The global seafood market is forecast to increase at a compound annual growth rate (CAGR) of 3.9% in value between 2015 and 2020, aided by greater awareness of its health benefits and a desire for high quality seafood among more affluent consumers, said MarketLine.
According to its latest report, the market grew by a CAGR of 3.8% between 2011 and 2015.
Swelling middle classes
This was primarily driven by South America and the Asia-Pacific region, as the swelling middle classes begin to buy more expensive products through an ever-more organised retail channel, it said.
“The future looks bright for the seafood market, but producers must pay attention to sustainability,” said MarketLine analyst Nicholas Wyatt.
“Overfishing or disease spread by overcrowded caging can create damaging health issues.”