Healthy growth forecast for fish and seafood market

The global fish and seafood market has grown steadily, registering a compound annual growth rate (CAGR) of 3.8% between 2011 and 2015, according to data from research company MarketLine, whose analysis shows that market values have increased in all regions.

Global growth is primarily driven by Asia–Pacific and South America as the swelling middle classes begin to buy more expensive products through the organised retail channel. However, the US is still the single largest market.

“The US is the largest market by value for fish and seafood, accounting for 13.9% of global revenues. Value increases, while lower than in many other countries, have been driven by increased health awareness, as US public health bodies recommend eating two pieces of fish a week. Such advice is not unique to the US, and improved health consciousness is set to help the market globally in the mid to long term,” said MarketLine analyst Nicholas Wyatt.

The global market is forecast to grow at a CAGR of 3.9% between 2015 and 2020, once again aided by increased health consciousness and the desire for quality seafood among newly affluent consumers.

Volumes are growing at a slightly slower pace than values, demonstrating the impact of increased values in developing markets. The difference in growth rate between volume and value is greater in Asia–Pacific than it is on a global scale, providing further evidence that premium products are propelling the market in that region.

“The future looks bright for the fish and seafood market, but producers must pay attention to sustainability issues. Responsible fishing is key to the future health of the market. Overfishing or disease spread by overcrowded caging, as has been seen before in Chile, can create damaging health issues that rock consumer confidence,” added Wyatt.