview
7.2.2 Market Scenario
7.2.3 The U.S.
7.2.3.1 By Fish Type
7.2.3.2 By Sales Channel
7.2.4 Canada
7.2.4.1 By Fish Type
7.2.4.2 By Sales Channel
7.2.5 Mexico
7.2.5.1 By Fish Type
7.2.5.2 By Sales Channel
7.2.6 Centra and South America and the Caribbean
7.2.7 Economic Overview
7.2.8 Market Scenario
7.2.9 Brazil
7.2.9.1 By Fish Type
7.2.9.2 By Sales Channel
7.2.10 Argentina
7.2.10.1 By Fish Type
7.2.10.2 By Sales Channel
7.2.11 Columbia
7.2.11.1 By Fish Type
7.2.11.2 By Sales Channel
7.2.12 The The Rest of Centra and South America and the Caribbean
7.2.12.1 By Fish Type
7.2.12.2 By Sales Channel
7.3 Europe
7.3.1 Economic Overview
7.3.2 Market Scenario
7.3.3 Germany
7.3.3.1 By Fish Type
7.3.3.2 By Sales Channel
7.3.4 France
7.3.4.1 By Fish Type
7.3.4.2 By Sales Channel
7.3.5 The The U.K..
7.3.5.1 By Fish Type
7.3.5.2 By Sales Channel
7.3.6 Italy
7.3.6.1 By Fish Type
7.3.6.2 By Sales Channel
7.3.7 The The Rest of Europe
7.3.7.1 By Fish Type
7.3.7.2 By Sales Channel
7.4 Asia-Pacific (APAC)
7.4.1 Economic Overview
7.4.2 Market Scenario
7.4.3 China
7.4.3.1 By Fish Type
7.4.3.2 By Sales Channel
7.4.4 Japan
7.4.4.1 By Fish Type
7.4.4.2 By Sales Channel
7.4.5 India
7.4.5.1 By Fish Type
7.4.5.2 By Sales Channel
7.4.6 Australia
7.4.6.1 By Fish Type
7.4.6.2 By Sales Channel
7.4.7 South Korea
7.4.7.1 By Fish Type
7.4.7.2 By Sales Channel
7.4.8 The The Rest of APAC
7.4.8.1 By Fish Type
7.4.8.2 By Sales Channel
7.5 The Middle East
7.5.1 Economic Overview
7.5.2 Market Scenario
7.5.3 Saudi Arabia
7.5.3.1 By Fish Type
7.5.3.2 By Sales Channel
7.5.4 The UAE
7.5.4.1 By Fish Type
7.5.4.2 By Sales Channel
7.5.5 Qatar
7.5.5.1 By Fish Type
7.5.5.2 By Sales Channel
7.5.6 Oman
7.5.6.1 By Fish Type
7.5.6.2 By Sales Channel
7.5.7 Turkey
7.5.7.1 By Fish Type
7.5.7.2 By Sales Channel
7.5.8 The The Rest of MEA
7.5.8.1 By Fish Type
7.5.8.2 By Sales Channel
7.6 Africa
7.6.1 Economic Overview
7.6.2 Market Scenario
7.6.3 Nigeria
7.6.3.1 By Fish Type
7.6.3.2 By Sales Channel
7.6.4 South Africa
7.6.4.1 By Fish Type
7.6.4.2 By Sales Channel
7.6.5 The The Rest of Africa
7.6.5.1 By Fish Type
7.6.5.2 By Sales Channel
8 Competitive Landscape — Manufacturers & Suppliers
8.1 Competition Dashboard
8.2 Industry Structure
8.3 Pacific Seafood
8.3.1 Business Overview
8.3.2 Financial Performance
8.3.3 Recent Developments
8.3.4 Product Portfolio
8.4 Kangamiut Seafood A/S
8.4.1 Business Overview
8.4.2 Financial Performance
8.4.3 Recent Developments
8.4.4 Product Portfolio
8.5 American Seafoods Company
8.5.1 Business Overview
8.5.2 Financial Performance
8.5.3 Recent Developments
8.5.4 Product Portfolio
8.6 Phillips Foods, Inc.
8.6.1 Business Overview
8.6.2 Financial Performance
8.6.3 Recent Developments
8.6.4 Product Portfolio
8.7 Trident Seafoods Corporation
8.7.1 Business Overview
8.7.2 Financial Performance
8.7.3 Recent Developments
8.7.4 Product Portfolio
8.8 Marine Harvest ASA
8.8.1 Business Overview
8.8.2 Financial Performance
8.8.3 Recent Developments
8.8.4 Product Portfolio
8.9 Thai Union Group PCL
8.9.1 Business Overview
8.9.2 Financial Performance
8.9.3 Recent Developments
8.9.4 Product Portfolio
8.10 Lee Fishing Company
8.10.1 Business Overview
8.10.2 Financial Performance
8.10.3 Recent Developments
8.10.4 Product Portfolio
8.11 Leigh Fisheries
8.11.1 Business Overview
8.11.2 Financial Performance
8.11.3 Recent Developments
8.11.4 Product Portfolio
8.12 Austevoll Seafood ASA
8.12.1 Business Overview
8.12.2 Financial Performance
8.12.3 Recent Developments
8.12.4 Product Portfolio
9 Conclusion & Recommendation
10 Acronyms & Abbreviations
Table of Content and Figure @ https://straitsresearch.com/report/seafood-market/toc
News Media
Increasing Consumption of Nutrient-Rich Seafood to Bolster Growth of the Aquaculture Market
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