Global Seafood Market Flourishes, Fueled by Growing Population

The Business Research Company's Seafood Global Market Report 2023 – Market Size, Trends, And Global Forecast 2023-2032

LANDON, GREATER LANDON, UK, November 29, 2023 /EINPresswire.com/ -- The global seafood market witnessed substantial growth, expanding from $250.02 billion in 2022 to $269.34 billion in 2023, achieving a noteworthy Compound Annual Growth Rate (CAGR) of 7.7%. The market is poised for continued expansion, with an anticipated size of $349.55 billion by 2027, sustaining a robust CAGR of 6.7%.

Key Driver: Population Growth and Rising Food Demand

The burgeoning world population, projected to reach 10 billion by 2050, is a significant driver of the seafood market's growth. As the population increases, so does the demand for food. According to "The Agricultural Outlook" by the OECD and FAO, global cereal production is expected to rise by 13% by 2027. This surge in demand for food and beverage products, including seafood, is anticipated to benefit companies operating in the seafood manufacturing market during the forecast period.

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Major Market Players Shaping the Landscape

Key players influencing the dynamics of 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.

Technological Advancement: High-Pressure Processing (HPP)

Innovations in fish processing involve the use of High-Pressure Processing (HPP) technology to enhance operational efficiency. HPP is a non-thermal technology that utilizes pressures about 6000 times the average air pressure at sea level to pasteurize fish meat. This method eliminates the need for heating and chemicals, increasing yield by 20–50% and saving processing time and costs. HPP effectively eliminates microbes, extending the shelf life of processed fish by 2 to 4 times without compromising freshness, flavor, color, texture, or nutritional value. Avure Technologies and Food Science Australia have developed widely-used HPP technologies in fish processing, with companies like The Seafood Company in Singapore implementing HPP for seafood processing.

Regional Dynamics and Market Segmentation

In 2022, Asia-Pacific emerged as the largest region in the seafood market, with Western Europe holding the second-largest share. The regions covered in the global seafood market analysis report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

The global seafood market is segmented -

1) By Type: Crustaceans, Fish, Other Seafood

2) By Distribution Channel: Supermarkets/Hypermarkets, Convenience Stores, E-Commerce, Other Distribution Channels

3) By Product Type: Frozen, Dried, Smoked, Canned, Other Product Types

4) By Nature: Organic, Conventional

5) By Source: Marine, Inland

For comprehensive insights into market dynamics and future trends, please refer to the complete report:
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Seafood Global Market Report 2023from TBRC covers the following information:

• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.

The Seafood Global Market Report 2023 by The Business Research Company is the most comprehensive report that provides insights on seafood market size, seafood market drivers and trends, seafood market major players, competitors' revenues, seafood market positioning, and seafood market growth across geographies. The seafood market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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