The FMI study offers a thorough analysis of the impact of global coronavirus outbreak on the performance of sea bream market in 2020 and ahead.
DUBAI, UAE / ACCESSWIRE / April 29, 2020 / The global sea bream market is forecast to exhibit an impressive CAGR of 6% during the forecast period (2020-2029), according to a market study by Future Market Insights (FMI). However, the market will experience both positive and negative impacts of the global pandemic of COVID-19, says a new Future Market Insights (FMI) study.
With the widespread outbreak of COVID-19, the demand for packaged and frozen products has spiked as people are inclined towards non-perishable foods that can be stored. The demand for fresh seafood has thus sharply declined and prices have fallen. Meanwhile, suppliers and processors are struggling to keep the workflow running as the supply chain is being disrupted on the back of travel restrictions, operations with a limited workforce, and a number of other logistical difficulties.
“On the other hand, the demand for sea bream from the snacks industry, which falls in the non-perishables category, is likely to mitigate for the significant damages,” states the FMI report.
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- Conventional sea bream remains the most consumed type, and accounts for 75% of overall market value, on the back of lower sales prices.
- Organic sea breams segment is witnessing demand among consumers and is expected to grow in value owing to its benefits such as the demand growth for organic sea breams is growing at a healthy pace owing to its benefits such as low-fat content, low liver lipid content, and high hepatosomatic index.
- Fresh sea breams are projected to exhibit growth during the forecast period, backed by to multiple benefits fresh sea breams offer to consumers.
- Foodservice provider segment persists contributing to more than 1/3rd of sales in the global sea bream market, invigorated by high usage of sea breams in snacks and daily food.
- Food processing, animal feed, and pet food industries, in addition to retail and household sectors, will contribute to growth in the sales of sea breams.
- Europe holds nearly 1/3rd of market value due to high awareness regarding the health benefits associated with sea breams such as red breams, and black breams.
- European market is majorly invigorated by expanding the practice of veganism and escalating per capita fish consumption in countries such as Norway and Spain.
- North America is projected to surpass the market value of Europe by the end of the forecast period due to the surging consumption of seafood in snacks.
- Oceania is also registering significant growth on the back of owing to the rising consumer demand for premium food products, such as organic sea bream and sea bass.
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in London, the global financial capital, and has delivery centers in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition.
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SOURCE: Future Market Insights
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