Seafood Market Overview:
The global Seafood market is expected to reach market valuation of US$ 110.2 Bn by the year 2022, accelerating with a CAGR of 3.6% by 2022-2032. Seafood sales grew at a CAGR of 3.3% between 2017 and 2022 and will grow at a CAGR of 3.6% between 2022 and 2032. As per FMI, the U.S. Seafood market totaled USD 28.5 Bn in 2022 which is approximately 25.9% of the global Seafood market.
Digital technology is also assisting in the modernization of fishing and aquaculture operations, as well as increasing earnings and raising awareness of sustainable seafood best practises. For example, in India, we’re cooperating with AquaConnect to deliver digital solutions that assist shrimp farmers in identifying quality items and making farm-input purchases. Farmers also receive announcements and documents about growth and disease advisories, as well as advice and information on inexpensive financing and resources to connect to other Indian markets.
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In the coming years, digital technology will continue to be a major source of industry evolution and innovation, particularly when it comes to sustainable seafood trends.
“While COVID-19 presented challenges to many small-scale fisherfolk and aquaculture providers, it also revealed areas where the seafood industry may improve its supply chains to become more robust and sustainable.” said a lead analyst at FMI.
Competition Analysis:
Some of the leading companies offering Seafood are Amalgam Frozen Foods Pvt. Ltd. (AFFL), American Seafoods Company, Austevoll Seafood ASA, Cooke, Inc., Dongwon F&B, Faroe Seafood, Handy Seafood, Inc., Hansung Enterprise Co. Ltd, High Liner Foods Incorporated, Kangamiut Seafood A/S, Lee Fishing Company, Leroy Seafood Group, Lyons Seafoods Limited, Mowi ASA, Pacific Seafood, Phillips Foods, Inc., Princes, Ltd., Sajo Group, Shanghai Fisheries Group Co., Ltd., Stolt Sea Farm, Surapon Foods Public Company Limited, Tassal Group Limited, Thai Union Group PCL, Tri Marine International, Inc., Trident Seafoods Corporation, Young`s Seafood Limited, Zhanjiang Guolian Aquatic Products Co., Ltd., and Others.
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Seafood Market Segments:
By Nature:
- Organic
- Conventional
By Source:
- Farm Raised
- Wild Caught
By Product Type:
- Ground Fish
- Pelagics
- Tuna
- Salmonids
- Molluscs
- Crustaceans
- Lobsters
- Crabs
- Shrimp
- Other Product Types (Prawns, Trouts, etc)
By Form:
- Fresh
- Chilled
- Frozen
- Ambient
By End Use:
- Food
- Pharmaceutical
- Cosmetics
- Industrial
- Biotechnology
- Household Retail
By Sales Channel:
- Direct
- Indirect
- Modern Trade
- Convenience Stores
- Specialty Food Stores
- Wholesale Stores
- Discount Stores
- Online Retail
- Other Retail Formats
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By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle east and Africa
About FMI:
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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