PUBLISHER: Persistence Market Research | PRODUCT CODE: 1454811
PUBLISHER: Persistence Market Research | PRODUCT CODE: 1454811
Persistence Market Research has conducted a thorough analysis of the Seafood Market, providing a comprehensive report detailing its global landscape. This in-depth publication offers valuable insights into the market's dynamics, trends, opportunities, and challenges, providing a comprehensive overview of its structure. Backed by exclusive data and statistics, the research predicts the anticipated growth trajectory of the Seafood Market spanning from 2023 to 2030.
The worldwide seafood market is expected to grow steadily, with a compound annual growth rate (CAGR) of 3.4%. This expansion will see the market value rise from US$137.5 billion in 2023 to US$173.8 billion by the conclusion of 2030.
Key Insights:
Seafood Market - Report Scope
Seafood, comprising fish, shellfish, and marine life, provides essential nutrients and is valued for its health benefits. The global market is growing due to increased awareness and changing consumer preferences, with a shift towards healthier choices like seafood. Concerns over additives in beef and pork production and awareness of animal welfare contribute to this trend, driving demand for seafood.
Market Growth Drivers
The global demand for seafood is surging, driven by heightened awareness of its health benefits and growing exports to developing nations. A significant number of people across all age groups are adopting healthier lifestyles, contributing to this market expansion. According to the FAO and OECD, global fish production is expected to grow by 1.2% annually, with aquaculture surpassing the capture sector by 2031. The pandemic has further boosted market growth, with increased interest in fitness activities and consumption of protein-rich products. This aligns with the trend of prioritizing optimal health, influenced by societal preferences for slim and muscular physiques, particularly among women and men, respectively.
Market Restraints
The surge in veganism has boosted the consumption of plant-based foods, prompting fish market leaders to introduce plant-based meat alternatives. Celebrity endorsements, such as Virat Kohli and Anushka Sharma for Blue Tribe Foods, further drive the appeal of vegan products. Plant-based diets have moved from niche to mainstream, impacting traditional fish markets, especially with the rise of flexitarian consumers. Concerns persist over the depletion of wild fish stocks, with over 90% currently overexploited, leading to endangered species like angel sharks and salmon. Environmental organizations advocate for consumption restrictions to address this issue, while the industry turns to aquaculture to meet global fish demand. International agreements aim to regulate fishing levels and promote sustainability, underlining the importance of responsible seafood consumption.
Opportunities
3D printing technology is transforming the seafood industry, offering unparalleled opportunities for innovation and customization. Producers can tailor seafood alternatives to specific tastes and textures, while also addressing evolving dietary preferences. This technology provides precise control over product characteristics like flavor and appearance, and it aligns with the growing demand for alternative protein sources, offering environmentally-friendly options that mimic traditional seafood.
Competitive Intelligence and Business Strategy
Leading organizations such as Amalgam Frozen Foods Pvt. Ltd. (AFFL), American Seafoods Company, and Austevoll Seafood ASA are driving innovation in the seafood industry. They prioritize technological advancements, strategic collaborations, and improving user experience. Through substantial research and development investments, they create sustainable seafood products and enhance production processes to meet evolving consumer preferences. To stand out in the competitive market, these companies focus on offering distinct quality attributes, innovative processing methods, and a strong commitment to sustainability throughout their seafood production operations.
Key Companies Profiled
Seafood Market Segmentation
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