Seafood Market Size is projected to reach USD 207.2 billion

New York, United States, Oct. 25, 2022 (GLOBE NEWSWIRE) — A large portion of the world’s population is fed by the seafood sector, which has a substantial impact on the social and economic prosperity of various countries. The seafood business encompasses a variety of species, including fish, prawns, shrimp, and crabs, with fish making up more than half of the market. The popularity of health and fitness among millennials and young people is driving up demand for protein powder and nutritional supplements. Fish is a low-calorie source of protein, vitamins, and minerals that also helps develop muscle, therefore fish extracts are widely used in protein powders and dietary supplements.

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Foodservice: The Fastest-Growing Segment of the Seafood Market

Based on the sales channel, the seafood market is segmented into retail, foodservice, and institutional. The retail segment holds the largest share in the seafood market on account of the growing preference towards home-cooked food and rapidly expanding seafood restaurants.  Foodservice, on the other hand, is the fastest-growing segment on account of the changing lifestyle of the customers. Today, the customers prefer having exotic foods at restaurants rather than preparing themselves due to hectic work schedule and growing trend of dining out with friends and family, especially in the urban areas. A study commissioned by the Centers for Disease Control and Prevention and National Center for Health Statistics shows that people consume seafood mostly at home, accounting for around 58% of the total seafood consumption.

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