• About Us
  • Contact
Friday, March 31, 2023
No Result
View All Result
NEWSLETTER
The Business Wiz
  • Home
  • Featured News
  • Economic
    • Currency
  • Investment
  • Markets
    • Stock Market
  • Sectors
    • Agriculture
    • Commodities
      • Markets
    • Construction
    • Energy
    • Financial Services
    • Information Technology
    • Infrastructure
    • Manufacturing
    • Markets
    • Mining
    • Real estate
    • Telecomunication
    • Tourism
    • Transportation
  • Home
  • Featured News
  • Economic
    • Currency
  • Investment
  • Markets
    • Stock Market
  • Sectors
    • Agriculture
    • Commodities
      • Markets
    • Construction
    • Energy
    • Financial Services
    • Information Technology
    • Infrastructure
    • Manufacturing
    • Markets
    • Mining
    • Real estate
    • Telecomunication
    • Tourism
    • Transportation
No Result
View All Result
The Business Wiz
No Result
View All Result
Home Markets

Seafood market size projected to reach $ 207.2 billion by 2030 – Straits Research

by Editor
26/10/2022
in Markets
0
Seafood market size projected to reach $ 207.2 billion by 2030 – Straits Research
Share on FacebookShare on Twitter

The global seafood market size was valued at $160.2 billion in 2021 and is projected to reach $ 207.2 billion by 2030 at a CAGR of 2.9 per cent from 2022 to 2030.

A large portion of the world’s population is fed by the seafood sector, which has a substantial impact on the social and economic prosperity of various countries.

The seafood business encompasses a variety of species, including fish, prawns, shrimp, and crabs, with fish making up more than half of the market.

The seafood import is projected to recover within two years in Europe. India and Morocco are expected to be the leading supplier of seafood after COVID-19 recovery to Europe. PHOTO / COURTESY

The popularity of health and fitness among millennials and young people is driving up demand for protein powder and nutritional supplements. Fish is a low-calorie source of protein, vitamins, and minerals that also helps develop muscle, therefore fish extracts are widely used in protein powders and dietary supplements.

Based on the sales channel, the seafood market is segmented into retail, foodservice, and institutional.The retail segment holds the largest share in the seafood market on account of the growing preference towards home-cooked food and rapidly expanding seafood restaurants.  Foodservice, on the other hand, is the fastest-growing segment on account of the changing lifestyle of the customers.

Today, the customers prefer having exotic foods at restaurants rather than preparing themselves due to hectic work schedule and growing trend of dining out with friends and family, especially in the urban areas.

A study commissioned by the Centers for Disease Control and Prevention and National Center for Health Statistics shows that people consume seafood mostly at home, accounting for around 58 per cent of the total seafood consumption.

Europe to hold lion’s share in the seafood market

In 2018, about $22.1 billion worth of fish and seafood was imported in Europe, which was about USD 13.4 billion in 2015.

The developing countries account for about 70 per cent of share in Europe’s seafood market, and the top ten suppliers of seafood are India, China, Vietnam, Ecuador, Morocco, Bangladesh, Mauritania, Madagascar, Senegal, and Tanzania.

However, the COVID-19 outbreak has severely affected the region’s seafood market due to disruption in the supply chain and lockdown imposed by the governments.

The seafood import is projected to recover within two years in Europe. India and Morocco are expected to be the leading supplier of seafood after COVID-19 recovery to Europe.

Editor

Editor

Next Post
IMF hails EAC for steady progress in regional integration

IMF hails EAC for steady progress in regional integration

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Exchange Rate

Exchange Rate USD: Fri, 31 Mar.

Recommended

Dar equity market down 22 pct during first week of 2023

Dar equity market down 22 pct during first week of 2023

3 months ago
KQ, SAA eye partnership next year

KQ, SAA eye partnership next year

4 days ago

Popular News

    News

    Get latest news from us.


    SUBSCRIBE

    Category

    • Agriculture
    • Aviation
    • Banking
    • Commodities
    • Construction
    • CSR
    • Currency
    • Economic
    • Energy
    • Featured News
    • Financial Services
    • Information Technology
    • Infrastructure
    • Investment
    • Jobs
    • Manufacturing
    • Markets
    • Mining
    • Others
    • Q&A Interviews
    • Real estate
    • Telecomunication
    • Tourism
    • Transportation

    About us

    The Business Wiz (TBW) is Tanzania’s premier one-stop online platform providing in-depth, accurate and timely business news, analysis, commentary and online business information portals and research.

    • About Us
    • Contact

    © 2022 The Business Wiz

    No Result
    View All Result
    • Home
    • Featured News
    • Economic
      • Currency
    • Investment
    • Markets
      • Stock Market
    • Sectors
      • Agriculture
      • Commodities
        • Markets
      • Construction
      • Energy
      • Financial Services
      • Information Technology
      • Infrastructure
      • Manufacturing
      • Markets
      • Mining
      • Real estate
      • Telecomunication
      • Tourism
      • Transportation

    © 2022 The Business Wiz

    en English
    ar Arabiczh-CN Chinese (Simplified)en Englishfr Frenchde Germanit Italianru Russianes Spanishsw Swahili