Changing lifestyle and consumer preferences, extensive availability of different species of fish, and collaboration between manufacturers and foodservice provides are expected to propel the global seafood market. The market across the Asia-Pacific region held the largest share in 2017, contributing nearly two-thirds of the market. On the other hand, the foodservice segment is expected to register the fastest CAGR of 4.6% during the forecast period.

Portland, OR, Sept. 17, 2019 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global seafood market accounted for $125.44 billion in 2017 and is projected to reach $155.32 billion by 2023, registering a CAGR of 3.6% from 2017 to 2023.

Changing lifestyle and consumer preferences, rise in disposable income, increased awareness regarding health benefits associated with seafood, and extensive availability of different species of fish have boosted the growth of the global seafood market. However, depletion of wild fish stocks hampers the market growth. On the contrary, collaboration between manufacturers and foodservice provides is expected to create lucrative opportunities in the near future.

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The global seafood market is segmented on the basis of type, retail market variety, sales channel, and geography. Based on type, the market is divided into cephalopods, crustaceans, molluscs, flat fish, ground fish, salmonids, tuna, pelagic, others (marine fish and aquatic products). The flat fish segment is projected to register the fastest CAGR of 4.7% during the forecast period. However, the ground fish segment held the largest share in 2017, contributing more than one-fifth of the market.

On the basis of retail market variety, the market is divided into ambient, frozen, and chilled. The chilled segment held the largest share in 2017, contributing more than half of the market. Moreover, the segment is projected to manifest the fastest CAGR of 4.0% during the forecast period.

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Based on sales channel, the market is segmented into retail, foodservice, and institutional. The retail segment held the lion’s share in 2017, accounting for nearly three-fourths of the market. However, the foodservice segment is expected to register the fastest CAGR of 4.6% during the forecast period.

The global seafood market is analyzed across various regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across the Asia-Pacific region held the largest share in 2017, contributing nearly two-thirds of the market. Moreover, the region is estimated to register the fastest CAGR of 4.1% during the forecast period.

The global seafood market report includes an in-depth analysis of the major market Key players such as Kangamiut Seafood A/S, American Seafoods Company, Pacific Seafood, Trident Seafoods Corporation, Phillips Foods, Inc., Thai Union Group PCL, Marine Harvest ASA, Lee Fishing Company and Leigh Fisheries.

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