August 18, 2020

Seafood Market Trend | COVID – 19 Outbreak, Demand and Forecast to 2023

Market Analysis

Global Seafood Market has witnessed continued demand during the last few years. Market Research Future, a firm which specializes in market reports related to the Food, Beverages & Nutrition sector among others, recently forecasted in its report on ‘Global Seafood Market Research Report- Forecast to 2023’ that the market will demonstrate an exceptional CAGR % while achieving good growth rapidly in the forecast period.

Continuous increase in demand for high protein food among the consumers is significantly driving the growth of seafood market. Seafood such as fish and shellfish are high in protein content and other essential nutrients which are an important part of a healthy diet. Moreover, seafood is also prescribed by the doctors to fulfil certain dose of nutrients in the body. Also, the seafood market is expected to witness a significant growth in the upcoming period owing to increasing globalization of seafood value chain. Due to this reason, processing of seafood is getting outsourced to various countries and increasing its market growth, creating a massive impact on the global seafood market. Additionally, the development of food technology is encouraging the seafood manufacturers.

Rising growth of organized retail industry is also estimated to be one of the key factors for increasing growth of seafood market during the predicted period. In addition, healthy growth of food service industry both in developed and developing economies over a couple of years is lubricating the seafood market. Bulk purchase of seafood by the food service industry is positively affecting the growth of the market.

Competitive Analysis

Market players in Seafood Market Trend are emphasizing in the merger & acquisition activities to expand the product portfolio of the company. Also, the manufacturers are investing in the seafood processing plants to increase their product portfolio.

Use of online channels for marketing is among the strategic plans of the seafood manufacturers. For which the key manufacturers are entering into a collaboration with the online channels to reach maximum customers and to surge the brand value of the product. Key players are penetrating the untapped market to increase the overall profitability. Key industrial players are creating awareness campaign to educate consumers and drive them to make a rational choice.

The key players profiled in Global Seafood Market Trend Report are Austevoll Seafood ASA (Norway), Cooke Aquaculture, Inc. (Canada), Dongwon Group (South Korea), Trident Seafoods Corporation (US), Lyons Seafoods Limited (UK), Thai Union Group PCL (Thailand), Zhanjiang Guolian Aquatic Products Co., Ltd. (China), Princes Ltd. (UK), Tri Marine International Inc. (US) and Amalgam Enterprises (India) among many others.

Market Segments

Global Seafood Market has been divided into type, processed type, application and Region

On the Basis of Type: Fish, Roe, Shellfish, Molluscs, Echinoderms, Medusozoa, and Others

On the Basis of Processed Type: Dried Seafood, Salted Seafood, Smoked Seafood, Pasteurized Seafood, Frozen Seafood, and Others

On the Basis of Application: Table Consumption, Personal care products, NUTRACEUTICALS, Fast Food chains, and others

On the Basis of Region: North America, Europe, Asia Pacific, and Rest of the World

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Regional Analysis

Global Seafood Market is segmented into North America, Europe, Asia Pacific and Rest of the World. Among all the region, Asia Pacific region is likely to account for the maximum market share in the year of 2019 and is estimated to retain its dominance throughout the forecast period of 2019-2023. East & south eastern part of Asia Pacific region is the largest producer of seafood products which is contributing to the growth of the market. Also, the consumption of seafood products is comparatively high in the south eastern part of Asia Pacific region. However, Europe is expected to witness high growth in the global seafood market as compared to the other regions. Moreover, due to globalization, various countries are increasing their exports to other countries to enhance the overall revenue of the government. Also, changing consumer’s food habit is measured to be a major factor for increasing the growth of the fish segment.

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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.