The global seafood market is expected to register a compound annual growth rate of 1.41%. the main points. Largest segment by type – Fish: Demand for fish is affected by a combination of factors, including lower price of fish, increased nutritional value, and easier availability due to increased production.
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Largest Sector by Region – Asia Pacific: The rise in the regional aquaculture sector, aided by large-scale investments, is driving the market. Also, the adoption of the Basketarian lifestyle led to a booming market. Fastest Growing Sectors by Type – Shrimp: The growth of the aquaculture sector is supporting the progression of the shrimp market in the region, with farmed shrimp dominating both commercial and non-commercial distribution channels. Fastest Growing Sectors by Region – Africa: Growth in per capita income, population growth in sub-Saharan Africa, and rising seafood production are expected to drive the African seafood market.
Major market trends
Fish is the largest segment by type.
The global seafood market registered a positive growth rate throughout the study period and is expected to register a growth of 9% in market share from 2022 to 2028. Increasing public awareness of the vital role of fish as a healthy and diversified food system has driven the growth of seafood consumption over the past five decades. . Among all types of seafood, fish has largely dominated global consumption and is expected to register a compound annual growth rate of 1.49%, in terms of value, during the forecast period. This is largely evidenced by the increased per capita consumption of fish in many regions, which accounts for nearly 70% of all types of seafood consumed. For example, in North America, per capita fish consumption increased by 16.84% in 2021, nearly 70% higher than any other seafood consumed in the region. Shrimp consumption is expected to grow globally and is projected to register the fastest CAGR of 2.23%, in terms of value, during the forecast period (2022 to 2028). Although this increase in the consumption of organic shrimp is small, it is expected to increase in the near future as a result of the increased awareness of consumers socially and environmentally. For example, in 2019, 94% of people across all EU member states felt that protecting the environment was essential for them. This factor is expected to lead to a growth of more than 5% in per capita shrimp consumption in the region during the forecast period. The other seafood segment, which includes oysters, lobsters and other types of seafood, is also witnessing a growing demand. However, in 2020, the impact of COVID-19 on the commercial channel led to a lower year-on-year growth rate, reaching 2.81%, which is down from the 4.51% growth rate recorded in 2019.
Asia Pacific is the largest sector by region.
The region that consumes the most seafood in 2021 is the Asia-Pacific region. The seafood market in the region is driven by the growing aquaculture sector. China relies heavily on fish and shrimp farming and has made extensive investments in this sector. In 2022, two Chinese state-owned companies are scheduled to complete the construction of a 100,000-ton platform marine aquaculture system moored in the Yellow Sea. The fastest growing region for seafood globally is Africa, which is expected to register a compound annual growth rate of 2.65% over the forecast period. The European market is another promising region to look out for and is expected to register a CAGR of 0.38% from 2022 to 2028. Tuna is one of the largest seafood imports in the region, more specifically processed tuna. In 2020, processed and preserved seafood accounted for 32% of total expenditure on seafood products in EU households, with 10% of the value coming from dried, smoked or salted seafood. On the other hand, the share of fresh/chilled and frozen seafood was around 48% and 20% respectively in the same year.
Many countries in the Asia-Pacific region experienced a decrease in shrimp consumption during the study period, mainly due to higher shrimp prices, which occurred due to undersupply of shrimp in the region due to premature mortality syndrome (EMS). ) misfortune. Affected countries include China, Japan, Vietnam, Thailand, Indonesia, Malaysia and other countries in Southeast Asia. Relying mainly on shrimp imports from other Asian countries, Japan and Indonesia experienced a significant decline in consumption, with a compound annual growth rate of 4.38% and 1.59%, respectively, from 2016-2021.
The global seafood market is segmented, with the top five companies occupying 4.01%. The major players in this market are Austevoll Seafood ASA, Maruha Nichiro Corporation, Nippon Suisan Kaisha Ltd, Sysco Corporation, and Thai Union Group PCL (in alphabetical order).
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