Global Seafood Market to Reach $133.9 Billion by 2026

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May 19, 2021, 10:32 ET

SAN FRANCISCO, May 19, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Seafood - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.

FACTS AT A GLANCE
Edition: 18; Released: May 2021
Executive Engagements: 5832
Companies: 1962– Players covered include 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. and Others.
Coverage: All major geographies and key segments
Segments: Product Type (Ground Fish, Pelagics, Tuna, Salmonids, Molluscs, Crustaceans, Other Product Types); Variety (Chilled, Frozen, Ambient)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Australia; India; South Korea; Rest of Asia-Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Iran; Israel; Saudi Arabia; UAE; Rest of Middle East; Africa.

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ABSTRACT-

Global Seafood Market to Reach $133.9 Billion by 2026
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. Amid the COVID-19 crisis, the global market for Seafood estimated at US$113.2 Billion in the year 2020, is projected to reach a revised size of US$133.9 Billion by 2026, growing at a CAGR of 2.9% over the analysis period. 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 $6.3 Billion in 2021, While China is Forecast to Reach $51.2 Billion by 2026
The Seafood market in the U.S. is estimated at US$6.3 Billion in the year 2021. 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 2020-2027 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 $16.2 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 2.7% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$7.9 Billion in the year 2020 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. More

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Global Industry Analysts, Inc., (www.strategyr.com) is a renowned market research publisher the world's only influencer driven market research company. Proudly serving more than 42,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for over 33 years.

CONTACTS:
Zak Ali
Director, Corporate Communications
Global Industry Analysts, Inc.
Phone: 1-408-528-9966
www.StrategyR.com
Email: [email protected]

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SOURCE Global Industry Analysts, Inc.