The Asia Pacific region leads the global market for fish and seafood, accounting for 40% of the overall market share. The primary growth factors in this region
is the rise in population plus a large number of people who consume fish. Countries like China, India, Japan, Thailand, Australia, Bangladesh, Singapore, and Malaysia are the key contributors here.
“Aquaculture is the fastest-growing food production process worldwide. It has surpassed commercial fishing as well as various other food-sourcing methods, thanks to improved logistics and the growth of the retail sector. Vendors are constantly coming up with new species to decrease the dependency on imports and maintain balance on over-exploited fisheries,” says Vijay Sarathi, Lead Analyst, Food & Beverages, Technavio Research.
The fresh and chilled fish and seafood segment dominated the market in 2015 in terms of revenue. Growing health consciousness, increased demand for quality food, and changing demographics are the main factors fuelling the growth of this segment, Technavio said.
The leading vendors in the global fish and seafood market include High Liner Foods, Iglo Group, Leroy, Marine Harvest, and Thai Union Frozen Products. With the existence of intense competition in the global fish and seafood market, vendors are reducing their prices and actively acquiring smaller entities to enhance their footprint in the market. The inflow of private labels - companies whose products are labelled with their customers' brands - is on the rise, making competition fiercer.
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