Europe Seafood Market Size, Share, and COVID-19 Impact Analysis, By Type (Fish and Shrimp), By Form (Chilled, Frozen, and Processed), By Distribution Channel (Off-Trade and On-Trade), and Europe Seafood Market Insights, Industry Trend, Forecasts to 2032Industry: Food & Beverages
Europe Seafood Market Insights Forecasts to 2032
- The Europe Seafood Market was valued at USD 91.74 billion in 2022.
- The market is growing at a CAGR of 4.3% from 2022 to 2032
- The Europe Seafood Market is expected to reach USD 140.2 billion by 2032
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The Europe Seafood Market size was valued at USD 91.74 billion in 2022. The Europe Seafood Market is expected to reach USD 140.2 billion by 2032, at a CAGR of 4.3% during the forecast period 2022 to 2032. The Europe seafood market is a dynamic and growing industry, driven by factors such as health consciousness, disposable incomes, and changing consumer preferences. With a diverse range of products, distribution channels, and major players, the market presents both challenges and opportunities for seafood companies, especially those embracing sustainability and innovation.
The Europe seafood market is a significant sector within the overall food industry and plays a crucial role in the region's economy. Seafood is highly valued in European cuisine and is consumed both domestically and exported to other parts of the world. The Europe seafood market has experienced steady growth over the years, driven by factors such as increasing consumer awareness of the health benefits of seafood, rising disposable incomes, and a growing preference for seafood as a protein source.
The Europe seafood market comprises a diverse range of products, including fish, crustaceans, mollusks, and other seafood. Some of the popular fish species consumed in the region include salmon, cod, herring, trout, and mackerel. Crustaceans such as shrimp and prawns, as well as mollusks like oysters, mussels, and clams, are also in high demand. Additionally, value-added seafood products like smoked fish, canned seafood, and frozen seafood are gaining popularity.
Seafood products in Europe are distributed through various channels, including supermarkets and hypermarkets, specialty seafood stores, online platforms, restaurants, and food service providers. Supermarkets and hypermarkets hold a dominant share of the market, as they provide a wide variety of seafood options and offer convenience to consumers. However, online platforms have witnessed significant growth in recent years, with consumers increasingly opting for online purchasing due to convenience and wider product availability.
This research report categorizes the market for Europe seafood market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the Europe seafood market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the Europe seafood market.
One of the primary drivers of the Europe seafood market is the increasing health consciousness among consumers. Seafood is known for its high nutritional value, including omega-3 fatty acids, vitamins, minerals, and lean protein. As consumers become more aware of the health benefits associated with seafood consumption, there is a growing demand for seafood products as a part of a balanced diet. The perception that seafood is a healthier protein option compared to red meat and processed meat has contributed to its popularity in European countries.
The Europe seafood market is influenced by the overall economic conditions in the region. As the disposable incomes of consumers increase, they tend to spend more on high-quality food products, including seafood. Rising incomes have led to changes in dietary preferences, with consumers willing to pay a premium for fresh and premium seafood products. This trend has particularly benefited premium seafood segments, such as salmon, lobsters, and prawns.
Europe is a major player in the global seafood trade, both as an importer and exporter. The region has a strong demand for seafood products, and its proximity to other continents enables it to access a wide variety of seafood from different parts of the world. European seafood companies engage in international trade, importing seafood from countries like Norway, Iceland, and Canada, and exporting processed seafood products to various global markets. The availability of a diverse range of seafood options through trade enhances the market's growth.
One of the significant restraints on the Europe seafood market is the environmental impact of fishing and overfishing. Unsustainable fishing practices can lead to the depletion of fish stocks, damage to marine ecosystems, and disruption of the balance of marine life. Concerns about the negative environmental consequences of fishing, such as bycatch, habitat destruction, and the release of pollutants, have led to increased scrutiny and regulations on fishing practices. These concerns pose challenges to the industry's sustainability and limit the availability of certain seafood species.
Seafood is a perishable product that requires careful handling, storage, and transportation to maintain quality and freshness. The nature of the seafood supply chain, involving multiple intermediaries and long-distance transportation, poses challenges in ensuring timely delivery and minimizing product spoilage. Issues such as temperature control, traceability, and logistical complexities can impact the overall quality and shelf life of seafood products, affecting consumer satisfaction and market viability.
The Europe Seafood Market share is segmented into type, form, and distribution channel.
- The fish segment is expected to hold the largest share of the Europe seafood market during the forecast period.
Based on the type, the Europe seafood market is segmented into fish and shrimp. Among these, the fish segment is projected to account for the majority share of the Europe seafood market over the projected period. The growth can be attributed due fish consumption in Europe being deeply rooted in the culinary traditions and cultural preferences of the region. Norway is a major supplier of Atlantic salmon to Europe, accounting for a substantial share of the salmon market. Smoked salmon, fresh fillets, and salmon steaks are popular products that are consumed both at home and in restaurants.
- The frozen segment is expected to hold the largest share of the Europe seafood market during the forecast period.
Based on the form, the Europe seafood market is classified into chilled, frozen, and processed. Among these, the frozen segment is expected to hold the largest share of the Europe seafood market during the forecast period. The reason for the growth is, frozen seafood products are widely consumed and appreciated for their convenience, extended shelf life, and year-round availability of various species. The frozen segment caters to a broad consumer base, including households, restaurants, and food service providers. The demand for frozen seafood is driven by factors such as convenience, storage flexibility, diverse product offerings, and the ability to access seafood even in regions far from coastlines.
- The off-trade segment is expected to hold the largest share of the Europe seafood market during the forecast period.
Based on the distribution channel, the Europe seafood market is classified into off-trade and on-trade. Among these, the off-trade segment is expected to hold the largest share of the Europe seafood market during the forecast period. The reason for the growth is, the convenience and accessibility of retail channels, including supermarkets and online platforms, contribute to the widespread availability and consumption of seafood products at home. The off-trade segment caters to a broad consumer base, allowing individuals and households to select their preferred seafood products, control the cooking process, and incorporate seafood into their home-cooked meals.
The report offers the appropriate analysis of the key organizations/companies involved within the Europe seafood market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.
List of Key Companies
- Associated Seafoods Limited
- Austevoll Seafood ASA
- Bolton Group SRL
- Grieg Seafood ASA
- Iceland Seafood International hf
- Kilic Seafood Co.
- Mowi ASA
- Nomad Foods Ltd
- Nordic Seafood AS
- Royal Greenland AS
- Seafood King EU BV
- Sofina Foods
- Sykes Seafood Ltd
- Thai Union Group PCL
Key Target Audience
- Market Players
- Government Authorities
- Consulting and Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
- On June 2022, Royal Greenland and Espersen have signed a new cooperation agreement that will allow for continued strong seafood category development based on Koszalin production.
- On May 2022, Royal Greenland developed a new joint venture in Cuxhaven referred to Royal Fresh Fish GmbH with manufacturing facilities at Neufelder Strasse 37-41 to expand its production and market reach in the European fresh and re-fresh market.
This study forecasts revenue at, regional, and country levels from 2019 to 2032. Spherical Insights has segmented the Europe Seafood Market based on the below-mentioned segments:
Europe Seafood Market, By Type
Europe Seafood Market, By Form
Europe Seafood Market, By Distribution Channel
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