People can purchase fresh seafood at the seafood market, including fish, shrimp, and crab. It can be found in a variety of locations, including shopping centres, supermarkets, and street vendors, and is often open from the morning until the evening. Any sea creature or plant that is eaten by humans as food is referred to as “seafood.” As a source of critical nutrients and protein, seafood is a significant component of the human diet. Many coastal towns also rely on it as a vital source of revenue.
Humans most frequently consume fish, shellfish, and mollusks as food. Fish are a calorie- and fat-efficient food source that is nutrient-rich. Additionally, they are a good source of heart-healthy omega-3 fatty acids. Shrimp, crabs, and lobster are shellfish. They have few calories yet are rich in minerals and protein. Clams, oysters, and scallops are examples of mollusks, a category of shellfish. They are an excellent source of zinc, iron, and protein.
|Seafood Market Report Scope and Segmentation|
|UNIT||Value (USD Million/Billion)|
|BY REGION||North America, Europe, Asia Pacific, Latin America, Middle East and Africa|
Shellfish or fish are the two main categories of seafood. Fish with fins include salmon, halibut, and other finfish like tuna. Shrimp, crabs, and lobster are examples of shellfish—animals that have a shell.
Seafood is a nutritious food option that can be included in a balanced diet. Selecting seafood that is free of toxins like mercury is crucial. To lower the danger of contracting a foodborne illness, it is crucial to properly prepare seafood when preparing it.
Market Opportunities for Seafood
Consumers can choose from a wide range of products in the booming seafood industry. The seafood industry is expanding quickly, and there are numerous opportunities for enterprises to participate in it.
Fish is one of the most widely consumed seafood products. Fish is a nutritious food that contains a lot of protein and little fat. Omega-3 fatty acids, which are good for the heart and brain, are also abundant in it. There is a huge opportunity for enterprises to enter the seafood sector because salmon, tuna, and other fish are in high demand.
Shrimp is yet another well-liked seafood dish. Shrimp is a versatile seafood that can be used in many different recipes. It is also a healthy food with few calories and fat.Due to the huge demand for shrimp, there is fantastic potential for firms to enter the shrimp sector.
Another well-liked seafood dish is crab. A number of recipes can be made with crab, a delicate seafood. It is also a healthy food with few calories and fat.Due to the huge demand for crab, there is fantastic potential for companies to enter the crab sector.
Luxury seafood like lobster is frequently served in fine restaurants. It is also a healthy food with few calories and fat.Due to the huge demand for lobster, there is fantastic potential for enterprises to enter the lobster sector.
There are also additional popular seafood varieties available. These include mussels, clams, oysters, and scallops. Consumers can choose from a variety of delicious and healthful fish options, and there is a sizable market for seafood that offers tremendous opportunities for businesses.
Market Restraints for Seafood
Due to urbanisation, rising wages, and shifting cuisines in Asia, the worldwide seafood business is expanding quickly. However, this market confronts a number of difficulties, including habitat destruction, bycatch, overfishing, and illicit fishing.
The biggest threat to the seafood business is probably overfishing. The Food and Agriculture Organization (FAO) estimates that 60% of the world’s fisheries are completely fished, while over 30% of them are overexploited. This means that the industry’s potential for expansion without harming the environment is limited.
Illegal fishing is a significant issue as well. Though it is challenging to pinpoint the actual scope of the issue, it is estimated that up to 26% of the world’s catch is unlawful. It is challenging to trace this illicit capture because it is frequently traded on the black market. Both the ecology and the legal fishing business are seriously impacted by this.
Another significant problem affecting the fish business is bycatch. This phrase refers to fish and other marine creatures that are accidentally caught while fishing for other species. Around 20% of the total catch is thought to be bycatch. Both the ecology and the populations of the species that are trapped are significantly impacted by this.
Another significant issue the fish business is dealing with is habitat degradation. Dam building and other infrastructure projects are frequently to blame for this. Additionally, pollution and climate change are potential causes. The populations of fish and other marine species may suffer significantly as a result of this habitat degradation.
There are many significant obstacles that the fish business must overcome. These include habitat degradation, bycatch, overfishing, and illicit fishing. The ecology and the economy are seriously impacted by these problems.
Key Trends in the Seafood Market
New items and trends are continually appearing on the seafood market, which is always changing. The following are some of the major themes currently influencing the seafood market:
- Growing consumer demand for healthier seafood
Consumers are increasingly looking for healthier fish options as they become more aware of the health advantages of seafood. Due to the popular perception that wild-caught fish is healthier than farmed fish, demand for items like this is increasing.
- Environmental issues
Sustainability is becoming a more crucial factor to take into account when buying seafood as people become more conscious of the environmental impact of their dietary decisions. Many businesses are reacting to consumer demand for products with sustainable sourcing by providing more sustainable seafood options.
- The popularity of substitute proteins
Alternative proteins are gaining acceptance as plant-based diets gain popularity. As more people explore seafood options made from plants, this is also having an effect on the fish sector.
- The expansion of online retail
The seafood sector has been significantly impacted by the rise of online purchasing. Online merchants may provide a greater variety of goods than traditional brick-and-mortar establishments, and customers are increasingly using the internet to buy seafood.
- Packaging and delivery innovations
In the seafood business, packaging and delivery are also gaining importance. Due to the rise of online shopping, things must be delivered securely and safely. Additionally, many customers are looking for seafood that is packaged in a way that has a low environmental impact due to concerns about sustainability.
Market drivers for seafood
One of the most traded food items worldwide is seafood. The annual value of the worldwide seafood trade is about $140 billion, with fish and fishery products making up nearly two-thirds of this total.
Numerous factors, such as population expansion, economic progress, and dietary shifts, influence the fish market.
The demand for seafood is mostly driven by population growth. By 2050, there will be 9.7 billion people on the planet, up from 7.6 billion in 2010. The majority of this expansion will occur in developing nations, where an additional 2.3 billion people are predicted to live during that time.
Demand for seafood is anticipated to expand as incomes and populations rise. This demand is being pushed in affluent nations by a trend toward more expensive fish items like lobster and salmon. Growing middle classes in developing nations who prefer a more varied diet are what fuel demand.
The seafood sector is also being driven by changes in dietary preferences. People are consuming more fish and seafood as part of a healthy diet as health consciousness rises. Protein, omega-3 fatty acids, and other nutrients can all be found in fish.
Changes in production are another factor influencing the fish market. The practise of aquaculture, or fish farming, is being employed more frequently to satisfy the rising demand for seafood. More than 50% of the fish traded globally today comes from farms.
Seafood is a significant food supply for the entire world, and the market is being driven by changes in dietary preferences, economic development, and population expansion.
Impact of the Seafood Market (COVID-19)
The COVID-19 pandemic has had a wide-ranging effect on society around the world. One sector that has experienced a substantial influence is the seafood market. Because of the virus, fewer people are eating out and more are cooking at home, which has reduced demand for fish items. Prices for marine goods have decreased as a result of this decline in demand.
The availability of marine goods has also been hampered by the COVID-19 epidemic. China, one of the nations most severely affected by the virus, is home to many of the world’s seafood suppliers. As a result, there is now less seafood available, which raises the price of the products.
A long-term recovery of the seafood industry is anticipated, but the epidemic has had a substantial short-term impact. Although it is anticipated that the market will eventually return to normal, the short-term trend of declining demand and rising prices is likely to persist.
Market for Seafood: Major Industry Developments
In recent years, the seafood market has seen a number of significant changes. The following are some of the major business trends:
- A stronger emphasis on sustainability
In the fish industry, sustainability is becoming more and more important. Numerous causes, such as consumer demand, laws, and the desire to safeguard priceless resources, are responsible for this.
As a result, numerous businesses are making efforts to enhance their sustainability procedures. Among them are programmes to lessen bycatch, support ethical aquaculture, and buy seafood from verified sustainable fisheries.
- Development of the aquaculture sector
The seafood industry’s fastest-growing segment is aquaculture. This is brought on by a variety of elements, such as the rising demand for seafood and the dwindling supply of wild-caught fish.
Because it can be done without endangering wild fish stocks, aquaculture is also viewed as a more environmentally friendly method of producing seafood.
- A shift in customer behaviour
Recently, there has been a change in consumer behaviour as more individuals seek out seafood that is ethical, sustainable, and healthy to eat. As a result, there is an increase in demand for seafood that is traceable and verified to be sustainable.
- Innovation and new technologies
The technology level of the fish business is rising, and new developments are being created to boost productivity and sustainability.
The seafood sector is utilising some of the newest technologies, such as fish that are 3D printed, remotely driven trucks, and GPS tracking of fish.
The seafood sector is consolidating, with several big corporations acquiring smaller ones. The desire to grow market share and realise economies of scale is what motivates this.
Since a small number of large corporations currently control a sizable share of the market, the consolidation of the seafood industry is having a significant impact on the market.
Market Outlook for Seafood
One of the food industries with the fastest global growth is the seafood market. By 2030, the worldwide seafood trade is projected to increase from its current $140 billion valuation to $230 billion. Due to the fact that Americans consume more than 16 billion pounds of seafood annually, the United States has the largest seafood market in the world.
The seafood business has a promising future, with both developed and emerging economies predicted to experience rapid expansion. In developed countries like the United States, demand for seafood is fueled by health concerns and a desire for wholesome, sustainably produced foodies like the United States, demand for seafood is fueled by health concerns and a desire for wholesome, sustainably produced food. In developing nations like China and India, where the middle class is expanding and has a rising preference for seafood, economic expansion drives demand.
In the upcoming years, it is anticipated that the seafood business will expand quickly once more. A number of variables, such as the expanding world population, rising income levels, and ongoing health and sustainability concerns, will contribute to this growth.