This market research report includes a detailed segmentation of the global fish and seafood market by product type (fresh and chilled fish and seafood, canned fish and seafood, frozen fish and seafood, and other fish and seafood). It outlines the market shares for key regions such as the Americas, APAC, Europe, and MEA. The key vendors analyzed in this report are High Liner Foods, Iglo Group, Leroy, Marine Harvest, and Thai Union Frozen Products.
Technavio’s market research analysts estimate the global fish and seafood market to grow at a CAGR of 4% between 2016 ad 2020. One of the major factors leading to the rise of the fish and seafood market is the increasing demand for processed seafood. APAC leads the global market for fish and seafood, accounting for 40% of the overall market share. The primary factors contributing to the growth of the market in this region is the rise in population plus a large number of people who consume fish. Countries like China, India, Japan, Thailand, Australia, Bangladesh, Singapore, and Malaysia are the key contributors here.
The new market research report from Technavio provides a breakdown and analysis of the fish and seafood segments by technology.
“Aquaculture is the fastest-growing food production process worldwide. It has surpassed commercial fishing as well as various other food-sourcing methods, thanks to improved logistics and the growth of the retail sector. Vendors are constantly coming up with new species to decrease the dependency on imports and maintain balance on over-exploited fisheries. Of late, the European market is witnessing the introduction of various finfish species such as meagre, greater amberjack, and wreckfish,” says Vijay Sarathi, Lead Analyst, Food & Beverages, Technavio Research.
The fresh and chilled fish and seafood segment dominated the market in 2015 in terms of revenue. Growing health consciousness among people, increased demand for quality food, and changing demographics are the main factors fueling the growth of this segment.
The leading vendoirs in the global fish and seafood market include High Liner Foods, Iglo Group, Leroy, Marine Harvest, and Thai Union Frozen Products. With the existence of intense competition in the global fish and seafood market, vendors are reducing their product prices, which can have a negative impact on their profit margin and market growth. Thus, larger players in the market are increasing focus on acquiring smaller entities to enhance their footprint in the market. Also, the inflow of private labels in the market is on the rise, thus lifting the bar of the competition even higher.
A more detailed analysis is available in the Technavio report, Global Fish and Seafood Market 2016-2020.
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