Executive Summary:

The global seafood market is expected to witness significant growth during the forecast period, driven by factors such as increasing consumer demand for seafood, the rise in disposable income, and the growth of the aquaculture industry. The market is also driven by the availability of a wide range of seafood products and the growing awareness about the health benefits of consuming seafood.

Important Note: The companies listed in the image above are for reference only. The final study will cover 18–20 key players in this market, and the list can be adjusted based on our client’s requirements.

Key Market Insights:

• The global seafood market is expected to grow at a CAGR of 3.2% during the forecast period (2021-2026).
• The market growth can be attributed to the increasing demand for seafood, the rising awareness about the health benefits of consuming seafood, and the growth of the aquaculture industry.
• The rise in disposable income, growth in the foodservice industry, and the availability of a wide range of seafood products are further fueling market growth.
• Asia-Pacific is the largest market for seafood, accounting for more than 50% of the global market share.
• The canned seafood segment is expected to witness significant growth during the forecast period, driven by factors such as longer shelf life, convenience, and easy availability.

Market Analysis:

The global seafood market is driven by factors such as increasing consumer demand for seafood, the growth of the aquaculture industry, and the rising awareness about the health benefits of consuming seafood. Additionally, the rise in disposable income, growth in the foodservice industry, and the availability of a wide range of seafood products are further fueling market growth.

The Asia-Pacific region is the largest market for seafood, accounting for more than 50% of the global market share. The region’s market growth can be attributed to the high demand for seafood in countries such as China, Japan, and South Korea. The canned seafood segment is expected to witness significant growth during the forecast period, driven by factors such as longer shelf life, convenience, and easy availability.

Market Drivers:

• Increasing consumer demand for seafood
• Growth of the aquaculture industry
• Rising awareness about the health benefits of consuming seafood
• Rise in disposable income
• Growth in the foodservice industry
• Availability of a wide range of seafood products

Market Restraints:

• Environmental concerns related to seafood production
• High cost of seafood products
• Stringent regulations related to seafood harvesting and processing

Market Opportunities:

• Expansion of the aquaculture industry
• Introduction of new seafood products
• Growing demand for organic and sustainably sourced seafood products

Market Dynamics:

The global seafood market is dynamic and is driven by various factors such as changing consumer preferences, advancements in seafood processing technology, and the growth of the aquaculture industry. Additionally, the market is also affected by external factors such as government regulations related to seafood harvesting and processing and environmental concerns related to seafood production.

Regional Analysis:

The Asia-Pacific region is the largest market for seafood, accounting for more than 50% of the global market share. The region’s market growth can be attributed to the high demand for seafood in countries such as China, Japan, and South Korea. Europe and North America are also significant markets for seafood, driven by factors such as rising consumer awareness about the health benefits of consuming seafood and the availability of a wide range of seafood products.

Competitive Landscape:

Leading companies in the Seafood Market:

1. Thai Union Group PCL
2. Marine Harvest ASA (Mowi ASA)
3. Nippon Suisan Kaisha, Ltd. (Nissui)
4. Trident Seafoods Corporation
5. High Liner Foods Incorporated
6. Cooke Aquaculture Inc.
7. Clearwater Seafoods Incorporated
8. Dongwon Group
9. Austevoll Seafood ASA
10. Maruha Nichiro Corporation

Please note: This is a preliminary list; the final study will feature 18–20 leading companies in this market. The selection of companies in the final report can be customized based on our client’s specific requirements.

Report Segmentation:

The global seafood market can be segmented based on product type, distribution channel, and region. Based on product type, the market can be segmented into fish, crustaceans, mollusks, and others. Based on distribution channel, the market can be segmented into supermarkets and hypermarkets, specialty stores, online channels, and others.

Category-wise Insights:

• Fish: Fish is the largest segment in the global seafood market, accounting for more than 50% of the market share. The segment’s market growth can be attributed to the high demand for fish products such as salmon, tuna, and tilapia.
• Crustaceans: The crustaceans segment is expected to witness significant growth during the forecast period, driven by factors such as the rising demand for shrimp and crab products.
• Mollusks: The mollusks segment is also expected to witness significant growth during the forecast period, driven by factors such as the high demand for oyster and squid products.
• Others: The others segment includes seafood products such as seaweed and sea urchins. The segment is expected to witness moderate growth during the forecast period.

Key Benefits for Industry Participants and Stakeholders:

• Insights into the market trends and dynamics
• In-depth analysis of the market drivers and restraints
• Detailed analysis of the market segmentation
• Competitive landscape analysis
• Key industry developments and trends
• Future outlook of the market

SWOT Analysis:

• Strengths: High demand for seafood, growth of the aquaculture industry, availability of a wide range of seafood products
• Weaknesses: Environmental concerns related to seafood production, high cost of seafood products
• Opportunities: Expansion of the aquaculture industry, introduction of new seafood products, growing demand for organic and sustainably sourced seafood products
• Threats: Stringent regulations related to seafood harvesting and processing, competition from substitute products

Market Key Trends:

• Growing demand for organic and sustainably sourced seafood products
• Introduction of new seafood products
• Expansion of the aquaculture industry
• Rising consumer awareness about the health benefits of consuming seafood

Covid-19 Impact:

The Covid-19 pandemic has had a significant impact on the global seafood market, with supply chain disruptions and reduced consumer demand affecting market growth. The closure of restaurants and foodservice outlets also had a negative impact on the market. However, the market is expected to recover during the forecast period as the pandemic situation improves.

Key Industry Developments:

• In 2021, Maruha Nichiro Corporation announced the acquisition of a Norwegian salmon farming company, Northern Harvest, to expand its global seafood business.
• In 2020, Thai Union Group launched a range of plant-based seafood products to cater to the growing demand for plant-based food products.
• In 2019, Nippon Suisan Kaisha, Ltd. announced the acquisition of the North Atlantic Seafood company to expand its seafood business in North America.

Analyst Suggestions:

• Companies should focus on expanding their product portfolios and investing in research and development activities to cater to the changing consumer preferences.
• Companies should also focus on adopting sustainable seafood production practices to address the environmental concerns related to seafood production.

• Companies should also focus on expanding their distribution networks and adopting online channels to cater to the growing demand for online purchasing.

Future Outlook:

The global seafood market is expected to witness significant growth during the forecast period, driven by factors such as increasing consumer demand for seafood, the rise in disposable income, and the growth of the aquaculture industry. The market is also expected to witness significant growth in the canned seafood segment, driven by factors such as longer shelf life, convenience, and easy availability.

Additionally, the market is expected to witness significant growth in the crustaceans and mollusks segments, driven by factors such as the rising demand for shrimp and crab products and the high demand for oyster and squid products.

Conclusion:

The global seafood market is a dynamic and growing market, driven by factors such as increasing consumer demand for seafood, the growth of the aquaculture industry, and the rising awareness about the health benefits of consuming seafood. The market is expected to witness significant growth during the forecast period, and companies should focus on expanding their product portfolios, adopting sustainable seafood production practices, and expanding their distribution networks to cater to the growing demand for seafood products. The market presents significant opportunities for industry participants and stakeholders, and the future outlook of the market is positive.