The seafood market is expected to reach a market valuation of US$110.2 billion by 2022, growing at a CAGR of 3.6% from 2022 to 2032: IMF

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The US seafood market totaled $28.5 billion in 2022, accounting for approximately 25.9% of the global seafood industry. The demand for seafood is expected to grow at a CAGR of 3.6% between 2021 and 2031. The Japanese seafood market will grow at a CAGR of 3.3% over the forecast period.

NEWARK, Del., June 6, 2022 /PRNewswire/ — The global seafood market is expected to grow US$110.2 billion by 2022, growing to a 3.6 CAGR between 2022 and 2032. Between 2017 and 2022, seafood sales grew at a CAGR of 3.3%, and between 2022 and 2032, they will grow at a CAGR of 3.6%. According to the IMF, the US seafood market will be worth $28.5 billion in 2022, representing approximately 25.9% of the global seafood market.

Digital technology provided new opportunities for many fish harvesters and aquaculture suppliers when COVID-19 disrupted the import/export industry. Those who were quick enough to convert their products into a digital marketplace could sell and ship directly to customers.

Fish Tiangge, a USAID Fish Right initiative The Philippineslaunched an online platform using Facebook in May 2020 connect fishermen with local consumers. This unique program has linked 6,000 fishers to nearly 300,000 households, strengthening local food security and maintaining the livelihoods of thousands of fishers.

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Digital technology is also helping to modernize fishing and aquaculture operations, as well as increasing incomes and raising awareness of sustainable seafood best practices. For example, in India, we are cooperating with AquaConnect to provide digital solutions that help shrimp farmers identify quality items and make farm input purchases. Farmers also receive announcements and materials on growth and disease advisories, as well as advice and information on inexpensive financing and resources to connect to other Indian markets.

In the years to come, digital technology will continue to be a major source of industry evolution and innovation, especially when it comes to sustainable seafood trends.

“While COVID-19 has presented challenges to many small-scale fishers and aquaculture suppliers, it has also revealed areas where the seafood industry can improve its supply chains to become more robust and sustainable. .” said a senior analyst at MFI.

Leading companies profiled in the Seafood market are

  • Cooke, Inc.
  • DongwonF&B
  • Faroese Seafood
  • Handy Seafood, Inc.
  • Hansung Enterprise Co.Ltd
  • High Liner Food Incorporated
  • Kangamiut Seafood A/S
  • Lee Fishing Company
  • Leroy Seafood Group
  • Lyons Seafoods Limited
  • Mowi ASA
  • Pacific Seafood
  • Phillips Foods, Inc.
  • And others

Global Seafood Market Trends

High-pressure processing is a technology that improves operational efficiency by reducing fish preservation time and costs. This process uses pressures approximately 6,000 times the average atmospheric pressure at sea level, which pasteurizes foods without exposure to heat as it replaces the need to reheat products or use chemicals in their place; yield increase due to about 20% to 50%. HPP effectively kills microbes and extends the shelf life of processed fish by 2-4 times, without affecting its freshness, flavor, color, texture and nutritional value.

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Seafood market by category

By nature, the seafood market is segmented as follows:

By Source, the Seafood Market is segmented as follows:

By Product Type, the Seafood Market is segmented as follows:

  • Groundfish
  • pelagics
  • Tuna
  • Salmonidae
  • molluscs
  • Shellfish
  • Lobsters
  • Crabs
  • Shrimp
  • Other types of products (shrimp, trout, etc.)

By form, the seafood market is segmented as follows:

  • Costs
  • Ice
  • Frozen
  • Ambient

By end use, the seafood market is segmented as follows:

  • Food
  • Pharmaceutical
  • Beauty products
  • Industrial
  • Biotechnology
  • Household Retail

By sales channel, the seafood market is segmented as follows:

  • Direct
  • Indirect
    • modern trade
    • convenience stores
    • Specialty food stores
    • Wholesale stores
    • Discount stores
    • Online retail
    • Other Retail Formats

By region, the seafood market is segmented as follows:

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia
  • Oceania
  • Middle East and Africa

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Get valuable insights into the seafood market

Future Market Insights, in its new offering, provides an unbiased analysis of the seafood market showcasing historical demand data (2016-2020) and forecast statistics for the period 2021-2031.

The study discloses compelling seafood market insights based on seafood market by nature (organic seafood and conventional seafood), by product type (groundfish, pelagic, tuna, salmonid , shellfish, lobsters, crabs, shrimp and other product types (shrimp, trout, etc.)), by form (fresh, chilled, frozen and ambient), by source (farmed and wild) by end use ( food, pharmaceutical, cosmetics, industrial, biotechnology and household retail), by distribution channel (direct and indirect) and in seven major regions.

Explore extensive IMF coverage food and drink market Perspective Landscape

Meat Mixers Market – Meat Mixers Market Size Expected To Exceed US$2.1 billion in 2022. With a CAGR of 7.1%, the market valuation is expected to reach US$4.2 billion by 2032.

Mussel Market – The global mussel market is expected to reach a market valuation of $4.1 billion by 2022, accelerating with a CAGR of 4.6% by 2022-2032.

Oat Protein Market – The global oat protein market is expected to reach a market valuation of $51 million by 2022, accelerating with a CAGR of 4.4% by 2022-2032.

Organic Seeds Market – The Organic Seeds Market is valued at $4.2 billion in 2022, and it is expected to increase at an annual rate of about 8.7% between 2023 and 2032.

Milk Protein Market – The Milk Protein Market is valued at $11.4 billion in 2022 and is expected to grow at a CAGR of 5.6% over the forecast period, reaching a value of $19.7 billion by 2032.

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