The Seafood Takeout Market is anticipated to have an effective CAGR of 6.50% during the period 2022 to 2032. The seafood takeout market is expected to expand from USD 31.1 Billion in 2022 to USD 51.3 Billion in 2032. Previously, the market grew at a faster rate of 2.5% from 2015 to 2021, culminating in a market of USD 158.91 Billion in 2021.
Pescetarian values and the availability of high nutritional value seafood dishes like sushi are two factors behind the growth of the seafood takeout market.
As per a survey conducted by the Associated Chamber of Commerce and Industry of India, more than 79% of households in India prefer instant food as a result of higher disposable incomes and changing living standards.
Businesses across the seafood supply chain faced uncertain operating conditions during the lockdown period. Governments offered a record level of financial support to assist businesses and employees. However, businesses did not know when services to export markets and UK food service markets would resume.
Pescetarianism refers to vegetarian food along with seafood but not any meat such as beef, pork, poultry, etc. This has caused growth in the seafood takeout market due to awareness of the health benefits of seafood and the change in the lifestyle of consumers. Non-vegetarian consumers are slowly changing their lifestyles and significantly following the pescetarian lifestyle.
Consequently, this shift has been observed due to consumers' preference for a healthy diet. Since meat & meat products are often contaminated with harmful pesticides and chemicals, consumption of meat & meat products is dangerous. Hence, consumers are looking for alternatives.
Furthermore, increased awareness about the living conditions of cattle in cattle farms has changed the preference of non-vegetarians towards pescetarianism, thus, driving the growth of the seafood takeout market.
A value-added seafood product was launched by Pacific seafood in May 2021. Amazon is partnering with Pacific to launch around 20 value-added seafood products quarterly for its Amazon Go stores, which now number 29 - with more to come, bolstering the opportunities for market growth in the seafood takeout market.
The depletion of sea species has restrained market growth. However, sustainable fishing can meet the new demands for seafood.
Collaboration between fishermen and fish farmers with processors, distributors, retailers, restaurants, and food service providers will help in resolving environmental concerns and will also contribute to making the market environmentally, economically, and socially sustainable.
China and India are among the developing economies in the Asia Pacific that are becoming centers of flavourful fish cuisines. The country, however, has developed a tradition of making and consuming authentic fish dishes that can be seen in the level of food choices available at restaurants.
The growing trend of out-of-home dining in the markets, together with the growing demand for organized food services, will likely stimulate the growth of seafood takeout and premium servings, including crustaceans, in quick-service and full-service restaurants.
As the developing economies have created a range of opportunities for seafood takeout restaurants, Asia Pacific has grown into a leading market for food service restaurants in recent years. Additionally, online ordering from restaurants has increased at an astonishing rate since the mid-2000s, which has afforded restaurants the opportunity to maximize their sales channels & revenues, propelling growth opportunities for the seafood takeout market.
| Attributes | Details |
|---|---|
| Seafood Takeout Market CAGR (2022 to 2032) | 6.50% |
| Seafood Takeout Market Size (2022) | USD 31.1 Billion |
| Seafood Takeout Market Size (2032) | USD 51.3 Billion |
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Consumer awareness of the health benefits of seafood and changes in lifestyle have contributed to the growth of the seafood market. Non-vegetarian consumers are slowly changing their lifestyles, and pescetarians are consuming seafood along with vegetarian foods.
Pescetarianism refers to a diet consisting of fish and vegetarian foods, without the consumption of meat such as beef, pork, or poultry.
Increasing consumer expenditure on various seafood dishes like sushi and consumer preference for fish dishes like pescetarianism are some key factors leading to the growth of the market. Foods that come in fresh form are highly preferred by consumers owing to their health benefits.
Various factors, such as sedentary lifestyle habits, an increase in income levels and an increase in chronic diseases have resulted in a shift in individuals' consumption habits.
The improvement in economic conditions and the growth of disposable income propel market growth, and middle-income groups and high-income consumers, in combination, add to the middle-class population.
In addition, North America and the Asia-Pacific are experiencing increased disposable income as urban consumers shift from essential to premium goods and services. As a result, seafood suppliers & institutions are enhancing their seafood product line and service offerings.
The market is undergoing a change attributed to consumers' preference for a healthy diet. As meat & meat products often contain harmful pesticides and chemicals, their high consumption can be harmful to consumers, causing them to search for alternatives to meat and meat products.
Furthermore, an increase in consumer awareness regarding the living conditions of cattle in cattle farms has influenced consumers' preferences for meat products, propelling the growth of the global seafood takeout market.
Currently, the depletion of sea species has restricted the growth of the seafood market, but sustainable fishing may increase the supply of seafood takeout to meet the emerging demand.
Collaboration of fishermen and fish farmers with processors, distributors, retailers, restaurants, and foodservice providers is expected to resolve the environmental issues and help in advancing the market's sustainability on many levels, including economically, ecologically, and socially.
Many seafood restaurants focus on providing only sustainable seafood options today, such as Miya's in the United States and Fisheries Innovation in Scotland.
These restaurants & seafood service providers focus on sustainable seafood options such as catfish and tilapia. All of these factors work in tandem to propel the growth of the global seafood takeout market.
Over 79% of households in India prefer instant food, a result of changing standards of living, the increase in disposable incomes, and an increase in disposable incomes, according to a recent survey conducted by the Associated Chamber of Commerce and Industry of India.
In addition to consumers' interest in pescetarian cuisine and the presence of a higher nutritional value, a rise in consumer expenditures on seafood dishes like sushi is one of the major factors for the growth of the seafood takeout market, boosting the demand for seafood takeout.
Owing to this increase in demand, the market is expected to grow in the future, providing opportunities for the seafood takeout market.
In an effort to increase consumer appeal, chefs have developed recipes and dishes that include fish, trout, and prawns. The popularity of these recipes has aided in the growth of the seafood takeout market.
The food industry must recognize seafood as an important part of their offerings; responding to the needs of consumers of all ages and preferences has popularized seafood around the world, in turn, driving the market growth.
A seafood market segmentation based on the distribution channel consists of supermarkets and hypermarkets, convenience stores, specialty stores, e-commerce, and other sources.
Supermarkets and hypermarkets are self-serve stores that include a wide variety of products available for purchase. Seafood has a dedicated section in supermarkets and hypermarkets, so consumers have a variety of options to choose from, especially in the freezer section.
A large segment of the seafood market is the market segmented based on product type, which includes fresh, frozen, canned, and others.
According to a study by IBISWorld, sedentary lifestyles, rising income levels, escalating prevalence of chronic illnesses, and increased awareness about health and wellness have contributed to the shift in consumer behavior.
A growing number of consumers are reducing their intake of carbohydrates and replacing them with protein-rich food items, such as fish.
Consumers make frequent use of seafood, such as tuna and salmon, to create pasta dishes, burgers, salads, tartar sauce, and other dishes that are regularly consumed. In addition, hotels and restaurants have increased their offerings of seafood dishes as a result of consumers' increasing seafood consumption & creating a high demand for seafood takeout.
Authentic and delectable recipes using fish, trout, and prawns have gained consumers' attention; the popularity of these recipes has fed the growth of the seafood takeout market; the food industry must encapsulate seafood as a critical ingredient. The need to appeal to consumers of all ages and preferences has popularized seafood all over the world.
The USA Commercial Fisheries and Seafood Industry estimate that roughly 80% of aggregate catch seafood, that is, fresh and frozen, is consumed as human food, proving the high demand for seafood takeout in the country.
Furthermore, apart from manufacturers, retailers like Walmart Corporation have started their own seafood brands due to the high demand across the country.
The Asia Pacific is a region where developing economies like China and India have become the centers of some of the most popular fish-related cuisines in the world.
Plus, the country has a strong tradition of producing and consuming authentic fish-related dishes, which is evident by the sheer range of offerings on restaurant menus across the region; numerous producers & sellers are cashing in on the seafood takeout market key trends & opportunities.
Furthermore, the development of organized food service outlets and the trend toward out-of-home dining in the market are forecast to boost the sale of seafood takeout, as well as premium servings, including crustaceans, across quick service and full-service outlets.
Among the leading markets for restaurants in the Asia Pacific over the past few years have been the developing economies, which have provided new opportunities for the seafood takeout market to scale up their sales channels and revenues.
Furthermore, online ordering from restaurants has exploded at a remarkable rate in recent years, giving restaurants even more opportunities to scale up their sales channels and revenues.
Seafood takeouts are manufactured and marketed by P.F. Changs, Sizzler, Bahama Breeze Island Grille, Rubio's, Long John Silver's, Red Lobster, Captain D's Seafood Kitchen, Bonefish Grill, Joe's Crab Shack, Bubba Gump Shrimp Co., Arthur Treacher's, Landry's Seafood House, Chart House, King's Fish House, Ocean Prime, Eddie V's Prime Seafood, McCormick & Schmick's, Captain D's Seafood Kitchen, Legal Sea Foods, Truluck's, Pappadeaux Seafood Kitchen, and Other Players (On Additional Requests).
Companies that have developed new products to increase their market share among consumers are also adopted by leading companies. It is these strategies that have led to the development of the seafood takeout market.
Key players are focusing on expanding their product offering, thus producing a bigger selection of seafood products, such as fillets, portions, rings, and others. Furthermore, the main product range of key players is dominated by fillets and portions, due to their high consumer demand for seafood takeout in these countries because they are used for both foodservice and retail markets.
Additionally, some companies are also collaborating with digital marketing and other companies to improve their supply chain and marketing efficiency, as well as securing the farming for long-term industry growth. Mergers and acquisitions are some of the most preferred strategies globally for the emerging trends in the seafood takeout market.
Seafood takeout account for large shares in the takeout market, some of the prominent players within the market include P.F. Changs, Sizzler, Bahama Breeze Island Grille, Rubio's, Long John Silver's, Red Lobster, Captain D's Seafood Kitchen, Bonefish Grill, Joe's Crab Shack, Bubba Gump Shrimp Co., and Arthur Treacher's.
Recent Developments in the Seafood Takeout Market:
The seafood takeout market is projected to have a CAGR of 6.50% during the forecast period.
The US is the leading region, with an anticipated CAGR of 39.8% through 2032.
Independent foodservice leads the market with the projected CAGR of 62.5% through 2032.
The seafood takeout market is predicted to grow to USD 51.3 Billion by 2032.
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Seafood Takeout Market
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