Support the World for Increasing Consumption of Seafood
Did you know? Amidst the pandemic, global consumption of seafood started to surge and the demand for fishery products still growing exponentially. Recent ‘Seafood – Global Market Trajectory & Analytics’ report released on ResearchAndMarkets.com showed that the global market for fishery products reached a total of US$113.2 Billion in 2020 and will continue to rise by the end of 2027.
On the contrary, the number of people working in the fishery sector of Indonesia had decreased by 9.5%, from 2.64 million to 2.39 million workers in 2020. This issue needs to be addressed well since Indonesia cannot remain the major player in seafood exports if this issue persists.
Besides that, the percentage of consumption of seafood in Indonesia is still behind other Asia-Pacific countries, with an average of 60 kilograms of fishery products consumed per person. If we compare this number with a country like Japan that has an average of 140 kilograms of products consumed per person, this number is still lower and needs to be boosted.
Hence, it is important for exporters and importers of Indonesian fishery products to learn more about the estimated potential growth and the best way to realize it. What are they? Read below for more!
The Estimated Growth on Consumption of Seafood Globally
Based on the data populated from the ‘Seafood – Global Market Trajectory & Analytics’ report, we found some interesting insights that you might need to know in order to grow your seafood business, including:
- Tuna become one of the fastest-growing product
The data shows that consumption of seafood for tuna commodity has an average of 2.8% CAGR (Compound Annual Growth Rate), which means the rate of return that would be required for an investment to grow for the tuna segment for the USA, Canada, Japan, China, and Europe has a promising future. In total, these regions have a market size of US$7.9 Billion in 2020 and are forecasted to grow up to US$9.5 Billion by the close of the analysis period of 2021.
However, China will remain to become the fastest-growing market for tuna products, followed by India, South Korea, and Australia as the potential market that will reach US$41.2 Billion by end of 2027. Meanwhile, the tuna market in Latin America also grew by 2.4% CAGR through 2020.
- The US seafood market size is estimated at US$6.3 billion
As one of the top fishery product importers from Indonesia, the United States’ consumption of seafood is expected to grow by US$53.5 Billion by the end of 2027, with an average CAGR of 3.7% over the analysis period of 2020 to 2027.
Meanwhile, the seafood market for Japan and Canada is also forecasted to grow 1.3% and 2.1% respectively through the 2020-2027 period. In Europe, Germany is forecasted to have an average of 1.6% CAGR. This is a huge opportunity for seafood wholesalers, manufacturers, and distributors to expand their market in this region.
How to Increase World Consumption of Seafood
In order to boost the average rate of consumption of seafood realize the market potential mentioned in the previous insight, you need to implement several strategies that will draw the attention of everyone , not only seafood enthusiasts. Some of the strategies are as follows:
- Collaborate with local NGOs, by promoting a healthy diet with seafood in countries with low consumption of seafood like Indonesia and Mozambique.
- Highlight the benefits of seafood, by creating an integrated campaign that will reach a wider audience to know the impact of consumption of seafood regularly.
- Diversify your fishery products, with high-quality products like Black Tiger Prawn, Demersal fish, or Pelagic fish, that will boost the interest of common people to love seafood even more.
If you are currently looking for a reliable partner to support your seafood business, C-Fishery also provides various selections of premium-grade seafood from Indonesia. We can bring the goodness of fresh seafood perfectly curated for your businesses.
Contact us today to get the latest information on our seafood product! (Yustika)