Market Overview
According to studies, global seafood market is expected to expand strongly between 2020 and 2027. Animals that can be eaten but are not mammals are called seafood, including ocean and freshwater species. A whopping 15 % of the world's protein comes from fish and other seafood, making it the second most important dietary source behind cereals for most people on the planet. In the last several years, the worldwide market for seafood has grown rapidly.
Seafood is becoming more and more popular in high-end restaurants, and this trend is spreading across the board. Large numbers of people prefer to consume fish to other meals, which drives up demand in the market. In addition, beachside communities are making concerted efforts to develop robust supply networks for trading and supplying seafood. The rapid growth of this sector is largely due to the ease with which seafood from coastal areas may be procured. Chains of fish cafés already exist, which bodes well for future expansion and development of the industry. As a result, the total volume of revenues in the global market is expected to grow at an astronomical rate.
The market for fish and seafood is quickly returning to pre-CoViD levels. The financial recovery in most non-industrial nations is expected to support a steady growth rate during the forecast period. However, some are taking a position because of the projected third and subsequent waves. In this study, multiple COVID pandemic scenarios from 2001 to 2028 are analyzed to see how they impact the Fish and Seafood Market's long-term viability.
Market Segmentation
The global Seafood Market is segmented based on type, retail market, distribution channel, and region, according to the reports.
For the time being, seafood market forecasts indicate that the retail sector will remain dominant all across the projected timeframe, accounting for the largest share of total market revenue in 2019. As a result, the demand for meat and fish products has increased. Furthermore, the global seafood industry is predicted to rise due to improved supply chain infrastructure and increased seafood products availability. It's projected that food service will outpace the rest of the industry throughout the projection period. To explain the expansion of this market category, it is necessary to consider the ease with which it may be prepared. Fast food restaurants and cafés are multiplying exponentially, as are home delivery options, as is a rising preference for dining outside due to the convenience of fast food.
Regional Classification
The Asia Pacific region has the largest share of the global seafood industry because of its abundance of fish. Many countries in the Asia Pacific area rely heavily on fish as a source of protein because of their large coastlines. Fish is a staple in the diets of many Asian countries, including Thailand and Japan. Therefore it is always in demand. In addition, the area's population is rapidly urbanizing, which is a key factor. As the area's financial standing has improved, more people have been able to spend their money, leading to an increase in the area's fish consumption and interest. Additional factors that have contributed to market growth in the area include increased health consciousness and recognition of fish as a lean protein source.
Industry News
Fifty million dollars in Series B fundraising will be announced in February 2022 by San Francisco's Wildtype, a cell-cultivated seafood firm. There were numerous high-profile participants, notably Leonardo DiCaprio and Robert Downey Jr., in the round controlled by local equity company L Catterton.
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NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.
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