Seafood refers to several varieties of fish, molluscs, crabs, calamari, and crustaceans, either in fresh or processed form. Seafood are regarded as one of the best foods for body as they contain rich amount of protein while some varieties are fat-free too. In recent past, aquaculture and farmed fishes have become common processes to meet the seafood demand in retain market as well as for export.
Health Benefits of Seafood Driving Global Market
There are several factors that are propelling the global market for seafood. For example, elite restaurants are extending their demand for luxury seafood to meet the needs of rising affluent class. There is also an increase in demand for ethically produced seafood that does not involve human trafficking, child labor or slavery. As a result, seafood producers are now looking for efficient and eco-friendly methods for the production of seafood, opening up opportunity for innovative methods. Moreover, variations in seafood dishes and escalating demand for proteinaceous fat-free food is gradually increasing too.
Combination of East and South-east Asia is the largest producers of seafood and will continue to dominate the production department due to cheap labor and abundance of seafood. China is world’s leading seafood consumer, followed by Japan and the U.S.
Prominent Players Acquiring and Merging to Maintain Stronghold
The global market for seafood is expanding at a healthy CAGR and prominent market players are indulging in mergers and acquisitions to maintain their stronghold over the global as well as domestic market. For instance, in February 2016, Sysco acquired North Star Seafood who approximately amount for US$128 million in annual sales of seafood to various local, wholesale, cruise, export and retail customers. Just eight months later, US Foods have announced the acquisition of Florida-based seafood processor and distributor Save On Seafood. It must be noted that these two acquisitions come in about a year since US District Court terminated the merger of Sysco and US Foods in June 2015.