Asia Pacific Seafood Market to Grow at a CAGR of 2.9% to reach US$ 107,381.62 Million from 2020 to 2027

The Asia Pacific seafood market was valued at US 85,832.66 million in 2019 and is projected to reach US$ 107,381.62 million by 2027; it is expected to grow at a CAGR of 2.9% during 2020– 2027.

As per the Food and Drug Administration (FDA), seafood encompasses all commercially obtained saltwater and freshwater fish, molluscan shellfish, and crustaceans. The demand for seafood is anticipated to witness a dramatic growth owing to its health benefits. According to the Food and Agriculture Organization (FAO) it is predicted that by 2030, an excess value of 40 million additional tons of seafood, which is an increment of almost 30% will be required to meet the rising demand. Rising per capita consumption accompanied by the affluent nations demand for imported seafood products is considered to strengthen the market further. The demand for seafood products across specialty restaurants is growing at a robust pace in recent times. A large population of consumers prefers to eat seafood over other cuisines, and this is major factor that propels the market expansion. Moreover, coastal regions are implementing concerted efforts to develop advanced supply chains for the export and supply of seafood. Also, the growth of the seafood market highly depends on the ease of procuring seafood from coastal regions. Furthermore, the improvement in economic condition and progression in disposable income levels also helped the market growth. The developing economies are witnessing strong urbanization trend and it resulted in the increase in disposable income among the middle-income groups, subsequently adding to the middle-class population. The medium as well as high-income consumers in urban areas are changing their consumption trend from essential to premium food products. This trend favors seafood companies and suppliers to improve their product and service line in the seafood segment.

China contributed to the largest share in the Asia Pacific seafood market. China's economy has rapidly grown in recent years. China's economy has rapidly grown in recent years and is now one of the leading economies. China is one of the largest countries with a vast population base with high disposable income. Domestic demand for seafood in China is strong. It is propelled by the widespread consumer perception that seafood is a healthy protein coupled with a preference for seafood products among middle-class consumers. Also, the African Swine Fever outbreak of 2018 has decreased the pork supply and escalated up meat prices, stimulating seafood consumption, and imports. Chinese consumers prefer fresh seafood when compared to frozen or processed products. The freshwater fishes are one of the dominating segment in the Chinese fisheries aquaculture sector. The domestic consumption of processed seafood products is relatively small compared to total seafood consumption. In contrast, frozen and processed seafood consumption is anticipated to increase gradually attributed to improvements in China's processing, distribution, and cold chain systems. Moreover, the rising traction of high-end supermarkets and consumer interest to have a more diversified and nutritious diet featuring seafood also considered expanding the sales of frozen and processed seafood.

Asia Pacific Seafood Market

Market Insights

Health Benefits Associated With Seafood Attracts Health Conscious Consumers

Seafood provides numerous health benefits to consumers. This is the primary factor that drives seafood consumption among consumers. Health consciousness among consumers is increasing tremendously, which further helps in market expansion. Seafood is a high-protein food, which is low in calories, total fat, and saturated fat. It consists of enough of the essential amino acids to ensure healthy growth and optimal fetal development. A 3-ounce serving of most shellfish and fish provides more than 30-40% of the average daily recommended amount of protein. The protein in seafood is more comfortable to digest as seafood has less connective tissue than red meats and poultry. Seafood is rich in vitamins and minerals and offers a wide array of health advantages to the consumer. For instance, recent studies have shown that seafood consumption can reduce the risk of heart attack, obesity, stroke, and hypertension. Seafood also provides vital nutrients for developing infants and children. Further, seafood is commonly considered a low-calorie protein source. Low-fat species of fish, such as flounder, cod, and sole, contain less than 100 calories per 3-ounce cooked portion. Fattier fish such as salmon, mackerel, and herring have about 200 calories per serving. Moreover, fish is packed with omega-3 fatty acids and vitamins such as B2 (riboflavin) and D. These indispensable components keep the heart and brain healthy, attracting consumer traction. Two omega-3 fatty acids present in fish are DHA (docosahexaenoic acid) and EPA (eicosapentaenoic acid). Scientific studies show that the marine-derived omega-3 fatty acids reduce the risk of heart disease and contribute to vision and brain development in infants. The human body doesn't produce omega-3 fatty acids in needed amounts, so they must be consumed through the diet. Salmon, sardines, trout, herring, canned mackerel, canned light tuna, and oysters contain a high amount of omega-3 fatty acids. Omega-3 fatty acids help to maintain a healthy heart by reducing blood pressure and reducing the risk of sudden death, abnormal heart rhythms, heart attack, and strokes. Also, fish contains an ample amount of phosphorus and calcium and a great source of minerals, such as zinc, iodine, iron, magnesium, and potassium.

Type Market Insights

The Asia Pacific seafood market is segmented on the basis of type into fish, crustaceans, mollusca and others. Fish is a grill bearing aquatic animal that lacks a limb. Most of the fishes are ectothermic or cold-blooded and allow their body temperature to vary as per the ambient changes in temperature. However, large active swimmers like tuna and white shark are capable of holding a higher core temperature. Cod, salmon, trout, tuna, haddock, sea bream, plaice and shark are some type of fishes that are consumed as seafood. Some of the fishes are raised in ponds or in cages in the sea but most of them are picked up alive from the oceans by the big commercial fishing boats. Fish is an important source of protein. It can be consumed raw as in Japanese sashimi or can be kept for future consumption by being picked as done in pickled herring. It can be smoked and consumed as in the form of smoked salmon and can be canned like canned tuna. Most of the fishes are cooked by frying, baking, steaming or grilling. It can be cooked as a whole big fish or can be cut into large pieces commonly known as fillets. It can also be cut into small pieces and be used in the making of soup, stew or curries.

Product Type Market Insights

The Asia Pacific seafood market is segmented on the basis of product type into fresh, frozen, canned, and others. The fresh segment holds a larger share of the Asia Pacific seafood market. Fresh seafood is highly preferred by the majority of the consumers owing to its health benefits. Various factors, such as sedentary lifestyle habits, rising income levels, increasing prevalence of chronic conditions, and the escalating awareness about health and wellness, have resulted in a shift in individuals' consumption patterns. Consumers are highly focusing on reducing or eliminating carbohydrate-loaded food products from their daily diet and include the consumption of protein-rich food items such as fish. Consumers are heavily employing seafood such as tuna, salmon, and many others to prepare pasta, burgers, salads, tartar sauce, and other dishes that are consumed as a part of the daily diet. Attributed to the increasing inclination of consumers towards seafood, hotels, and restaurants offer a wide variety of seafood dishes. To gain consumer attraction, chefs have perfected new recipes and dishes majorly made with fish, trout, and prawns. The popularity of these recipes has aided in the demand for the seafood market. The food industry needs to encapsulate seafood as a vital part of its offerings. The necessity to reciprocate to consumers of all ages and preferences has popularized seafood around the Asia Pacific.

Asia Pacific Seafood Market, by Product Type– 2019 and 2027

Distribution Channel Market Insights

The Asia Pacific seafood market is segmented on the basis of distribution channel into supermarkets and hypermarkets, convenience stores, specialty stores, online and others. The supermarkets and hypermarkets segment holds a larger share of the Asia Pacific seafood market. Supermarkets and hypermarkets refer to self-help shops giving a wide variety of products available for sale. Seafoods have a dedicated section in the supermarkets and hypermarkets. Thus the customers are provided with a wide variety of options to choose from especially from the freezer section. The supermarket and hypermarket seafood counters are considered to be an excellent place for the purchase of a wide variety of fresh and frozen seafood. Seafood is very perishable and needs to be properly handled from the minute they are taken out of water. The supermarket and hypermarkets provide super-fast freezing which keeps the seafood fresh for a longer period of time. Smoked fish and canned fish are found in many varieties in the supermarket & hypermarkets. Consumers prefer purchasing seafood from supermarkets and hypermarkets owing to the trust of high-quality products. Atlantic salmon, Pacific salmon, cod, catfish, haddock, trout and tuna are some of the most common seafood varieties that are sold and picked up from the supermarkets & hypermarkets. Hassle-free purchase, better services, and bulk buying facilities offered by supermarkets and hypermarkets attract more and more customers to the store, which helps in making more profits. The producers of seafood sell their products directly to the dealers or distributors, who further makes the sale to the distributors of supermarkets and hypermarkets. The distributor at supermarket and hypermarket keep the assortment of seafood depending on the consumer's demand.

Report Spotlights

• Progressive industry trends in the Asia Pacific seafood market that help players develop effective long-term strategies
• Business growth strategies adopted by developed and developing markets
• Quantitative analysis of the Asia Pacific seafood market from 2017 to 2027
• Estimation of Asia Pacific seafood demand across various industries
• Recent developments to understand the market competition and Asia Pacific demand
• Market trends and outlook, coupled with factors driving and restraining the growth of the Asia Pacific seafood market
• Insights to help decision-making process by providing understanding of strategies that underpin commercial interest with regard to the Asia Pacific seafood market growth
• Asia Pacific seafood market size at various nodes of market
• Detailed overview and segmentation of the Asia Pacific seafood market, as well as its dynamics in the industry

Asia Pacific Seafood Market – By Type

• Fish
• Crustaceans
• Mollusca
• Others

Asia Pacific Seafood Market – By Product Type

• Fresh
• Frozen
• Canned
• Others

Asia Pacific Seafood Market – By Distribution Channel

• Supermarkets and Hypermarkets
• Convenience Store
• Specialty Store
• Online
• Others

Company Profiles

• American Seafoods Company LLC
• Lee Fishing Company
• Pacific American Fish Co. Inc.
• Royal Greenland A/S
• Mowi ASA
• The Union Group PCL
• Grupo Nueva Pescanova
• Trident Seafoods Corporation

Asia Pacific Seafood Report Scope