The global seawater fish market is evaluated at US$274.470 billion for the year 2019 and is projected to grow at a CAGR of 3.00% to reach a market size of US$337.545 billion by the year 2026.
The seawater fish market is expected to witness steady growth owing to the increasing awareness about the fact that they are considered to be healthy, as it serves as a key source of essential fatty acids and macro & micronutrients. Saltwater fish tend to have larger bones and tend to be easier to debone properly. Deboning freshwater fish requires extra time and attention to make sure that you remove all of the smaller bones to avoid a choking hazard. Furthermore, as more and more consumers are realizing the health benefits of seafood fish, the demand for seafood fish is rising. Taste preferences play an important role in deciding the type of fish preferred by the end consumers. For the consumers who enjoy fish that have the flavor of the ocean, seawater fish are the best option. Moreover, the seawater fishes contain significant nutrients concentrations preferred by the end consumers.
The rise in the fisheries and the aquaculture sector significantly expanded in the past decades and total production, trade, and consumption reached an all-time record in 2018, according to a report by the food and agriculture organization of the United Nations. Sustainable aquaculture development and effective fisheries management are critical to maintaining these trends. For fisheries, there is growing evidence that when they are properly managed, stocks are consistently above target levels or rebuilding. These developments are expected to be a tailwind to the market for seawater fishes during the forecast period.
The rising demand for seafood is expected to trigger the demand for sea fish in the coming years. The global demand for seafood is expected to witness a dramatic growth over the forecast period, and as predicted by the FAO that by 2030, on an excess value of 40 million additional tons of seafood, which is an increment of almost 30% will be required to meet the growing demand. As in the global population growth is a factor in this rising demand, along with this the growing per capita consumption followed by the affluent nations demand for imported seafood products is all set to strengthen the market further.
GLOBAL Seawater fish market, US$ billion, 2020 to 2026
Source: Knowledge Sourcing Intelligence Analysis
The market has been significantly driven by the increase in the number of fishing vessels across several regions in recent years in order to cope up with the rising demands of the seawater fishes.
The advent of COVID-19 had an adverse impact on the global seawater fish market. The immense downturn in industry is attributed to the drop in consumer confidence owing to the increase in the concerns due to the pandemic. Moreover, the pandemic caused several countries to go under lockdown wherein strict rules and regulations were imposed in order to curb the spread of the disease as the number of cases rose at an exponential rate during the initial months. The lockdown resulted in supply chain disruptions making it difficult for the producers to reach the consumers during the period. According to a report published by Seafood, from September onwards, restrictions continued to increase across several countries and in important trading nations on the continent in response to the rising numbers of Covid-19 cases. Heightened restrictions disrupted both domestic and international demand for seawater fishes. While retail sales remained strong to the end of the year, the re-closure of much of the foodservice market at home and abroad challenged businesses. Christmas is an important period for seafood sales across both retail and food service. Restrictions during the festive period saw record highs in retail and record lows across food services. Global transport remained slower and more expensive through the end of the year. Strict limits and Covid-19 checks on exports to China further hampered the global seawater fish trade during this period. As the pandemic is gradually getting over, the industries are resuming usual operations at risen pace in order to cope up with the losses incurred during the year.
The segmentation of the global seawater fish market has been done into type, distribution, and geography. By type, the classification of the market has been done into salmon, tuna, anchovies, sardines, swordfish, and others. By distribution, the classification of the market has been done into Supermarkets & Hypermarkets, Convenience Stores, Speciality Stores, Online Retail, and Others. Furthermore, on the basis of geography, the global market has been distributed as North America, South America, Europe, the Middle East and Africa, and the Asia Pacific.
A significant shift of the consumers towards seafood in recent years owing to higher nutritional benefits at a global level will drive the market during the forecast period
Factors, like high per capita consumption, increased import of edible seafood, strong penetration of organized retail, along with food service industry, rising consumer expenditure on various seafood dishes like sushi, are some of the major factors behind the growth of the market studied. For instance, United States is one of the largest importers of seafood by value. The total import value of edible and nonedible fishery products was USD 40.3 billion in 2018, an increase of USD 1.9 billion or 5% compared with 2017. This figure clearly depicts that there has been a significant demand for seafood across the United States, which is increasing year by year. Moreover, as per the US Commercial Fisheries and Seafood Industry, approximately 80% of total catch seafood, i.e., fresh and frozen are consumed as human food, which proves that there’s a significant demand for seafood across the country. Furthermore, owing to significant demand for seafood across these countries, apart from manufacturers, even retailers have introduced their own seafood brands as a part of strategic expansion. For instance, Walmart Inc.
Global Seawater fish market share, by geography
Source: Knowledge Sourcing Intelligence Analysis
The players in the global seawater fish market are implementing various growth strategies to gain a competitive advantage over their competitors in this market. Major market players in the market have been covered along with their relative competitive strategies and the report also mentions recent deals and investments of different market players over the last few years. The company profiles section details the business overview, financial performance (public companies) for the past few years, key products and services being offered along with the recent deals and investments of these important players in the market.