LONDON, Dec. 30, 2015 /PRNewswire/ -- In the last five years, the demand for fish and seafood has been witnessing a steady growth. Technavio€™s market research analyst expects the global fish and seafood market to multiply, growing at a CAGR of more than 4% during the forecast period. One of the major factors leading to the rise of the fish and seafood market is the increasing demand for processed seafood. Time-strapped consumers prefer processed seafood, which is not only healthy but also convenient and saves a lot of time and effort as they are already available in ready-to-cook packaging.
Aquaculture, which is the fastest-growing food production process globally, is an emerging trend that is expected to drive the fish and seafood market in the next five years. In terms of volume production, aquaculture method has overshadowed most other food-sourcing methods such as traditional agricultural practices and wild fish harvesting.
Segmentation and analysis by product of the fish and seafood market
Fresh and chilled fish and seafood
Canned fish and seafood
Frozen fish and seafood
Other fish and seafood
The fresh and chilled fish and seafood segment dominated the market in 2015 in terms of revenue. Growing health consciousness among people, increased demand for quality food, and changing demographics are the main factors fueling the growth of this segment.
Geographical segmentation of the fish and seafood market
APAC accounted for more than 40% of the market share in 2015 in terms of revenue and with that they were the largest contributor. The primary factors contributing to the growth of the market in this region is the rise in population plus a large number of people who consume fish. Countries like China, India, Japan, Thailand, Australia, Bangladesh, Singapore, and Malaysia are the key contributors here.
Competitive landscape and key vendors
With the existence of intense competition in the global fish and seafood market, vendors are reducing their product prices, which can have a negative impact on their profit margin and market growth. Thus, larger players in the market are increasing focus on acquiring smaller entities to enhance their footprint in the market. Also, the inflow of private labels in the market is on the rise, thus lifting the bar of the competition even higher.
The leading vendors in the market are -
High Liner Foods
Leroy Seafood Group
Thai Union Frozen Products
Other prominent vendors in the market include Beijing Princess Seafood International Trading, Dong Won Fisheries, Empresas AquaChile, Faroe Seafood, Findus Group, Hansung Enterprise, Kverva, Labeyrie Fine Foods, Marine Harvest, Mogster Group, Princes Group, Sajo Industries, Stolt Sea Farm, Surapon Foods, and Tassal Group.
Key questions answered in the report include
What will the market size and the growth rate be in 2020?
What are the key factors driving the global fish and seafood market?
What are the key market trends impacting the growth of the global fish and seafood market?
What are the challenges to market growth?
Who are the key vendors in the global fish and seafood market?
What are the market opportunities and threats faced by the vendors in the global fish and seafood market?
Trending factors influencing the market shares of the Americas, APAC, Europe, and MEA.
What are the key outcomes of the five forces analysis of the global fish and seafood market?
Technavio also offers customization on reports based on specific client requirement.
Aquaculture Market in China- Report Analysis and Forecast 2015-2019
Global Aquaculture Market 2015-2019
Global Frozen Food Market 2015-2019
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