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Seafood Processing

OVER ONE BILLION PEOPLE DEPEND ON SEAFOOD

OVER ONE BILLION PEOPLE DEPEND ON SEAFOOD

Over one billion people depend on seafood according to Goldstein Research, “Fat-free and rich source of protein values are the major boosting factors for the growing demand of seafood. Nearly 15% of the animal protein is consumed across the globe and around 1.1 billion of global population depend on seafood for their primary source of animal protein. Countries such as Portugal, Iceland and Japan are the major consumers for seafood in the world.”

According to Goldstein Research, as far as the global seafood market outlook to 2024 is concerned, the market is segmented on the basis of types of seafood, product type and by distribution channel. Types of seafood are further categorized fishes, crustaceans, molluscs and other seafood (sea turtles, marine mammals). Among all types of seafood, fish is the dominating segment of global seafood market. In 2016, worldwide fish production accounted approximately 172 million tons. However, shrimps accounted for around 60% of total production of crustaceans in 2016.

Asia-Pacific is the dominating region for global seafood market. Asia-Pacific seafood market is anticipated to grow at a remarkable CAGR of 5.0% during the forecast period. Asia-Pacific seafood market is anticipated to reach over USD 71.0 billion by the end of 2024. Huge demand for seafood in countries such as China, Japan, Vietnam, Malaysia and India are likely to contribute in the growth of seafood market in the region.

Overall, the report represents comprehensive synopsis on the global seafood market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.

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