Seafood
refers to all the varieties of fish, crustaceans and molluscs either
in fresh or processed form. Sea food is rich in proteins and is
considered one of the best foods for body and mind. Farmed fishes or
aquaculture have become mainstream in supplying seafood to the retail
segment as well as for export.
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Global
seafood market can be segmented on the basis of product categories
such as Crustaceans, Molluscs, Fish and other seafood. The market can
also be segmented on the basis of retail market varieties as canned
seafood products, frozen (ready meal) and chilled (smoked and
slated). The seafood market can also be segmented on the basis of
geographies namely North America, Asia Pacific, Europe and Rest of
the World.
East
and South-east Asia combined is the largest producer of seafood.
Innovative farm practice, slaughtering and packaging techniques have
made the market highly lucrative and is expected to grow with a
considerable single digit CAGR from 2013-2019. There is a high demand
of sustainable and eco-friendly production of seafood to fulfill the
rising demand of seafood in an ethical manner. Growth in distribution
network and rising affluent class demanding for luxury food has
increased the demand of seafood globally.
The
key driving factors are innovations and variations in seafood dishes
and demand for proteinaceous fat-free food worldwide. Exclusive
restaurants providing exotic seafood and changing taste of consumers
are some other factors responsible for the growth of seafood
market globally. Some of the restraining factors are short
shelf life of the product, government regulations on raising and
packaging of seafood and diseases outbreaks while raising and
processing seafood.
Key
players dominating this market include Grupo Pescanova, Marine
Harvest ASA, Thai Union Frozen Products, Royal Greenland, John
Westfoods, Abba Seafoods, Cuulong Fish and Stone Seafood Company.
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