Seafood Industry Is Anticipated To Grow At A CAGR Of 4.3% During 2016-2024

By Goldstein Market Intelligence || 2019-02-06 1:38:54 PM

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According to Goldstein Research, “Fat-free and rich source of protein values are the major boosting factors for the growing demand of seafood. Nearly 15% of the animal protein is consumed across the globe and around 1.1 billion of global population are depended on seafood for their primary source of animal protein. Countries such as Portugal, Iceland and Japan are the major consumers for seafood in the world.

Seafood Industry Overview

Global seafood industry is segmented on the basis of types of seafood, product type and by distribution channel. Types of seafood are further categorized fishes, crustaceans, molluscs and other seafood (sea turtles, marine mammals). Among all types of seafood, Fishes are the dominating segment of global seafood industry. In 2016, worldwide fishes production accounted approximately 172 million tons. However, shrimps accounted for around 60% of total production of crustaceans in 2016.

Asia-Pacific is the dominating region for global seafood industry. Asia-Pacific seafood industry is anticipated to grow at a remarkable CAGR of 5.0% during the forecast period. Asia-Pacific seafood industry is anticipated to reach over USD 71.0 billion by the end of 2024. Huge demand for seafood in countries such as China, Japan, Vietnam, Malaysia and India are likely to contribute in the growth of seafood industry in the region.

Health Hazards of Seafood: Hindering Per Capita Consumption

Seafood is the rich source of nutrients and minerals which helps in the improvements of brain and thereby contributing in the huge demand across the globe. However, seafood also causes severe health hazards which are restraining the market growth. Seafood is the major food allergens and also have tendency to store mercury in their body. Important species of fishes such as such as swordfish, mackerel, albacore tuna, tilefish and shark contains high concentration of mercury as compared to other marine fishes. Minamata disease is one such example of health hazards caused due to consumption of large quantities of fish and shellfish and was first reported in Japan. Such health hazards negatively impacted the consumption rate of seafood.

Global Seafood Market report by Goldstein Research contains detailed overview of the global seafood industry in terms of market segmentation by types of seafood, by product type and by distribution channel.

Further, for the in-depth analysis, the report encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Scale) analysis, Porter’s five force model and SWOT analysis.

Global seafood industry also provides competitive outlook of some of the major players of global seafood industry which includes profiling of companies such as Grupo Pescanova, Thai Union Frozen Products, Abba Seafoods, John Westfoods, Stone Seafood Company, Cuulong Fish, Royal Greenland, Marine Harvest ASA, SeaPak Shrimp & Seafood Co., Mark Food Inc., Inland Seafood, Nippon Suisan Kaisha, Skretting, Dongwon Industries, Maruha Nichiro Corporation, Austevoll, Trident Seafoods, Kyokuyo Co. Ltd., EWOS Group, Charoen Pokphand Foods, Pacific American Fish Co. (PAFCO), Slade Gordon & Co. and East Coast Seafood. The company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services and industries catered, financial analysis of the company and recent developments.

Overall, the report represents comprehensive synopsis on the global seafood industry that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.

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