DUBLIN–The “Seafood – Global Market Trajectory & Analytics” report has been added to ResearchAndMarkets.com’s offering.
With regional and international food and agricultural value chain severely disrupted, seafood is caught in the eye of the COVID-19 storm. The market is expected to lose steam before recovering to reach a projected global market size of US$138.7 billion by 2027. Global food supply chains are severely disrupted as governments move swiftly to implement trade restrictions to protect domestic food supplies, a move that has and still continues to impact countries dependent on food imports.
Along with several other food products, export revenues of even seafood are declining as countries close borders and halt trade. Fish and aquatic food value chain is currently witnessing a medley of challenges ranging from shutdown of operations, changing consumer demands, market access and logistical problems, and transportation and border restrictions. Supply chain interruptions caused by disruptions in transportation, trade and labor have halted both fish farming and commercial fishing operations. Delayed stocking of aquaculture feed and systems is impacting production with rising prices threatening to be a key fallout.
With the easing of the lockdown restrictions, the market will however regain lost growth momentum. Seafood will remain a healthy food option and an indulgent treat and mainstay of salads in luxury dinners and food parties. Continued developments in aquaculture and the ensuing availability of wider product choices will spur growth, alongside the growing focus of governments worldwide to utilize fisheries to achieve food security goals. The focus on reducing fish waste and losses and rise in sustainable and responsible fisheries management will positively benefit growth in the market by ensuring easy physical and economic access to sufficient, safe, nutritious and affordable seafood products.
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