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 totaled USD 28.5 Bn in 2022 which is approximately 25.9% of the global Seafood market.
Digital technology offered new outlets for many fisherfolk 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)
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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
By Region, Seafood Market is Segmented as:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle east and Africa
Explore FMI’s Other Extensive Reports of Food & Beverage:
Seafood Takeout Market Share : The seafood takeout market is anticipated to have an effective CAGR of 6.50% during the period 2022-2032.
Aquaponics Market Size : Newly released data from Aquaponics Market Analysis shows that global demand for aquaponics enjoyed year-on-year (YoY) growth of 8.0% in 2022 and is estimated to be USD 1.5 Bn in 2022 and is expected to witness a prominent growth rate of 8.3% to reach the value of USD 3.3 Bn by 2032.
Aquafeed Market Analysis : According to Future Market Insights, the global aquafeed market is expected to increase at a CAGR of 6.1% through 2032. The market value is projected to expand from US$ 44.7 Billion in 2022 to US$ 80.9 Billion by 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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