SEAFOOD MARKET - SIZE, SHARE, COVID-19 IMPACT & FORECASTS UP TO 2028

Asia-Pacific is the largest Region

The region with the most consumption of seafood in 2021 is the Asia-Pacific region. The seafood market in the region is driven by the growing aquaculture sector. China is heavily dependent on fish and shrimp farming and has made large-scale investments in the sector. In 2022, two Chinese state-owned corporations are set to complete the construction of an offshore aquaculture system with a 100,000-ton platform to be docked in the Yellow Sea.

The fastest-growing region globally for seafood is Africa, which is projected to register a CAGR of 2.65% during the forecast period. The European market is another promising region to look out for and is projected to register a CAGR of 0.38% from 2022 to 2028. One of the largest imports of seafood in the region is tuna, more specifically, processed tuna. In 2020, processed and preserved seafood accounted for 32% of the total expenditure on seafood products in EU households, where 10% of the value came from dried, smoked, or salted seafood. On the other hand, fresh/chilled and frozen seafood amounted to roughly 48% and 20%, respectively, in the same year. The Seafood Market is projected to register a CAGR of 1.41%


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