Oct 5,2021 | Food
The seafood market consists of sales of a wide variety of crustaceans; fish and other seafood by entities that produce canned seafood, smoke, salt and dry seafood, eviscerate fresh fish, shuck and pack fresh shellfish, process marine fats and oils and/or freeze seafood. Establishments known as floating factory ships that gather and process seafood into canned seafood products are also included in this industry. The companies in the industry package and distribute their products through various distribution channels to both individual customers and commercial establishments.
The global seafood market is expected to grow from US$240.63 billion in 2020 to US$252.61 billion in 2021 at a CAGR of 5%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach US$335.82 billion in 2025 at a CAGR of 7%. Major companies in the seafood market include Grupo Pescanova; Marine Harvest ASA; Thai Union Frozen Products; Royal Greenland and John Westfoods.
Fish processing establishments are using high pressure processing (HPP) technology to improve operational efficiency. HPP is a non-thermal technology in which the fish is submerged in a liquid placed in a pressure vessel and uses pressures of about 6000 times the average air pressure at sea level to pasteurize fish meat. High pressure processing replaces the need for heating fish produce and chemicals are used for fish preservation. It increases yield by 20-50% and saves processing time and costs. HPP effectively kills microbes and extends the shelf life of the processed fish by 2 to 4 times, without adversely affecting its freshness, flavor, color, texture and nutritional value. HPP technologies developed by Avure Technologies and Food Science Australia are being widely used in fish processing.
The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on the seafood manufacturing market in 2020 as supply chains were disrupted due to trade restrictions and consumption declined due to lockdowns imposed by governments globally. As many governments restricted the movement of goods across countries and locally, manufacturers had to halt production due to lack of raw materials. Also, restrictions on trade of non-essential goods and fear of contamination through manufacturing facilities contributed to the decline.
With the updated report offered on Bharatbook, it covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography. It places the market within the context of the wider seafood market, and compares it with other markets, and the impact of the Covid 19 virus and forecasting its recovery.
For more insights on the market, please visit Seafood Global Market.