The growth of the global seafood market is majorly driven by increase in awareness about the health benefits associated with seafood. For instance, seafood is a rich source of proteins, vitamins, and minerals. Moreover, seafood contains omega-3 fatty acid, which helps in reducing risk of cardiovascular diseases. In addition, surge in population and extensive availability of different species of fishes are expected to boost the growth of the seafood during the forecast period.
The seafood market size was valued at $159,311.9 million in 2019, and is projected to reach $193,913.6 million by 2027, registering a CAGR of 2.5% from 2020 to 2027. Seafood is a form of meal, which includes various sea creatures. It is often considered to be healthy, as it serves as a key source of essential fatty acids and macro & micro nutrients. The seafood market is expected to reach the market size of $193,913.6 million in 2027, due to growth in per capita disposable income.
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However, depletion of wild stock of fishes in seas acts as the major restraint for the market. On the contrary, rise in the collaboration between manufacturers and food service providers is expected to provide lucrative opportunities for growth for the global market.
The global seafood market is segmented into type, application, and region. Depending on type, the market is divided into fish, crustaceans, Mollusca, and others (roe, marine mammals, and medusozoa). On the basis of application, it is classified into retail, institutions, and food service. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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The key players in the global seafood market have strategically focused on product launch as their key strategy to gain significant share in the market. The key players in the seafood industry profiled in the report include Pacific Seafood, Kangamiut Seafood A/S, American Seafoods Company, Phillips Foods, Inc., Trident Seafoods Corporation., Marine Harvest ASA, Thai Union Group PCL, Lee Fishing Company, and Leigh Fisheries.
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