The Europe seafood market was valued at US 27,109.4 million in 2019 and is projected to reach US$ 34,401.89 million by 2027; it is expected to grow at a CAGR of 3.1% during 2020– 2027.
As per the Food and Drug Administration (FDA), seafood encompasses all commercially obtained saltwater and freshwater fish, molluscan shellfish, and crustaceans. Rising per capita consumption, along with escalating demand for imported seafood products in various countries, is strengthening the Europe seafood market. The demand for seafood products across specialty restaurants has increased in recent times. 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 in this region 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 product type, the seafood market is segmented into fresh, frozen, canned, and others. The fresh seafood segment holds the largest share of the Europe seafood market. Various factors such as sedentary lifestyle habits, rising income levels, increasing chronic disease prevalence, and escalating health- and wellness-related awareness have resulted in a shift in individuals' consumption patterns. Consumers are highly focusing on reducing or eliminating carbohydrate-rich food products from their daily diet and including proteinecious foodstuff such as fish in it. Consumers are adding tuna, and salmon, among many others, in pasta, burger, salad, tartar sauce, and other recipes. Moreover, hotel and restaurant managements are leveraging this shift in preference and offering a wide variety of seafood dishes. To gain consumer attraction, chefs have perfected new recipes and dishes majorly made with fish, trout, and prawns. The food industry is likely to encapsulate seafood as a vital part of its offerings. Restaurants and foodservice providers collaborate with fishermen and fish farmers for the uninterrupted supply of fresh fishes, crustaceans, and molluscs, subsequently stimulating the segment growth. Households that stick to traditional recipes also prefer fresh seafood over other ingredient options.
The Europe seafood market is further segmented into Germany, Italy, France, the UK, Russia, and Rest of Europe. The Rest of Europe accounted for the largest share of the Europe seafood market. This region includes Spain, Austria, Poland, Portugal, Turkey, the Netherlands, Ireland, Denmark, and Belgium. Spain is one of the major markets in Europe for seafood products. Spain has a huge processing industry, and it mostly focuses on crustaceans, molluscs, and canned fish. Spain is also an important market as it further processes and re-exports large quantities of fish and seafood. Similarly, in the Netherlands, supermarkets have highly embraced seafood as a major source of animal protein. The Netherlands' consumers are increasingly considering fish as a healthy, fresh, and natural alternative to red meat and poultry products. Food companies have also introduced innovative frozen and fresh meals, and meal components containing fish. The growing popularity of sushi has further contributed to an increase in seafood consumption in the rest of European countries.
Kangamiut Seafood A/C; Royal Greenland A/S; Mowi ASA; The Union Group PCL; Grupo Nueva Pescanova; and Trident Seafoods Corporation are among the major players in the Europe seafood market.
The overall Europe 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.