Preparing Your Business in a Post Pandemic World! The New Study on Seafood Provides Answers to Key Strategic Questions You Might Have
With regional and international food and agricultural value chain severely disrupted, seafood is caught in the eye of the COVID-19 storm. The market is expected to lose steam before recovering to reach a projected global market size of US$138.7 billion by 2027.
Global Industry Analysts, Inc. (GIA) launches comprehensive analysis of industry segments, market trends, growth drivers, market share, size and demand forecasts on the global Seafood market. Report segmentation includes Product Type (Ground Fish, Pelagics, Tuna, Salmonids, Molluscs, Crustaceans, Other Product Types); Variety (Chilled, Frozen, Ambient) ).
7 June 5:27 A.M., California/Marketwire/ - According to the new market research report, with regional and international food and agricultural value chain severely disrupted, seafood is caught in the eye of the COVID-19 storm. The market is expected to lose steam before recovering to reach a projected global market size of US$138.7 billion by 2027. Global food supply chains are severely disrupted as governments move swiftly to implement trade restrictions to protect domestic food supplies, a move that has and still continues to impact countries dependent on food imports. Along with several other food products, export revenues of even seafood are declining as countries close borders and halt trade. Fish and aquatic food value chain is currently witnessing a medley of challenges ranging from shutdown of operations, changing consumer demands, market access and logistical problems, and transportation and border restrictions. Supply chain interruptions caused by disruptions in transportation, trade and labor have halted both fish farming and commercial fishing operations. The global Seafood market will be reset to a new normal which going forwards in a post COVID-19 era will be continuously redefined and redesigned. Ground Fish, one of the segments analyzed and sized in this study, is forecast to grow at over 2.6% and reach a market size of US$37.3 billion by the end of the analysis period.
With the easing of the lockdown restrictions, the market will however regain lost growth momentum. Seafood will remain a healthy food option and an indulgent treat and mainstay of salads in luxury dinners and food parties. Continued developments in aquaculture and the ensuing availability of wider product choices will spur growth, alongside the growing focus of governments worldwide to utilize fisheries to achieve food security goals. The focus on reducing fish waste and losses and rise in sustainable and responsible fisheries management will positively benefit growth in the market by ensuring easy physical and economic access to sufficient, safe, nutritious and affordable seafood products. Few of the market forces at play during the pre-pandemic period included advancements in freezing technologies and cold chain logistics and the ensuing popularity of chilled and frozen seafood; robust demand for prepared and preserved/cured seafood options among consumers on the lookout for safe and convenient food options; strong revenue potential of fishmeal and fish oil; establishment of seafood only restaurants and expanding varieties of gourmet seafood dishes and the resulting healthy growth of farmed seafood in the foodservice industry.
Key Competitors Covered in the Report
Austevoll Seafood ASA
Cooke Aquaculture, Inc.
Empresas AquaChile S.A.
Handy Seafood, Inc.
Hansung Enterprise Co. Ltd.
High Liner Foods Inc.
Lyons Seafoods Limited
Marine Harvest ASA
Shanghai Fisheries General Corporation Group
Stolt Sea Farm
Surapon Foods Public Company Limited
Tassal Group Limited
Thai Union Group PCL
Trident Seafoods Corporation
Young`s Seafood Limited
Zhanjiang Guolian Aquatic Products Co., Ltd.
Geographies Analyzed in the Report
Europe (France, Germany, Italy, United Kingdom, Spain, Russia, and Rest of Europe)
Asia-Pacific (Australia, India, South Korea, and Rest of Asia-Pacific)
Latin America (Argentina, Brazil, Mexico, and Rest of Latin America)
Middle East (Iran, Israel, Saudi Arabia, United Arab Emirates, and Rest of Middle East)
This latest edition of the research study is conducted and published by Global Industry Analysts, Inc., in close collaboration with senior executives in the industry driving strategy, business development, marketing, sales, product management, technology and operations. All analysis and findings published in the report are based on validated engagements from a total executive pool size of 1451. Among this pool, 261 direct interactions with domain experts were carried out via our proprietary market research platform, MarketGlass. Among the 58 unique participations, a total of 26 validated responses were received as part of this report's primary research outreach program. We are unique in the industry to provide our clients with the validated list executive engagements and the complete project data stack.
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) (www.strategyr.com) is the world's only influencer driven AI powered market research company. Serving more than 41,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for 33 years, offering the widest coverage of topics, geographic markets, competitive brands, and companies profiled.
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Global Industry Analysts, Inc.