The global processed seafood market is projected to grow at a formidable rate during the forecast period, 2023-2027. The market is driven by multiple factors including growing health consciousness and availability of a wide variety of fish. Seafood varieties are high in protein, essential fatty acids, and low in total fat and calories, which are attracting the attention of health-conscious consumers. Rapid globalization has reduced the economic distance among countries, which has significantly influenced the food choices of consumers across the world. Besides, rising personal disposable income of the middle-class population is changing the spending pattern of consumers. Additionally, the rising trend in aquaculture production of various finish and shellfish have resulted in the increased production of the processed fish and seafood products across the globe. Also, the increasing consumers’ food consumption pattern from home-cooked food to Ready-to-Eat foods is expected to fuel the demand for the processed seafoods. Moreover, breakthrough advances in seafood technology and processing have increased the growth potential of the global processed seafood market. Furthermore, improved shipping and cold storage facilities are also enabling large-scale export of processed seafood across borders, which is anticipated to drive the market growth.
The global processed seafood market is segmented on the basis of type, product, distribution channel, and regional distribution. Based on the type, the market is bifurcated into crustaceans, fish, and molluscs. The fish segment is expected to dominate the global processed seafood market as millions of people around the world depend on fish varieties as their primary source of nutrition. Besides, easy availability of fishes on online channels and growing awareness about the health benefits of consuming fishes are expected to fuel the segment growth. Based on product, the market is segmented into frozen, smoked and others. The frozen products segment is expected to hold the largest share in the market, owing to the easy availability and easy-to-cook properties.
However, increasing concerns about additives used in these food products as well as the safe disposal of by-products to avoid environmental pollution might hinder the market growth.
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Some of the key players in the market are Freiremar S.A., Lee Fishing Company, Leigh Fisheries Ltd., Marine Harvest ASA., Wm Morrison Supermarkets plc, among others.
