Global Seafood Market Driven by Demand for Fat-free and Exotic Varieties, says TMR

Press Release   •   Oct 27, 2016 11:21 IST

A new market study by Transparency Market Research, titled “Seafood Market - Global Forecast, Market Share, Trends, Size, Growth and Industry Analysis 2016–2023,” provides an in-depth study of the value chain of the market, profiling some of the key players and revealing their strategies to maintain a stronghold at the global as well as regional level. The study informs readers about the factors that are primed to elevate the lucrative global market for seafood. Surging demand for eco-friendly production methods and shift in consumer preference towards fat-free and exotic varieties of seafood. The research also explores some of the key restraints that are expected to curtail the growth rate at the global level.

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Seafood refers to all the varieties of fish, molluscs, crabs, crustaceans, and calamari either in the fresh or processed form. Seafood is considered among the best foods for the body and mind as it is rich in proteins. In recent times, farmed fishes or aquaculture have become mainstream in supplying seafood to the domestic retail market or for export. The report makes use of Porter’s five forces analysis model to create an authentic landscape of the future competitiveness of market participants, threats from new or domestic entrants, as well as the bargaining power of players and consumers.

The report segments the global seafood market on the basis of product type into crustaceans, molluscs, fish, and other seafood whereas on the basis of retail market varieties, it divides it into canned seafood products, frozen (ready to eat meal) and chilled (smoked and salted). Report also explores the global market for seafood on the basis of geography namely North America, Asia Pacific, Europe and Rest of the World.

According to the report, East and South East Asia are the combined leader in of seafood production. Innovative farm practices as well as improved slaughtering and packaging techniques are being employed and the market for seafood is expected to grow at a significant single-digit CAGR between the forecast periods of 2013 to 2019. The report also observes that there is a high demand for sustainable and eco-friendly production of seafood to meet the growing demand for seafood in an ethical manner (production that does not include child labor, human trafficking, or illegal migrant labor). Rising affluence is also helping expand the demand for luxury seafood. Moreover, variations in seafood dishes and demand for proteinaceous fat-free food is gradually gaining globally too. Furthermore, the demand in the seafood market is also being propelled due to an increasing number of exclusive restaurants that serve exotic seafood according to changing consumer tastes.

Some of the prominent players in the global market for seafood include Grupo Pescanova, Marine Harvest ASA, Royal Greenland, Thai Union Frozen Products, Abba Seafoods, John Westfoods, Cuulong Fish, and Stone Seafood Company.

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