Global Seafood Snacks Market

Market Overview:

The global Seafood Snacks market was valued at USD 110.20 million in 2022 and expected to grow at a CAGR of 3.7% during the forecast period. Global seafood snacks refer to the range of snack foods made from various types of seafood, including fish, shrimp, crab, and others. These snacks are popular around the world and can be found in different forms, such as jerky, crackers, chips, and other packaged snacks. The market for global seafood snacks is driven by several factors, including:

Health benefits: Seafood snacks are often seen as a healthier alternative to traditional snack foods, as they are high in protein, low in fat and calories, and contain a variety of important nutrients such as omega-3 fatty acids, which have been linked to numerous health benefits.

Convenience: Seafood snacks are portable and easy to consume on-the-go, making them a popular choice for busy consumers who are looking for quick and convenient snack options.

Rising demand for natural and organic products: Many consumers are looking for natural and organic snack options that are free from artificial ingredients and preservatives. Seafood snacks can meet this demand, as they are often made from natural, whole-food ingredients that are minimally processed.

Increasing interest in global cuisine: The popularity of international cuisine is growing, and consumers are increasingly interested in trying new and exotic flavors. Seafood snacks are a popular choice, as they can offer unique and authentic flavors from different regions around the world.

Sustainability: Sustainable seafood is becoming increasingly important to consumers who are concerned about the environmental impact of their food choices. Many seafood snack manufacturers are committed to sourcing their ingredients from sustainable sources, which can help attract environmentally-conscious consumers.

Overall, the global seafood snacks market is expected to continue to grow, driven by the increasing demand for healthier, more convenient, and sustainable snack options.

Covid-19 Impact:

The COVID-19 pandemic has had a significant impact on the seafood snacks market. One of the major impacts of the pandemic has been the disruption of global supply chains, which has led to shortages of some seafood products and increased prices for others. This has made it more challenging for seafood snack manufacturers to source the ingredients they need, and has also made it more difficult to maintain consistent quality and pricing for their products.

Additionally, the pandemic has led to changes in consumer behavior, with many people spending more time at home and cooking and snacking more frequently. While this has increased demand for packaged foods like seafood snacks, it has also led to changes in consumer preferences, with more people seeking out healthier and more natural snack options. This has led to an increased demand for seafood snacks made from sustainably-sourced and minimally-processed ingredients.

The pandemic has also had an impact on the distribution and retail channels for seafood snacks. With many brick-and-mortar stores closed or operating at reduced capacity, many consumers have shifted their purchasing habits online, leading to increased demand for e-commerce and direct-to-consumer sales channels.

Overall, the COVID-19 pandemic has created both challenges and opportunities for the seafood snacks market. While the disruption of supply chains and changes in consumer behavior have presented challenges for manufacturers, the increased demand for healthier and more natural snack options has created opportunities for companies that can adapt to these changing market conditions.

Market Dynamics:

Drivers:

Health benefits: Seafood is a rich source of protein, omega-3 fatty acids, vitamins, and minerals, which offer numerous health benefits such as reducing the risk of heart disease, improving brain function, and promoting healthy skin and hair. Consumers who are looking for healthier snack options are increasingly turning to seafood snacks as a nutritious and tasty alternative to traditional snack foods.

Convenience: Seafood snacks are portable and easy to consume on-the-go, making them a popular choice for busy consumers who are looking for quick and convenient snack options. They also offer a longer shelf life compared to fresh seafood, making them a more convenient option for consumers who don't have access to fresh seafood or who prefer the convenience of packaged snacks.

Sustainable and ethical sourcing: With increasing concerns about overfishing and the environmental impact of the seafood industry, many consumers are looking for seafood snacks that are sustainably and ethically sourced. Manufacturers who can demonstrate a commitment to sustainability and responsible sourcing are likely to attract environmentally-conscious consumers who are willing to pay a premium for high-quality, sustainable products.

Authentic flavors: Seafood snacks offer unique and authentic flavors from different regions around the world, which appeals to consumers who are interested in trying new and exotic foods. Manufacturers who can offer a diverse range of flavors and textures are likely to appeal to consumers who are looking for new and interesting snack options.

Increasing popularity of snacking: With busy lifestyles and changing eating habits, snacking has become an increasingly popular way for consumers to satisfy hunger and cravings throughout the day. As consumers seek out healthier and more nutritious snack options, seafood snacks are becoming a popular choice, as they offer a range of health benefits and unique flavors.

Overall, the demand for seafood snacks is likely to continue to grow, driven by a combination of health, convenience, sustainability, and flavor factors. Manufacturers who can meet these changing consumer demands are likely to see continued success in this growing market.

Restraints:

High cost: Seafood snacks can be more expensive than other snack options due to the high cost of raw materials and the additional processing required to create shelf-stable products. This can make them less accessible to price-sensitive consumers.

Allergies and dietary restrictions: Seafood snacks can pose a risk to consumers with allergies or dietary restrictions, such as those who are allergic to shellfish or who follow a vegan or vegetarian diet. This can limit the potential market for seafood snacks.

Supply chain disruptions: The seafood industry can be subject to supply chain disruptions, such as changes in fishing quotas or weather-related events, which can affect the availability and price of raw materials. This can create challenges for manufacturers in maintaining consistent quality and pricing for their products.

Environmental concerns: The seafood industry is subject to increasing scrutiny over its environmental impact, including concerns about overfishing, bycatch, and habitat destruction. Consumers who are concerned about these issues may be less likely to purchase seafood snacks or may prefer to purchase products that are certified as sustainable or responsibly sourced.

Competition from other snack categories: The seafood snacks market faces competition from other snack categories, such as meat snacks, nut-based snacks, and vegetable-based snacks. Manufacturers must compete with these products to attract consumers who are looking for healthy and convenient snack options.

Overall, while the demand for seafood snacks is growing, the market faces several challenges and restraining factors that manufacturers must navigate to maintain and grow their market share. By addressing these challenges and continuing to innovate with new products and flavors, manufacturers can attract new consumers and expand the market for seafood snacks.

Segment Analysis:

The seafood snacks market can also be segmented by nature, with consumers showing varying levels of interest and preference for organic versus conventional seafood snacks.

Organic seafood snacks: Organic seafood snacks are made from seafood that is grown and processed without the use of synthetic pesticides, fertilizers, or other chemicals. These products are often marketed as healthier and more sustainable alternatives to conventional seafood snacks, and they may be preferred by consumers who are concerned about the environmental and health impacts of conventional agriculture and seafood production.

Conventional seafood snacks: Conventional seafood snacks are made from seafood that is grown and processed using conventional methods, which may include the use of synthetic pesticides, fertilizers, and other chemicals. These products may be preferred by consumers who prioritize taste and convenience over concerns about the environmental and health impacts of conventional seafood production.

Overall, the demand for organic seafood snacks is growing, driven by increasing consumer interest in healthy and sustainable food options. However, the market for conventional seafood snacks remains strong, particularly in regions where organic products may be less accessible or affordable. Manufacturers who can offer both organic and conventional options may be well-positioned to capture a wider range of consumers and meet the growing demand for sustainable and healthy snack options.

Regional Analysis:

North America: The North American market for seafood snacks is driven by growing consumer interest in healthy and convenient snack options. The market is dominated by the US, which has a large and mature snack food industry, and a high demand for seafood snacks. The market in Canada is also growing, with a particular focus on locally-sourced and sustainably-produced seafood snacks.

Europe: The European market for seafood snacks is growing, driven by increasing consumer interest in healthy snack options and growing demand for sustainably-sourced seafood products. The market is dominated by Western Europe, with countries like the UK, Germany, and France leading the way in terms of demand and innovation.

Asia Pacific: The Asia Pacific market for seafood snacks is driven by high demand in countries like China, Japan, and South Korea, where seafood is a popular snack food and an important part of the local cuisine. The market in these countries is characterized by a wide variety of seafood snacks, including dried and roasted seafood, and a focus on traditional flavors and ingredients.

Latin America: The Latin American market for seafood snacks is relatively small but growing, driven by increasing demand for healthy snack options and growing interest in seafood products. The market is dominated by Brazil and Mexico, which have large and growing snack food industries and a growing demand for seafood snacks.

Middle East and Africa: The Middle East and Africa market for seafood snacks is relatively small but growing, driven by increasing demand for healthy and convenient snack options and growing interest in seafood products. The market is characterized by a focus on traditional seafood snacks, such as dried fish and seafood jerky, and a growing demand for sustainably-sourced and ethically-produced products.

Overall, the demand for seafood snacks is growing globally, driven by increasing consumer interest in healthy and convenient snack options, and a growing demand for sustainably-sourced and ethically-produced products. Manufacturers who can meet these changing consumer demands are likely to see continued success in this growing market.

Competitive Landscape:

The global Seafood Snacks market is highly competitive and fragmented with the presence of several players. These companies are constantly focusing on new product development, partnerships, collaborations, and mergers and acquisitions to maintain their market position and expand their geographical presence. Some of the key players operating in the market are:

·         Amalgam Frozen Foods Pvt. Ltd. (AFFL)

·         American Seafoods Company

·         Austevoll Seafood ASA

·         Cooke, Inc.

·         Dongwon F&B

·         Faroe Seafood

·         Handy Seafood, Inc.

·         Hansung Enterprise Co. Ltd

·         High Liner Foods Incorporated

·         Kangamiut Seafood A/S

·         Lee Fishing Company

·         Leroy Seafood Group

·         Lyons Seafoods Limited

·         Mowi ASA

·         Pacific Seafood

·         Phillips Foods, Inc.

·         Princes, Ltd.

·         Sajo Group

·         Shanghai Fisheries Group Co., Ltd.

·         Stolt Sea Farm

·         Others

Segments

By Nature

·         Organic

·         Conventional

By Source

·         Farm raised

·         Wild Caught

By Product Type

·         Ground Fish

·         Pelagics

·         Tuna

·         Salmonids

·         Molluscs

·         Crustaceans

·         Lobsters

·         Crabs

·         Shrimps

By From

·         Fresh

·         Chilled

·         Frozen

·         Ambient

By Sales Channel

·         Supermarket and hypermarket

·         Convenience store

·         Online retail

·         Others

By Geography

·         North America

o   U.S.

o   Canada

o   Mexico

·         Europe

o   U.K.

o   Germany

o   France

o   Italy

o   Spain

o   Russia

·         Asia-Pacific

o   Japan

o   China

o   India

o   Australia

o   South Korea

o   ASEAN

o   Rest of APAC

·         South America

o   Brazil

o   Argentina

o   Colombia

o   Rest of South America

·         MEA

o   South Africa

o   Saudi Arabia

o   UAE

o   Egypt

o   Rest of MEA