New York, March 21, 2023 (GLOBE NEWSWIRE) -- According to The Insight Partners, “Seafood Market Size, Share, Trends, Growth and Global Forecast to 2028 - COVID-19 Impact and Global Analysis By Product Type (Fish, Crustaceans, Mollusks, and Others), Category (Fresh, Frozen, Canned, and Others), and Distribution Channel (Supermarkets & Hypermarkets, Specialty Stores, Online Retail, and Others)”, the global seafood market share is expected to grow from USD 171.49 billion in 2022 to USD 201.25 billion by 2028; it is expected to grow at a CAGR of 3% from 2022 to 2028.
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Global Seafood Market: Competitive Landscape and Key Developments
A few leading players operating in the seafood market are American Seafoods Company LLC, Kangamiut Seafood A/C, Lee Fishing Company, Pacific American Fish Co. Inc., Royal Greenland A/S, Mowi ASA, The Union Group PCL, Grupo Nueva Pescanova, Trident Seafoods Corporation, and SeaPak Shrimp & Seafood Company. These players are focused on developing innovative products to meet the changing requirements of consumers.
Global Seafood Market – Report Scope:
| Market Size Value in | US$ 171.49 Billion in 2022 |
| Market Size Value by | US$ 201.25 Billion by 2028 |
| Growth rate | CAGR of 3% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
| No. of Pages | 182 |
| No. of Tables | 83 |
| No. of Charts & Figures | 73 |
| Historical data available | Yes |
| Segments covered | Product Type, Category, and Distribution Channel |
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Escalating Online Sales and Growing Government Initiatives Boost Demand for Global Seafood Market Growth:
Consumers widely prefer to purchase seafood products online. Increased reliance on smartphones and laptops has aided in digital channels' growth, concerning strength and volume. Many consumers are opting for online shopping as it saves time, money, and effort compared to other distribution channels. Online portals offer a broad array of products and discounts and offers, which further attract consumers. The rising familiarity of consumers with the internet has paved new methods for e-commerce. Companies such as Fish Society in the UK and Schmidt Zeevis in the Netherlands have professional webshops. Moreover, governments of various countries recommend increasing the consumption of seafood due to its health benefits. For instance, the US Federal dietary guidelines recommend that adults consume at least 227 g/week of seafood based on a 2,000-kcal diet. The United Kingdom National Health Service recommends consuming at least two portions of fish a week, including 1 of oily fish. These factors are driving the seafood market growth.
Global Seafood Market – Growth Dynamics:
The demand for seafood products across specialty restaurants has been growing rapidly across the globe. A large population prefers to eat seafood over other cuisines, which is a major factor that propels the market growth. Moreover, coastal regions are implementing concerted efforts to develop advanced supply chains for the export and supply of seafood. Also, the growth of the seafood market majorly depends on the ease of procuring seafood from coastal regions. Furthermore, the improvement in economic conditions and progression in disposable income levels also contributed to the growth of the seafood market. The developing economies are witnessing a strong urbanization trend resulting in an increase in disposable income among the middle-income groups, subsequently adding to the middle-class population. Medium-and high-income consumers in urban areas are changing their consumption trend from essential to premium food products. This trend favors seafood companies and suppliers to improve their product and service lines in the seafood segment. These factors are expected to drive the seafood market growth in the coming years.
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Seafood Market: Segmental Overview
Based on product type, the seafood market is segmented into fish, crustaceans, mollusks, and others. The fish segment held the largest share in 2021 as fish has enhanced health benefits. Fishes with white flesh are lower in fat as compared to any other source of animal protein. Oily fish are high in omega-3 fatty acid and serves as a source of good fats. Including fish in the diet provides the body with essential nutrients. Also, fish is low in bad fats that are commonly present in red meat. Fishes such as wild salmon from Alaska, Arctic char, sardines, anchovies, farmed trout, and albacore tuna are high in omega-3s, eco-friendly, and produce fewer environmental contaminants. Hence, the demand for fish is increasing among consumers across various regions.
Based on category, the seafood market is segmented into fresh, frozen, canned, and others. The fresh segment accounted for the largest market share in 2021. Fresh seafood is highly preferred by the majority of consumers owing to its health benefits. Various factors, such as sedentary lifestyle habits, rising income levels, increasing prevalence of chronic conditions, and growing awareness about health and wellness, have resulted in a shift in individuals' consumption patterns. Consumers are highly focused on reducing or eliminating carbohydrate-loaded food products from their daily diet, including protein-rich food items such as fish. These factors are expected to boost the demand for fresh seafood across the globe.
Based on distribution channel, the seafood market is segmented into supermarkets & hypermarkets, specialty stores, online retail, and others. The online retail segment is projected to register the highest CAGR during the forecast period. Online retail stores offer various products at massive discounts. Also, consumers can conveniently buy desirable products remotely. Further, home delivery services attract a large group of customers to shop through e-commerce platforms, such as Amazon.com, Walmart, and E-bay. Moreover, these websites offer descriptive product information and user reviews, which helps buyers compare products and make informed decisions.
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North America is expected to register the highest CAGR in the seafood market during the forecast period. Crustaceans such as crabs, shrimps, and others are widely consumed in North American countries. The increasing awareness of crustaceans' nutritional benefits such as crab, coupled with the inelastic nature of demand relative to prices, is anticipated to propel the overall demand for crustaceans across the region. The US is intended as the primary contributor to the crab market in the region. According to the National Oceanic and Atmospheric Administration (NOAA) report, a rise in seafood landings and an increasing demand for imported crabs and other seafood from health-conscious consumers have augmented the expansion of the market in the past few years.
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