The Global Market for Seafood is Projected to Exceed 180.4 Million Tons by 2022

As a Food Source Capable of Addressing Nutrition & Food Security Needs of a Growing World Population, Seafood to Witness Strong Consumption Growth, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size and demand forecasts on the global Seafood market. The global market for Seafood is projected to exceed 180.4 million tons by 2022, driven by its growing popularity as a food source capable of addressing nutrition and food security needs of a growing world population coupled with wider availability of various edible aquatic species amid robust growth in aquaculture yields.

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 inland water systems. Patron base for seafood continues to soar on the back of wider availability of seafood products sourced from a range of species including tuna, salmon, trout, cod, squid, octopus, oysters, shrimps, crab, lobsters etc. While higher investments on wild capture fisheries is contributing to robust seafood output, exponential growth in the aquaculture acreage has been making massive contribution to seafood volumes entering the retail markets, worldwide.

Technological advances made in production, processing, packaging & distribution of fishery and seafood products are instigating a strong influence on seafood demand patterns. 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., thus attracting more number of consumers, and subsequently resulting in higher consumption volumes.

Seafood demand is likely to remain firm in the approaching years amid rising importance of fisheries as a reliable food commodity that can seamlessly address the nutrition as well as food security needs of modern world. Dramatic increase in demand for food products, in line with steep increase in global population, is poised to be the key contributor to future growth of the seafood sector. Significant improvements in regional economies in several parts of the world resulting in higher employment rates, rising incomes levels and growing consumer affluence are likely to wield strong influence on seafood consumption. Expanding urban population, changing lifestyle trends and dietary habits of modern population, where preference for foods with nutritional value and health benefits is increasing, are also expected to contribute to growth and expansion of seafood sector in the coming years.

However, the seafood sector has to deal with certain issues such as Illegal, Unreported and Unregulated (IUU) fishing, mislabeled seafood products, inadequate fishing policies, and poor storage facilities to sustain growth momentum. The sector also has to deal with rising concerns over health related issues such as mercury content in seafood and excessive use of antibiotics in aquaculture.

As stated by the new market research report on Seafood, Asia-Pacific represents the largest and also the fastest growing market worldwide with a CAGR of 4.8% over the analysis period. Dominance in production of both wild catch and aquaculture fisheries supported by vast coastal and inland water resources, growing per capita consumption of fish and seafood, soaring demand for food products from a growing population, rising consumer affluence, rapid pace of urbanization, changing lifestyle trends and eating habits, and rising interest in healthy and diversified diet are all contributing to rise in demand for fishery and seafood products in the region. China represents the single largest producer, consumer, importer as well as exporter of fisheries and seafood products in the world.

Key players in the market include  Amalgam Enterprises, Austevoll Seafood ASA, Cooke Aquaculture, Inc., Dongwon Group, Empresas AquaChile S.A., Faroe Seafood, Handy Seafood, Inc., Hansung Enterprise Co. Ltd. , High Liner Foods Incorporated, Lyons Seafoods Limited, Marine Harvest ASA, Princes Ltd., Sajo Industries Co., Ltd., Shanghai Fisheries General Corporation Group, 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, and Zhanjiang Guolian Aquatic Products Co., Ltd. among others.

The research report titled “Seafood: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, mergers, acquisitions and other strategic industry activities of global companies.  The report provides market estimates and projections for all major geographic markets such as the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia, and Rest of Europe), Asia-Pacific (China, and Rest of Asia-Pacific), Middle East & Africa, and Latin America (Brazil, and Rest of Latin America). Major seafood categories analyzed in the report include Fresh/Live/Chilled Seafood; Frozen Seafood; Preserved/Prepared Seafood; and Cured Seafood.

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