The Asia Pacific seafood market was valued at US 85,832.66 million in 2019 and is projected to reach US$ 107,381.62 million by 2027; it is expected to grow at a CAGR of 2.9% during 2020– 2027.
As per the Food and Drug Administration (FDA), seafood comprises all commercially obtained saltwater and freshwater fish, molluscan shellfish, and crustaceans. There is a constantly rising demand for seafood in APAC. According to the Food and Agriculture Organization (FAO), by 2030, the demand for the same would rise up by 40 million additional tons, i.e., the product volumes should be increased by almost 30% of the current volumes to meet this demand. Rising per capita consumption, along with escalating demand for imported seafood products in various countries, is strengthening the Asia Pacific seafood market. The demand for seafood products across specialty restaurants is growing at a high pace. Moreover, coastal regions are making efforts to develop advanced supply chains for the export and supply of seafood. The growth of the seafood market highly depends on the ease of procuring seafood from coastal regions. Furthermore, the improvement in economic condition and gradual increase in disposable income levels also complement the market growth. Developing economies are witnessing strong urbanization trend, and it has boosted the disposable income of middle-income groups, subsequently changing the consumption preference from essential to premium food products among medium- as well as high-income consumers in urban areas. This trend propels seafood companies and suppliers to improve their products and services.
On the basis of type, the seafood market is segmented into fish, crustaceans, mollusca and others. Cod, salmon, trout, tuna, haddock, sea bream, plaice, and shark are among the fish types that are consumed as seafood. A few of the fish species are raised in ponds or in cages in the sea but most of them are picked up alive from the oceans by the big commercial fishing boats. Fish is an important source of protein. It can be consumed raw in Japanese sashimi; it can also be preserved for future consumption pickling it (pickled herring). It can be smoked and consumed (smoked salmon) and can be canned (canned tuna).
On the basis of country, the Asia Pacific seafood market is segmented into China, Japan, India, Australia, South Korea, and Rest of Asia Pacific. China accounted for the largest share of the APAC seafood market in 2019. China is one of the largest countries with a vast population base having high disposable income. It has a high domestic demand for seafood, which is the widespread consumer awareness regarding high healthy protein content. Also, the African Swine Fever outbreak of 2018 led to decreased pork supply and escalated meat prices, stimulating seafood consumption and imports in China. Chinese consumers prefer fresh seafood when compared to frozen or processed products; the domestic consumption of processed seafood products accounts for a considerably low share of the total seafood consumption. In contrast, frozen and processed seafood consumption is anticipated to increase gradually with the improving processing, distribution, and cold chain systems in China.
American Seafoods Company LLC, Lee Fishing Company, Pacific American Fish Co. Inc., Royal Greenland A/S, Mowi ASA, The Union Group PCL, Grupo Nueva Pescanova, and Trident Seafoods Corporation are among the major players in the Asia Pacific seafood market.
The overall Asia Pacific seafood market size has been derived in accordance with both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants of this process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the seafood market.