Seafood market revenue to cross US$ 2,01,253.49 Mn by 2028.

Seafood market size to grow at a CAGR of 3.0% from 2022 to 2028. The global market is segmented by product type, category and distribution channel.

NEW YORK, UNITED STATES, January 23, 2023 /EINPresswire.com/ -- According to the new research study titled "Seafood Market to Forecast 2028 – Global Analysis – by Product Type, Category, and Distribution Channel," the seafood market is expected to grow from US$ 1,71,493.93 million in 2022 to US$ 2,01,253.49 million by 2028; it is expected to grow at a CAGR of 3.0% from 2022 to 2028.

Seafood provides numerous health benefits, which is the primary factor that drives seafood consumption among consumers. Health consciousness among consumers is increasing tremendously. Seafood is a high-protein food that is low in calories, total fat, and saturated fat. It consists of sufficient essential amino acids to ensure healthy growth and optimal fetal development.

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A 3-ounce serving of most shellfish and fish provides more than 30-40% of the average 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. Further, omega-3 fatty acids help maintain a healthy heart by reducing blood pressure and the risk of sudden death, abnormal heart rhythms, heart attack, and strokes. Also, fish contains ample phosphorus and calcium and is a great source of minerals, such as zinc, iodine, iron, magnesium, and potassium. Thus, the growing health consciousness among the populace and rising awareness regarding the benefits of seafood is fueling the growth of the seafood market.

With the introduction of emerging technology, frozen seafood retains nutritional value and taste similar to fresh seafood. Freezing slows down the decaying process, thereby retaining its nutritional value. Fish frozen within a few hours of being caught contains well-preserved vitamins. It has been found that fresh fish is subject to rapid degradation and has a shorter shelf life. Hence, the rising need for convenience and increased shelf life offered by canned and frozen seafood products, coupled with increasing R&D activities by the major players, are driving the growth of the seafood market across the globe.

A few of the key players operating in the seafood market are American Seafoods Company LLC, Kangamiut Seafood A/C, Lee Fishing Company, Pacific American Fish Co. Inc., Royal Greenland A/S, Mowi ASA, The Union Group PCL, Grupo Nueva Pescanova, Trident Seafoods Corporation, SeaPak Shrimp & Seafood Company. These key players are adopting product innovation strategies and investing in business expansions to meet consumers’ rising demand for seafood. Such strategic development initiatives by manufacturers are further expected to drive the market growth in the coming years.

Browse key market insights spread across 150 pages with 88 list of tables & 81 list of figures from the report,” Seafood Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product Type (Fish, Crustaceans, Mollusks, and Others), Category (Fresh, Frozen, Canned, and Others), and Distribution Channel (Supermarkets & Hypermarkets, Specialty Stores, Online Retail, and Others)

Based on product type, the seafood market is segmented into fish, crustaceans, mollusks, and others. The crustaceans segment is projected to register the highest CAGR during the forecast period. Crustaceans are members of the subphylum Crustacea (phylum Arthropoda), a group of invertebrate animals comprising ~45,000 species across the world. The crustaceans group includes some commonly consumed seafood such as crab, shrimp, lobsters, prawns, crayfish, krill, and barnacles. They aid in weight loss, help in boosting immunity, and promote heat & brain health. Curried crab & dumplings, lobster newburg, potted shrimps, moeche, shrimp bisque, cereal prawns, and she-crab soups are a few of the most famous dishes prepared using crustaceans and are consumed all across the globe.

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Based on distribution, the seafood market is segmented into supermarkets and hypermarkets, specialty stores, online retail, and others. The supermarkets & hypermarkets segment held the largest share of the seafood market in 2021. Supermarkets and hypermarkets refer to self-help shops that offer a wide variety of products on sale. Seafood has a dedicated section in supermarkets and hypermarkets. Thus, the customers are provided with a wide variety of options, especially from the freezer section. Seafood counters of supermarkets and hypermarkets are considered excellent places to purchase a wide variety of fresh and frozen seafood. These factors are projected to drive the segment's growth.

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