Seafood Global Market Report 2022

Seafood Global Market Report 2022

  • June 2022 •
  • 300 pages •
  • Report ID: 6284466 •
  • Format: PDF
Major companies in the seafood market include Mowi ASA, Thai Union Group PCL, Austevoll Seafood, Maruha Nichiro Corporation, Trident Seafoods Corporation., The Kraft Heinz Company, High Liner Foods, Young’s Seafood Ltd, Nichimo Co Ltd, and Nichirei Corporation.

The global seafood market is expected to grow from $236.81 billion in 2021 to $262.81 billion in 2022 at a compound annual growth rate (CAGR) of 11.0%. The market is expected to grow to $387.75 billion in 2026 at a compound annual growth rate (CAGR) of 10.2%.

The seafood market consists of sales of seafood by entities (organizations, sole traders, and partnerships) that produce canned seafood, smoke, salt, and dry seafood, eviscerate fresh fish, shuck and pack fresh shellfish, process marine fats and oils, and/or frozen seafood.Establishments known as floating factory ships that gather and process seafood into canned seafood products are also included in this industry.

The companies in the industry package and distribute their products through various distribution channels to both individual customers and commercial establishments.

The main types of seafood are crustaceans, fish, and other seafood.A crustacean is a type of animal that lives in water and has a hard shell and multiple pairs of legs.

Crustaceans include lobsters, shrimp, and crabs.The different types of products include frozen, dried, smoked, canned, Other Distribution Channels and have both organic and conventional nature.

It is originated from various sources such as marine, inland and is distributed through several channels including supermarkets/hypermarkets, convenience stores, e-commerce, Other Distribution Channels.

Asia Pacific was the largest region in the seafood market in 2021.Western Europe was the second-largest region in the seafood market.

The regions covered in this report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The world population is growing and is expected to reach 10 billion by 2050.An increase in population creates more demand for food.

According to “The Agricultural Outlook” by the OECD and FAO, global cereal production was projected to increase by 13% by 2027.Crop production, farming activities, and trade volumes will have to increase in order to meet the increased population.

Therefore, companies in this market are expected to benefit from rising demand for food and beverage products including the seafood manufacturing market due to the rising population, during the forecast period.

The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on the seafood manufacturing market in 2020 as supply chains were disrupted due to trade restrictions and consumption declined due to lockdowns imposed by governments globally.COVID-19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing.

The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China, and spread globally including Western Europe, North America, and Asia.Food and beverage manufacturers depend on the supply of raw materials from domestic and international suppliers.

As many governments restricted the movement of goods across countries and locally, manufacturers had to halt production due to a lack of raw materials.Also, restrictions on the trade of non-essential goods and fear of contamination through manufacturing facilities contributed to the decline.

The outbreak had a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the seafood manufacturing market will recover from the shock across the forecast period as it is a ’black swan event and not related to ongoing or fundamental weaknesses in the market or the global economy.

Fish processing establishments are using high-pressure processing (HPP) technology to improve operational efficiency.HPP is a non-thermal technology in which the fish is submerged in a liquid placed in a pressure vessel and uses pressures of about 6000 times the average air pressure at sea level to pasteurize fish meat.

High-pressure processing replaces the need for heating fish produce and chemicals are used for fish preservation.It increases yield by 20-50% and saves processing time and costs.

HPP effectively kills microbes and extends the shelf life of the processed fish by 2 to 4 times, without adversely affecting its freshness, flavor, color, texture, and nutritional value.HPP technologies developed by Avure Technologies and Food Science Australia are being widely used in fish processing.

The Seafood Company, a Singapore-based company, is using HPP technology for seafood processing.

The countries covered in the seafood market are Argentina; Australia; Austria; Belgium; Brazil; Canada; Chile; China; Colombia; Czech Republic; Denmark; Egypt; Finland; France; Germany; Hong Kong; India; Indonesia; Ireland; Israel; Italy; Japan; Malaysia; Mexico; Netherlands; New Zealand; Nigeria; Norway; Peru; Philippines; Poland; Portugal; Romania; Russia; Saudi Arabia; Singapore; South Africa; South Korea; Spain; Sweden; Switzerland; Thailand; Turkey; UAE; UK; USA; Venezuela; Vietnam.