The global Seafood market is expected to reach market valuation of US$ 110.2 Bn by the year 2022, accelerating with a CAGR of 3.6% by 2022-2032. Seafood sales grew at a CAGR of 3.3% between 2017 and 2022 and will grow at a CAGR of 3.6% between 2022 and 2032. As per FMI, the U.S. Seafood market totalled USD 28.5 Bn in 2022 which is approximately 25.9% of the global Seafood market.
Digital technology offered new outlets for many fisher folk and aquaculture suppliers when COVID-19 upended the import/export sector. Those that were quick enough to convert their products to a digital marketplace could sell and deliver straight to customers.
Fish Tiangge, a USAID Fish Right initiative in the Philippines, launched an online platform using Facebook in May 2020 to connect fishermen with local consumers. This single programme linked 6,000 fishermen with almost 300,000 households, boosting local food security and maintaining the livelihoods of thousands of fishermen.
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Digital technology is also assisting in the modernization of fishing and aquaculture operations, as well as increasing earnings and raising awareness of sustainable seafood best practises. For example, in India, we’re cooperating with AquaConnect to deliver digital solutions that assist shrimp farmers in identifying quality items and making farm-input purchases. Farmers also receive announcements and documents about growth and disease advisories, as well as advice and information on inexpensive financing and resources to connect to other Indian markets.
In the coming years, digital technology will continue to be a major source of industry evolution and innovation, particularly when it comes to sustainable seafood trends.
“While COVID-19 presented challenges to many small-scale fisherfolk and aquaculture providers, it also revealed areas where the seafood industry may improve its supply chains to become more robust and sustainable.” said a lead analyst at FMI.
Who is winning?
Some of the leading companies offering Seafood are 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., and Others.
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Get Valuable Insights into Seafood market
Future Market Insights, in its new offering, provides an unbiased analysis of the Seafood market presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031.
Seafood Market By Category
By Nature, Seafood Market is Segmented as:
- Organic
- Conventional
By Source, Seafood Market is Segmented as:
- Farm Raised
- Wild Caught
By Product Type, Seafood Market is Segmented as:
- Ground Fish
- Pelagics
- Tuna
- Salmonids
- Molluscs
- Crustaceans
- Lobsters
- Crabs
- Shrimp
- Other Product Types (Prawns, Trouts, etc)
By Form, Seafood Market is Segmented as:
- Fresh
- Chilled
- Frozen
- Ambient
By End Use, Seafood Market is Segmented as:
- Food
- Pharmaceutical
- Cosmetics
- Industrial
- Biotechnology
- Household Retail
By Sales Channel, Seafood Market is Segmented as:
- Direct
- Indirect
- Modern Trade
- Convenience Stores
- Specialty Food Stores
- Wholesale Stores
- Discount Stores
- Online Retail
- Other Retail Formats
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Frequently Asked Questions
- How Big is the Seafood Market?
- What is the North America Seafood Market Outlook?
- At What Rate will Seafood Demand Grow in Europe?
- At What Rate Will Seafood Demand Grow in Japan?
About the Food & Beverage Division at Future Market Insights
Expert analysis, actionable insights, and strategic recommendations – the food & beverage team at Future Market Insights helps clients from all over the globe with their unique business intelligence needs. With a repertoire of over 1,000 reports and 1 million+ data points, the team has analysed the food & beverage industry lucidly in 50+ countries for over a decade. The team provides end-to-end research and consulting services; reach out to explore how we can help.
Explore FMI’s Other Extensive Reports of Food & Beverage:
Seafood Takeout Market Size : The seafood takeout market is anticipated to have an effective CAGR of 6.50% during the period 2022-2032
Breakfast Takeout Market Share : The breakfast takeout market is projected to witness an average growth momentum in the global market at a CAGR of 7.20% during 2022 and 2032.
Canned Seafood Market Growth : The global demand for canned seafood market is predicted to rise at a CAGR of 8.3% over the forecast period to attain a valuation of US$ 82.1 Billion by the end of 2032.
About FMI
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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The post Seafood Market Sales Grew at a CAGR of 3.3% by 2022 and will Grow at a CAGR of 3.6% Between 2022 and 2032 appeared first on Future Market Insights.