March 6, 2008

Global seafood market forecast to exceed US$388.9 billion in 2010
 

Global seafood market could achieve a Compound Annual Growth Rate (CAGR) in excess of 5.4 percent and exceed US$388.9 billion in worth by 2010, according to a new report compiled by Global Industry Analyst Inc.

Fresh, frozen and chilled fish dominates the global seafood market, with an estimated share of about 56.7 percent in 2007, said the report.

Growth of shellfish is forecast to outpace all other segments with a projected CAGR of 6 percent by 2010.

One of the fastest growing industries in the world today is aquaculture, which is the driving force behind the seafood industry's growth, according to the report.

Fish accounts for nearly 7.5 percent of the world's food production, and fish breeding could saturate 40 percent of global fish consumption in five years' time.

The report said the frozen seafood segment is undergoing changes with an increase in both unit and dollar sales due to the introduction of improved products at all levels of markets.

The stressing on new products and increased category support has also improved the performance of the frozen seafood segment.