Analysis of Potential Impact of COVID-19 on Seafood market
The demand for seafood across specialty restaurants is increasing at a sound pace in recent times. A large population of people prefers to eat seafood over other cuisines, and this is an important driver of market demand. Furthermore, coastal regions are making concerted efforts to develop robust supply chains for exporting and supplying seafood. The growth of this market largely depends on the ease of procuring seafood from coastal regions. Several seafood restaurants and chains have made their way across the global landscape, and this factor shall contribute toward market growth and maturity. Henceforth, the total volume of revenues within the global seafood market is set to increase by a dramatic pace.
- Chefs have perfected new recipes and dishes primarily made with fish, prawns, and trout. The popularity of these recipes has helped in driving demand within the global seafood market. It is imperative for the food industry to encapsulate seafood as an important part of its offerings. The need to reciprocate to the demand of consumers of all ages and preferences has popularised seafood across the globe.
- Use of tuna in making sandwiches, baguettes, and bagels has also created fresh demand within the global seafood market. New seafood recipes are being introduced to people living in arid, non-coastal areas, and this is an important consideration from the perspective of market growth.
- Based on regions, Seafood is particularly popular across the coastal regions of Europe. Furthermore, fast food chains in the region have embraced the idea of selling popular seafood dishes. Besides, growing demand for seafood in India and China has also played an important role in the growth of the global market. The Asia Pacific seafood market is set to grow at a boisterous pace as new sellers emerge in the market. Indigenous restaurants have also played a defining role in market growth.
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Sea food refers to all the varieties of fish, crustaceans and molluscs either in fresh or processed form. Sea food is rich in proteins and is considered one of the best foods for body and mind. Farmed fishes or aquaculture have become mainstream in supplying seafood to the retail segment as well as for export.
Global seafood market can be segmented on the basis of product categories such as Crustaceans, Molluscs, Fish and other seafood. The market can also be segmented on the basis of retail market varieties as canned seafood products, frozen (ready meal) and chilled (smoked and slated). The seafood market can also be segmented on the basis of geographies namely North America, Asia Pacific, Europe and Rest of the World.
East and South-east Asia combined is the largest producer of seafood. Innovative farm practice, slaughtering and packaging techniques have made the market highly lucrative and is expected to grow with a considerable single digit CAGR from 2013-2019. There is a high demand of sustainable and eco-friendly production of seafood to fulfill the rising demand of seafood in an ethical manner. Growth in distribution network and rising affluent class demanding for luxury food has increased the demand of seafood globally.
The key driving factors are innovations and variations in seafood dishes and demand for proteinaceous fat-free food worldwide. Exclusive restaurants providing exotic seafood and changing taste of consumers are some other factors responsible for the growth of seafood market globally. Some of the restraining factors are short shelf life of the product, government regulations on raising and packaging of seafood and diseases outbreaks while raising and processing seafood.
Key players dominating this market include Grupo Pescanova, Marine Harvest ASA, Thai Union Frozen Products, Royal Greenland, John Westfoods, Abba Seafoods, Cuulong Fish and Stone Seafood Company.
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