Since the economy’s booming due to growing businesses, the markets linked with seafood have indicated active participation. The market noticed a dynamic growth as people became aware of seafood’s benefits.
People prefer seafood over other meats, as seafood is a better and cheaper alternative. Seafood is easy to
digest, providing more omega-3 fatty acids that benefit your body. Seafood consumption maintains health and proves to be a better food option if the person’s ultimate goal is to lose weight.
The seafood companies showing involvement in the global and regional markets are contributing to the growing economy, which is estimated to conduct an annual growth rate of 2.5% by 2027.
Every geographical locality across the globe shows a variation in the availability of seafood. To fulfil the demand gaps in the fresh seafood market, the companies have also shown significant development in exporting seafood in canned and frozen forms.
Drivers
Drivers are the main components and critical factors responsible for the betterment and decline of the business. The most common reasons that act as drivers are,
1. Awareness
People becoming aware and more conscious about their overall health and looks tend to find more benefits at an affordable price in the form of seafood. People also expect fresh, edible seafood with lower fat content and essential nutrients.
2. Favourable Habitat
The habitat through which the fish is obtained affects the fish very significantly. The materials consumed by the fish can alter the expected natural taste, and the external chemicals can degrade the overall fish’s growth and structure.
Showing the health of the person consuming the fish. Since consumers are aware of this aspect, they expect the seafood grown in a controlled environment and have a clear idea about what kind of seafood they are consuming.
3. Availability of nutrients
The various forms of seafood usually consumed by people are fish, shellfish (Crustaceans and Molluscs), Roe, and Medusozoa are heavily enriched with different types of essential vitamins.
The vitamins are, Vitamin A, Vitamin C, Vitamin D, Vitamin E, Vitamin B1, Vitamin B2, Vitamin B6, Vitamin B12, Folic Acid, and Niacin.
4. Technology
Consumers eating seafood worldwide always prefer the seafood to get on their platter as fresh as possible. The ability to transport seafood from one place to another is due to technological advancement.
The technology increases the rate of seafood supply and keeps it as fresh as possible. The frozen packages are transported either in pure form or canned.
5. Legal fishing practices
Illegal fishing and unregulated policies cause an immense disturbance in the aquatic ecosystem. In the
ecosystem, the various classes of creatures live on the interdependability of other animals.
Reasons such as overfishing and uncontrolled fishing result in the reduction of a particular or more than a
single species of creatures. Hence, scrambling the interdependability and disrupting the ecosystem.
6. Modes of availability
The companies producing fish oil and fishmeal contribute significantly to the seafood industry. For a specific reason, for consumers who cannot consume fish in cooked form, the affordability, the fish oils can fulfil the essential requirements.
Seafood Global Regional markets
One of the most enjoyed delicacies seafood comes from Filipino cuisine. The Seafood City and the Island Pacific Seafood Market are renowned supermarket chains with provisions for fresh, canned and frozen seafood.
The most renowned regional seafood markets in various countries are,
● Mercado Negro, Mexico
● Pike’s Place, Washington
● Mercado Modelo, Brazil
● Tanji Fish Market, Gambia
● Port d’Essaouira, Morocco
● Feskekôrka, Sweden
Future Scope
The major scope obtained from the seafood industry is estimated as below,
1. By 2027, the Global Seafood market is estimated to reach up to $138.7 billion
2. The ‘Tuna segment’ will contribute to a compound annual growth rate of 2.8%
3. China will contribute to a compound annual growth rate of 3.7%.
Conclusion
The above study explains very briefly that the seafood market is a significant part of a country’s financial growth and the global economy.
Seafood markets are responsible for economic spreading as the consumers are aware of the benefits of seafood, which results in heightened consumption, generating more profits.
If you are a seafood lover, then we don’t want to miss our other seafood-related blog on our website.
They source and sell a wide range of seafood from diverse regions worldwide.
Quality is their first priority., so they make sure to maintain the quality of the product. They offer fresh products from worldwide.
Yes, transparency is the most important thing for every business. They provide detailed information about the origin of each seafood sold in their market.
They regularly update their inventory to introduce new and seasonal regional seafood, ensuring a fresh and exciting selection.
