Global Seafood Market is Expected to Grow with the CAGR of more than 3% from 2016 to 2022
Global Seafood Market – Overview
Seafood remains major source of food, nutrition, income and livelihoods for hundreds of millions of people around the globe. Fish supply reached a new record, thanks to dynamic growth in aquaculture industries, which now provides half of all fish for human consumption, and to a slight improvement in the state of certain fish stocks due to improved fisheries management. Moreover, fish continues to be one of the most-traded food commodities worldwide with more than half of fish exports by value originating in developing countries. A recent study report “Global Seafood Market” published by Market Research Future highlights the tremendous potential of the oceans and inland waters, and even more so in the future, to contribute significantly to food security and adequate nutrition for a global population expected to grow vigorously.
The seafood prominently includes fish and shellfish. With the growing demand for protein rich food such as Seafood, the market for seafood is growing steadily. Moreover, with recent, prominent investments by the major players in growing market regions like APAC, Seafood market has shown a huge potential. Globally the market for seafood is expected to grow at A CAGR of about 3% during 2016 to 2022, predicts MRFR Research Analyst while commenting upon this deep diving study report, presented through more than 100 market data tables and figures, widely spread over 110 pages.
Global Seafood Market – Key Players
The global seafood market affected by local consumer tastes, regional and global economic conditions, and demographic trends, is subject to ever changing demands and preferences of consumers. The players of the market have to cater to the constantly changing demands and preferences of consumers according to their spending patterns. With the presence of numerous major and small key players in the market; the Seafood market is highly fragmented.
Identified in the MRFR study report as key players, some of the major players of the global seafood market 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)
- Amalgam Enterprises (India)
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Global Seafood Market – Segments
Seafood market has been segmented in to 3 dynamics for an enhanced understanding;
Segmentation on the basis of Main Type: Comprising – Fish, Roe, Shellfish, Molluscs, Echinoderms, Medusozoa, others.
Segmentation on the basis of Process: Comprising – fresh seafood, dried seafood, salted seafood, smoked seafood, pasteurized seafood, pasteurized seafood and others.
Segmentation on the basis of Application: Comprising – table consumption, personal care products, nutraceuticals, fast food chains and others.
Global Seafood Market – Synopsis & Scenario
Seafood is a protein rich food. It is one of the broadly consumed foods worldwide. Shrimp, tuna and crab are the most popular seafood all over the world. Shrimp have becoming highest growing seafood in recent year as it is easy to cook, consumers of all age group enjoy it cause of the premium flavor and texture.
Recently there is an increase in the demand for cod liver oil as it is nutrient-dense source of essential vitamins including vitamin D and vitamin A as well as anti-inflammatory omega-3 fatty acids. Fish oil supplement are in demand from the women going through menopausal years to maintain a proper level of estrogen and progesterone hormone.
Frozen seafood products are easy to transport than the fresh seafood products. Now, in recent years there is high demand for convenient food as in ready to cook food, hence, seafood products have created huge opportunities in the market. This factor will play a key role to grow seafood market at CAGR of 3% during 2016 to 2022.
The popularity of seafood in consumers among different age groups is supporting the growth of the market. Fresh fish and shrimp are being appreciated by all age consumer groups, hence has created huge potential in the market. Ready to cook seafood will be new opportunity in the seafood market.
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Global Seafood Market – Regional Analysis
APAC accounted for higher market share in the seafood during the period 2011-2015, with market value in millions of USD and is expected to grow further over the previous value by 2022. Major companies are targeting APAC as potential region for investments in the seafood market due to potential demand scenario
Market Research Analysis:
- The demand for fresh seafood is increasing in Europe
- Top 5 importers of frozen fish are China, Japan, Thailand, Korea and Spain
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