In 2019, the global seafood production is estimated to be account for 183.7 Mn Tonnes. The global seafood market consumption is estimated to account for US$ 140.2 Bn in 2019. In addition, the global fish per capita consumption currently stands at approximately 21kg and above 18% of the total animal protein consumption.
The aquaculture segment is estimated to account for 48.1% revenue share of the total seafood consumption. This is primarily due to double digit growth of this segment in certain developing countries in Africa and Asia Pacific. In addition, growing demand and higher price resulted in increase in the export value, out of which over 50% revenue share were from developing countries.
Global Seafood Market Insights, Trends, and Key Developments:
Increasing focus towards aquaculture and increasing production capacity
- In August 2019, Tassal Group, an Australia-based seafood producer, acquired a facility in order to farm 20,000 metric tons of shrimps. The deal is estimated to be valued at US$ 17 Mn.
- In August 2019, Cargill announced that its plant-based salmon feed will be available for the US market in 2020
Global Seafood Market Regional Analysis Market:
In 2019, China Seafood market currently dominates the seafood consumption with above 35% revenue share. This is followed by Europe, and Japan. In addition, China is the largest seafood producer in the world. Asia Pacific has the largest fishing fleets in the world, accounting for over 75% of the total 4.8 Million units.
In terms of per capita seafood consumption, South Korea accounted for the largest which is above 75 kg per capita, followed by Norway with above 65 kg and Portugal with above 60 kg.
Global Seafood Market Size and Forecast: Competition Landscape
Various key players focus on partnerships and acquisition various local or regional players in Europe to enhance their presence
- In April 2019, Maruha Nichiro Corporation acquired 33% stake in Inlet Seafish S.L., a Spain-based seafood and frozen fish products manufacturer, in order to enhance its presence in Spain market
- In May 2019, Nippon Suisan Kaisha acquired 75% stake in Flatfish, a UK-based processor, in order to enhance its presence in the country
Top 15 seafood market companies, 2019:
- Maruha Nichiro Corporation
- Nippon Suisan Kaisha
- Thai Union Group
- Marine Harvest
- Mitsubishi Corporation
- Dongwon Enterprise
- Red Chamber Group
- Trident Seafoods
- Austevoll Seafood
- Cargill Aqua Nutrition
- Charoen Pokphand Foods
- Marubeni Corporation
- Pacific Seafood Group
By Product Type:
- Other Sea Food
- Human Consumption
- Fresh and Live Seafood
- Canned Seafood
- Frozen Seafood
- Chilled Seafood
- Non-food Uses
What Will You Discover in the Report?
- An in-depth analysis of the seafood market across regions – North America, Latin America, Western Europe, Central and Eastern Europe, Asia Pacific, Middle East, and Africa.
- How the seafood market revenue is expected to grow throughout the forecast period.
- How geopolitical policies and technological changes will affect the seafood market in near future
- Which current and upcoming technologies will shape up the seafood market?
- Where the stakeholders should invest to generate higher profit margins
- How consumers (end-users) will reflect to the seafood industry during the forecast period
- Who are the seafood industry leaders and what are the key initiatives taken by them for long term growth?
- Industry exclusive use cases
Who will benefit from the Report?
- Seafood Fisheries
- Seafood Producers
- Processed Seafood Companies
- Government Authorities
- Seafood Associations
- Consultants and Analysts
Analyst access with Bekryl Market Analysts
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