Statista predicts that revenue in the processed fish & seafood market will amount to US$197 billion in 2020, up 5.9% from 2019. The market is expected to grow annually by 3.2% (CAGR 2020-2023).
The top 5 economies predicted to generate the most revenue in the processed fish & seafood market are China, India, Japan, France and the United States. China is expected to generate the most revenue with a market volume of US$37,823m in 2019.
The Asia-Pacific region is expected to hold a significant share of the market during the forecast period, according to Market Research Future. High demand in the region is being driven by rising disposable incomes, growing distribution networks and the relative affordability of seafood over other protein-rich meats. Seafood forms a significant part of many diets in the APAC region. Export opportunities are present in countries such as India, China, and Australia as the potential for market growth in this part of the world is still developing.
Additionally, Transparency Market Research reports that Eastern and Western Europe are projected to register healthy growth in the market, including countries such as UK, Portugal, Italy, France and Germany. North America and Latin America are also witnessing steady growth in the processed fish & seafood market, with the US especially a major importer.
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