Global Processed Seafood Market: Overview
Continuous innovations in fishing techniques and exploration of new fishing grounds are leading to significant growth in the recent years. This is attributed to rising demand for protein-rich food products coupled with increasing consumer inclination towards ready-to-cook products. Furthermore, escalation of import and export trade of processed seafood globally, there is robust increase in its demand even in non-coastal areas. Moreover, efficient transportation and cold storage facilities are leading to overall processed seafood market growth. An upwelling trend is seen in the value chain of the seafood industry through the large scale export of the processed seafood across the world.
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Global Processed Seafood Market: Drivers and Restraints
Increasing raw seafood prices have led to consumer shift towards processed seafood products. This is further anticipated to act as a prominent area for processed seafood manufacturers. This is fuelling the overall processed seafood market growth. The breakthrough innovations in the technology and processing of seafood has also accelerated the growth potential for processed seafood market. Moreover, with increased urbanisation, demand for healthy food products and change in family structure will further fuel the growth of processed seafood market. The seafood industry is a growing opportunity for improving the food security across the world. Thus, offers a dwelling platform for processed seafood market.
However, there is still a huge gap in the infrastructure development in the seafood industry due to existence of traditional processing equipment, along with lack of funds and inadequate management, which hinders the growth of processed seafood market. Moreover, firm governmental regulations such as stringent fishing policies, environmental laws to protect water population are anticipated to result in wakening fishing activity. This will lead to non-availability of raw material, thus, hampering the growth of processed seafood market.
Global Processed Seafood Market: Region wise Outlook
The processed seafood market is divided into seven regions, namely Latin America, North America, Western Europe, Eastern Europe, Asia Pacific excluding Japan (APEJ), Middle East and Africa, and Japan. In 2016, Asia Pacific accounted for the largest share of the processed seafood market. Of which, China accounted for largest share of export business along with local demand mitigation. China exports major share of its seafood to the U.S., Europe, and Japan and is expected to uphold its position as largest processed seafood exporter in the next five to six years. Considering the consumer consumption pattern, U.S and Europe are expected to be one of the largest importers of processed seafood. As Europe and Japan are considered to be the largest consumers of seafood.
Furthermore, processed seafood market is expected to boom in India, Brazil and Australia as the consumer consumption pattern is shifting more towards better nutrition and convenient food options. Japan is considered to be the leading importer of processed seafood due non-availability of the processed seafood.