Europe Seafood Market is projected to be worth USD 74.18 billion by 2033 and is anticipated to surge at a CAGR of 1.03%.
Fish, crabs, mollusks, and other seafood are among the many products sold in the European seafood market. The region's most popular fish species to eat are mackerel, trout, cod, herring, and salmon. Mollusks like oysters, mussels, and clams, as well as crustaceans like shrimp and prawns, are also in great demand. Furthermore, seafood products with additional value such as frozen, tinned, and smoked seafood are becoming more and more well-liked.
Europe Seafood Market Driving Factors and Challenges
Drivers: The seafood market is seeing expansion due to a variety of dynamic and varied reasons. First off, because consumers are increasingly choosing better diets, there is a greater demand for seafood because it is thought to be a good source of protein, omega-3 fatty acids, and other important nutrients. Furthermore, the market is expanding due to a rise in demand for seafood products supplied ethically as a result of growing knowledge of the advantages sustainable seafood techniques have for the environment.
Challenges: The rise in veganism has led to an increase in the consumption of plant-based cuisine. Because of this, producers of well-known fish markets have been able to focus more on creating plant-based meat replacements, which has decreased their market share. Recent years have seen an increase in the popularity of plant-based diets, with people worldwide demonstrating an interest in plant-based cuisine. Additionally, the growing number of flexitarian consumers—who are inclined to occasionally prefer vegetables, legumes, whole grains, and nuts over meat—had a detrimental effect on the market for fish and other items. These issues are expected to hinder market expansion throughout the forecast timeframe.
Impact of COVID-19 on Europe Seafood Market
The COVID-19 pandemic caused significant disruptions in the supply chain and alterations in consumer behavior, which in turn had a significant effect on the European seafood industry. The travel bans, lockdown procedures, and shutdown of restaurants have decreased demand for fish, which normally comes from the foodservice industries. Seafood suppliers were forced to alter their distribution strategies in response to this shift, rerouting their products to retail marketplaces, where demand surged as consumers sought out alternatives to dining out.
Europe Seafood Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players are; Associated Seafoods Limited, Austevoll Seafood ASA, Bolton Group SRL, Grieg Seafood ASA, Kilic Seafood Co., Mowi ASA, Nomad Foods Limited, Nordic Seafood AS, Royal Greenland AS, Seafood King EU BV, Sofina Foods, Sykes Seafood Ltd, Thai Union Group PCL, Others.
Europe Seafood Market Segmentation:
By Type: Based on the Type, Europe Seafood Market is segmented as; Fish, Shrimp.
By Form: Based on the Form, Europe Seafood Market is segmented as; Chilled, Frozen, Processes.
By Distribution Channel: Based on the Distribution Channel, Europe Seafood Market is segmented as; Outdoor, Indoor.
By Region: This research also includes data for UK, France, Germany, Italy, Spain, Rest of Europe.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.