With the rising availability of all forms of seafood across the globe, there is a visible rise in the use of exotic fish in restaurants. Use of fish byproducts in nutraceuticals is another factor promoting the growth of this market. For example, Omega 3 supplements are a widely used supplement for both human and pet consumption. Challenges that this market is expected to face include the short shelf life of seafood and seafood products, the possibility of disease caused by improper handling and packaging of seafood and stringent government regulations. However, ongoing development in technology is likely to address these problems over the forecast period.
The rise of seafood over the years has been helped along with fish farming. Intelligent and innovative packaging techniques and farm practices are some key factors that have influenced growth. Growing demand for high protein foods, a wide variety of options and the speed with which seafood can be prepared are other vital factors that boost growth for this market. With health and environmentalism becoming more and more popular across the world, there is a steadily growing demand for sustainably produced ethical seafood.
Major Key Players Analysis:
Eminent players, whose marketing strategies have been analyzed in the Seafood Market Report include Princes Ltd., Austevoll Seafood ASA, Tri Marine International Inc., Amalgam Enterprises, Cooke Aquaculture Inc., Dongwon Group, Trident Seafoods Corporation, Lyon Seafoods Limited, Thai Union Group PCL and Zhanjiang Guolian Aquatic Products Co. Ltd.
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Latest Industry News:
Accounting for 6% of global fish production, India is a veritable seafood market leader that has registered a 13% increase in the volume of seafood exports during April 2017 – January 2018. Frozen shrimp continues to be one of the most exported food items from this region despite the fall in global prices after the EU decided to lay down stringent regulations regarding testing of imported seafood.
The Marine Stewardship Council (MSC) has revealed that over half of the wild-caught seafood in New Zealand is certified by MSC standards and this is just growing. The population of this country has a whopping 83% of the population that feels that sustainable seafood is important so that future generations can also enjoy seafood.
Segmental analysis of the market provides a comprehensive understanding of the market. The global seafood market has been segmented by type, processed type, application, and region.
Based on type, the market has been segmented into fish, roe, shellfish, mollusks, echinoderms, medusozoa and others.
Based on processed type, the market has been segmented into dried seafood, salted seafood, smoked seafood, pasteurized seafood, frozen seafood and others.
Based on application, the market has been segmented into table consumption, personal care products, nutraceuticals, fast food chains and others.
Based on region, the market has been segmented into North America, Europe, Asia-Pacific (APAC) and the Rest of the World (RoW).
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The Asia-Pacific region produces seafood on a large scale. East and South East Asia particularly, combined are the largest producer of seafood. China is one of the top five seafood producers worldwide.
The APAC region is expected to hold a significant share of the market during the forecast period. This is primarily due to the high demand in this region being driven by rising disposable incomes, growing distribution network and relative affordability of seafood over other protein rich meats. Seafood is a significant part of many diets in this region. Countries such as India, China, and Australia are attracting major players as the potential for market growth in this part of the world is still developing.
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