Market Research Future

Seafood Market Segment 2019 : Key Vendors, Drivers, Industry Challenges, Emerging Trends and Forecast to 2023

Seafood Market Global Research Report Information by Type (Fish, Crustaceans, Mollusks and others), Category (Dried Seafood, Salted Seafood, Smoked Seafood, Frozen Seafood), Distribution Channel (Store and Non-Store) and Region

 

pune, Maharashtra -- (SBWIRE) -- 12/10/2019 -- Market Overview
The inclusion of seafood has been highly recommended by nutritionists for a long time. Increased awareness about healthy eating habits has added a potent boost to the seafood market. Seafood diets are becoming more diverse as consumers are increasingly veering towards experimenting with a variety of seafood rather than sticking to the tried and tested shrimp-salmon-tuna. As names like lionfish, barramundi and cobia are predicted to become more mainstream in the coming years, seafood market is projected to witness considerable growth over 2019-2023.

Innovations in sea technology is rapidly clearing up the seafood supply chain which is making seafood consumption more reliable. Sensors, robotics, networked cameras and other technologies that operate in and out of the water are helping fishers and farmers collect and analyze real-time data, so they can catch and grow seafood in the best possible way. Labor practices is seafood market are also being enhanced which is adding to the betterment of industry growth.

Sustainability is becoming an inevitable part of the seafood market. While increased effort is being registered in curbing over-fishing, sustainability is becoming a key feature and not an option. For instance, previously farmed fish were fed on wild forage fish which is not a very sustainable option. Therefore, many companies have turned black soldier flies into fish feed and have even tweaked the genetics of soldier flies to make them richer in omega 3s. Nutritious fish feeds are being developed by using ingredients like algae and grains as seafood market players find innovative ways to optimize and scale production.

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Competitive Landscape
Some of the most well-known names in the global Seafood Market include Austevoll Seafood ASA, Cooke Aquaculture, Inc., Dongwon Group, Trident Seafoods Corp., Lyons Seafoods, Ltd., Thai Union Group PCL, Zhanjiang Guolian Aquatic Products Co., Ltd., Princes, Ltd., Tri Marine International, Inc., and Amalgam Enterprises.

Industry News
Sanford Ltd, a long-established New Zealand based fishing company that specializes in harvesting, farming and processing of seafood recently announced that it will be investing $20 million in a developing a new marine extracts center that is aimed at strengthening the company's mussel powder business. The center that is planned to be located in Blenheim and is expected to be operational in early 2021. The focus of the center will be on the production of seafood based high value nutrition products. Incidentally the company already produces Greenshell mussel powder at a smaller facility, the success of which has encouraged this step. Analysis shows that the demand for marine extracts is on the rise and companies like Sanford are looking to capitalize from the mussel oil business.

Seafood market also welcomes the recent news of acquisition of Hancock Gourmet Lobster Co. by Premium Brands-owned Ready Seafood Co. Hancock Gourmet Lobster, founded in 2000, develops and manufactures Maine lobster-based products such as the Lobster Risotto on the Half-Shell and Lobster Pot Pie. Ready Seafood, based in Maine, U.S.A. is looking to leverage product innovation and broaden its market reach and therefore widening its portfolio with various acquisitions.

Segmentation
Global Seafood Market segmentation includes into type, category and distribution channel.

Based on type seafood market has been classified into fish, mollusks, crustaceans and others.

The seafood market has been segmented by category into salted seafood, dried seafood, frozen seafood, smoked seafood and others.

Seafood market segmentation by distribution channel comprises store based, and non-store based.

Regional Analysis
Geographically, global seafood market is segmented into North America, Europe, Asia-Pacific, and Rest of the World (RoW).

Asia-Pacific accounts for a significant share in the seafood market due to widespread seafood consumption in Eastern and South Eastern parts of the region. Studies indicate that among all the global regions, Asians spend the most money on seafood. Consumers in Asia have been estimated to consume about 50% more seafood meals per capita each year when compared to their counterparts in Europe and America. Seafood is consumed in various forms including sushi, fish soup, fish sauce, fish curry, smoked fish, caviar etc.