Seafood market set for continued growth

By Noli Dinkovski

- Last updated on GMT

Market growth has been primarily driven by South America and the Asia-Pacific region
Market growth has been primarily driven by South America and the Asia-Pacific region

Related tags: Compound annual growth rate

Global seafood consumption is set to continue to grow, but the industry’s future health depends on sustainable fishing, a research company has claimed.

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.”

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