Asia Pacific was the largest region in the global seafood market, accounting for 39% of the market in 2019. Western Europe was the second largest region accounting for 38% of the global seafood market. Africa was the smallest region in the Global Seafood Market.
Fish processing establishments are using high pressure processing (HPP) technology to improve operational efficiency. HPP is a non-thermal technology in which the fish is submerged in a liquid placed in a pressure vessel and uses pressures of about 6000 times the average air pressure at sea level to pasteurize fish meat. High pressure processing replaces the need for heating fish produce and chemicals are used for fish preservation. It increases yield by 20-50% and saves processing time and costs. HPP effectively kills microbes and extends the shelf life of the processed fish by 2 to 4 times, without adversely affecting its freshness, flavor, color, texture and nutritional value. HPP technologies developed by Avure Technologies and Food Science Australia are being widely used in fish processing. The Seafood Company, a Singapore-based company, is using HPP technology for seafood processing.
The seafood market consists of sales of seafood by entities (organizations, sole traders and partnerships) that can seafood, smoke, salt and dry seafood, eviscerate fresh fish, shuck and pack fresh shellfish, process marine fats and oils and/or freeze seafood. Establishments known as floating factory ships that gather and process seafood into canned seafood products are also included in this industry. The companies in the industry package and distribute their products through various distribution channels to both individual customers and commercial establishments.
The global seafood market is expected to grow from USD 237.9 billion in 2019 to USD 248.3 billion in 2020 at a compound annual growth rate (CAGR) of 4.4%. The low growth is mainly due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and grow at a CAGR of 9% from 2021 and reach USD 320 billion in 2023.
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Ankur Gupta, Head Marketing & Communications