The global seafood market was valued at US$ 158,910.17 million in 2019 and is projected to reach US$ 198,854.86 million by 2027; it is expected to grow at a CAGR of 2.9% during 2020–2027.
According to the Food and Agriculture Organization, by 2030, an excess value of 40 million additional tons of seafood, which is an increment of almost 30%, would be required to meet the rising demand. Nowadays, consumers highly prefer online purchases of seafood products. Increased reliance on smartphones and laptops has aided in digital channels' growth, concerning strength and volume. Many consumers are opting for online shopping as it saves time, money, and efforts for shopping compared to other distribution channels. Online portals offer a broad array of products and discounts and offers, which further attract consumers. The rising familiarity of consumers with the Internet has paved new methods for e-commerce. The millennial populace is highly tech savvy and prefers to purchase food items and other products from the online platform owing to convenience. Key players are also leveraging this opportunity to enhance their sales. Companies—such as Fish Society, in the UK and Schmidt Zeevis, in the Netherlands—have professional web shops. These companies have the logistics to deliver the fish in a particular area. Moreover, some companies sell their fish products through social media, including Twitter and Facebook. They usually only sell their fish products to the hospitality industry or wholesale.
Based on type, the seafood market is segmented into fish, crustaceans, mollusca, and others. In 2019, the fish segment dominated the market. Cod, salmon, trout, tuna, haddock, sea bream, plaice, and shark are some type of fishes that are consumed as seafood worldwide. Fish is an important source of protein. It can be consumed raw as in Japanese sashimi or can be kept for future consumption as done in pickled herring. It can be smoked and consumed as in the form of smoked salmon and can also be canned. Most of the fishes are cooked by frying, baking, steaming or grilling. It can also be cut into small pieces and be used in the making of soup, stew or curries. Fishes with white flesh are lower in fat as compared to any other source of animal protein. The oily fish are high in omega-3 fatty acid and serves as a source of good fats.
In terms of geography, the seafood market is segmented into North America, Europe, Asia Pacific (APAC), South America, and Middle East & Africa (MEA). Asia Pacific held the largest share of the global seafood market in 2019, followed by Europe and North America. APAC comprises several developing economies, such as India, China, Japan, South Korea, and Australia. These emerging countries are witnessing an upsurge in the middle-class population and growth in urbanization, which offer ample opportunities for the key market players. The seafood industry in the countries of APAC is witnessing a huge shift over the years. The region contributes a substantial share in consumption due to a rise in population base coupled with increased disposable income. As per the Food and Agriculture Organization of the United Nations, the estimated annual consumption of seafood in Australia is nearly 26 kilograms per person in 2016. China is one of the largest countries with a vast population base and high disposable income. Domestic demand for seafood in China is strong. It is propelled by the widespread consumer perception that seafood is a healthy protein coupled with a preference for seafood products among middle-class consumers. The changing lifestyle of the populace and food habits combined with a rising appetite for healthy food result in higher demand for processed fish in the urban areas in India. Furthermore, due to rising number of small and single-person households together with an increase in number of working women, the fish products such as ready meals and frozen processed that offer convenience, are observing huge demand.
COVID-19 outbreak started in Wuhan, China, in December 2019 and has spread across the globe. The US, India, Brazil, Russia, France, Spain, Argentina, the UK, Italy, and Mexico are among the most-affected nations in terms of confirmed cases and reported deaths, as of November, 2020. According to the WHO, there are ~50,676,072 affirmed cases and 1,261,075 death cases all around. COVID-19 has affected economies and undertakings due to lockdowns, travel bans, and business shutdowns. The global food & beverages industry is one of the major businesses enduring severe impacts. These has highly affected the worldwide seafood market.
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 major players present in the global seafood market.
Overall size of the global seafood market size has been derived in accordance with both primary and secondary sources. To begin the research process begins exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data as well as to gain more analytical insights into the topic. The participants typically involved in the process include industry experts, such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants, such as valuation experts, research analysts, and key opinion leaders specialized in the seafood.