Seafood Market Size Worth $198.85Bn, Globally, by 2027 at 2.9% CAGR - Exclusive Report by The Insight Partners

The seafood market size was valued at $158.91 Bn in 2019 and is projected to reach $198.85 Bn by 2027; it is expected to grow at a CAGR of 2.9% during the forecast period

NEW YORK, Feb. 25, 2022 /PRNewswire/ -- The Insight Partners published latest research study on "Seafood Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Product Type (Fish, Crustaceans, Mollusca and Others), Product Type (Fresh, Frozen, Canned and Others), Distribution Channel (Supermarket & Hypermarket, Convenience Store, Specialty Store, Online, and Others)". The seafood market growth is driven by the increased demand for frozen and canned seafood, health benefits associated with seafood.

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Seafood Market: Competition Landscape and Key Developments

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 are among the key players operating in the seafood market. The major players in the seafood market are focusing on strategies such as partnerships, mergers and acquisitions, and facility expansion to increase their sales and expand their geographical presence.

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Asia Pacific held the largest share of the seafood market in 2020. Countries such as Japan, China, and South Korea have a traditional significance of fish in their diet, and hence, the high demand for fish in these countries has aided the growth of the seafood market. Other emerging economies in the region, such as India, are also interested in canned and frozen seafood products. This is expected to aid the growth of the seafood market in the region over the forecast period

Frozen seafood products are freeze-processed, which aids in preventing bacterial formation on the food products and increases the shelf life of the food products. Similarly, canned fish are processed and preserved in sealed airtight containers such as aluminum or tin can. Canned fish usually has a shelf life of one to five years. Canned seafood products are gaining immense traction among consumers, owing to the rising demand for convenience foods. The escalating consumer preference toward convenience foods indirectly favors canned seafood products such as canned tuna, canned salmon, and canned mackerel. They require less time and effort as compared to cooking fresh seafood. Moreover, the rising disposable income in various developing countries is another factor that significantly influences the demand for frozen and canned seafood products.

Seafood Market: Segmental Overview

Based on type, the seafood market is segmented into fish, crustaceans, mollusks, and others. The fish segment accounted for the largest share of the market in 2020. They are widely consumed and available worldwide. The crustaceans segment is expected to witness significant growth over the forecast period. Growing preference for crustaceans and increasing trade activity are expected to propel the growth of this segment. Based on product type, the seafood market is segmented into fresh, frozen, canned, and others. The fresh segment accounted for the largest share of the seafood market in 2020. However, canned seafood has been growing in popularity and is expected to witness growth over the forecast period. Based on distribution channel, the global seafood market has been segmented into supermarkets and hypermarkets, convenience stores, specialty stores, online, and others. The supermarkets and hypermarkets segment accounted for the largest share of the market in 2020. Supermarkets and hypermarkets provide super-fast freezing, which keeps the seafood fresh for a longer period. However, the specialty stores segment is expected to witness growth during the forecast period. 

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Impact of COVID-19 Pandemic on Seafood Market:

The COVID-19 pandemic has led to a decline in operational efficiencies and interrupted supply chains due to the sudden shutdown of national and international boundaries. Disruptions in supply chains have restricted the movement of goods, which, in turn, is hindering the distribution and manufacturing of various products. Seafood importing countries and companies are struggling financially, as many businesses closed down during the pandemic. Hence, many importers canceled, postponed, or reduced their orders during the beginning of the pandemic. Trade was also affected as many borders were closed due to the global travel bans imposed by countries in Europe, Asia, and North America. This also affected business collaborations and partnerships opportunities. All these factors have negatively affected the seafood market. However, improving vaccination rates and the return of many major economies to normalcy are expected to aid the recovery of the seafood market.

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