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Seafood - Global Market Trajectory & Analytics

  • ID: 338675
  • Report
  • April 2021
  • Region: Global
  • 719 Pages
  • Global Industry Analysts, Inc
With regional and international food and agricultural value chain severely disrupted, seafood is caught in the eye of the COVID-19 storm. The market is expected to lose steam before recovering to reach a projected global market size of US$138.7 billion by 2027. Global food supply chains are severely disrupted as governments move swiftly to implement trade restrictions to protect domestic food supplies, a move that has and still continues to impact countries dependent on food imports. Along with several other food products, export revenues of even seafood are declining as countries close borders and halt trade. Fish and aquatic food value chain is currently witnessing a medley of challenges ranging from shutdown of operations, changing consumer demands, market access and logistical problems, and transportation and border restrictions. Supply chain interruptions caused by disruptions in transportation, trade and labor have halted both fish farming and commercial fishing operations. Delayed stocking of aquaculture feed and systems is impacting production with rising prices threatening to be a key fallout.

Commercial fishing fleets are tied up as part of the restrictions negatively impacting commercial fishing which is a major part of the global food system. The value chain for fish and fish products is labor intensive and all of these factors discussed above are impacting food security and nutrition for populations that rely on fish for animal protein and essential micronutrients. Misconception and misinformation published in media of seafood being a carrier of COVID-19 virus and a potential route of transmission to humans is leading to sudden decline in consumption. Closure of restaurants and hotels, which represent large buyers of fish and seafood, has impacted sales significantly. Lower demand, setbacks to exports and higher costs of operations are chipping off profit margins of fisheries and seafood companies. The entire fishing industry comprising open catch, culturing, processing, preserving, storing, transporting, marketing and retiling of fish or fish products has been impacted. Unless immediate corrective measures and policy changes are made, seafood a critical part of food security goals, will become less affordable for the poor under the current scenario.

With the easing of the lockdown restrictions, the market will however regain lost growth momentum. Seafood will remain a healthy food option and an indulgent treat and mainstay of salads in luxury dinners and food parties. Continued developments in aquaculture and the ensuing availability of wider product choices will spur growth, alongside the growing focus of governments worldwide to utilize fisheries to achieve food security goals. The focus on reducing fish waste and losses and rise in sustainable and responsible fisheries management will positively benefit growth in the market by ensuring easy physical and economic access to sufficient, safe, nutritious and affordable seafood products. Few of the market forces at play during the pre-pandemic period included advancements in freezing technologies and cold chain logistics and the ensuing popularity of chilled and frozen seafood; robust demand for prepared and preserved/cured seafood options among consumers on the lookout for safe and convenient food options; strong revenue potential of fishmeal and fish oil; establishment of seafood only restaurants and expanding varieties of gourmet seafood dishes and the resulting healthy growth of farmed seafood in the foodservice industry. Over the last decade, Asia-Pacific has emerged into a major market, supported by factors such as presence of developing Asian countries with economic dependence on fisheries exports; availability of vast coastlines, rivers and inland water resources rich in marine and fresh water fishery resource; growing consumer preference for protein rich foods; and increasing per capita consumption of fish among the growing base of affluent middle class population.

Select Competitors (Total 237 Featured):
  • Amalgam Frozen Foods Pvt. Ltd. (AFFL)
  • American Seafoods Company
  • Austevoll Seafood ASA
  • Cooke, Inc.
  • Dongwon F&B
  • Faroe Seafood
  • Handy Seafood, Inc.
  • Hansung Enterprise Co. Ltd
  • High Liner Foods Incorporated
  • Kangamiut Seafood A/S
  • Lee Fishing Company
  • Leroy Seafood Group
  • Lyons Seafoods Limited
  • Mowi ASA
  • Pacific Seafood
  • Phillips Foods, Inc.
  • Princes, Ltd.
  • Sajo Group
  • Shanghai Fisheries Group Co., Ltd.
  • 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
  • Zhanjiang Guolian Aquatic Products Co., Ltd.
Note: Product cover images may vary from those shown
I. METHODOLOGY

II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW
  • Influencer Market Insights
  • World Market Trajectories
  • Seafood Market: Consumption Determined by Availability Rather than Affordability
  • Global Market Outlook
  • Asia-Pacific Leads the Global Seafood Sector
  • Impact of COVID-19 and Looming Economic Recession on Seafood Industry
  • COVID-19 Pandemic Disrupts Fish Trade with Dismal Demand and Supply Issues
  • COVID-19 Pandemic Creates NoTable Demand Vacuum in Seafood Industry
  • As the World Stares at a Recession, Seafood Industry Prospects Dampen
  • Exhibit 1: Global Economic Outlook: Real GDP Growth Rates in % by Country/Region for the Years 2019-2021
  • Competition
  • Leading Players in the World Seafood Market
  • Recent Market Activity
  • Seafood: An Edible Marine and Aquatic Commodity for Meeting Food Security and Nutrition Needs
  • Seafood: Impacted by the Vagaries of Global Politics, Economics, and Weather
  • Aquaculture as a Viable Mode of Seafood Production Set to Replace Capture Production in the Long Run
  • Concerns over Depleting Fish Stocks Curtail Capture Production Volumes
  • Aquaculture Market Continues to Soar Driven by Massive Production and Consumption in Developing Countries
  • Seafood: Consumption Determined by Availability Rather than Affordability
  • A Snapshot of Widely Consumed Fish Species
  • STable Economic Scenario to Underpin Volume Sales
  • Steady Growth Projected over the Next Few Years
  • Asia-Pacific: The Dominant Force in the Global Seafood Sector
  • Seafood: An Edible Marine and Aquatic Commodity for Meeting Food Security and Nutrition Needs
  • Exhibit 2: Global Fish Consumption Breakdown (in %) by Mode for Feed, Food and Others: 2019
  • Exhibit 3: Sources of Protein Worldwide: Breakdown of Protein Consumption (in %) by Source (2019)
  • Aquaculture as a Viable Mode of Seafood Production Set to Replace Capture Production in the Long Run
  • Exhibit 4: Global Seafood Production (In Million Metric Tons)
  • Global Aquaculture Production Trends: An Overview
  • Exhibit 5: Global Aquaculture Production (in Mt) for the Years 2011 through 2027
  • Exhibit 6: Aquaculture as % of Fish & Seafood Production by Region for 2008, 2018 and 2028
  • Concerns over Depleting Fish Stocks Curtail Capture Production Volumes
  • Exhibit 7: Global Marine Fishery Sector: Percentage Breakdown by State of Fish Stock (2019)
  • Carp Dominates Freshwater Aquaculture Production, followed by Molluscs
  • Exhibit 8: Global Aquaculture Production by Species (in Tonnes) for 2016-2018
  • Aquaculture Market Continues to Soar Driven by Positive Production and Consumption in Developing Countries
  • Exhibit 9: Global Aquaculture Production: Percentage Breakdown of Production Volume by Geographic Region for 1997, 2017 and 2027
2. FOCUS ON SELECT PLAYERS

3. MARKET TRENDS & DRIVERS
  • Growing Preference for Healthy, Nutritious, and Protein-Rich Diets Drive Healthy Demand for Seafood
  • Brief Nutritional Data for Select Fish Species: A Snapshot
  • Exhibit 10: Energy, Water, Protein and Fat Content for Select Seafood, Meat and Eggs, Grains, Fruits & Vegetables, and Beverages (per 100 grams)
  • Exhibit 11: Vitamin Content (Vit A, Vit D, Vit E, Vit B1, Vit B2, Niacin NE, Vit B6, Folic Acid, Vit B12, And Vit C) For Select Seafood, Meat And Eggs, Grains, Fruits & Vegetables, and Beverages (per 100 grams)
  • Exhibit 12: Mineral Content (Calcium, Iron, Magnesium, Zinc, Selenium, and Iodine) for Select Seafood, Meat and Eggs, Grains, Fruits & Vegetables, and Beverages (per 100 grams)
  • Exhibit 13: Fat Content (Saturated, Mono-unsaturated, Polyunsaturated, EPA, and DHA) in Select Lean Fish, Moderately Fatty Fish, Fatty Fish and Shellfish Species (per 100 grams)
  • Seafood: A Primary Source of Omega-3 Fatty Acids
  • Exhibit 14: Omega-3 Content in Major Seafood Products (In Milligrams of Omega-3 per 3 ounce of Cooked Variety)
  • The Vital Need to Meet Food Security Concerns of the Expanding Global Population Opens Up Growth Avenues
  • Exhibit 15: World Population (in Thousands) by Geographic Region for the Years 2019, 2030, 2050, 2100
  • Exhibit 16: Worldwide Number of Undernourished People in Millions for the Years 2012 through 2018
  • Increasing Per Capita Seafood Consumption to Benefit Market Expansion
  • Exhibit 17: Global Per Capita Fish Consumption (in Kg per Capita) by Region for 2019
  • Exhibit 18: Global Per Capita Fish Consumption (in Kg/Person/Year) by Region/Country for 2015-17 and 2027
  • Surging Demand for Fresh/Live/Chilled Seafood Catapults the Category to the Dominant Position
  • Trans-Pacific Partnership (TPP): Supporting Growth of Seafood Industry
  • Frozen Seafood Market: Advancements in Freezing Methods and Technologies Fuel Growth Prospects
  • Retail Sector Growth Contributes to Sales Volume Expansion
  • Products in Innovative Packaging Grab Consumer Attention
  • Eco-Labeled Products in Demand
  • Innovative Traceability Tools Improve Image of Seafood in Retail Channels
  • Seafood Retailing Gains Momentum through Online and E-Commerce Platforms
  • Steady Demand for Safe and Convenient Seafood Sustains Market Growth for Prepared/ Preserved Seafood
  • Canned Seafood Market Continues to Gain Traction
  • Whie Low Value Fish Drive Volume Gains, High Value Fish Product Vital for Revenue Growth
  • Crustaceans: Low-Volume, High-Revenue Generating Segment
  • Molluscs: A Delicacy among Seafood Lovers
  • Fishmeal & Fish Oil Remain Niche Revenue Contributors
  • Scientific & Technological Advancements: Opportunity for the Market
  • New Generation Processing Machines
  • Innovative Technologies to Aid Sustainable Seafood Ecosystem
  • A Glance at Select Product Innovations in Seafood Industry
  • Rising Awareness of Sustainable Procedures Drives Popularity of Small Scale Aquaculture
  • Key Issues & Challenges Hampering Growth Prospects
  • Illegal, Unreported and Unregulated (IUU) Fishing
  • Mislabeled Seafood
  • Inadequate Fishing Policies
  • Poor Storage Facilities
  • Health Related Issues
  • Production and Consumption Scenario for Select Fish & Seafood Species
  • Tuna
  • Exhibit 19: World Tuna Market: Breakdown of Volume Production (in %) by Production for 2019
  • Salmon
  • Primary Markets for Salmon Worldwide
  • Exhibit 20: Global Salmonids Supply: Production Volume in Thousand Tonnes GWT for Wild Salmonids and Farmed Salmonids for the Years 2012 through 2018
  • Exhibit 21: Global Atlantic Salmon Market: Breakdown of Harvest Volume (in Thousand Tonnes GWT) by Region/Country for 2012 & 2018
  • Exhibit 22: Global Consumption of Farmed Atlantic Salmon: Percentage Breakdown of Consumption Volume by Region/Country for 2019
  • Exhibit 23: Per Capita Consumption of Salmon in Kg per Year by Country for 2019
  • Impact of COVID-19 on Salmon Demand
  • Crabs
  • Exhibit 24: Global Snow Crabs Market: Percentage Breakdown of Production Volume by Country for 2019
  • Shrimp
  • Exhibit 25: World Shrimp Production by Species (in %) for 2019
  • Lobster
  • Exhibit 26: World Lobster Production by Country (in %) for 2019
  • Exhibit 27: World Lobster Production by Species (in %) for 2019
  • Bivalves
  • Scallops
  • Clams
  • Seabream & Seabass
  • Exhibit 28: World Seabass and Seabream Production by Species (in %) for 2019
  • Exhibit 29: World Seabass Production by Country (In %) for 2019
  • Exhibit 30: World Seabream Production by Country (In %) for 2019
  • Tilapia
  • Cod
  • Pollock
  • Catfish
  • Flounder
  • Rainbow Trout
  • Squid
  • Exhibit 31: World Cephalopods Production by Species (in %) for 2019
  • Other Species
  • Global Seafood Trade: An Overview
  • Fisheries: Among the Most Traded Food Commodities
  • Exhibit 32: Global Fish and Fishery Products Export Value (in US$ Billion) by Country for 2018
  • Exhibit 33: Global Seafood Market: Breakdown of Import Value by Country for 2018
  • Demand for Diverse Products Boosts Trade Volumes
  • Product Overview
  • Seafood: A Prelude
  • Types of Seafood
  • Packaging & Labeling
  • Fresh Seafoods
  • Frozen Seafoods
  • Storing and Thawing
  • IQF Packaging Frozen Fish
  • Other Forms of Packaging Frozen Fish
  • Other Seafood Categories
  • Growing Preference for Healthy, Nutritious, Low-Fat, and Protein-Rich Diets Drive Healthy Demand for Seafood
  • Brief Nutritional Data for Select Fish Species: A Snapshot
  • Seafood: A Primary Source of Omega-3 Fatty Acids
  • The Vital Need to Meet Food Security Concerns of the Expanding Global Population Opens Up Growth Avenues
  • Global Food Scenario: Fast Facts
  • Increasing Per Capita Seafood Consumption to Benefit Market Expansion
  • Surging Demand for Fresh/Live/Chilled Seafood Catapults the Category to the Dominant Position
  • Popular Types of Fresh/Live/Chilled Seafood: A Snapshot
  • Trans-Pacific Partnership (TPP) Lends Traction to Market Growth
  • Advancements in Freezing Methods and Technologies Boosts Growth Prospects for Frozen Seafood
  • Retail Sector Growth Contributes to Sales Volume Expansion
  • Steady Demand for Safe and Convenient Seafood Sustains Market Growth for Prepared/ Preserved Seafood
  • Cured Varieties Exhibit Fastest Growth
  • Low Value Fish Drive Overall Volume Growth
  • Molluscs: A Delicacy among Seafood Lovers
  • Fishmeal & Fish Oil Remain Niche Revenue Contributors
  • Exotic Seafood Preparations Focus on Delicate Flavors and Textures
  • Scientific & Technological Advancements Strengthens Market Prospects
  • Rising Awareness of Sustainable Procedures Drives Popularity of Small Scale Aquaculture
  • Key Issues & Challenges Hampering Growth Prospects
4. GLOBAL MARKET PERSPECTIVE
  • Global Politics, Economics, and Weather: Significant Impact on Seafood Industry
  • Key Market Traits in a Nutshell
  • Longstanding Growth Variables
III. MARKET ANALYSIS
  • UNITED STATES
  • Impact of COVID-19
  • A Major Market for Seafood
  • Composting Gains Importance
  • Key Statistical Findings
  • Exhibit 34: US Finfish Market by Type: 2019
  • Exhibit 35: US Crustacean Market By Species: 2019
  • Exhibit 36: US Commercial Landings for Fresh and Frozen Tuna: 2019
  • Exhibit 37: Marine Aquaculture Production in the US by Region (2019): Percentage Breakdown of Volume Production for Atlantic, Gulf, and Pacific
  • Exhibit 38: US Per Capita Consumption of Seafood (pounds/person/year) by Species: 2019
  • Exhibit 39: US Per Capita Consumption of Commercial Fish & Shell Fish (2014-2018): Breakdown by Fresh & Frozen, Canned, and Cured (In Pounds/person/year)
  • Aquaculture Market and Seafood Consumption Volumes
  • Aquaculture Producing Regions in the US by Species Produced
  • Evolution of Aquaculture over Wild Harvest
  • Innovative Seafood Products Gain Demand
  • Growing Popularity of Organic Seafood Bodes Well for the Market
  • Change in Lobster Consumption Patterns
  • Salmon: A Rapidly Growing Seafood Segment
  • Regulatory Environment
  • Distribution Landscape
  • Exhibit 40: US Seafood Market by Distribution Format (in %): 2019
  • Private Labels Lead Retail Sales of Refrigerated Seafood
  • Exhibit 41: Leading Brands in the US Refrigerated Seafoods Market by Consumer Preference: 2019
  • Seafood Trade Scenario in the US
  • South-East Asia: A Major Seafood Supplier to the US
  • CANADA
  • Market Overview
  • JAPAN
  • Market Overview
  • Exhibit 42: Fish and Meat Consumption Per Day Per Person: A Comparison of Select Markets
  • Safe and Quality Fishery Products: The Most Sought After
  • Packaging of Fishery Products
  • Trade Scenario
  • CHINA
  • COVID-19 Disrupts the Seafood Supply Chain
  • The Leading Producer, Consumer, and Exporter of Seafood Worldwide
  • Despite Tough Competition from Frozen Seafood, Live Seafood Dominates Consumption
  • Rising Adoption of Western Lifestyles Drive Popularity of Frozen Seafood
  • China: A Major Contender in the Global Tuna Market
  • Tightening Regulatory Landscape
  • Trade Scenario
  • EUROPE
  • Impact of COVID-19
  • Potential to Reduce Dependence on Traditional Fishing Sustains Market Growth
  • Exhibit 43: EU Fisheries and Aquaculture Production (2019): Percentage Breakdown of Production Volume by Aquaculture and Wild Catch
  • Exhibit 44: Aquaculture Market in the EU: Percentage Breakdown of Production Value by Category of Farmed Fish for 2019
  • FRANCE
  • Market Overview
  • Exhibit 45: French Fish & Seafood Market by Distribution Channel (in %) for 2019
  • Seafood Production Mainly Focused on Tuna, Oysters, Mussels
  • France: A Major Seafood Importer in Europe
  • GERMANY
  • Market Overview
  • ITALY
  • Market Overview
  • Exhibit 46: Leading Brands in the Italian Canned Tuna Market: Percentage Breakdown of Sales by Brand for 2019
  • UNITED KINGDOM
  • Market Overview
  • Aquaculture: A Vital Constituent of UK’s Seafood Industry
  • Exhibit 47: UK Aquaculture Market: Percentage Breakdown of Production Volume by Region (2019)
  • Atlantic Salmon: A Promising Segment Market
  • Exhibit 48: Leading Farmed Atlantic Salmon Companies in the UK: Percentage Breakdown of Harvest Volume for 2019
  • Canned Tuna Market
  • Exhibit 49: Leading Players in the UK Canned Tuna Market: Percentage Breakdown of Sales by Company for 2019
  • SPAIN
  • A Major Aquaculture Production Country in Europe
  • Mussels, Seabream, and Rainbow Trout Lead Aquaculture Cultivation
  • RUSSIA
  • Russia: A Major Market for Seafood in Europe
  • A Major Aquaculture Market
  • Exhibit 50: Russian Aquaculture Market (2019): Percentage Breakdown of Production Volume by Fresh Water Aquaculture and Mariculture
  • Exhibit 51: Fresh Water Aquaculture Market in Russia: Percentage Breakdown of Production Volume by Species for 2019
  • Salmon Market: A Promising Segment for Aquaculture Industry in Russia
  • REST OF EUROPE
  • Norway: A Global Exporter of Seafood
  • Consumption
  • Aquaculture Market: An Overview
  • Exhibit 52: Leading Farmed Atlantic Salmon Companies in Norway: Percentage Breakdown of Harvest Volume by Player for 2019
  • Belgian Seafood Market: An Overview
  • ASIA-PACIFIC
  • Asia-Pacific Seafood Market: Overview
  • AUSTRALIA
  • Market Overview
  • Trade Scenario
  • Consumption Trends
  • Exhibit 53: Australian Seafood Market by Seafood Type (2020): Percentage Breakdown of Volume Consumption for Abalone, Oysters, Prawns, Rock Lobster, Salmon, Scallops, Tuna, and Others
  • Exhibit 54: Leading Salmon Companies in Australia (2020): Percentage Breakdown of Volume Production for Huon Aquaculture, Tassal and Others
  • Australian Prawn Market
  • Exhibit 55: Australian Prawn Production (2020): Percentage Breakdown of Volume Production by State
  • Exhibit 56: Australian Prawns Market by Source (2020): Percentage Breakdown of Volume Consumption for Domestic Production and Imported Products
  • Seafood Imports
  • INDIA
  • Market Overview
  • Freshwater Aquaculture
  • Brackish Water Aquaculture
  • Marine Capture
  • Seafood Production and Trade: India Set to Increase Global Share through 2030
  • Expansion of Processed Seafood Segment
  • Market Structure
  • SOUTH KOREA
  • Market Overview
  • REST OF ASIA-PACIFIC
  • Indonesia
  • Malaysia
  • New Zealand
  • Philippines
  • Exhibit 57: Leading Seafood Companies in the Philippines (2019): Percentage Breakdown of Value Sales by Company
  • Exhibit 58: Leading Canned Tuna Companies in the Philippines (2019): Percentage Breakdown of Value Sales by Company
  • Taiwan
  • Thailand
  • Vietnam
  • LATIN AMERICA
  • ARGENTINA
  • Market Overview
  • BRAZIL
  • Brazilian Fisheries & Seafood Sector: An Overview
  • MEXICO
  • Market Overview
  • REST OF LATIN AMERICA
  • Chile
  • MIDDLE EAST
  • A Nascent and Growing Market
  • IRAN
  • ISRAEL
  • SAUDI ARABIA
  • UNITED ARAB EMIRATES
  • REST OF MIDDLE EAST
  • AFRICA
  • Market Overview
IV. COMPETITION
  • Total Companies Profiled: 237
Note: Product cover images may vary from those shown
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