GLOBAL – Rising consumer awareness about healthy nutrition is driving the seafood market, according to market research firm Technavio.
In its recently released report, Technavio projected that the seafood market size will grow by US$ 107.74 billion from 2021 to 2026, progressing at a CAGR of 12.54% during the forecast period.
During the period between 2019 and 2024, Technavio estimates that the seafood market will grow by 81.73 million, rising to US$416.23 million in 2024, from US$334.5 milion in 2019.
APAC was identified as the largest market in the period between 2019 and 2024 and accounts for 38% of the market growth with China, India, and Japan comprising some of the key markets in the region.
“It is expected that there will be a rapid growth of the market in APAC when compared to other regions,” the report noted.
“One of the main factors fuelling the market growth in the region is the growing population of young, sophisticated, and affluent people who are looking for high-quality seafood.”
Regionally, South America stands out as the best-performing region between 2019 and 2024 while Europe is expected to experience the slowest market growth of all regions during the forecast period.
Despite this, Europe is home to two of the top four countries in the global seafood markets. Germany leads the pack with a market share of about 11% followed by France with a market share of 5.5%.
Other countries in the top four include India (4.5%) and China (3.5%). Together, the top four countries account for approximately 25% of the total seafood market, according to Technavio.
Technavio notes that more sales of seafood are happening due to an increasing shift in consumer shopping with many consumers influenced by online research conducted through websites, blogs, and social media.
“Furthermore, the increasing Internet penetration and smartphone adoption are boosting online purchases which is fuelling the growth of this segment which in turn will drive the market growth during the forecast period,” the report noted.
Technavio however notes that factors such as the depletion of sea species may impede market growth.
Consider the example of the bluefin tuna, one of the largest fish on earth that is sought after for its delicious meat, which is often enjoyed raw, as sushi.
According to National Geographic, demand for this particular fish has threatened its population. Today’s spawning population of bluefin tuna is estimated at 21 to 29 percent of its population in 1970.