Global Processed Seafood Market: Overview
Continuous innovations in fishing techniques and exploration of new fishing grounds are leading to significant growth in the recent years. This is attributed to rising demand for protein-rich food products coupled with increasing consumer inclination towards ready-to-cook products. Furthermore, escalation of import and export trade of processed seafood globally, there is robust increase in its demand even in non-coastal areas. Moreover, efficient transportation and cold storage facilities are leading to overall processed seafood market growth. An upwelling trend is seen in the value chain of the seafood industry through the large scale export of the processed seafood across the world.
Global Processed Seafood Market: Drivers and Restraints
Increasing raw seafood prices have led to consumer shift towards processed seafood products. This is further anticipated to act as a prominent area for processed seafood manufacturers. This is fuelling the overall processed seafood market growth. The breakthrough innovations in the technology and processing of seafood has also accelerated the growth potential for processed seafood market. Moreover, with increased urbanisation, demand for healthy food products and change in family structure will further fuel the growth of processed seafood market. The seafood industry is a growing opportunity for improving the food security across the world. Thus, offers a dwelling platform for processed seafood market.
However, there is still a huge gap in the infrastructure development in the seafood industry due to existence of traditional processing equipment, along with lack of funds and inadequate management, which hinders the growth of processed seafood market. Moreover, firm governmental regulations such as stringent fishing policies, environmental laws to protect water population are anticipated to result in wakening fishing activity. This will lead to non-availability of raw material, thus, hampering the growth of processed seafood market.
Global Processed Seafood Market: Segmentation
On the basis of seafood type, global processed seafood market is segmented into:
On the basis of technique, global processed seafood market is segmented into:
- Cold storing
On the basis of processed seafood product type, global processed seafood market is segmented into:
- Frozen Products
- Smoked Products
- Canned Products
- Surimi Products
- Dried Products
- Fish Meal
- Seasoning and additives products
Global Processed Seafood Market: Region wise Outlook
The processed seafood market is divided into seven regions, namely Latin America, North America, Western Europe, Eastern Europe, Asia Pacific excluding Japan (APEJ), Middle East and Africa, and Japan. In 2016, Asia Pacific accounted for the largest share of the processed seafood market. Of which, China accounted for largest share of export business along with local demand mitigation. China exports major share of its seafood to the U.S., Europe, and Japan and is expected to uphold its position as largest processed seafood exporter in the next five to six years. Considering the consumer consumption pattern, U.S and Europe are expected to be one of the largest importers of processed seafood. As Europe and Japan are considered to be the largest consumers of seafood.
Furthermore, processed seafood market is expected to boom in India, Brazil and Australia as the consumer consumption pattern is shifting more towards better nutrition and convenient food options. Japan is considered to be the leading importer of processed seafood due non-availability of the processed seafood.
Global Processed Seafood Market: Key Players
Some of the prominent players in the processed seafood market include:
- China National Fishery Corporation (CNFC)
- Seaboard corporation
- Universal seafood
- Austevoll Seafood ASA
- MARINE HARVEST ASA
- Trident seafood
- The Union Frozen Products Co., Ltd.
- Tianjin Fishery Product Supplying & Marketing Co.
- High Liner Foods
- Tropical general investments Nigeria Ltd.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
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The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
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The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.