The seafood market
size is anticipated to reach USD 193,913.6 Million by 2027, registering at a Compound Annual Growth Rate of 2.5 percent until 2027. The highest contributor to this market is the fish segment. This segment was estimated at USD 101, 526.2 million in 2019, and is anticipated to reach USD 125,914.3 million by 2027, at a CAGR of 2.7 percent. The major factor driving the growth of seafood is the increasing awareness of the health benefits regarding seafood and the change in lifestyle of the consumers.
Consumers these days are changing their lifestyle and are remarkably following pescetarianism. Pescetarianism is to consume vegetarian food with seafood and not other meat such as pork, poultry, etc. and this shift is seen owing to consumers’ preference for a healthy diet. However, depletion of sea species has restrained the seafood market growth. But fortunately, sustainable fishing is anticipated to increase the supply of seafood to meet the emerging demand.
Furthermore, the collaboration of fishermen and fish farmers with processors, distributors, retailers, restaurants, and food service providers is expected to provide a solution to resolve the environmental issues and further help in making the market not only environmentally and economically sustainable, but also socially sustainable.
The seafood market is divided into type, application, and market. The seafood is categorized into fish, crustaceans, Mollusca, roe, medusozoan, etc., based on the type, and based on the application it is segmented into retail, institutions, and food service. And lastly, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA, based on the region.
High protein alternative
Based on the seafood market analysis, by type, the fish segment was the most prominent category in 2019 and is projected to remain dominant over the forecast period and the growth in this landscape is accredited to the increasing popularity of fish as a high protein alternative to meat.
Marine Products Export Development Authority (MPEDA) stated that during the year 2019-2020, India shipped 12,89,651 MT of seafood, which is worth Rs 46,662.85 crore, in Indian rupee and USD 6.68 billion approximately, mitigating the unfortunate effects of the Covid-19 pandemic, that affected the other segments as well. The Frozen shrimp segment was the major export item both in terms of quantity and value. This is followed by the frozen fish landscape.
K S Srinivas, Chairman, MPEDA, said, “India managed to export 12,89,651 MT of seafood, despite the sluggish demand in its major export markets caused by the pandemic, which led to the cancellation of several orders, reduced and delayed payments, slowdown of cargo movements and difficulty in getting new orders”. “The decline in sea catch along the west coast due to reduced fishing days has also been a reason for the shortfall in quantity,” he added.