The global seafood market is experiencing significant growth, driven by rising consumer demand for healthy and sustainable protein options. According to Kings Research, the market was valued at USD 127.79 billion in 2023 and is projected to reach USD 178.37 billion by 2031, growing at a CAGR of 4.3% from 2024 to 2031.
Market Segmentation
The seafood market is segmented based on the form of seafood, type of seafood, end use, and geographical regions.
1. By Seafood Form:
- Fresh Seafood: Offers high nutritional value and is preferred for its taste and quality.
- Frozen Seafood: Dominates the market with a 38.66% share in 2023 due to its convenience, prolonged shelf life, and advancements in freezing technology.
- Ambient Seafood: Includes products that can be stored at room temperature.
- Canned Processed Seafood: Provides a cost-effective alternative with extended shelf life.
2. By Seafood Type:
- Salmonoids
- Tuna
- Cod
- Molluscs
- Crustaceans: The largest segment with a 25.78% share in 2023, favored for their versatility, flavor, and nutritional benefits.
3. By End Use:
- Foodservice
- Retail: The dominant segment, accounting for 59.02% of the market in 2023. This is driven by busy lifestyles and the demand for convenient, ready-to-eat seafood products.
Regional Analysis
- Europe: Holds a 27.66% market share, valued at USD 35.35 billion in 2023. The region's rich fishing heritage and stringent EU regulations ensure high-quality, sustainable seafood.
- Asia-Pacific: Expected to register the highest CAGR over the forecast period, driven by increasing seafood demand in China, Japan, and South Korea, and supported by technological advancements and extensive coastlines.
Browse More Information :-https://www.kingsresearch.com/seafood-market-625
Key Drivers and Challenges
Drivers:
- Health and Wellness Trends: Increasing awareness about the health benefits of seafood, including its high protein and low-fat content, is driving demand.
- Technological Advancements: Innovations in aquaculture and processing technologies are enhancing productivity and product quality.
- Sustainability Initiatives: Growing consumer preference for sustainably sourced seafood is encouraging the adoption of eco-friendly practices across the industry.
Challenges:
- Food Safety Concerns: Issues related to contamination and improper handling practices can affect consumer trust and demand. Implementing stringent food safety protocols is crucial to address these concerns.
- Environmental Impact: Overfishing and habitat destruction pose significant threats to marine ecosystems, necessitating effective management and conservation efforts.
Competitive Landscape
The seafood market is highly fragmented, with several key players adopting various strategies to strengthen their market positions. Major companies include Thai Union Group, Maruha Nichiro Corporation, Nippon Suisan Kaisha, Ltd., Dongwon Industries, and Marine Harvest ASA, among others. These companies are focusing on partnerships, mergers and acquisitions, product innovations, and joint ventures to expand their product portfolios and market reach.
Conclusion
The global seafood market is poised for continued growth, supported by increasing consumer demand for healthy and sustainable protein sources, advancements in technology, and a strong focus on food safety and sustainability. While challenges such as food safety concerns and environmental impact need to be addressed, the market offers significant opportunities for players willing to innovate and adapt to evolving consumer preferences. As the market grows, strategic initiatives and investments in research and development will be key to capitalizing on emerging trends and maintaining a competitive edge.
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