Latest News- Seafood Market: Fish is expected to lead the Type segment during 2024-2028

The Seafood Market is being driven by Rising consumer awareness about healthy nutrition

The Seafood Market is expected to grow at a CAGR of 13.55% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 150.04 billion. The global e-commerce sector has experienced significant growth due to the proliferation of Internet access, with the US Department of Commerce reporting that e-commerce sales accounted for 21.3% of total retail transactions in the US in 2020, marking a substantial increase from 15.8% in 2019. This trend is driven by the convenience of online shopping, ease of product discovery, and attractive pricing and personalized offers. For seafood suppliers, this digital shift presents an opportunity to expand their sales, broaden their reach, and enhance customer relationships and profitability. By establishing an online presence, manufacturers and distributors can increase product visibility across regions and capitalize on the growing demand for convenient and personalized seafood purchasing experiences. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Type
  • Fish
  • Crustacean
  • Mollusca
  • Others
• Distribution Channel
  • Offline
  • Online
• Form
  • Fresh
  • Processed
• Geography
  • APAC
    • China
    • Japan
  • North America
    • Canada
    • US
  • South America
  • Europe
    • France
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Rising consumer awareness about healthy nutrition
• Rising popularity of seafood in aging population
• Increasing prominence of land-based fish farming

However, the market also witnesses some limitations, which are as follows:

• Depletion of sea species
• Stringent government regulations and guidelines
• Growing popularity of vegan seafood

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Market Scope in Seafood Market Research Report

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Research Analysis Overview

The seafood market is a vibrant and diverse sector, offering a wide range of culinary applications for various types of fish and shellfish. Some popular choices include 'tilapia', 'cod', 'tuna', 'salmon', 'shrimps', and more. The Marine Stewardship Council (MSC) and Aquaculture Stewardship Council (ASC) certifications ensure the sustainability of these resources through responsible fishing and aquaculture techniques. Consumers are increasingly seeking value-added fish products for their balanced diet, recognizing the health advantages of fish, such as minerals, vitamins, and omega-3 fatty acids. Ethical concerns and environmental impact have led to the exploration of seafood substitutes and alternative protein sources. Appearance, flavor, and texture are essential factors in the choice of fish for personalized culinary experimentation. Product innovation and culinary trends, such as 3D printing technology, are revolutionizing the seafood industry. The tourism and hospitality sectors also play a significant role in the market, catering to the diverse preferences of consumers. Price and protein content are essential factors influencing consumer choices in the seafood market. As the demand for sustainable and ethically sourced seafood grows, the industry continues to adapt and innovate, offering a rich and diverse range of options for consumers. Whether it's 'tilapia' for its mild flavor and lean texture, 'cod' for its firm flesh, 'tuna' for its rich flavor and omega-3 content, 'salmon' for its versatility, or 'shrimps' for their succulent taste, the seafood market has something for everyone.

Market Research Overview

According to Technavio's market research, the global seafood market is positioned within the larger context of the global food products segment, specifically the packaged foods and meats market. This market encompasses food processing vendors engaged in food processing to ensure food safety and extend product shelf life. Technavio's market analysis calculates the market size based on the consolidated revenue generated by the participating vendors, excluding those involved in manufacturing food processing equipment or producing packaged alcoholic and non-alcoholic beverages, including mineral waters.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/