Healthy Growth Predicted For Global Seafood And Fish Markets

Tuesday, October 4th, 2016 | 491 Views


Seafood and fish market growth has seen steady growth, with a compound annual growth rate (CAGR) of 3.8 percent between 2011 and 2015, according to research by Marketline.

While market values have increased in all regions, global growth is primarily driven by Asia Pacific and South America, due to more expensive products purchased through organised retail outlets by the growing middle class. However, the US still remains the single largest market.

Nicholas Wyatt, analyst at Marketline, explains “The US is the largest market by value for fish and seafood, accounting for 13.9 percent of global revenues. Value increases, while lower than in many other countries, have been driven by increased health awareness, as US public health bodies recommend eating two pieces of fish a week. Such advice is not unique to the US, and improved health consciousness is set to help the market globally in the mid to long term.”

Aided by increased health consciousness and the desire for quality seafood among consumers with more spending power, the global market is projected to grow at a CAGR of 3.9 percent between 2015 and 2020. Volumes are growing slightly slower than values, showing the impact of increased values in developing markets. Additionally, the difference in growth rate between volume and value is greater in Asia Pacific when compared to the global average. This shows that premium products are indeed propelling the market in that region.

The global market is forecast to grow at a CAGR of 3.9 percent between 2015 and 2020, aided by increased health consciousness and the desire for quality seafood among newly affluent consumers. “The future looks bright for the fish and seafood market, but producers must pay attention to sustainability issues. Responsible fishing is key to the future health of the market. Overfishing or disease spread by overcrowded caging, as has been seen before in Chile, can create damaging health issues that rock consumer confidence,” Mr Wyatt concluded.

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