Seafood Industry | Size, Value Demand and Forecast to 2023

Market Highlight

Market Research Future brings its latest report on how far the lockdown has affected the seafood industry cause due to COVID 19. The lockdown period worldwide impacted the global seafood market 2020 on account of the logistics issue. The government bodies provided all logistical support for the smooth functioning of the seafood market, and the situation has improved. However, globally Seafood Industry was affected due to Covid-19, which resulted in the cancellation of several orders, slowdown of cargo movements, reduced and delayed payments, and difficulty in getting new orders and renewal of existing orders.

Seafood Market Growth Boomers

The current trend in seafood production and exports is encouraging the global seafood market. Given the positive trend, except for minor setbacks due to the pandemic, many developing countries will sustain the exports. Based on provisional figures, exports to China have surged roughly 63% in valuation. Exports of seafood augmented from $811.14 million to $1321.59 million in 2019-2020. As per the study, China imports seafood worth more than $15 billion. Whereas India is the third-largest player in the Chinese market after Russia, so there is great potential for further expanding the seafood market share.

Top Players

Cooke Aquaculture, Inc. (Canada), Trident Seafoods Corp. (US), Thai Union Group PCL (Thailand), Princes, LTD. (UK), Amalgam Enterprises (India), and Tri Marine International, Inc. (US) are some of the top players in the Global Seafood Industry.

Segment Review

Global Seafood Industry is studied among the segments of type, category, and distribution channel.

The market by the segment of type has included mollusks, crustaceans, fish, and others.

Seafood Industry by the segment of the category has included salted seafood, dried seafood, frozen seafood, smoked seafood, and others.

The market by the segment of the distribution channel has included store-based and non-store based.

Regional Aspect

East and South-east Asia are the largest producers of seafood. Innovative farm practice, slaughtering, and packaging techniques have made Seafood Industry highly rewarding and is expected to expand with a considerable CAGR in the future. There is an elevated demand for sustainable and eco-friendly production of seafood to fulfill the rising demand for seafood ethically. The growth in the distribution network and rising affluent class demanding for luxury food has augmented seafood globally.

China is one of the single large markets for seafood and has grown considerably over the past years. Furthermore, the mounting consumption of China on the global fish markets and trade has intensified, leading to a demanding supply chain towards the region. FAO claims that China’s per capita seafood consumption grew to 33.1 kilograms per year, and it is possible to increase further. Also, a sizeable increase in aquaculture production within the country has led the country to keep pace with the consumption with income growth.

Get More Professional and Technical Industry Insights @ https://www.marketresearchfuture.com/reports/seafood-market-1971

NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.