Fish And Seafood Market Size, Share, Growth, and Industry Analysis, By Type (Fresh and Chilled Fish and Seafood, Canned Fish and Seafood, Frozen Fish and Seafood, Other Fish and Seafood and Other), By Application (Direct Consumption and Processing Consumption) and Regional Forecast to 2032

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FISH AND SEAFOOD MARKET REPORT OVERVIEW

The Fish And Seafood Market Size was US$ 154510 Mn in 2023 and is projected to touch US$ 222019 Mn By 2032, Exhibiting a CAGR of 3.4% During the Forecast Period.

Fish and seafood are generally categorized as any species of finned aquatic animals used for human consumption. These include fish and other seafoods drawn from marine and freshwater aquaculture and are part of the staple human diet everywhere because of the nutrition value and flexibility of usage.

COVID-19 Impact: Market Growth increased by the Pandemic due to Supply Chain Disruptions

The Global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

Measures such as lockdowns and bans on travels affected fishing activities and the quantities of fish caught. Some of the challenges that were reported by many of the fisheries were mobility restrictions for operations and health issues affecting some of the workforce. The pandemic had impacts on seafood processing plants either by temporary or limited operations, and disruptions of logistics operations and transportation. This leads to problems as to how to transport the products from fishing boats to the consumers.

LATEST TRENDS

"Growing Demand for Sustainable and Ethical Sourcing to Propel Market Growth"

The rising market for responsible and sustainable sourcing also constitutes one of the trends of the Fish And Seafood Market due to the enhancing consumers knowledge and awareness on environmental issues. Customers are getting more sensitive when it comes to the provenance of their seafood, aiming at purchasing from sources that are sustainable, whether wild-captured or from aquaculture operations that have a low impact on the environment or on the health of the oceans. As a result, a preference for seafood that has been certified from the MSC and ASC has cropped up to be able to guarantee sustainable sourcing.

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FISH AND SEAFOOD MARKET SEGMENTATION

By Type

Based on type the market can be categorized into Fresh and Chilled Fish and Seafood, Canned Fish and Seafood, Frozen Fish and Seafood, Other Fish and Seafood and Other.

• Fresh and Chilled Fish and Seafood- this is the category of fish and seafood commodities which are sold soon after being caught or harvested; these may be portioned, gutted or cleaned but this is the highest degree of processing they undergo. Gill, fresh fish and seafood are a popular delicacy since they are tastier, juicy and healthier as compared to other foods.

• Canned Fish and Seafood- Preserved in sealed tins either through heat and/or vacuum packed these fish include tuna, salmon, sardines, mackerel among others. Another advantage that processing such as canning has is the preservation of the fish for a more extended period than when it is fresh.

• Frozen Fish and Seafood- Fish which is immediately subjected to techniques such as rapid icing and freezing once it has been caught and harvested. As they are frozen products, the fish can be stored for months, this makes their use very convenient to the consumer. These can be in the form of frozen filet of cod, haddock and salmon.

• Other Fish and Seafood- Products of fish that have undergone a process of smoking to season it and preserve it for rather longer periods of time. Some of the examples of smoked fish are the salmon, herrings and the mackerel. Smoked fish can be taken alone or can be covered with other foods, which it is blended with.

By Application

Based on application the market can be categorized into Direct Consumption and Processing Consumption.

• Direct Consumption- Pot cooked fish and seafood products are preferred buys for many consumers as they buy fresh fish and seafood for preparation at home. Depending on personal taste and cultural experience fresh seafood can be cooked through such cooking methods as grilling, steaming, baking, or frying. These include grilled salmon, steamed shrimps, pan fried scallops and many other fish merelist products.

• Processing Consumption- Some processing plants produce fish filets and portions which may be packaged and sold to the consumer. These filets are employed in numerous ‘to-prepare’ meals or as components in meals proffered by restaurants and foodservice operations.

DRIVING FACTORS

"Increasing Consumer Demand for Health and Nutrition to Drive Market Advancement"

One of the key driving factors in the Fish And Seafood Market growth is the Increasing Consumer Demand for Health and Nutrition. Demand and consumption of health and nutritional products are a major boost to the Fish And Seafood Market. As consumers’ knowledge about the health values of fish and seafood including high quality protein, essential omega-3 PUFAs, vitamins, and minerals, rises, consumers are more often including fish and seafood in their diets. Specifically, omega-3 fatty acids are associated with the positive effects on the cardiological profile, and the cognitive abilities of the consumers, as well as with the decrease in the levels of inflammation, which makes fish and seafood a potentially desirable product for the target consumer.

"Expanding Middle-Class Population and Rising Incomes to Expand the Market"

Distributors and consumers have benefited from market fish and seafood because of population increases and greater purchasing ability of the middle class. For instance, more and more individuals are being considered middle-class and especially in those countries which are still experiencing the process of development, they afford to consume more qualitative and diverse foods. Some of the foods that are perceived as being of higher quality and health qualities such as fish and seafood are cheaper and within the reach of this demographic.

RESTRAINING FACTOR

"Overfishing and Depleting Fish Stocks to Market Growth"

They showed that such factors as overfishing as well as depleting stocks of fish are key constraints in the Fish And Seafood Market mainly because they undermine the future realistic chances of success in the sector. This means fishing is done at a much higher rate than the reproductive capability of the fish hence depletion of fish stocks. This depletes the fish stock, which in turn, decreases the quantity of the particular species and therefore the ease and cost of fishing those fish species.

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FISH AND SEAFOOD MARKET REGIONAL INSIGHTS

The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.

"Asia Pacific to Dominate the Market due to Culture and Dietary Preferences"

Asia Pacific has emerged as the most dominant region in the Fish And Seafood Market share due to a convergence of factors that propel its leadership in this dynamic industry. Portable source of proteins like fish and seafood are very important in the ASEAN diet and in other countries in the Asia Pacific especially in coastal areas and islands. This region’s cuisine is highly diverse with high focus on seafood which is a reason for high consumption levels.

KEY INDUSTRY PLAYERS

"Key Players Transforming the Fish and Seafood Landscape through Innovation and Global Strategy"

Major industry players are pivotal in shaping the Fish and Seafood  market, driving change through a dual strategy of continuous innovation and a well-thought-out global presence. By consistently introducing inventive solutions and staying at the forefront of technological progress, these key players redefine the industry's standards. Simultaneously, their expansive global reach enables effective market penetration, addressing diverse needs across borders. The seamless blend of groundbreaking innovation and a strategic international footprint positions these players as not only market leaders but also as architects of transformative shifts within the dynamic domain of Fish and Seafood.

LIST OF MARKET PLAYERS PROFILED

• High Liner Foods(Canada)
• Iglo Group(K.)
• Leroy Seafood Group (Norway)
• Marine Harvest (Norway)
• Thai Union Frozen Products (Thailand)

INDUSTRIAL DEVELOPMENT

May 2022: Nueva Pescanova, announced the submission of their proposal of constructing a new commercial octopus in Puerto Las Palms, Spain

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.