Global Seafood Market Makes Waves with Sustained Growth

LONDON, GREATER LONDON, UK, December 22, 2023 /EINPresswire.com/ -- The global seafood market has experienced substantial growth, surging from $250.02 billion in 2022 to $269.34 billion in 2023, marking an impressive compound annual growth rate (CAGR) of 7.7%. Projections indicate that the market will continue its upward trajectory, reaching $349.55 billion in 2027, with a CAGR of 6.7%.

Driving Forces Behind Seafood Market Growth:

1. Population Growth and Food Demand:
With the global population expected to reach 10 billion by 2050, there is a concurrent surge in demand for food. "The Agricultural Outlook" by the OECD and FAO forecasts a 13% increase in global cereal production by 2027 to meet this demand. The seafood market, as a vital component of the food and beverage industry, is poised to benefit from this rising population, driving increased consumption during the forecast period.

2. Adoption of High-Pressure Processing (HPP) Technology:
Fish processing establishments are embracing High-Pressure Processing (HPP) technology to enhance operational efficiency. HPP is a non-thermal technology that involves subjecting fish to high pressures, replacing the need for traditional heating and chemicals in fish preservation. Avure Technologies and Food Science Australia have developed widely-used HPP technologies, with companies like The Seafood Company in Singapore leveraging this innovation for seafood processing. HPP not only increases yield but also extends the shelf life of processed fish without compromising freshness, flavor, color, texture, or nutritional value.

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Key Players Navigating the Seascape:

Major companies steering the course in the seafood market include Mowi ASA, Thai Union Group PCL, Austevoll Seafood, Maruha Nichiro Corporation, Trident Seafoods Corporation, The Kraft Heinz Company, High Liner Foods, Young’s Seafood Ltd., Nichimo Co Ltd., and Nichirei Corporation. These industry leaders play pivotal roles in shaping the market dynamics and meeting the evolving demands of consumers.

Market Segmentation Tailored to Diverse Preferences:
1) By Type: Crustaceans, Fish, Other Seafood

2) By Distribution Channel: Supermarkets/Hypermarkets, Convenience Stores, E-Commerce, Other Distribution Channels

3) By Product Type: Frozen, Dried, Smoked, Canned, Other Product Types

4) By Nature: Organic, Conventional

5) By Source: Marine, Inland

Regional Dynamics in the Seafood Market:
As of 2022, Asia-Pacific claimed the largest share in the seafood market, with Western Europe following as the second-largest region. The comprehensive market analysis encompasses regions such as Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

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Seafood Global Market Report 2023 from TBRC covers the following information:
• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.

The Seafood Global Market Report 2023 by The Business Research Company is the most comprehensive report that provides insights on seafood market size, seafood market drivers and trends, seafood market major players, competitors' revenues, market positioning, and seafood market growth across geographies. The seafood market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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