Seafood sales strong among health-conscious consumers

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The global fish and seafood market has grown steadily in recent years, registering a compound annual growth rate of 3.8 percent between 2011 and 2015, according to data from research company Market Line. MarketLine’s latest report shows that market values have increased in all regions. Global growth, however, is primarily driven by Asia-Pacific and South America, as the swelling middle classes begin to buy more expensive products through the organized retail channel. Despite this, the U.S. is still the single largest market, and it is important for the global market that sales there continue to grow. “The U.S. is the largest market by value for fish and seafood, accounting for 13.9 percent of global revenues. Value increases, while lower than in many other countries, have been driven by increased health awareness, as U.S. public health bodies recommend eating two pieces of fish a week,” says Market Line analyst. “Such advice is not unique to the U.S., and improved health consciousness is set to help the market globally in the mid to long term.” The global market is forecast to grow at a CAGR of 3.9 percent between 2015 and 2020, aided by increased health consciousness and the desire for quality seafood among newly affluent consumers.

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