The global seafood market has grown steadily over the last few years, recording a compound annual growth rate (CAGR) of 3.8% between 2011 and 2015, according to the data …
Marketline’s latest report shows that market values have increased in all regions. Global growth, however, is driven primarily by Asia-Pacific and South America, where the middle class is starting to buy more expensive products through the organized retail channel. Despite this, the United States is still the most important market, and it is important for the global market that this US market continues to grow.
Marketline analyst Nicholas Wyatt explains, “The United States is the largest market in value for fish and seafood, accounting for 13.9% of global revenue. US public health agencies recommend eating two parts of fish a week, even though these tips are not available in the United States alone. ”
Asia-Pacific at the forefront of this growth
The global market is expected to grow at a CAGR of 3.9% between 2015 and 2020, helped by an increase in health awareness and desire for quality seafood among consumers. Volumes are growing at a slightly slower pace than stocks, demonstrating the impact of increased values in developing markets. In fact, the difference in growth rate between volume and value is greater in Asia-Pacific than it is globally, providing further evidence that high-end products are driving the market in this region.
The question of sustainability at the heart of the process
For Nicholas Wyatt, “the future looks bright for the seafood market, but producers need to pay attention to sustainability issues, responsible fishing, this is key to the future health of the market. Overfishing or an overcrowded overpopulated disease, as we have seen in Chile, can cause health problems and impact consumer confidence. ”
Although forecasts must be treated with some caution, the current outlook for fish and the global seafood market suggests that the future will be bright.