Global Seafood Market Analysis Report 2022-2026 - Aquaculture as a Viable Mode of Seafood Production Set to Replace Capture Production in the Long Run

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Sep 15, 2022, 11:00 ET

DUBLIN, Sept. 15, 2022 /PRNewswire/ -- The "Seafood - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.

Global Seafood Market to Reach $134 Billion by 2026

The global market for Seafood estimated at US$116.8 Billion in the year 2022, is projected to reach a revised size of US$134 Billion by 2026, growing at a CAGR of 2.9% over the analysis period.

Seafood, referring to edible marine and aquatic creatures including finfish, molluscs and crustaceans, has been an integral part of food for mankind since the beginning of evolution. Right from hunter-gatherer period through to modern civilization, fish and seafood remained a part and part of human food, and importance of seafood remains pivotal especially among communities living in and around coastal areas and large riverine systems.

Demand for seafood also arises from the restaurant and food service sectors. In the coming years, retail sales of seafood will be impacted by consumers` demand for meal solutions, and the availability of wider product choices that are good for health and easy to prepare. Newly introduced seafood species such as kobia, tilapia and barramundi will continue to attract consumer attention, thus, spurring-up overall sales.

Ground Fish, one of the segments analyzed in the report, is projected to record a 2.6% CAGR and reach US$37.3 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Pelagics segment is readjusted to a revised 3.6% CAGR for the next 7-year period.

The U.S. Market is Estimated at $6.4 Billion in 2022, While China is Forecast to Reach $51.2 Billion by 2026

The Seafood market in the U.S. is estimated at US$6.4 Billion in the year 2022. China, the world's second largest economy, is forecast to reach a projected market size of US$51.2 Billion by the year 2026 trailing a CAGR of 3.7% over the analysis period.

Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 1.3% and 2.1% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 1.6% CAGR.

Technological advancements made in production, processing, packaging & distribution of fishery and seafood products are wielding a strong positive influence on seafood demand patterns across the world. Leveraging high-tech improvements in processing technologies, a range of products are being offered in primary and secondary versions such as whole gutted fish, fillets, loins, kebabs, steaks and cutlets; and value-added variants such as grilled, marinated, pre-fried, smoked, salted, seasoned, dusted, breaded, and stuffed fish etc., are attracting more number of consumers.

Seafood consumption is also growing in developing and less developed countries in Asia-Pacific, Latin America, the Middle East and Africa. Rising per capita fish consumption in countries such as China, India and other East, South and Southeast Asian countries is driving overall seafood volume growth. Going forward, developing countries are poised to account for more than 80% of total new seafood consumption by 2030.

Tuna Segment to Reach $16.3 Billion by 2026

Tuna is considered to be the most favorite seafood in the west and accounts for nearly 25% of the total seafood consumption. Tunas are usually fast swimmers, covering thousands of miles in a few weeks. Tuna can be classified as white and light tuna. Out of the 12 different types of fishes that are sold as tuna only albacore is a white tuna.

The remaining species such as yellowfin, bigeye, bluffing, and skipjack are classified as light tuna. In the global Tuna segment, USA, Canada, Japan, China and Europe will drive the 2% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$7.9 Billion will reach a projected size of US$9.5 Billion by the close of the analysis period.

China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$5.1 Billion by the year 2026, while Latin America will expand at a 2.4% CAGR through the analysis period.

What`s New for 2022?

Global competitiveness and key competitor percentage market shares
Market presence across multiple geographies - Strong/Active/Niche/Trivial
Online interactive peer-to-peer collaborative bespoke updates
Access to the digital archives
Complimentary updates for one year

Key Topics Covered:

I. METHODOLOGY

II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW

Seafood Market: Consumption Determined by Availability Rather than Affordability
Asia-Pacific Leads the Global Seafood Sector
Impact of COVID-19 and Looming Economic Recession on Seafood Industry
COVID-19 Pandemic Disrupts Fish Trade with Dismal Demand and Supply Issues
COVID-19 Pandemic Creates Notable Demand Vacuum in Seafood Industry
As the World Stares at a Recession, Seafood Industry Prospects Dampen
Global Economic Outlook: Real GDP Growth Rates in % by Country/Region for the Years 2019-2021
Competition
Leading Players in the World Seafood Market
Recent Market Activity
Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2022 (E)
Seafood: An Edible Marine and Aquatic Commodity for Meeting Food Security and Nutrition Needs
Seafood: Impacted by the Vagaries of Global Politics, Economics, and Weather
Aquaculture as a Viable Mode of Seafood Production Set to Replace Capture Production in the Long Run
Concerns over Depleting Fish Stocks Curtail Capture Production Volumes
Aquaculture Market Continues to Soar Driven by Massive Production and Consumption in Developing Countries
A Snapshot of Widely Consumed Fish Species
Stable Economic Scenario to Underpin Volume Sales
Steady Growth Projected over the Next Few Years
Asia-Pacific: The Dominant Force in the Global Seafood Sector
Seafood: An Edible Marine and Aquatic Commodity for Meeting Food Security and Nutrition Needs
Aquaculture as a Viable Mode of Seafood Production Set to Replace Capture Production in the Long Run

2. FOCUS ON SELECT PLAYERS (Total 237 Featured)

Amalgam Frozen Foods Pvt. Ltd. (AFFL)
American Seafoods Company
Austevoll Seafood ASA
Cooke, Inc.
Dongwon F&B
Faroe Seafood
Handy Seafood, Inc.
Hansung Enterprise Co. Ltd
High Liner Foods Incorporated
Kangamiut Seafood A/S
Lee Fishing Company
Leroy Seafood Group
Lyons Seafoods Limited
Mowi ASA
Pacific Seafood
Phillips Foods, Inc.
Princes, Ltd.
Sajo Group
Shanghai Fisheries Group Co., Ltd.
Stolt Sea Farm
Surapon Foods Public Company Limited
Tassal Group Limited
Thai Union Group PCL
Tri Marine International, Inc.
Trident Seafoods Corporation
Young`s Seafood Limited
Zhanjiang Guolian Aquatic Products Co., Ltd.

3. MARKET TRENDS & DRIVERS

Growing Preference for Healthy, Nutritious, and Protein-Rich Diets Drive Healthy Demand for Seafood
Seafood: A Primary Source of Omega-3 Fatty Acids
The Vital Need to Meet Food Security Concerns of the Expanding Global Population Opens Up Growth Avenues
Increasing Per Capita Seafood Consumption to Benefit Market Expansion
Surging Demand for Fresh/Live/Chilled Seafood Catapults the Category to the Dominant Position
Trans-Pacific Partnership (TPP): Supporting Growth of Seafood Industry
Frozen Seafood Market: Advancements in Freezing Methods and Technologies Fuel Growth Prospects
Retail Sector Growth Contributes to Sales Volume Expansion
Products in Innovative Packaging Grab Consumer Attention
Eco-Labeled Products in Demand
Innovative Traceability Tools Improve Image of Seafood in Retail Channels
Seafood Retailing Gains Momentum through Online and E-Commerce Platforms
Steady Demand for Safe and Convenient Seafood Sustains Market Growth for Prepared/ Preserved Seafood
Canned Seafood Market Continues to Gain Traction
Whie Low Value Fish Drive Volume Gains, High Value Fish Product Vital for Revenue Growth
Crustaceans: Low-Volume, High-Revenue Generating Segment
Molluscs: A Delicacy among Seafood Lovers
Fishmeal & Fish Oil Remain Niche Revenue Contributors
Scientific & Technological Advancements: Opportunity for the Market
New Generation Processing Machines
Innovative Technologies to Aid Sustainable Seafood Ecosystem
A Glance at Select Product Innovations in Seafood Industry
Rising Awareness of Sustainable Procedures Drives Popularity of Small Scale Aquaculture
Key Issues & Challenges Hampering Growth Prospects
Illegal, Unreported and Unregulated (IUU) Fishing
Mislabeled Seafood
Inadequate Fishing Policies
Poor Storage Facilities
Health Related Issues
Production and Consumption Scenario for Select Fish & Seafood Species
Fisheries: Among the Most Traded Food Commodities
Packaging & Labeling
Fresh Seafoods
Frozen Seafoods
Storing and Thawing
IQF Packaging Frozen Fish
Other Forms of Packaging Frozen Fish
Other Seafood Categories
Growing Preference for Healthy, Nutritious, Low-Fat, and Protein-Rich Diets Drive Healthy Demand for Seafood
Brief Nutritional Data for Select Fish Species: A Snapshot
The Vital Need to Meet Food Security Concerns of the Expanding Global Population Opens Up Growth Avenues
Global Food Scenario: Fast Facts
Increasing Per Capita Seafood Consumption to Benefit Market Expansion
Surging Demand for Fresh/Live/Chilled Seafood Catapults the Category to the Dominant Position
Popular Types of Fresh/Live/Chilled Seafood: A Snapshot
Trans-Pacific Partnership (TPP) Lends Traction to Market Growth
Advancements in Freezing Methods and Technologies Boosts Growth Prospects for Frozen Seafood
Retail Sector Growth Contributes to Sales Volume Expansion
Steady Demand for Safe and Convenient Seafood Sustains Market Growth for Prepared/ Preserved Seafood
Cured Varieties Exhibit Fastest Growth
Low Value Fish Drive Overall Volume Growth
Molluscs: A Delicacy among Seafood Lovers
Fishmeal & Fish Oil Remain Niche Revenue Contributors
Exotic Seafood Preparations Focus on Delicate Flavors and Textures
Scientific & Technological Advancements Strengthens Market Prospects
Rising Awareness of Sustainable Procedures Drives Popularity of Small Scale Aquaculture
Key Issues & Challenges Hampering Growth Prospects