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The processed seafood market size is forecast to increase by USD 60.5 billion, at a CAGR of 7.01% between 2022 and 2027. The burgeoning market for smoked seafood underscores a shift in consumer preferences towards convenient, protein-rich options. This demand surge is attributed to seafood preservation techniques that ensure freshness and quality, aligning with health and safety standards. Sustainable fishing practices, mandated by export and import regulations, further bolster consumer trust.
Quality control measures and traceability systems enhance transparency across the supply chain, promoting market growth factors. Market analysis techniques, coupled with innovation in packaging technologies, facilitate effective supply chain management and address evolving seafood consumption trends. Leveraging international trade agreements, seafood processors enhance access to seafood processing equipment, driving market forecasting techniques and marketing strategies aimed at meeting consumer demands and sustainability goals..
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Offline retail, such as supermarkets, fish shops, and specialty stores, provides a physical platform to display a wide variety of processed products. Offline sales channels often build consumer trust. They can check product quality, read labels and check freshness. This transparency can reassure buyers concerned about the quality and origin of their food. Retailers often advertise products through display and in-store discounts, which is expected to drive the growth of the market during the forecast period.
Online platforms provide access to a wide selection of products from different regions and cultures, which may not be available in local stores. This global reach allows consumers to discover new flavors and culinary experiences. Selling online allows producers to establish direct relationships with consumers, eliminating middlemen. This can lead to fresher produce and better communication between producers and buyers. With online sales increasing strongly, the market share of this segment is expected to increase which will have a positive impact on the growth of the market during the forecast period.
The market share growth by the frozen seafood segment will be significant during the forecast period. Frozen food can spoil if fish is defrosted in transit and left at warm temperatures for too long before cooking. As a result, suppliers are innovating the way frozen food is packaged and offering different variations of frozen fish and seafood in attractive packaging. In addition, proper packaging helps maintain freshness throughout the supply chain without sacrificing product quality.
The frozen seafood segment was valued at USD 53.66 billion in 2017 and continued to grow until 2021.
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Frozen items include a variety of fish, crab, shrimp, squid, octopus, and squid. It has attracted considerable attention as a source of protein, vitamins, minerals, and fatty acids. Consumers are demanding fresh and high-quality seafood with minimal changes in quality, which is driving the frozen seafood segment of the market during the forecast period.
The demand for canned seafood is increasing due to many factors including convenience, long shelf life, versatility, and desire for healthy and sustainable food options. This is commonly available in grocery stores and online, making it accessible to consumers regardless of geographic location. They are rich in valuable omega-3 fatty acids, which are important for overall health and well-being. Increased consumer purchasing power also increases the demand for refined and exotic foods, which is expected to increase the demand for them which in turn will drive the growth of the market during the forecast period.
Europe is estimated to contribute 46% to the growth of the global market during the forecast period.
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Technavio’s analysts have extensively discussed the regional trends and drivers that shape the market growth analysis during the forecast period. Elevated consumption of processed fish products, robust import and export activities, and increasing disposable income are among the key factors fueling market growth and forecasting in Europe. Notably, Spain, Germany, the UK, Denmark, France, Italy, the Netherlands, and Sweden emerge as significant contributors to the market expansion in this region, serving as prominent Frozen Fish Exporting Countries.
Moreover, the presence of several key suppliers such as bioMérieux SA, GEA Group AG, and Marel Group further enhances the market landscape. In 2021, GEA introduced the latest iteration of its SKIN heat press packaging technology, dubbed PowerPak SKIN.50. This innovation offers processors of sliced products, meat cuts, sausages, fish, hard cheeses, and premium items like seafood, enhanced packaging capabilities with up to 100mm overhang and up to 50mm above the packing tray face. These technological advancements from prominent players operating within the region are poised to significantly bolster market growth analysis during the forecast period, catering to various Product Types within the frozen fish industry.
The Processed Seafood Market is experiencing steady growth, driven by the high demand for protein-rich and ready-to-eat seafood products. A prominent trend in this market is the innovation in processed seafood packaging, aimed at enhancing shelf life and convenience for consumers. However, a notable challenge persists in the form of the high cost associated with the production of processed seafood, impacting market segmentation and affordability.
Despite this challenge, consumers continue to favor a variety of processed seafood products, including smoked seafood, frozen seafood, canned seafood, and dried products, appreciating their nutritional value and convenience in fish processing. Meeting consumer demands while addressing production costs remains a key focus for players in the processed seafood industry.
The high demand for protein-rich and ready-to-eat seafood is the key driver for the growth of the market. Consumers are increasingly buying protein-rich foods, to cook and save time. Therefore, consumers can eat foods according to their preferences. They are rich in essential nutrients, including protein, vitamins, and minerals. It is part of the staple diet in many regions and cultures. Cooking fresh often tedious. Processed fish & seafood products combine health and convenience for the benefit of consumers. The variety of prepared in pre-cooked packages saves time and effort. Fast-paced consumers prefer them as they reduce cooking time without compromising on health and nutrition aspects, which is expected to drive the growth of the market during the forecast period.
Innovation in processed seafood packaging is the key trend shaping the growth of the market. Consumers demand fresh, high-quality products with minimal changes in quality. The growing awareness of environmental concerns has led to the development of sustainable packaging. This includes the use of biodegradable, compostable, or recyclable materials to reduce the environmental impact of packaging waste.
Moreover, airtight packaging removes air from the packaging, helping to preserve product quality and reduce the risk of spoilage. It is especially effective in maintaining the freshness of processed food. Packaging is essential for processed fish & seafood products to maintain freshness, extend shelf life, ensure food safety, improve convenience, comply with regulations, and make a positive impression on consumers, which will drive the growth of the global market during the forecast period.
The high cost associated with the production of processed seafood is a challenge that affects the growth of the market. The price of seafood ingredients, such as fish, shrimp, or other marine products, greatly affects the overall cost of processed food. Fluctuations in the availability and cost of these raw materials can have a negative impact on the final price of the processed product. Food processing involves many labor-intensive steps, including cleaning, filleting, portioning, cooking, flavoring, and packaging. Skilled labor, specialized equipment, and quality assurance measures contribute to disposal costs.
Furthermore, specialized equipment, such as knives, mixers, softeners, dicing equipment, filling machines, and fumigation machines, are used in the processing industry to produce different types of marine products. The cost of slaughtering varies between small and large plants. Cold storage, proper packaging and transportation, and high taxes on red meat and processed products add to the costs. This will impede the growth of the global market over 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.
The market report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
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.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Processed Seafood Industry Customer Landscape
In the market, fish processing stands as a cornerstone, ensuring quality and variety in seafood types. Consumers benefit from nutritional value preserved through advanced processing techniques, enhancing the appeal of ready-to-cook products and dried products alike. Packaging solutions ensure freshness, facilitating distribution through supermarkets/hypermarkets, specialty stores, and online retail channels.
Driven by globalization and a rising working population, demand surges, prompting mergers & acquisitions and spurring market growth. Yet, challenges persist, including the lack of advanced processing techniques in some regions and navigating governmental regulations. Despite this, the market thrives, supported by a robust cold storage network and diverse distribution channels.
As urbanization continues and global population rises, cost efficiency remains paramount. Through meticulous market research and growth strategies and accurate market forecasting, stakeholders navigate market trends, ensuring sustained growth in the dynamic industry.
The market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Processed Seafood Market Scope |
|
Report Coverage |
Details |
Page number |
163 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 7.01% |
Market growth 2023-2027 |
USD 60.5 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
6.75 |
Regional analysis |
Europe, North America, APAC, Middle East and Africa, and South America |
Performing market contribution |
Europe at 46% |
Key countries |
US, China, France, Germany, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Aquafoods, Austevoll Seafood ASA, Baader Global SE, Bolton Group Srl, China Aquatic Products Co. Ltd., Cooke Aquaculture Inc., Gadre Marine Export Pvt. Ltd., Goya Foods Inc., KARRO FOOD GROUP, Kyokuyo Co. Ltd., Loch Duart Ltd., Mitsubishi Corp., Mowi ASA, Perdue Farms Inc., Premium Brands Holdings Corp., Thai Union Group PCL, Trident Seafoods Corp., Universal Seafood Inc., Agrosuper SA, and High Liner Foods Inc. |
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, Market condition analysis for forecast period. |
Customization purview |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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