The global processed fish and seafood market size is expected to reach USD 136.33 billion by 2028, registering a CAGR of 4.1% over the forecast period, according to a new report by Million Insights. Increasing awareness about the various health benefits of consuming processed seafood and fish has led to significant market growth over the last few years. Moreover, the increasing per capita consumption and the growing consumer expenditure on processed seafood and fish products are some of the key factors responsible for market growth.
Moreover, lockdown and other strict measures imposed in various countries during the COVID-19 pandemic to curb the spread of the virus had an adverse impact on the product demand owing to the suspended supply chain of processed foods. The industry is highly dependent on international trade, which is suffered quite early from a pandemic due to the limitations on movements and closures of the global markets. Fishery and aquaculture and supply chain susceptible to being disrupted or stopped by measures arising from COVID-19 restrictions. The seafood segment is expected to register the fastest CAGR of 4.4% from 2021 to 2028. The growing health consciousness among consumers has increased the demand for nutritious processed seafood products due to benefits, such as the reduced risk of chronic diseases. In addition, the rising production of value-added processed seafood products is boosting the product demand, especially in developed economies.
The cured segment is anticipated to register the fastest CAGR of 4.6% from 2021 to 2028. The increasing preservation of fish and seafood to prevent excessive dehydration during storage as well as contamination with harmful bacteria is propelling the growth of this segment. Moreover, continuously changing lifestyles coupled with the hectic schedules of consumers are expected to accelerate the demand for cured products.
The online distribution channel segment is expected to register the fastest CAGR from 2021 to 2028 due to the increasing internet penetration. A rise 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 accounted for the largest revenue share of the global market in 2020. The rising demand for protein-rich processed food products is expected to accelerate regional market growth. Moreover, the increasing consumption of processed fish and seafood products due to various health benefits and rising disposable income levels of consumers in developing countries like China, India, and Indonesia are expected to accelerate the regional market growth.
The report “Processed Fish And Seafood Market Size, Share & Trends Analysis Report By Product (Fish, Seafood), By Form (Canned, Cured), By Distribution Channel (Online, Offline), By Region (Europe, APAC), And Segment Forecasts, 2021 - 2028” is available now to Million Insights.
Million Insights has segmented the global processed fish & seafood market on the basis of product, form, distribution channel, and region: