Seafood Market Overview:
According to studies, global seafood market is expected to expand strongly between 2023 and 2032. Animals that can be eaten but are not mammals are called seafood, including ocean and freshwater species. A whopping 15 % of the world's protein comes from fish and other seafood, making it the second most important dietary source behind cereals for most people on the planet. In the last several years, the worldwide market for seafood has grown rapidly.
Seafood Market Size was prized at USD 165.44 billion in 2023. The seafood industry is projected to grow from USD 167.40 Billion in 2024 to USD 201.49 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 2.34% during the forecast period (2024 - 2032).
Seafood is becoming more and more popular in high-end restaurants, and this trend is spreading across the board. Large numbers of people prefer to consume fish to other meals, which drives up demand in the market. In addition, beachside communities are making concerted efforts to develop robust supply networks for trading and supplying seafood. The rapid growth of this sector is largely due to the ease with which seafood from coastal areas may be procured. Chains of fish cafés already exist, which bodes well for future expansion and development of the industry. As a result, the total volume of revenues in the global market is expected to grow at an astronomical rate.
The market for fish and seafood is quickly returning to pre-Covid levels. The financial recovery in most non-industrial nations is expected to support a steady growth rate during the forecast period. However, some are taking a position because of the projected third and subsequent waves. In this study, multiple COVID pandemic scenarios from 2024 to 2032 are analyzed to see how they impact the Fish and Seafood Market's long-term viability.
Key Players:
The Seafood Market Companies, like Lyons Seafoods Ltd. (UK), Amalgam Enterprises (India), Trident Seafoods Corp. (US), and Austevoll Seafood ASA (Norway), are supporting R&D initiatives to raise market demand.
Regional Classification:
The Asia Pacific region has the largest share of the global seafood industry because of its abundance of fish. Many countries in the Asia Pacific area rely heavily on fish as a source of protein because of their large coastlines. Fish is a staple in the diets of many Asian countries, including Thailand and Japan. Therefore, it is always in demand. In addition, the area's population is rapidly urbanizing, which is a key factor. As the area's financial standing has improved, more people have been able to spend their money, leading to an increase in the area's fish consumption and interest. Additional factors that have contributed to market growth in the area include increased health consciousness and recognition of fish as a lean protein source.
Market Segmentations:
The global seafood industry is segmented based on type, retail market, distribution channel, and region, according to the reports.
For the time being, seafood market forecasts indicate that the retail sector will remain dominant all across the projected timeframe, accounting for the largest share of total market revenue in 2019. As a result, the demand for meat and fish products has increased. Furthermore, the global seafood industry is predicted to rise due to improved supply chain infrastructure and increased seafood availability. It's projected that food service will outpace the rest of the industry throughout the projection period. To explain the expansion of this market category, it is necessary to consider the ease with which it may be prepared. Fast food restaurants and cafés are multiplying exponentially, as are home delivery options, as is a rising preference for dining outside due to the convenience of fast food.
Industry News:
Fifty million dollars in Series B fundraising will be announced in February 2023 by San Francisco's Wildtype, a cell-cultivated seafood firm. There were numerous high-profile participants, notably Leonardo DiCaprio and Robert Downey Jr., in the round controlled by local equity company L Catterton.
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