The seafood prominently includes fish and shellfish. The market for seafood is growing steadily with increasing in demand for protein rich food. Moreover, in recent years the major players are investing in growing market regions like APAC, this market has shown huge potential. Globally the market for seafood is expected to grow at the rate of about 3% from 2016 to 2022.
Continuous increase in demand for high protein food among the consumers is significantly driving the growth of Seafood Market. Seafood such as fish and shellfish are high in protein content and other essential nutrients which are an important part of a healthy diet. Moreover, seafood is also prescribed by the doctors to fulfill certain dose of nutrients in the body. Also, the seafood market is expected to witness a significant growth in the upcoming period owing to increasing globalization of seafood value chain. Due to this reason, processing of seafood is getting outsourced to various countries and increasing its market growth, creating a massive impact on the global seafood market. Additionally, the development of food technology is encouraging the seafood manufacturers.
Rising growth of organized retail industry is also estimated to be one of the key factors for increasing growth of seafood market during the predicted period. In addition, healthy growth of food service industry both in developed and developing economies over a couple of years is lubricating the seafood market. Bulk purchase of seafood by the food service industry is positively affecting the growth of the market.
Latest Industry Updates: May 2017 Grupo Nueva Pescanova has invested €42.5 million to renew its fleet in Africa which will encourage the overall production of seafood
Sep 2017 Clearwater Seafoods launched a flagship store to increase the sales of Seafood products through online platform
Mar 2017 Clearwater Seafoods numerous wild-caught shellfish formats to meet growing demand
May 2017 High Liner Foods acquired Rubicon Resources, LLC. The acquisition will assist the company to augment the product portfolio in shrimp which are experiencing a massive growth in the North America region.
Market players in Seafood Market are emphasizing in the merger & acquisition activities to expand the product portfolio of the company. Also, the manufacturers are investing in the seafood processing plants to increase their product portfolio.
Use of online channels for marketing is among the strategic plans of the seafood manufacturers. For which the key manufacturers are entering into a collaboration with the online channels to reach maximum customers and to surge the brand value of the product. Key players are penetrating the untapped market to increase the overall profitability. Key industrial players are creating awareness campaign to educate consumers and drive them to make a rational choice.
The key players profiled in Global Seafood Market report are Austevoll Seafood ASA (Norway), Cooke Aquaculture, Inc. (Canada), Dongwon Group (South Korea), Trident Seafoods Corporation (US), Lyons Seafoods Limited (UK), Thai Union Group PCL (Thailand), Zhanjiang Guolian Aquatic Products Co., Ltd. (China), Princes Ltd. (UK), Tri Marine International Inc. (US) and Amalgam Enterprises (India) among many others.
Secondary data reveals that the seafood market is projected to grow more than 3% annually post the year 2022. The top 5 exporters of frozen fish are China, U.S., Chile, Norway, and Spain