Seafood Market Size Worth $ 198,854.86 Million By 2027 | 2.9% CAGR: Insight Partners

The seafood market is expected to grow at a CAGR of 2.9% to reach US $ 198,854.86 million from 2019 to 2027. The health benefits associated with seafood are driving the growth of the market

NEW YORK, USA, November 24, 2021 / – According to The Insight Partners study on “Forecast of the global seafood market to 2027 – Impact and analysis of COVID-19 by type (fish, crustaceans, molluscs and others), type of product (fresh, frozen, canned and others) and distribution channel (supermarkets and hypermarkets, mini-market, specialized store, online and others) ”, the global fruit market sea ​​was valued at US $ 158,910.17 million in 2019 and is expected to reach US $ 198,854.86 million by 2027; it is expected to grow at a CAGR of 2.9% from 2020 to 2027. The report highlights the key factors driving the market growth and key players along with their developments in the market.

Report Coverage Details
Market size value in – US $ 158,910.17 million in 2019
Market size value of US $ 198,854.86 million by 2027
Growth rate – CAGR of 2.9% from 2020-2027
Forecast period – 2020-2027
Baseline year – 2020
Number of Pages – 182
No. Tables – 83
Number of graphs and figures – 73
Historical data available – Yes
Segments Covered – Product Type, Product Type, Distribution Channel
Regional scope – North America; Europe; Asia Pacific; Latin America; AEM
Country Scope – US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Report Coverage: Revenue Forecast, Company Rank, Competitive Landscape, Growth Factors and Trends

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The demand for seafood around the world is expected to increase dramatically due to its health benefits. According to the Food and Agriculture Organization of the United Nations, by 2030 a surplus value of an additional 40 million tonnes of seafood, an increase of almost 30%, would be needed to meet growing demand. The increase in per capita consumption accompanied by the demand from rich countries for imported seafood is expected to further strengthen the market. The demand for seafood in specialty restaurants is increasing at a rapid pace lately. A large consumer population prefers to eat seafood over other cuisines, and this is a major factor propelling the expansion of the market. In addition, the coastal regions are making concerted efforts to develop advanced supply chains for the export and supply of seafood. In addition, the growth of the seafood market is highly dependent on ease of supply. supply of seafood to coastal regions.

In addition, improving economic conditions and increasing levels of disposable income have contributed to the growth of the market. Developing economies are experiencing a strong trend towards urbanization and this has resulted in an increase in disposable income among middle income groups, subsequently adding to the middle class population. Middle and upper income consumers in urban areas are shifting their consumption pattern from essential food items to premium food items. This trend favors seafood companies and suppliers to improve their range of products and services in the seafood segment.

Effect of COVID-19 on the seafood market

Covid-19 started in Wuhan, China in December 2019, and since then it has spread around the world. In November 2020, the United States, India, Brazil, Russia, France, Spain, Argentina, Colombia, United Kingdom, Mexico, Peru and South Africa were included among the most affected countries in terms of confirmed cases and reported deaths. According to the latest WHO figures, there are around 46,591,622 confirmed cases and 1,201,200 total deaths worldwide. The coronavirus outbreak has affected economies and industries in various countries due to lockdowns, travel bans and business closures. The global food and beverage industry is one of the major industries experiencing severe disruption, such as supply chain disruptions and office closures, resulting from this outbreak.

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Based on type, the seafood market is segmented into fish, crustaceans, molluscs and others. The fish segment dominated the seafood market with the highest market share in 2019. Cod, salmon, trout, tuna, haddock, sea bream, plaice and shark are types of fish eaten as seafood around the world. Some fish are raised in ponds or cages at sea, but most of them are collected alive from the oceans by large commercial fishing vessels. Fish is an important source of protein. White fish are less fat than any other source of animal protein. Oily fish are rich in omega-3 fatty acids and are a source of good fats. Including fish in the diet provides the body with essential nutrients. In addition, fish is low in bad fats which are commonly found in red meat.

Seafood market: competitive 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 La The company is one of the key players in the global seafood market. Leading companies are focused on expanding and diversifying their market presence and acquiring new customers, thereby exploiting existing business opportunities.

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Seafood Market Expected To Grow At A CAGR Of 2.9% To Reach US $ 198,854.86 Million From 2019 To 2027

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