Seafood Market by Type, and by Application: Global Opportunity Analysis and Industry Forecast, 2020-2027

Executive Summary

According to the report titled, 'Seafood Market by Type, and Application: Opportunity Analysis and Industry Forecast, 2020-2027' the seafood market size was valued at $159,311.9 million in 2019 and is projected to reach $193,913.6 million by 2027, registering a CAGR of 2.5% from 2020 to 2027. The fish segment was the highest contributor to the market, with $100,187.2 million in 2019, and is estimated to reach $123,909.8 million by 2027, at a CAGR of 2.7% during the forecast period.

Seafood is a low-calorie food, which is high in proteins, vitamins, minerals, and essential fatty acids, thereby offering numerous health benefits. The growth of the global seafood market is driven by an increase in awareness about the health benefits associated with seafood. In addition, upsurge in population and extensive availability of different species of fish are expected to boost the demand for seafood during the forecast period. However, depletion of wild stock of fishes in seas acts as the major restraint for the market. Conversely, a rise in collaboration between manufacturers and food service providers is expected to provide potential growth opportunities for the global market. The global seafood market is segmented into type, application, and region.

Depending on type, the market is divided into fish, crustaceans, Mollusca, and others (roe, marine mammals, and medusozoa). The application covered in the study include retail, institutions, and food service. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

According to the seafood market analysis depending on type, the fish segment led the market in 2019. Non-shell fish is one of the most sought-after fishes for human consumption. The demand for fish is considerably high and has been growing, as more people are becoming aware of the beneficial micro and macronutrient profile of fish, which is a key factor contributing toward the growth of the global market. However, the Mollusca segment is expected to witness steady growth during the forecast period.

On the basis of the seafood market forecast by application, the retail segment was the highest contributor to the global seafood market share in 2019 and is expected to remain dominant throughout the forecast period. However, the food service segment is expected to grow at the highest CAGR of 2.8% in the near future.

Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Region wise, Asia-Pacific was the most prominent regional segment with the highest share, and is expected to retain its dominant position throughout the forecast period.

Key Findings of the Study:

• By type, the fish segment dominated the global seafood market in 2019 and is expected to retain its dominance throughout the forecast period.
• By application, the retail application segment accounted for the highest share in market growth in 2019 and is projected to grow at a CAGR of 2.3% from 2020 to 2027.
• By region, Asia-Pacific accounted for the highest seafood market share in 2019 and is expected to grow at a CAGR of 2.7%.

The key players operating in the seafood industry include Pacific Seafood, Kangamiut Seafood A/S, American Seafoods Company, Phillips Foods, Inc., Trident Seafoods Corporation., Marine Harvest ASA, Thai Union Group PCL, Lee Fishing Company, and Leigh Fisheries.

Companies Mentioned

• Pacific Seafood
• Kangamiut Seafood A/S
• American Seafoods Company
• Phillips Foods Inc.
• Trident Seafoods Corporation.
• Marine Harvest ASA
• Thai Union Group PCL
• Lee Fishing Company
• Leigh Fisheries

Methodology

The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.

They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.

They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:

• Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
• Scientific and technical writings for product information and related preemptions
• Regional government and statistical databases for macro analysis
• Authentic news articles and other related releases for market evaluation
• Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast

Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.