Worldwide Seafood Industry to 2027 - Impact of COVID-19 on the Market

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Jul 09, 2020, 12:45 ET

DUBLIN, July 9, 2020 /PRNewswire/ -- The "Seafood - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.

With regional and international food and agricultural value chain severely disrupted, seafood is caught in the eye of the COVID-19 storm. The market is expected to lose steam before recovering to reach a projected global market size of US$138.7 billion by 2027. Global food supply chains are severely disrupted as governments move swiftly to implement trade restrictions to protect domestic food supplies, a move that has and still continues to impact countries dependent on food imports.

Along with several other food products, export revenues of even seafood are declining as countries close borders and halt trade. Fish and aquatic food value chain is currently witnessing a medley of challenges ranging from shutdown of operations, changing consumer demands, market access and logistical problems, and transportation and border restrictions. Supply chain interruptions caused by disruptions in transportation, trade and labor have halted both fish farming and commercial fishing operations. Delayed stocking of aquaculture feed and systems is impacting production with rising prices threatening to be a key fallout.

Commercial fishing fleets are tied up as part of the restrictions negatively impacting commercial fishing which is a major part of the global food system. The value chain for fish and fish products is labor intensive and all of these factors discussed above are impacting food security and nutrition for populations that rely on fish for animal protein and essential micronutrients. Misconception and misinformation published in media of seafood being a carrier of COVID-19 virus and a potential route of transmission to humans is leading to sudden decline in consumption. Closure of restaurants and hotels, which represent large buyers of fish and seafood, has impacted sales significantly. Lower demand, setbacks to exports and higher costs of operations are chipping off profit margins of fisheries and seafood companies. The entire fishing industry comprising open catch, culturing, processing, preserving, storing, transporting, marketing and retiling of fish or fish products has been impacted. Unless immediate corrective measures and policy changes are made, seafood a critical part of food security goals, will become less affordable for the poor under the current scenario.

With the easing of the lockdown restrictions, the market will however regain lost growth momentum. Seafood will remain a healthy food option and an indulgent treat and mainstay of salads in luxury dinners and food parties. Continued developments in aquaculture and the ensuing availability of wider product choices will spur growth, alongside the growing focus of governments worldwide to utilize fisheries to achieve food security goals. The focus on reducing fish waste and losses and rise in sustainable and responsible fisheries management will positively benefit growth in the market by ensuring easy physical and economic access to sufficient, safe, nutritious and affordable seafood products.

A few of the market forces at play during the pre-pandemic period included advancements in freezing technologies and cold chain logistics and the ensuing popularity of chilled and frozen seafood; robust demand for prepared and preserved/cured seafood options among consumers on the lookout for safe and convenient food options; strong revenue potential of fishmeal and fish oil; establishment of seafood only restaurants and expanding varieties of gourmet seafood dishes and the resulting healthy growth of farmed seafood in the foodservice industry. Over the last decade, Asia-Pacific has emerged into a major market, supported by factors such as presence of developing Asian countries with economic dependence on fisheries exports; availability of vast coastlines, rivers and inland water resources rich in marine and fresh water fishery resource; growing consumer preference for protein rich foods; and increasing per capita consumption of fish among the growing base of affluent middle class population.

Key Topics Covered:

I. INTRODUCTION, METHODOLOGY & REPORT SCOPE

II. EXECUTIVE SUMMARY

1. MARKET

Seafood: An Edible Marine and Aquatic Commodity for Meeting Food Security and Nutrition Needs
Global Fish Consumption Breakdown (in %) by Mode for Feed, Food and Others: 2019
Sources of Protein Worldwide: Breakdown of Protein Consumption (in %) by Source (2019)
Global Politics, Economics, and Weather: Significant Impact on Seafood Industry
Key Market Traits in a Nutshell
Longstanding Growth Variables
Aquaculture as a Viable Mode of Seafood Production Set to Replace Capture Production in the Long Run
Global Seafood Production (In Million Metric Tons)
Global Aquaculture Production Trends: An Overview
Global Aquaculture Production (in Mt) for the Years 2011 through 2027
Aquaculture as % of Fish & Seafood Production by Region for 2008, 2018 and 2028
Concerns over Depleting Fish Stocks Curtail Capture Production Volumes
Global Marine Fishery Sector: Percentage Breakdown by State of Fish Stock (2019)
Carp Dominates Freshwater Aquaculture Production, followed by Molluscs
Global Aquaculture Production by Species (in Tonnes) for 2016-2018
Aquaculture Market Continues to Soar Driven by Positive Production and Consumption in Developing Countries
Global Aquaculture Production: Percentage Breakdown of Production Volume by Geographic Region for 1997, 2017 and 2027
Seafood Market: Consumption Determined by Availability Rather than Affordability
Global Market Outlook
Asia-Pacific Leads the Global Seafood Sector
Impact of COVID-19 and Looming Economic Recession on Seafood Industry
COVID-19 Pandemic Disrupts Fish Trade with Dismal Demand and Supply Issues
COVID-19 Pandemic Creates Notable Demand Vacuum in Seafood Industry
As the World Stares at a Recession, Seafood Industry Prospects Dampen
Global Economic Outlook: Real GDP Growth Rates in % by Country/Region for the Years 2019-2021
Competition
Leading Players in the World Seafood Market
Recent Market Activity

2. FOCUS ON SELECT PLAYERS

3. MARKET TRENDS & DRIVERS

Growing Preference for Healthy, Nutritious, and Protein-Rich Diets Drive Healthy Demand for Seafood
Brief Nutritional Data for Select Fish Species: A Snapshot
Energy, Water, Protein and Fat Content for Select Seafood, Meat and Eggs, Grains, Fruits & Vegetables, and Beverages (per 100 grams)
Vitamin Content (Vit A, Vit D, Vit E, Vit B1, Vit B2, Niacin NE, Vit B6, Folic Acid, Vit B12, And Vit C) For Select Seafood, Meat And Eggs, Grains, Fruits & Vegetables, and Beverages (per 100 grams)
Mineral Content (Calcium, Iron, Magnesium, Zinc, Selenium, and Iodine) for Select Seafood, Meat and Eggs, Grains, Fruits & Vegetables, and Beverages (per 100 grams)
Fat Content (Saturated, Mono-unsaturated, Polyunsaturated, EPA, and DHA) in Select Lean Fish, Moderately Fatty Fish, Fatty Fish and Shellfish Species (per 100 grams)
Seafood: A Primary Source of Omega-3 Fatty Acids
Omega-3 Content in Major Seafood Products (In Milligrams of Omega-3 per 3 ounce of Cooked Variety)
The Vital Need to Meet Food Security Concerns of the Expanding Global Population Opens Up Growth Avenues
World Population (in Thousands) by Geographic Region for the Years 2019, 2030, 2050, 2100
Worldwide Number of Undernourished People in Millions for the Years 2012 through 2018
Increasing Per Capita Seafood Consumption to Benefit Market Expansion
Global Per Capita Fish Consumption (in Kg per Capita) by Region for 2019
Global Per Capita Fish Consumption (in Kg/Person/Year) by Region/Country for 2015-17 and 2027
Surging Demand for Fresh/Live/Chilled Seafood Catapults the Category to the Dominant Position
Trans-Pacific Partnership (TPP): Supporting Growth of Seafood Industry
Frozen Seafood Market: Advancements in Freezing Methods and Technologies Fuel Growth Prospects
Retail Sector Growth Contributes to Sales Volume Expansion
Products in Innovative Packaging Grab Consumer Attention
Eco-Labeled Products in Demand
Innovative Traceability Tools Improve Image of Seafood in Retail Channels
Seafood Retailing Gains Momentum through Online and E-Commerce Platforms
Steady Demand for Safe and Convenient Seafood Sustains Market Growth for Prepared/ Preserved Seafood
Canned Seafood Market Continues to Gain Traction
Whie Low Value Fish Drive Volume Gains, High Value Fish Product Vital for Revenue Growth
Crustaceans: Low-Volume, High-Revenue Generating Segment
Molluscs: A Delicacy among Seafood Lovers
Fishmeal & Fish Oil Remain Niche Revenue Contributors
Scientific & Technological Advancements: Opportunity for the Market
New Generation Processing Machines
Innovative Technologies to Aid Sustainable Seafood Ecosystem
A Glance at Select Product Innovations in Seafood Industry
Rising Awareness of Sustainable Procedures Drives Popularity of Small Scale Aquaculture
Key Issues & Challenges Hampering Growth Prospects
Illegal, Unreported and Unregulated (IUU) Fishing
Mislabeled Seafood
Inadequate Fishing Policies
Poor Storage Facilities
Health Related Issues
Production and Consumption Scenario for Select Fish & Seafood Species
Tuna
World Tuna Market: Breakdown of Volume Production (in %) by Production for 2019
Salmon
Primary Markets for Salmon Worldwide
Global Salmonids Supply: Production Volume in Thousand Tonnes GWT for Wild Salmonids and Farmed Salmonids for the Years 2012 through 2018
Global Atlantic Salmon Market: Breakdown of Harvest Volume (in Thousand Tonnes GWT) by Region/Country for 2012 & 2018
Global Consumption of Farmed Atlantic Salmon: Percentage Breakdown of Consumption Volume by Region/Country for 2019
Per Capita Consumption of Salmon in Kg per Year by Country for 2019
Impact of COVID-19 on Salmon Demand
Crabs
Global Snow Crabs Market: Percentage Breakdown of Production Volume by Country for 2019
Shrimp
World Shrimp Production by Species (in %) for 2019
Lobster
World Lobster Production by Country (in %) for 2019
World Lobster Production by Species (in %) for 2019
Bivalves
Scallops
Clams
Seabream & Seabass
World Seabass and Seabream Production by Species (in %) for 2019
World Seabass Production by Country (In %) for 2019
World Seabream Production by Country (In %) for 2019
Tilapia
Cod
Pollock
Catfish
Flounder
Rainbow Trout
Squid
World Cephalopods Production by Species (in %) for 2019
Other Species
Global Seafood Trade: An Overview
Fisheries: Among the Most Traded Food Commodities
Global Fish and Fishery Products Export Value (in US$ Billion) by Country for 2018
Global Seafood Market: Breakdown of Import Value by Country for 2018
Demand for Diverse Products Boosts Trade Volumes
Product Overview
Seafood: A Prelude
Types of Seafood
Packaging & Labeling
Fresh Seafoods
Frozen Seafoods
Storing and Thawing
IQF Packaging Frozen Fish
Other Forms of Packaging Frozen Fish
Other Seafood Categories

4. GLOBAL MARKET PERSPECTIVE

III. MARKET ANALYSIS

IV. COMPETITION

Total Companies Profiled: 225

Companies Mentioned

Amalgam Enterprises (India)
Austevoll Seafood ASA (Norway)
Cooke Aquaculture, Inc. (Canada)
Dongwon Group (South Korea)
Empresas AquaChile S.A. (Chile)
Faroe Seafood (Faroe Islands)
Handy Seafood, Inc. (USA)
Hansung Enterprise Co. Ltd (South Korea)
High Liner Foods Incorporated (Canada)
Lyons Seafoods Limited (UK)
Marine Harvest ASA (Norway)
Princes Ltd. (UK)
Sajo Industries Co., Ltd. (South Korea)
Shanghai Fisheries General Corporation Group (China)
Stolt Sea Farm (Spain)
Surapon Foods Public Company Limited (Thailand)
Tassal Group Limited (Australia)
Thai Union Group PCL (Thailand)
Tri Marine International, Inc. (USA)
Trident Seafoods Corporation (USA)
Young's Seafood Limited (UK)
Zhanjiang Guolian Aquatic Products Co., Ltd. (China)

For more information about this report visit https://www.researchandmarkets.com/r/fsdw2d

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