SUSTAINABLE SEAFOOD MARKET ANALYSIS

Sustainable seafood refers to marketing and distribution of seafood through aqua farming or through wild catch in ways that would not harm the long term sustainability of species while also securing the future of the marine ecosystem. The close connection between seafood industry and global sustainability has resulted in developing different sustainability principles to seek and maintain ecological practices in this industry. Global sustainable seafood market was valued at US$ 16.21 Bn in 2021 in terms of revenue, exhibiting a CAGR of 5.12 % during the forecast period (2022 to 2030).

Drivers

Parent market analysis, market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis Consumer awareness of the health benefits of seafood and changes in lifestyle have contributed to the growth of the seafood market. Non-vegetarian consumers are slowly changing their lifestyles, and pescetarians are consuming seafood along with vegetarian foods. Pescetarianism refers to a diet consisting of fish and vegetarian foods, without the consumption of meat such as beef, pork, or poultry. 

Increasing consumer expenditure on various seafood dishes like sushi and consumer preference for fish dishes like pescetarianism are some key factors leading to the growth of the market. Foods that come in fresh form are highly preferred by consumers owing to their health benefits. Various factors, such as sedentary lifestyle habits, an increase in income levels and an increase in chronic diseases have resulted in a shift in individuals' consumption habits. 

The improvement in economic conditions and the growth of disposable income propel market growth, and middle-income groups and high-income consumers, in combination, add to the middle-class population. In addition, North America and the Asia Pacific are experiencing increased disposable income as urban consumers shift from essential to premium goods and services. As a result, seafood suppliers & institutions are enhancing their seafood product line and service offerings over the forecast period.

Figure 1. Global Sustainable Seafood Market Value Share (%), By Region, 2021

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 Market Restraints

However, lack of stringent government regulations regarding illegal fishing techniques in the emerging economies is restraining market growth. Furthermore, lack of awareness among the suppliers and the consumers and high price of certified sea food products is hampering growth of the market among the price sensitive consumers.

Market Trends

Furthermore, the development of organized food service outlets and the trend toward out-of-home dining in the market are forecast to boost the sale of seafood takeout, as well as premium servings, including crustaceans, across quick service and full-service outlets.

Among the leading markets for restaurants in the Asia Pacific over the past few years have been the developing economies, which have provided new opportunities for the seafood takeout market to scale up their sales channels and revenues. Furthermore, online ordering from restaurants has exploded at a remarkable rate in recent years, giving restaurants even more opportunities to scale up their sales channels and revenues.

Figure 2. Global Sustainable Seafood Market value Share (%), By Form, 2021

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Recent Developments

• Pacific Seafood launched a value-added seafood product for Amazon Go in May 2021. Amazon will create around 20 value-added seafood items quarterly for Amazon's Amazon Go stores, which currently have 29 locations and are expected to grow.
• Asian economies, such as China and India, are making well known fish related cuisines across the world. This is being reflected by the wide range of fish related dishes on offer at restaurants across the region increasing demand for seafood takeout.
• The Nissui company developed a new type of frozen food with a natural thawing process at room temperature in June 2021. You simply select a portion in a cup and place it in your lunchbox, contributing to the growth of the seafood takeout market.
• As a result of the emerging economies in Asia Pacific, the region has become one of the premier markets for food service restaurants. Moreover, in recent years, online ordering has grown greatly thereby providing restaurants with opportunities for the seafood takeout market to expand their sales channels and revenues.
• Seafood takeout account for large shares in the takeout market, some of the prominent players within the market include P.F. Changs, Sizzler, Bahama Breeze Island Grille, Rubio's, Long John Silver's, Red Lobster, Captain D's Seafood Kitchen, Bonefish Grill, Joe's Crab Shack, Bubba Gump Shrimp Co., Arthur Treacher's, Landry's Seafood House, Chart House, King's Fish House, Ocean Prime, Eddie V's Prime Seafood, McCormick & Schmick's, Captain D's Seafood Kitchen, Legal Sea Foods, Truluck's, Pappadeaux Seafood Kitchen, Other Players (On Additional Requests)

Competitive Section

Major players operating in the global sustainable seafood market include M.F. Foley Company, Inc., Zoneco Group Co., Ltd, Walker Seafoods, Nippon Suisan Kaisha, Ltd, Thai Union Group, Maruha Nichiro Corporation, Austral Fisheries, Pacific Andes Group, Marine Harvest ASA, AgriMarine Holdings, Kyokuyo Suisan Co., Ltd., Mitsubishi Corporation, and others.