As cited by the research report titled ‘Global Seafood Market Size study, by Product (Fish, Crustaceans, Mollusca and Others), by Application (Retail, Institutions and Food Service) and Regional Forecasts 2021-2027’, available with MarketStudyReport, global seafood market is projected to grow with a strong CAGR to garner significant returns over 2021-2027.
 

Increasing aquaculture farming is a major factor driving global seafood market growth. Growing consumption of highly nutritious seafood products along with increasing adoption of healthy lifestyle is positively swaying the industry dynamics. As per Statista, average yearly per capita consumption of seafood across the world has witnessed an increase from 19.9 kgs in 2014 to around 20.5 kgs in 2019.
 

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In addition, increasing demand for sea food in restaurants, evolving consumer lifestyle, rising popularity of pescetarianism diet, favorable government initiatives promoting aquaculture farming, and expanding end user industries like pharmaceuticals, foods, and cosmetics, are generating lucrative opportunities for the market participants.
 

As per the Fish Site report of 2021, the government of Indonesia is persuading young farmers via Millennial Shrimp Farming (MSF) for promoting shrimp production in the country which can in turn assist in increasing the country's shrimp export value by over 250 percent between 2020 & 2024.
 

Speaking of negatives, growing environmental concerns associated with aquaculture and rising preference for vegan diet are likely to act as bottlenecks for the market progression over the estimated timeline of 2021-2027.
 

For the record, seafood is popular worldwide owing to immense health benefits that it offers such as vitamins, calcium, minerals, proteins, omega-3 fatty acids and others.
 

Based on product type, global seafood industry is segmented into fish, mollusca, crustaceans, and others. While the application range includes, institutions, retail, and food service.
 

The geographical analysis of the industry includes regions like Asia Pacific, Europe, North America, and Latin America. The report cites that Asia Pacific market is expected to be a lucrative growth avenue over the assessment period 2021-2027, on account of increasing production as well as consumption of seafood, rising number of fast-food restaurants, growing adoption of innovative solutions for fish farming, and favorable government initiatives fostering aquaculture farming in the region.
 

Major companies influencing the global seafood trends are Trident Seafoods Corp., Thai Union Group, Phillips Foods Inc., Seafood Restaurants, Pacific Seafood Inc., Mowi ASA, Lee Group (Leigh Fisheries), Lee Fishing Company, Kangamiut Seafood A/S, Freiremar S.A., and American Seafoods Group LLC.