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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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.
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.
Some
of the prominent players in the processed seafood market include:
- China National Fishery Corporation (CNFC)
- Seaboard corporation
- Universal seafood
- Austevoll Seafood ASA
- MARINE HARVEST ASA
- Trident seafood
- Aquachile
- The Union Frozen Products Co., Ltd.
- Tianjin Fishery Product Supplying & Marketing Co.
- High Liner Foods
- Tropical general investments Nigeria Ltd.
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