Seafood Market Expected to Reach $155,316 Million by 2023 | AMR

September 07 03:11 2019
The preference for seafood is expected to increase in Asia-Pacific, owing to change in lifestyle of people and rise in disposable income. China is a high growth market and has the capacity to pay more for premium and high-quality seafood.

Allied Market Research published a report, titled, “Seafood Market by Type (Cephalopods, Crustaceans, Molluscs, Flat Fish, Ground Fish, Salmonids, Tuna, Pelagics, Others (Marine Fish and Aquatic Products)), Retail Market Variety (Ambient, Frozen, and Chilled), and Sales Channel (Retail, Foodservice, and Institutional) – Global Opportunity Analysis and Industry Forecast, 2017-2023.” The report provides a detailed analysis of the drivers & opportunities, wavering market trends, competitive market scenario, and market size & estimates. According to the report, the global seafood market was estimated at $125.44 billion in 2017 and is expected to hit $155.31 billion by 2023, registering a CAGR of 3.6% during the forecast period.

 Changing lifestyle & consumer preferences, rise in disposable income, increase in awareness about the health benefits associated with seafood, and extensive availability of different species of fish fuel the growth of the global seafood market. On the other hand, depletion of wild fish stocks hampers the growth to some extent. However, collaborations between manufacturers and foodservice providers are expected to create lucrative opportunities for the frontrunners in the industry.


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The ground fish segment garnered the largest share in 2017

Based on type, the ground fish segment generated the highest market revenue in 2017, contributing to one-fourth of the total share. The segment is also expected to grow at moderate CAGR of 1.6% through 2017-2023. This is attributed to its high nutritional value as it’s a rich source of protein, phosphorus, niacin, and vitamin B-12.

The chilled segment manifested the highest growth in 2017

Based on retail market variety, the chilled segment accounted for more than half of the total market share and is anticipated to maintain its dominance during the study period, registering a CAGR of 4.0% till 2023. Rising demand for convenience food items and shifting preferences of consumers propel the growth of the segment.


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The retail segment to dominate through 2017–2023

Based on sales channel, the retail segment was contributed to three-fourths of the total market share in 2017 and is projected to rule the roost during the estimated period. The segment is also predicted to showcase a CAGR of 3.4% during 2017–2023.

Asia Pacific to lead the trail till 2023-

Based on geography, the Asia-Pacific region garnered a considerable market share in 2017 and is expected to cite a CAGR of 4.1% throughout the forecast period. Radical change in lifestyle of people in the region and rise in disposable income of them spur the growth.

 Key players in the industry-

The key market players analyzed in the global seafood market report include Kangamiut Seafood A/S, Phillips Foods, Inc., Thai Union Group PCL, Trident Seafoods Corporation, Lee Fishing Company, Pacific Seafood, Leigh Fisheries, Marine Harvest ASA, and American Seafoods Company. Incorporating several high-end strategies including expansions, mergers & acquisitions, partnerships, joint ventures, collaborations, and others, these market players have become able to heighten their status in the industry.

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