Asia Pacific Seafood Market Forecast to 2027 - COVID-19 Impact and Regional Analysis by Type, Product Type, Distribution Channel, and Country

Health benefits associated with seafood attracts health conscious consumers and this escalate Asia Pacific seafood market at 2.9% CAGR during 2020-2027

According to the latest market study on “Asia Pacific Seafood Type (Fish, Crustaceans, Mollusca, and Others), Product Type (Fresh, Frozen, Canned, and Others), Distribution Channel (Supermarkets and Hypermarkets, Convenience Store, Specialty Store, Online, and Others), and Country,” the Asia Pacific seafood market was valued at US$ 85,832.66 million in 2019 and is projected to reach US$ 107,381.62 million by 2027; it is expected to grow at a CAGR of 2.9% during 2020-2027. The report highlights key factors driving the market growth, and prominent players and their developments in the market.

As per the Food and Drug Administration (FDA), seafood encompasses all commercially obtained saltwater and freshwater fish, molluscan shellfish, and crustaceans. The demand for seafood is anticipated to witness a dramatic growth owing to its health benefits. According to the Food and Agriculture Organization (FAO) it is predicted that by 2030, an excess value of 40 million additional tons of seafood, which is an increment of almost 30% will be required to meet the rising demand. Rising per capita consumption accompanied by the affluent nations demand for imported seafood products is considered to strengthen the market further. The demand for seafood products across specialty restaurants is growing at a robust pace in recent times. A large population of consumers prefers to eat seafood over other cuisines, and this is major factor that propels the market expansion. Moreover, coastal regions are implementing concerted efforts to develop advanced supply chains for the export and supply of seafood. Also, the growth of the seafood market highly depends on the ease of procuring seafood from coastal regions. Furthermore, the improvement in economic condition and progression in disposable income levels also helped the market growth. The developing economies are witnessing strong urbanization trend and it resulted in the increase in disposable income among the middle-income groups, subsequently adding to the middle-class population. The medium as well as high-income consumers in urban areas are changing their consumption trend from essential to premium food products. This trend favors seafood companies and suppliers to improve their product and service line in the seafood segment.

Seafood provides numerous health benefits to consumers. This is the primary factor that drives seafood consumption among consumers. Health consciousness among consumers is increasing tremendously, which further helps in market expansion. Seafood is a high-protein food, which is low in calories, total fat, and saturated fat. It consists of enough of the essential amino acids to ensure healthy growth and optimal fetal development. A 3-ounce serving of most shellfish and fish provides more than 30-40% of the average daily recommended amount of protein. The protein in seafood is more comfortable to digest as seafood has less connective tissue than red meats and poultry. Seafood is rich in vitamins and minerals and offers a wide array of health advantages to the consumer. For instance, recent studies have shown that seafood consumption can reduce the risk of heart attack, obesity, stroke, and hypertension. Seafood also provides vital nutrients for developing infants and children. Further, seafood is commonly considered a low-calorie protein source. Low-fat species of fish, such as flounder, cod, and sole, contain less than 100 calories per 3-ounce cooked portion. Fattier fish such as salmon, mackerel, and herring have about 200 calories per serving. Moreover, fish is packed with omega-3 fatty acids and vitamins such as B2 (riboflavin) and D. These indispensable components keep the heart and brain healthy, attracting consumer traction. Two omega-3 fatty acids present in fish are DHA (docosahexaenoic acid) and EPA (eicosapentaenoic acid). Scientific studies show that the marine-derived omega-3 fatty acids reduce the risk of heart disease and contribute to vision and brain development in infants. The human body doesn't produce omega-3 fatty acids in needed amounts, so they must be consumed through the diet. Salmon, sardines, trout, herring, canned mackerel, canned light tuna, and oysters contain a high amount of omega-3 fatty acids. Omega-3 fatty acids help to maintain a healthy heart by reducing blood pressure and reducing the risk of sudden death, abnormal heart rhythms, heart attack, and strokes. Also, fish contains an ample amount of phosphorus and calcium and a great source of minerals, such as zinc, iodine, iron, magnesium, and potassium.

The seafood market in Asia Pacific is concentrated with a few very well-established players. A few of the key players in the Asia Pacific seafood market include American Seafoods Company LLC, Lee Fishing Company, Pacific American Fish Co. Inc., Royal Greenland A/S, Mowi ASA, The Union Group PCL, Grupo Nueva Pescanova, and Trident Seafoods Corporation.

Asia Pacific Seafood Market Breakdown - by Region, 2019

The report segments the Asia Pacific Seafood market as follows:

By Type

• Fish
• Crustaceans
• Mollusca
• Other

By Product Type

• Fresh
• Frozen
• Canned
• Others

By Distribution Channel

• Supermarkets and Hypermarkets
• Convenience Store
• Specialty Store
• Online
• Other

By Country

• Australia
• China
• India
• Japan
• South Korea
• Rest of APAC

Reasons to Buy

• Highlights key business priorities in order to assist companies to realign their business strategies.
• The key findings and recommendations highlight crucial progressive industry trends in the Asia Pacific seafood market, thereby allowing players to develop effective long term strategies.
• Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.Scrutinize in-depth the market trends and outlook coupled with the factors driving the market, as well as those hindering it.
• Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation and industry verticals.