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The fresh fish and seafood market size is projected to increase by USD 65.06 billion, at a CAGR of 3.95% between 2023 and 2028.
APAC dominates fresh fish and seafood production, led by China, which accounts for 45% of global consumption. The region's growing young and affluent population drives demand, especially in countries like Japan, South Korea, and India. In Japan, fresh shrimp and tuna fillets are popular, while Thailand's expanding retail landscape boosts sales. India's market also grows rapidly, with fresh shrimp and fish as primary exports. This aligns with global consumption trends, indicating continued growth, and market analysis forecasts suggest sustained expansion.
The market shows an Accelerated CAGR during the forecast period.
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The increase in the aging population is the key factor driving market growth. The demand for nutritious and healthy food, is growing rapidly globally. There is a constant increase in the global aging population, along with the overall global population. It is anticipated that the number of senior citizens, i.e., those aged 60 years or above, is expected to more than double by 2050, from 703 million people in 2019 to around two billion in 2050. In 2018, 12%-14% of the world's population was dependent on the fishing industry for their livelihoods. The FAO estimates that global fish production will increase by around 15% during 2020-2030.
Besides, various studies state that a 3-ounce serving of most fish and shellfish provides around 30%-40% of the normal daily recommended amount of protein. The senior citizen segment constitutes a major portion of the population in the developed world, and they prefer fresh fish to other meat products for including protein in their daily diet. This segment of the population is expected to constitute around 21.5% of the total global population by 2050, presenting a significant growth opportunity for the market during the forecast period.
Rising demand for premiumization of seafood is the primary trend shaping market growth. The premiumization is a prominent trend in the market, reflecting a shift in consumer preferences towards high-quality and unique offerings. Aligning with market trends and analysis, consumers are increasingly willing to pay a premium for seafood products that are perceived as superior in terms of freshness, flavor, and sustainability. This trend encompasses a demand for premium cuts, exotic species, and seafood with specific certifications, such as organic or wild-caught.
For instance, Ocean Beauty Seafoods LLC is one of the biggest distributors in North America. They procure and distribute high-quality from Alaska and other global locations. Furthermore, by focusing on premiumization, market players like to respond to the evolving tastes and preferences of consumers who seek a superior culinary experience and are willing to invest in premium choices for both health and gastronomic reasons. Hence, rising demand for premiumization of boosts the growth of the market during the forecast period.
The growing popularity of vegan seafood is a challenge that affects market growth. The rising consumer awareness about the health benefits of vegan diets has led to an increasing number of people adopting vegan lifestyles. Vegan diets provide more fiber, antioxidants, and beneficial plant compounds. They are also rich in potassium, magnesium, folate, and vitamins A, C, and E. Vegan diets help improve kidney function and lower blood sugar levels. They also help in lowering the risk of heart disease significantly. Such health benefits of vegan diets have led people to opt for palatable fish substitutes.
Furthermore, to address the growing consumer demand for plant-based alternatives owing to health and sustainability reasons, certain manufacturers products are developing plant-based fish products. Furthermore, the rising demand for plant-based fish products in the region has attracted large international companies to expand their product offerings in the region. Hence, increasing demand for vegan food hampers the growth of the market during the forecast period.
The offline distribution channel generates revenue from the sales of products through hypermarkets, supermarkets, clubhouse stores, department stores, and wet/open markets retailers. Revenue generation has been declining in this segment as consumers are gradually shifting to online shopping. Therefore, vendors are focusing on enhancing their sales by expanding their presence in local and regional markets. Market players of frozen fish and seafood sell their products through retail formats such as hypermarkets, supermarkets, convenience stores, clubhouse stores, and department stores. Furthermore, although the offline segment is losing its market share and popularity to the online segment, innovative marketing strategies will propel sales through the channel at a steady rate, which will boost the growth of the market during the forecast period.
The market share growth by the fresh fish segment will be significant during the forecast period. The fresh fish segment will hold a significant market share in the market in 2023. The increasing adoption of fresh fish as a high-protein meat substitute is responsible for the growth of the market. In addition, the number of meat eaters is increasing, and people are becoming more aware of the health advantages of eating fish, as fish is filled with omega-3 fatty acids and vitamins such as D and B2 (riboflavin). These essential nutrients keep the heart and brain healthy.
The fresh fish segment was valued at USD 199.00 billion in 2018.
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According to the American Heart Association, a healthy diet should include fish at least twice a week. Different types of fish, such as salmon, tuna, cod, and tilapia, contribute to the market's vibrancy, each offering unique flavors and nutritional profiles. Further, fish is a highly preferred seafood among other types of seafood, which, in turn, is expected to fuel the growth of the fish segment, thereby driving the growth of the market during the forecast period.
APAC is estimated to contribute 50% to the growth of the global market during the forecast period
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Technavio's analysts have provided extensive insight into the market forecasting, detailing the regional trends and drivers influencing the market's trajectory throughout the forecast period. APAC is the world's largest producer and China is the largest producer and consumer of fishery products. Further, the potential markets in APAC are China, Japan, South Korea, Taiwan, India, and other countries in Southeast Asia and Australia, as major trade flows happen among these countries/regions.
Additionally, fresh shrimps and prawns and fresh skipjack/stripe-bellied bonito tuna fillets are Japans primary consumed products. In Thailand, the expanding retail landscape and an increase in the number of supermarkets, hypermarkets, and fish stores have boosted the sales. Hence, such factors are expected to drive market growth in this region during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market forecasting growth and analysis.
The market growth and forecasting report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Charoen Pokphand Foods PCL, Clearwater Seafoods Inc., Cooke Aquaculture Inc., Grieg Seafood ASA, Lee Fish, Lee Fishing Co., Loch Duart Ltd., Marubeni Corp., Maruha Nichiro Corp., Meade Digital Enterprises Corp., Nissui Corp., Ocean Beauty Seafoods LLC, Ocean Fresh Seafood, Pescafresh, Surapon Foods Public Co. Ltd., Trident Seafoods Corp., Tropic Star Seafood Inc., True World Foods LLC, and Wm Morrison Supermarkets Ltd.
The market analysis and report of qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Market Analyst Overview
The market encompasses a diverse array of proteins, catering to both food and non-food products, with logistics playing a pivotal role in shipping and maintaining the cold chain for freshness. Amid rising awareness of health benefits, fish consumption continues to soar, driven by the demand for high-calorie food products and with protein-rich diets and recognition of fish as a low-fat source of protein. Governments extend support to the industry, investing in transport infrastructure and fostering international trade through bodies like the Marine Products Export Development Authority (MPEDA). Innovations such as the use of global positioning system (GPS) enhance traceability and quality control, crucial for meeting the standards of discerning consumers and exclusive restaurants seeking exotic seafood. As health-conscious trends like pescetarianism gain traction, the market responds with offerings promoting bone health and combating cardiovascular diseases, reflecting evolving consumer tastes. Fish market trends also include the expansion of export-oriented aquaculture supported by initiatives like the Program to Increase Fisheries Exports (PROTEKAN), further boosting foreign exchange earnings and leveraging trade agreements.
The research report forecasts market research and growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
Fresh Fish and Seafood Market Scope |
|
Report Coverage |
Details |
Page number |
161 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 3.95% |
Market Growth 2024-2028 |
USD 65.06 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
3.51 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 50% |
Key countries |
US, China, Japan, Spain, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
All Seas Wholesale Inc., Austevoll Seafood ASA, Charoen Pokphand Foods PCL, Clearwater Seafoods Inc., Cooke Aquaculture Inc., Grieg Seafood ASA, Lee Fish, Lee Fishing Co., Loch Duart Ltd., Marubeni Corp., Maruha Nichiro Corp., Meade Digital Enterprises Corp., Nissui Corp., Ocean Beauty Seafoods LLC, Ocean Fresh Seafood, Pescafresh, Surapon Foods Public Co. Ltd., Trident Seafoods Corp., Tropic Star Seafood Inc., True World Foods LLC, and Wm Morrison Supermarkets Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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