Research Support Specialist, USA
The global fresh seafood market size is expected to reach USD 165.75 billion by 2028, according to a new report by Million Insights. It is expected to expand at a CAGR of 3.8% from 2021 to 2028. The increasing consumption of fresh seafood products in developed and developing economies is anticipated to fuel the market growth over the forecast period. Moreover, the growing concerns over premature skin aging and bone health and the high prevalence of cardiovascular diseases are accelerating the demand for fresh seafood around the globe.
Moreover, a lockdown situation was observed during the COVID-19 pandemic and the market witnessed a slight decline owing to the suspended supply chain of the products in various countries. Fresh seafood products are highly dependent on international trade and they suffered quite early in the pandemic due to the limitations and closures of the global market. The supply chain of fishery and aquaculture is susceptible to being disrupted or stopped by measures arising from COVID-19 restrictions.
The mollusks segment is expected to expand at the fastest CAGR of 4.3% from 2021 to 2028. The growing health consciousness among consumers has increased the demand for nutritious seafood products. Moreover, the consumption of mollusks will reduce the risk of chronic diseases, which is expected to promote the market growth over the forecast period. Furthermore, increasing disposable income of the consumers and rising inclination towards a healthy lifestyle has led to a rise in the consumption of protein-rich food, which is the major growth factor for this segment.
The frozen segment is anticipated to expand at the fastest growth rate of 3.9% from 2021 to 2028. Continuously changing lifestyles due to busy life schedules of consumers are demanding frozen products, thus gaining popularity, which, in turn, will boost the industry sales. Moreover, increasing demand for seafood, innovative chilling, packaging, and distribution technology has led to significant growth of this segment.
The online segment is expected to register the fastest CAGR of 4.6% from 2021 to 2028. The internet penetration rate has witnessed lucrative growth in recent years, which has led to the significant growth of the e-commerce sector across the globe, thereby accelerating the market demand. An upsurge in product sales through various company-owned websites and e-commerce platforms is expected to propel the growth of the online distribution channel segment during the forecast period.
Asia Pacific captured the largest share of over 65.0% in 2020 due to the rising demand for protein-rich seafood products and growing awareness about the health benefits of consuming seafood. Moreover, the growing consumption of fresh seafood products in countries, like China, India, and Indonesia, consumers’ inclination toward a healthy lifestyle, continuously changing dietary habits, and the increasing disposable income of the people are accelerating the regional market growth.
The report “Fresh Seafood Market Size, Share & Trends Analysis Report By Product (Crustaceans, Mollusks), By Form (Fresh, Frozen), By Distribution Channel (Offline, Online), By Region, And Segment Forecasts, 2021 - 2028” is available now to Million Insights
Million Insights has segmented the global fresh seafood market on the basis of product, form, distribution channel, and region:
Fresh Seafood Product Outlook (Revenue, USD Billion, 2017 - 2028)
Fresh Seafood Form Outlook (Revenue, USD Billion, 2017 - 2028)
Fresh Seafood Distribution Channel Outlook (Revenue, USD Billion, 2017 - 2028)
Fresh Seafood Regional Outlook (Revenue, USD Billion, 2017 - 2028)