Global Seafood (Frozen, Canned & Fresh) Market Projected to Reach US$429.8 Billion by 2018, According to New Report by Global Industry Analysts, Inc.

GIA announces the release of a comprehensive global report on Seafood (Frozen, Canned & Fresh) markets. The global market for Seafood (Frozen, Canned & Fresh) is forecast to reach US$429.8 billion by the year 2018. Factors such as innovation in production, diet, health concerns, and improvements in transportation have resulted in a significant upward swing in seafood consumption. Further, growth in aquaculture through ponds, lakes, reservoirs and other water bodies especially in the Asian countries is poised to fuel large-scale expansion in global seafood market.

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Seafood (Frozen, Canned & Fresh): A Global Strategic Business Report

San Jose, CA (PRWEB) October 17, 2012

Follow us on LinkedIn – One of the complex categories in the food business today is seafood, with many species prone to the vagaries of global politics, economics and weather. These factors have a disturbing effect on the delicate balance of supply and demand as well as on the price factor. Demand for seafood continues to grow in markets across the globe, propped by decline in beef and chicken consumption as a result of BSE scare and avian virus infection. Today, seafood is considered to be an extremely healthy diet, with doctors and nutritionists suggesting that seafood contains less fat and cholesterol content, and has high protein levels. Customers today have become more experienced, educated and sophisticated about their seafood selection due to which there has been a significant change in consumer’s tastes. Seafood today represents a significant opportunity to broaden sales in retail outlets that are rapidly becoming a point of destination for consumers demanding a wider selection of top-quality items at competitive prices. Rapid technological advancements tend to be a major market driver for the seafood industry. The introduction of biotechnology promises to revolutionize the fishing process. This has enabled researchers to devise a version of the tilapia, a fish farmed in Asia and Africa, to grow much bigger than usual.

Aquaculture is one of the fastest growing food industries in the world today and has been the driving force behind the growth in the seafood industry. Aquaculture meets 40% of demand for fish consumption, mainly tuna and salmon. Modern aquaculture was developed in Norway, using the fjords located in the region with rapid water circulation for salmon farming. Presently, countries such as Canada as well as the US operate salmon farms for domestic consumption. Chile-based companies also run salmon farms, and export their produce to the North American market. Spanish farm operators continue to be important suppliers for a host of valuable species including plaice and turbot. France and the US are the major regions engaged in oyster farming and European demand for mussels is mainly fulfilled by Dutch and Belgian mussel beds operators. Advent of green revolution and need for innovation increased the popularity of small-scale or backyard aquaculture.

The seafood industry is a self-regulated one with no federally mandated program. Today nearly half of marine fish population in the water has been overfished. Incessant fishing has resulted in the depletion of natural fish stocks, leading to the near extinction of various species including Caspian Sturgeon, Wild Salmon, Chilean Sea Bass, Atlantic Cod, Atlantic Swordfish, Florida Red Snapper, and New Zealand Orange Roughy. Fish stock worldwide has been plundered to the point of exhaustion. Nearly two-thirds of the most common fish have been affected by the progressing depletion of natural fish population. Use of advanced trawlers designed for catching all kinds and sizes of fish are also reducing natural fish stock. Seafood varieties such as scampi and dover sole are available in limited restaurants at exorbitant prices. The future growth in the production of capture fisheries is expected to grow moderately, mainly owing to the overexploitation of fisheries in major markets of the world.

Fishes have emerged as one of the most rapidly growing seafood varieties and major source of animal protein, playing a vital role in global food security. The per capita consumption of fish around the world peaked at 17 kg in 2010. At present, seafood types such as fresh/frozen/chilled fish products are in greater demand and preferred over canned seafood mainly as a result of strong promotion of fresh seafood and changing consumer lifestyles and perceptions. Shell fish varieties including mollusks (oysters, clams and scallops) and crustaceans (shrimp, crabs and lobsters) are highly popular in exotic seafood dishes and are expected to surge ahead at a strong growth rate through the decade. The new cooking methods are geared towards bringing out the subtle flavors and texture of seafood, which is vastly different from red meat products.

Spurred by heightened production and output from China, Thailand, Vietnam, India and other countries, the Asia Pacific region reigns as the largest world market, as stated by the new market research report, Seafood (Frozen, Canned & Fresh). Asia is leading the production and exports of wild, capture and farmed fish making an important contribution to the food chain of the region along with the alleviation of poverty and generating employment. China in particular has gradually emerged as the single largest producer of aquaculture and capture fisheries products worldwide in the last two decades. In the future, China, Europe, Thailand and Vietnam are slated to be the largest exporters of fish food for human consumption, capturing a major share of the world market. In the scenario, seafood market in Asia-Pacific is slated to expand over the years at a steady CAGR of 4.4% through 2018.

Key players profiled in the report include Amalgam Enterprises, Dongwon Group, Faroe Seafood, High Liner Foods Incorporated, Hansung Enterprise Co., Ltd., Lyons Seafoods Limited, Princes Ltd., Sajo Industries Co., Ltd., Stolt Sea Farm S.A, Young’s Seafood Limited, and Tri Marine International Inc., among others.

The research report titled “Seafood (Frozen, Canned & Fresh): A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive market overview, impact of recession, current market trends, key growth drivers, recent industry activity, and profiles of major/niche global market participants. The report provides annual sales estimates and projections for the years 2010 through 2018 in value terms (US$) for geographic markets including the US, Canada, Japan, Europe, Asia-Pacific, Middle East, and Latin America. Key product segments analyzed include Fresh/Frozen/Chilled Fish; Canned Fish; Cured Fish and Shell Fish. The study also provides historic data for an insight into market evolution over the period 2004 through 2009.

For more details about this comprehensive market research report, please visit –
http://www.strategyr.com/Seafood_Market_Report.asp

About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a leading publisher of off-the-shelf market research. Founded in 1987, the company currently employs over 800 people worldwide. Annually, GIA publishes more than 1300 full-scale research reports and analyzes 40,000+ market and technology trends while monitoring more than 126,000 Companies worldwide. Serving over 9500 clients in 27 countries, GIA is recognized today, as one of the world's largest and reputed market research firms.

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Global Industry Analysts, Inc.
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