Market Overview: —
Seafood is a protein rich food. It is one of the broadly consumed foods worldwide. Shrimp, tuna and crab are the most popular seafood all over the world. Shrimp have becoming highest growing seafood in recent year as it is easy to cook, consumers of all age group enjoy it cause of the premium flavor and texture.
Recently there is increase in the demand for cod liver oil as it is nutrient-dense source of essential vitamins including vitamin D and vitamin A as well as anti-inflammatory omega-3 fatty acids. Fish oil supplement are in demand from the women going through menopausal years to maintain a proper level of estrogen and progesterone hormone.
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The major key players are
• Trident Seafoods Corporation (US),
• Lyons Seafoods Limited (UK),
• Thai Union Group PCL (Thailand),
• Zhanjiang Guolian Aquatic Products Co., Ltd. (China),
• Austevoll Seafood ASA (Norway),
• Cooke Aquaculture, Inc. (Canada),
• Dongwon Group (South Korea),
• Princes Ltd. (UK), Tri Marine International Inc. (US) and
• Amalgam Enterprises (India) and others.
In the last few years consumers have become aware of flashed frozen seafood products, which are also nutrient rich, non-requirement of filleting and deboning. Frozen seafood products are easy to transport than the fresh seafood products. Now, in recent years there is high demand for convenience food, so ready to cook seafood products have created huge opportunities in the market. This factor will play a key role to grow seafood market at CAGR of 3% between 2016 to 2022.
Downstream Market Analysis
The popularity of seafood in consumers among different age groups is supporting the growth of the market. Fresh fish and shrimp are being appreciated by all age consumer groups, hence has created huge potential in the market. Ready to cook seafood will be new opportunity in the seafood market.
APAC accounted for higher market share in the seafood during the period 2011-2015. Major companies are targeting APAC as potential region for investments in the seafood market due to potential demand scenario
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Market Research Analysis:
• The demand for fresh seafood is increasing in Europe
• Top 5 importers of frozen fish are China, Japan, Thailand, Korea and Spain
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