Seafood Market to Reach $ 193.91B Globally by 2027 at 2.5% CAGR: Allied Market Research

PORTLAND, Oregon — Allied Market Research published a report, titled, “Seafood Market by Type (Fish, Crustaceans, Mollusca, Others), and By Application (Retail, Institutions and Food Service): Global Opportunity Analysis and Industry Forecast, 2020–2027.” According to the report, the global seafood industry was estimated at $159.31 billion in 2019, and is anticipated to hit $193.91 billion by 2027, registering a CAGR of 2.5% from 2020 to 2027.

Drivers, restraints, and opportunities-

Increase in awareness regarding health benefits associated with seafood, change in lifestyle and consumer preference, and disposable income of people fuel the growth of the global seafood market. In addition, the extensive availability of a variety of different species boost the market growth. On the other hand, depletion of wild fish stock impedes the growth to certain extent. However, surge in collaboration between manufacturers and food service providers anticipates to create lucrative opportunities in the near future.

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