Portland, OR -- (SBWire) -- 02/26/2018 --The global seafood market was valued at $120,848 million in 2016, and is expected to reach $155,316 million by 2023, registering a CAGR of 3.6% from 2017 to 2023, according to the new report published by Allied Market Research. Asia-Pacific dominated the global market accounting for over two-thirds of the total market share in 2016.
Seafood comprise fish, molluscs, crustaceans, other aquatic animals, aquatic plants, and microphytes. Fish holds a major share in the global seafood market in 2016. The factors driving the demand of seafood are changes in lifestyle of people, increase in population, and cost-effectiveness of these meals. In addition, rise in health awareness and benefits offered by seafood, such as high proteins, fatty acids, and vitamins, are expected to boost its demand in the near future. The global seafood market is characterized by increase in trade across the globe. As fish is highly perishable, proper processing, and packing of seafood is required for effective trading. The major companies in the global seafood market collaborated with major foodservice providers & retailers to expand their outreach in their global market.
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The ground fish segment is expected to dominate the global market during the forecast period. However, the flat fish segment is anticipated to gain traction in the near future. The convenience offered by frozen fish in terms of cooking is projected to supplement the growth of aforementioned segments. In 2016, the flat fish and ground fish segments collectively accounted for more than one-fourth share of the global market.
The retail segment accounted for a significant share in the global market in 2016, and is anticipated to maintain its dominance during the forecast period due to growing preference of people for shopping food products from stores rather than online portals. In addition, availability of fresh seafood is expected to supplement the growth of the retail segment in the near future.
In 2016, Asia-Pacific accounted for approximately two-thirds share of the global seafood market, and is expected to continue its dominance during the forecast period. The Asia-Pacific seafood market is anticipated to grow at a significant CAGR due to increasing awareness about health benefits of seafood among consumers.
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The key players profiled in the report are Pacific Seafood, Kangamiut Seafood A/S, American Seafoods Company, Phillips Foods, Inc., Trident Seafoods Corporation, Marine Harvest ASA, Thai Union Group PCL, HIRO, Lee Fishing Company, and Leigh Fisheries.
Seafood Market Expected to Reach $155,316 Million by 2023
The preference for seafood is expected to increase in Asia-Pacific, owing to change in lifestyle of people and rise in disposable income. China is a high growth market and has the capacity to pay more for premium and high-quality seafood.