SEATTLE, May 24, 2018 (GLOBE NEWSWIRE) -- The global sustainable seafood market was valued at US$ 12.71 billion in 2017 and is projected to witness a CAGR of 4.97% over the forecast period (2018–2025). Growth of the global sustainable seafood market is due to growing awareness amongst consumers and manufacturers of seafood focusing on marketing certified seafood. For instance, Birdseye from Pinnacle Foods became the first frozen brand in the U.K. to have 100% MSC certified products. Furthermore, growing partnership between fishery companies and international certification bodies is further expected to supplement growth of the sustainable seafood market.
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Key Trends and Analysis of the Sustainable Seafood Market:
- In terms of distribution channel, supermarkets and hypermarkets segments are expected to exhibit high growth during the forecast period. This is owing to increasing participation from global retailers such as Waitrose and Tesco in sustainable seafood. During the first quarter of 2017, 74% of seafood stocks of Waitrose were MSC labelled while close to 50% for Tesco.
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Key Market Takeaways:
- Despite low market penetration, Asia pacific is expected to exhibit high growth, owing to high production of seafood. According to EU, in 2015, the Asia region contributing about 74% of the market in terms of volume production of fishery and aquaculture. Moreover, increasing initiatives by organizations such as MSC to increase awareness will further drive the market growth. For instance, in 2018, 10 marine fisheries from India have been identified for granting eco-labelling certification from the Marine Stewardship Council (MSC). Such measures will help in boosting the share of the country’s seafood exports to European and North American markets.
- Growing presence of MSC, an international organization focusing on sustainable sourcing of seafood, is acting as a key factor in growth of the global sustainable seafood market. For instance, in 2016, around 730,860 tons of MSC labelled seafood products were bought by consumers globally. As of 2017, over 12% of the wild catch seafood is MSC certified and the organization further plans to achieve 20% of the global wild fish catch by 2020.
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