Sustainable seafood refers to marketing and distribution of seafood through aqua farming or through wild catch in ways that would not harm the long term sustainability of species while also securing the future of the marine ecosystem. The close connection between seafood industry and global sustainability has resulted in developing different sustainability principles to seek and maintain ecological practices in this industry. Global sustainable seafood market was valued at US$ 16.21 Bn in 2021 in terms of revenue, exhibiting a CAGR of 5.12 % during the forecast period (2022 to 2030).
Parent market analysis, market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis Consumer awareness of the health benefits of seafood and changes in lifestyle have contributed to the growth of the seafood market. Non-vegetarian consumers are slowly changing their lifestyles, and pescetarians are consuming seafood along with vegetarian foods. Pescetarianism refers to a diet consisting of fish and vegetarian foods, without the consumption of meat such as beef, pork, or poultry.
Increasing consumer expenditure on various seafood dishes like sushi and consumer preference for fish dishes like pescetarianism are some key factors leading to the growth of the market. Foods that come in fresh form are highly preferred by consumers owing to their health benefits. Various factors, such as sedentary lifestyle habits, an increase in income levels and an increase in chronic diseases have resulted in a shift in individuals' consumption habits.
The improvement in economic conditions and the growth of disposable income propel market growth, and middle-income groups and high-income consumers, in combination, add to the middle-class population. In addition, North America and the Asia Pacific are experiencing increased disposable income as urban consumers shift from essential to premium goods and services. As a result, seafood suppliers & institutions are enhancing their seafood product line and service offerings over the forecast period.
Figure 1. Global Sustainable Seafood Market Value Share (%), By Region, 2021
However, lack of stringent government regulations regarding illegal fishing techniques in the emerging economies is restraining market growth. Furthermore, lack of awareness among the suppliers and the consumers and high price of certified sea food products is hampering growth of the market among the price sensitive consumers.
|Base Year:||2021||Market Size in 2021:||US$ 16.21 Bn|
|Historical Data for:||2017-2020||Estimated Year:||2022|
|Forecast Period 2022 to 2030 CAGR:||5.12 %||Forecast Period:||2022-2030|
|Geographies covered:||By Region: North America, Europe, Latin America, Asia Pacific, Middle East & Africa.|
|Segments covered:||By Product Type: Bivalves and other molluscs and aquatic invertebrates, Cephalopods, Crustaceans, Flatfish, Freshwater fish, Groundfish, Salmonids, Small pelagics, Tuna and tuna-like species and Others
By Form: Chilled, Frozen, Canned and Others
By Distribution Channel: Hypermarkets, Supermarkets, Convenience Stores, Specialty Stores, Online and Others
M.F. Foley Company, Inc., Zoneco Group Co., Ltd, Walker Seafoods, Nippon Suisan Kaisha, Ltd, Thai Union Group, Maruha Nichiro Corporation, Austral Fisheries, Pacific Andes Group, Marine Harvest ASA, AgriMarine Holdings, Kyokuyo Suisan Co., Ltd., Mitsubishi Corporation.
|Growth Drivers:||Consumers want food safety, social responsibility, sustainability . as drivers to increase responsibility in the seafood industry.|
|Restraints & Challenges:||Problems such as overfishing, plastic pollution (as explored in the documentary Seaspiracy), habitat degradation and bycatch (capturing unwanted marine life when fishing for a certain species) are imposing drastic consequences that have a ripple effect across the entire planet|
Furthermore, the development of organized food service outlets and the trend toward out-of-home dining in the market are forecast to boost the sale of seafood takeout, as well as premium servings, including crustaceans, across quick service and full-service outlets.
Among the leading markets for restaurants in the Asia Pacific over the past few years have been the developing economies, which have provided new opportunities for the seafood takeout market to scale up their sales channels and revenues. Furthermore, online ordering from restaurants has exploded at a remarkable rate in recent years, giving restaurants even more opportunities to scale up their sales channels and revenues.
Figure 2. Global Sustainable Seafood Market value Share (%), By Form, 2021
Major players operating in the global sustainable seafood market include M.F. Foley Company, Inc., Zoneco Group Co., Ltd, Walker Seafoods, Nippon Suisan Kaisha, Ltd, Thai Union Group, Maruha Nichiro Corporation, Austral Fisheries, Pacific Andes Group, Marine Harvest ASA, AgriMarine Holdings, Kyokuyo Suisan Co., Ltd., Mitsubishi Corporation, and others.
Seafood is a major source of food in coastal areas worldwide, and according to Coherent Market Insights, the overall trade of the seafood industry was estimated to around US$ 150 billion in 2017, making it one of the most valuable industry, globally. According to Word Wildlife Fund (WWF), it has been estimated that around 40% of the world population is dependent on seafood for their primary protein source and 10%-12% of the global population is directly or indirectly dependent on seafood for their livelihood. Growing dependency on seafood has resulted in overfishing and resulting to disruption of the marine ecosystem, hence demand for sustainable seafood culture to maintain the balance of the ecosystem is increasing.
Several key leading retailers are focusing on sustainable seafood in order to cater to growing seafood demand, globally. For instance, Whole Foods Market, one of the global retailers is selling sustainable seafood across all its outlets and also stopped selling of a number of endangered species such as Bluefin tuna and shark. Furthermore, the company also partnered with organizations such as the Marine Stewardship Council, the Monterey Bay Aquarium, and the The Safina Center to focus on sustainable seafood. Similarly, Wegmans, which is another leading retailer does not stock species such as blacktip and por beagle shark, blue fin tuna (unless farm raised). To maintain this practice, the company works closely with the Sustainable Fisheries Partnership (SFP) since 2011 to maintain seafood sustainability policy. Some of the other leading retail chains that are focusing on sustainable seafood market are Hy-Vee, Safeway, Target, Aldi, Trader’s Joe, Walmart, and others.
Food service chains such as McDonalds, Starbucks, Subway and others are using sustainable sea food which is further promoting the growth of the market. For instance, for McDonalds, all the fishes used are sourced from Marine Stewardship Council certified fisheries. As a result, over 100 million Filet-O-Fish dish served annually across Europe carry the MSC certified label. Furthermore, in 2013, McDonalds became the first national chain in the U.S. to adopt the Marine Stewardship Council’s blue label on its fish packaging restaurants. Similarly, Subway, one of the leading quick service restaurants globally, became the first quick service restaurant to join the International Pole & Line Foundation (IPLF), thereby focusing on sustainably sourcing tuna species. The company has also partnered with Marine Stewardship Council (MSC) to source its tuna from MSC certified suppliers or other certified bodies.
Key features of the study:
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