Global Seafood Market Value in Singapore: Trends and Forecast – Seaco Online
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Global Seafood Market Value in Singapore: Trends and Forecast

Global Seafood Market Value in Singapore: Trends and Forecast

The global seafood market is a multi-billion dollar industry that is expected to continue growing in the coming years. Singapore is a key player in this market, with a significant share of the global seafood trade. As a result, understanding the global seafood market value in Singapore is crucial for anyone involved in the seafood industry or interested in investing in this sector.

The global seafood market overview reveals that the market is driven by several key factors, including increasing demand for seafood, rising health awareness, and growing popularity of seafood-based diets. Additionally, the market is influenced by trends such as the rise of e-commerce, technological advancements in seafood processing and packaging, and the growth of sustainable seafood practices. These factors are expected to continue driving growth in the global seafood market, making it a lucrative opportunity for investors.

Key Takeaways

  • The global seafood market is a multi-billion dollar industry that is expected to continue growing in the coming years.
  • Singapore is a key player in the global seafood market, with a significant share of the global seafood trade.
  • The market is driven by several key factors, including increasing demand for seafood, rising health awareness, and growing popularity of seafood-based diets.

Global Seafood Market Overview

If you are interested in the seafood market, then you might want to know more about the global seafood market. The global seafood market is expected to grow at a CAGR of 2.12% during the forecast period 2023-2031. The market was valued at USD 169,063.06 million in 2022 and is estimated to reach USD 202,046.01 million by 2031.

Market Size and Growth Forecast

The global seafood market is expected to grow annually by 2.39% (CAGR 2024-2028). In global comparison, most revenue is generated in China (USD 25,412m in 2022). However, Singapore also has a significant market share. The Singaporean fish & seafood market had total revenues of $0.6 billion in 2019, representing a compound annual growth rate (CAGR) of 4.7% between 2015 and 2019.

Regional Analysis

The Asia-Pacific region dominates the global seafood market, accounting for approximately 70% of the total market share in 2022. The region is expected to maintain its dominant position during the forecast period. Europe and North America are expected to witness moderate growth.

Market Segmentation

The global seafood market is segmented by type into fish, crustaceans, mollusks, and others. The fish segment dominates the market, with a share of more than 50% in 2022. The demand for fish is expected to remain high due to its high nutritional value and low-fat content.

In conclusion, the global seafood market is expected to grow at a moderate pace in the coming years. The Asia-Pacific region dominates the market, and the fish segment is the largest segment. If you are interested in investing in the seafood market, then you might want to consider the Asia-Pacific region and the fish segment.

Key Market Drivers and Trends

The seafood market in Singapore is expected to grow significantly in the coming years. Here are some of the key market drivers and trends that are shaping the industry:

Consumer Preferences and Consumption Patterns

Consumer preferences and consumption patterns are a key driver of the seafood market in Singapore. With an increasing focus on health and diet, consumers are looking for healthier and more sustainable seafood options. This has led to a rise in demand for sustainable seafood, which is produced using environmentally friendly methods.

Influence of Covid-19 on Market Dynamics

The Covid-19 pandemic has had a significant impact on the seafood market in Singapore. With lockdowns and travel restrictions in place, the demand for seafood has decreased. However, with the easing of restrictions, the market is expected to recover in the coming years.

Sustainability and Regulatory Impact

Sustainability is a key trend in the seafood market in Singapore. With increasing awareness of the impact of overfishing and unsustainable fishing practices, consumers are looking for sustainable seafood options. This has led to the introduction of new regulations and standards to ensure that seafood is produced in an environmentally friendly and sustainable manner.

In addition, economic recession has also had an impact on the seafood market in Singapore. With consumers looking for more affordable options, there has been a rise in demand for cheaper seafood products.

Overall, the seafood market in Singapore is expected to continue to grow in the coming years, driven by changing consumer preferences and consumption patterns, the influence of Covid-19 on market dynamics, and the increasing focus on sustainability and regulatory impact.

Competitive Landscape and Leading Players

When it comes to the global seafood market value, Singapore is a key player with a market size of $779.2 million in 2022, representing a compound annual growth rate (CAGR) of 2.9% between 2017 and 2022. The Singaporean Fish & Seafood market has been growing steadily, and the competition among leading players is becoming more intense.

Major Companies and Market Influence

Mowi ASA, Pacific Seafood, Austevoll Seafood ASA, and Leroy Seafood Group are some of the leading players in the Singaporean seafood market. These companies have a significant influence on the market and are responsible for a large portion of the market share.

Mowi ASA is one of the largest seafood companies in the world, with operations in more than 25 countries. The company has a strong presence in the Singaporean seafood market and has been expanding its operations in the region. Pacific Seafood is another major player in the market, with a focus on sustainable seafood production. Austevoll Seafood ASA and Leroy Seafood Group are also significant players in the market, with a focus on quality and innovation.

Innovation and Strategic Developments

Innovation and strategic developments are key factors that have contributed to the success of these leading players. For example, Mowi ASA has been investing heavily in sustainable seafood production and has been working to reduce its environmental impact. Pacific Seafood has been focusing on developing new products and expanding its distribution channels. Austevoll Seafood ASA and Leroy Seafood Group have also been investing in new technologies and processes to improve the quality and efficiency of their operations.

Influencer Market Insights is a leading market research company that provides valuable insights into the seafood market. The company has been tracking the market trends and has been providing valuable information to businesses and investors. With the help of such insights, leading players in the Singaporean seafood market have been able to stay ahead of the competition and continue to grow their businesses.

In conclusion, the Singaporean seafood market is highly competitive, and leading players are constantly innovating and developing new strategies to stay ahead of the competition. With a focus on sustainability, quality, and innovation, these companies are well-positioned to continue their growth in the global seafood market.

Singapore's Role in the Global Seafood Market

Singapore plays a crucial role in the global seafood market, with its strategic location in the heart of the Asia-Pacific region. The country is a major hub for seafood trade and imports, and it boasts a thriving local market with unique characteristics.

Trade and Import Patterns

Singapore is the world's largest seafood exporter, with exports generating billions of dollars in revenue each year. In 2021, Singapore exported over 18.6 thousand metric tons of seafood, with a total value of over $300 million Seaco Online. The country's seafood industry has been growing steadily over the past few years, with increasing demand from both domestic and international markets.

In addition to exporting seafood, Singapore is also a major importer of seafood products from around the world. The country's import patterns are influenced by factors such as seasonality, consumer preferences, and global supply and demand. Singapore imports a wide variety of seafood products, including fish, crustaceans, molluscs, and other aquatic animals.

Local Market Characteristics

Singapore's local seafood market is unique, with a diverse range of products and a strong focus on quality and freshness. The country's seafood industry is highly regulated, with strict standards for food safety and quality control. This has helped to establish Singapore as a trusted source of high-quality seafood products.

One of the most distinctive features of Singapore's local seafood market is its hawker centres, which are open-air food courts that offer a wide variety of local and international cuisine at affordable prices. Many of these hawker centres feature seafood dishes that are popular with locals and tourists alike.

Overall, Singapore's role in the global seafood market is significant, with the country serving as a major hub for trade and imports, as well as a thriving local market with unique characteristics. Whether you're a seafood exporter, importer, or local consumer, Singapore offers a wealth of opportunities and options for seafood products.

Frequently Asked Questions

How much is the global seafood market currently worth?

The global seafood market was valued at USD 310.75 billion in 2021 and is projected to reach USD 605.46 billion by 2029. The market is expected to grow at a CAGR of 8.1% from 2022 to 2029, according to Fortune Business Insights.

What is the annual seafood consumption rate in Singapore?

Singapore is one of the largest seafood exporters in the world, with a total value of over $300 million in 2021, according to Seaco Online. However, the annual seafood consumption rate in Singapore is not readily available.

From which countries does Singapore primarily import its seafood?

Singapore imports seafood from various countries, including Indonesia, Malaysia, and Thailand, according to Seaco Online. However, the exact breakdown of imports by country is not available.

How significant is the fishing industry on a global scale?

The fishing industry is significant on a global scale, with over 56 million people employed in the sector and over 170 million tonnes of fish produced annually, according to the Food and Agriculture Organization of the United Nations. The industry also contributes significantly to global food security and the livelihoods of coastal communities.

What initiatives are in place for sustainable seafood in Singapore?

Singapore has several initiatives in place for sustainable seafood, including the Sustainable Seafood Coalition and the Singapore Blue Plan 2021, which aims to promote sustainable seafood consumption and production, according to Seaco Online.

Which is the second-largest seafood market globally?

The United States is the second-largest seafood market globally, with a market value of USD 30.3 billion in 2020, according to Statista.