Transparency Market Research has published a new report, titled “Processed Seafood Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 – 2027.” According to the report, there has been a considerable rise in the processed seafood market on account of consistent innovations in fishing techniques as well as exploration of new fishing grounds. The growth of the processed seafood market is also attributed to the escalating demand for food products that are rich in protein. Another important factor behind the growth of this market is the rising inclination of consumers towards ready to cook products. Moreover, the stupendous increase in import and export trade of processed seafood between nations has accelerated the consumption of processed seafood even in non-coastal areas. With effective cold storage facilities and efficient transportation, the process seafood market is growing manifolds.
According to the lead author of this report, the escalating prices of raw seafood has led do the shifting of consumers towards processed seafood products and this is one of the primary reasons why the processed seafood market is growing significantly in the last few years. Credit needs to be also given to the breakthrough innovations in technology as well as processing of seafood which has made it possible for this market to grow.
On the other hand, a lack of proper infrastructure development for the processed seafood industry is expected to restrain the growth of this market to a certain extent. A lack of funds as well as the need for proper management which is lacking as of now are expected to hamper the growth of the global processed seafood market. Along with all these factors, stringent fishing policies implemented by governments as well as strict environmental laws laid down for the protection of sea animals as a result of increased fishing activity is resulting in the shortage of the raw material required for processed seafood.
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On the basis of geography, Asia Pacific is the largest market for processed seafood, with China being at the forefront on account of its major share in exporting seafood to Europe, the US, and Japan. Europe and Japan are also anticipated to be lucrative markets for processed seafood as they are key consumers of seafood. The processed seafood market is also anticipated to grow in Australia, Brazil, and India on account of a shift in the consumption pattern of consumers, keeping nutrition in mind.