Introduction

The global seafood market is a highly competitive industry with numerous suppliers vying for market share. In this report, we will analyze the strategies of the top seafood suppliers worldwide and provide insights into their market share.

Market Overview

According to a report by Grand View Research, the global seafood market was valued at $125.5 billion in 2020 and is expected to grow at a CAGR of 3.7% from 2021 to 2028. The increasing demand for seafood products, driven by the growing awareness of the health benefits of seafood consumption, is a key factor driving market growth.

Key Players

Some of the top seafood suppliers worldwide include Thai Union Group, Maruha Nichiro Corporation, Nippon Suisan Kaisha, Mowi ASA, and Dongwon Industries. These companies have a significant market share and employ various strategies to maintain their competitive edge.

Thai Union Group

Thai Union Group is one of the largest seafood suppliers in the world, with a focus on canned tuna, shrimp, and pet food. The company has a strong presence in the United States and Europe and has been expanding its operations in Asia. Thai Union Group has been actively investing in sustainability initiatives to address concerns about overfishing and environmental impact.

Market Share

Thai Union Group reported total revenues of $4.1 billion in 2020, with a net income of $171 million. The company’s market share in the global seafood market is estimated to be around 8%, making it one of the top players in the industry.

Maruha Nichiro Corporation

Maruha Nichiro Corporation is a Japanese seafood company that specializes in frozen seafood products. The company has a diverse product portfolio, including fish, shrimp, and crab, and has a strong presence in the Asian market. Maruha Nichiro Corporation has been focusing on expanding its distribution network to reach a wider customer base.

Market Share

Maruha Nichiro Corporation reported total revenues of $12.5 billion in 2020, with a net income of $289 million. The company’s market share in the global seafood market is estimated to be around 10%, positioning it as a key player in the industry.

Nippon Suisan Kaisha

Nippon Suisan Kaisha, also known as Nissui, is a Japanese seafood company that specializes in aquaculture and seafood processing. The company has a strong presence in the Japanese market and has been expanding its operations globally. Nippon Suisan Kaisha has been investing in research and development to improve its product offerings and increase its market presence.

Market Share

Nippon Suisan Kaisha reported total revenues of $9.3 billion in 2020, with a net income of $201 million. The company’s market share in the global seafood market is estimated to be around 7%, solidifying its position as a major player in the industry.

Mowi ASA

Mowi ASA, formerly known as Marine Harvest, is a Norwegian seafood company that specializes in salmon farming. The company is one of the largest producers of farmed salmon in the world and has a strong presence in Europe and North America. Mowi ASA has been actively investing in sustainable aquaculture practices to address environmental concerns and meet consumer demand for responsibly sourced seafood.

Market Share

Mowi ASA reported total revenues of $4.3 billion in 2020, with a net income of $227 million. The company’s market share in the global seafood market is estimated to be around 9%, making it a significant player in the industry.

Dongwon Industries

Dongwon Industries is a South Korean seafood company that specializes in tuna processing and distribution. The company has a strong presence in the Asian market and has been expanding its operations globally. Dongwon Industries has been focusing on product innovation and quality control to differentiate itself from competitors and attract new customers.

Market Share

Dongwon Industries reported total revenues of $2.8 billion in 2020, with a net income of $143 million. The company’s market share in the global seafood market is estimated to be around 6%, demonstrating its competitiveness in the industry.
In conclusion, the top seafood suppliers worldwide employ various strategies to maintain their market share and competitive edge. By investing in sustainability initiatives, expanding distribution networks, and focusing on product innovation, these companies are well-positioned to meet the growing demand for seafood products and drive market growth.