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World Seafood Market to Exceed US$388.9 Billion by 2010

SAN JOSE - World Seafood (Frozen, Canned and Fresh) market is forecast to maintain a CAGR in excess of 5.4 per cent over the 2001-2010 period and exceed US$388.9 billion by 2010.

Fresh/Frozen/Chilled Fish dominates the global market for Seafood, with a share estimated at 56.7 per cent in 2007, according to a new report by Global Industry Analysts, Inc.

In terms of growth, however, Shell Fish is forecast to surpass all other segments, with a projected CAGR of 6 per cent over 2001-2010.

One of the fastest growing food industries in the world today is aquaculture, the report says.

Aquaculture has been the driving force behind the growth in the seafood industry and fish is considered as a main protein source for over one billion people in developing countries and accounts for nearly 7.5 per cent of the world's food production.

The fish breeding in lakes and in the sea could saturate 40 per cent of worldwide fish consumption in 5 years. Nearly two-thirds of the most common fish have been affected by the progressing depletion of natural fish populations.

The report says that customers today have become more experienced, educated and sophisticated about their seafood selection due to which there has been a significant change in consumer's tastes.

Customers prefer grilled seafood more than the deep fat fried fish.

Today the seafood marketers have to invest more to compete with other protein foods like meat, poultry, and vegetables. Many consumers perceive seafood as a special occasion item due to the perception that seafood is highly priced.

Seafood today represents a significant opportunity to broaden sales for supermarkets that become a point of destination for consumers who are demanding a wider selection of top-quality items at competitive prices.

The growth in the cultured fisheries production is mainly due to the depletion in the natural seafood resources.

Today, the frozen seafood segment is undergoing a change with an increase in both unit and dollar sales.

This is due to the improved products being introduced at all levels of markets - major brands, private label and smaller brands.

The emphasis on new products and increased category support has resulted in the improved performance of the frozen seafood segment.

Major companies covered include Albert Fisher, Amalgam Group of Kerala, Dongwon Group, Faroe Seafood, Fishery Products Intl Inc, Hansung Enterprise, Lyons Seafoods, Princes Ltd, Rybarstvi Trebon, Sajo Industries Co, Stolt Sea Farm, Surapon Food Public Co Ltd, The Seafood Company and Tri-Marine International Inc.

Segments analysed in the study include Fresh/ Frozen/Chilled Fish, Canned Fish, Cured Fish and Shell Fish.

More details about this research report, can be found on