DUBLIN--(BUSINESS WIRE)--The "Seafood Market by Type, and By Application: Global Opportunity Analysis and Industry Forecast, 2020-2027" report has been added to ResearchAndMarkets.com's offering.
The seafood market size was valued at $159,311.9 million in 2019, and is projected to reach $193,913.6 million by 2027, registering a CAGR of 2.5% from 2020 to 2027.
Seafood is a form of meal, which includes various sea creatures. It is often considered to be healthy, as it serves as a key source of essential fatty acids and macro & micro nutrients. The seafood market is expected to reach the market size of $193,913.6 million in 2027, due to growth in per capita disposable income.
The growth of the global seafood market is majorly driven by increase in awareness about the health benefits associated with seafood. For instance, seafood is a rich source of proteins, vitamins, and minerals. Moreover, seafood contains omega-3 fatty acid, which helps in reducing risk of cardiovascular diseases. In addition, a surge in population and extensive availability of different species of fishes are expected to boost the growth of the seafood during the forecast period.
However, depletion of wild stock of fishes in seas acts as the major restraint for the market. On the contrary, rise in the collaboration between manufacturers and food service providers is expected to provide lucrative opportunities for growth for the global market.
The global seafood market is segmented into type, application, and region. Depending on type, the market is divided into fish, crustaceans, Molluscs, and others (roe, marine mammals, and medusozoa). On the basis of application, it is classified into retail, institutions, and food service. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key Benefits
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the seafood market from 2019 to 2027 to identify the prevailing market opportunities.
- The key countries in all the major regions are mapped on the basis of market share.
- The market forecast is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global industry.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global industry trends, key players, market segments, application areas, and market growth strategies.
Key Findings
- By type, the fish segment dominated the global seafood market in 2019, and is expected to retain its dominance throughout the forecast period.
- By region, Asia-Pacific accounted for highest seafood market share in 2019, and is expected to grow at a CAGR of 2.7%.
Market Dynamics
Drivers
- Change in Lifestyle & Consumer Preference
- Rise in Disposable Income
- Increase in Awareness About the Health Benefits Associated With Seafood
- Extensive Availability of Different Species of Fish
Restraint
- Depletion of Wild Fish Stock
Opportunity
- Rise in Collaborations Between Manufacturers and Food service Providers
Companies Profiled
- American Seafoods Group LLC
- Freiremar, SA
- Kangamiut Seafood A/S
- Lee Fishing Company
- Lee Group (Leigh Fisheries)
- Mowi ASA
- Pacific Sea Food Company, Inc.
- Phillips Foods, Inc.
- Thai Union Group plc
- Trident Seafoods Corporation
For more information about this report visit https://www.researchandmarkets.com/r/jpt0a7
