The seafood market is on a growth trend across both developed and emerging economies because of rising global consumption, better cold chain logistics and growth in aquaculture production. Seafood is known to be rich in omega-3 fatty acids, lean protein and vital micronutrients and thus one of the major components of diets everywhere.
Moreover, the increasing appetite on fresh, traceable and ethically acquired seafood is also shifting its chain of supply and retail practices.
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Market Drivers
1.Increasing Consumer Demand of Healthy and Protein-Rich Food Eaten
Seafood is even being more popularized in diets because of their effects on rate cardiovascular health, weight loss and the brain. The appetite of consumers to lean and natural instead of red meat protein is actively growing, where seafood has substantial health benefits to offer. The popularity of high-protein seafood products is being driven as well by the growing fame of flexitarian, pescatarian, and keto diets. The growth in seafood business with retailers and in foodservice channel includes sushi grade tuna, grilled salmon meal packs amongst others through the health-conscious consumers.
- Sustainable Aquaculture and Eco-Certified Products Growth
The wild fisheries have been succumbing to the overfishing obsession, and in this condition sustainable mariculture has become the key player towards ensuring a stable supply. Consumer confidence in farm-raised seafood is being increased by technological achievements and eco-certifications, including ASC (Aquaculture Stewardship Council) and MSC (Marine Stewardship Council). There is an expanding market of responsibly sourced seafood with environmental labels, particularly in the Western markets where consumers are concerned about origin of the food, animal welfare and environmental concerns.
Type Segment Analysis: Fish
Fish is the biggest market in the seafood industry which is motivated by low price, diversity and health. The most popular species like salmon, tuna, cod, and tilapia are dominant in this category. Fish is very versatile, and it is eaten both as a fillet, steak, canned, and it is also smoked. The industry is experiencing greater consumption among urban and health-concious citizens, as well as its benefits in quick-service restaurants and home-cooking recipes. The rising demand of omega-3 rich fish food and ready-to-cook fish products sustains the continued nature of demand under this category.
Product Type Segment Analysis: Fresh Seafood
The popularity of fresh seafood is high because of the demand of people to maximize natural and minimally processed food. Fresh seafood is getting more widespread across even the landlocked areas and is owing to the improvement of refrigerated logistics, cold storage and real-time tracking. Consumers believe that fresh products are of good quality, have good flavor, and are high in nutrients. The view leads to increased expenditure on higher retail formats and special counters on sea foods. Furthermore, fresh fish and shellfish are produced locally or are supplied through transparent chains, which are appreciated by consumers who want to know where their food comes to.
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Regional Analysis: North America and Europe
The seafood market in North America is growing steadily due to health trends, ethnic foods, and an upsurge in the demand of sustainable and traceable seafood. U.S. and Canadian consumers are drifting toward frozen and fresh seafood meal kits, home cooked restaurant-quality seafood at home, and ethically sourced. Retail chains and companies are in turn reacting by increasing their availability of seafood with the MSC certification and that which has been designed to be antibiotic-free.
In Europe the market is already mature but expanding especially in such countries as Spain, Italy, France and Norway. Considering the European consumers are so concerned with the issue of origin of a product, the environmental implications and the food labeling. The high intake of seafood by the Mediterranean diet also increases it. Strict quality control and traceability in the EU also certifies the quality of the wild-caught and organic seafood products and gives consumer confidence in such products.
Competitive Landscape and Industry Players
The international seafood market is considered to be very fragmented and competitive, where multinational companies, fish farms and regional seafood processors are represented. To differentiate themselves, companies are embracing the vertical integration concept, direct-to-consumer marketing, eco-labeling products, and also the digital traceability approach. The popularity of e-commerce services and seafood subscription boxes are also rising, particularly, among the customers in the cities.
Key industry players include:
- Thai Union Group (Chicken of the Sea, John West)
- Marine Harvest ASA (Mowi)
- Maruha Nichiro Corporation
- Nippon Suisan Kaisha, Ltd. (Nissui)
- Pacific Seafood Group
- Trident Seafoods
- Austevoll Seafood ASA
- High Liner Foods
- Cooke Aquaculture
To stay in the competitive consumer market, these companies are developing sustainable seafood products, omega-3 fortified fish, fresh and wild caught seafood supply and traceable farm raised and seafood in the current market.
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