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Technavio Announces Top Four Emerging Trends Impacting the Fish and Seafood Market in Europe Through 2020Technavio's latest report on the fish and seafood market in Europe provides an analysis on the most important trends expected to impact the market outlook through 2020. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline. The top four emerging trends driving the fish and seafood market in Europe according to Technavio's food and beverage research analysts are: Increasing demand for eco-labeled products The fastest trending factor impacting the growth of the fish and seafood market in Europe is the increasing demand for eco-labeled products. Eco-label products are considered to have a lower impact on the environment in comparison to other products in the same segment. These labels have gained prominence in the food industry, as they indicate the source of food and the processes involved in production. Greater consumer awareness of eco-friendly and environmentally sustainable fishing methods has necessitated eco-labeling in the fish and seafood sector. Vijay Sarathi, a lead analyst from Technavio, specializing in food research, says, "Eco-labeling helps highlight the advantages of employing sustainable and responsible aquaculture practices. Iglo Group has decided to use the MSC (News - Alert) eco-label for all its certified wild fish products, including Fish Fingers, from 2016 onward." Increased prevalence of aquaculture The demand for aquaculture in the fish and seafood market is rising and is expected to surpass commercial fishing during the forecast period. Aquaculture is the fastest-growing food prduction process globally and has overshadowed all other food-sourcing methods such as traditional agricultural practices and wild fish harvesting. Technavio analysts estimate that by 2020, the total supply from aquaculture will account for 62% of the global market. "In Europe, aquaculture accounts for about 20% of total fish and seafood production. Aquaculture production is mostly concentrated in Spain, the UK, France, and Greece. Together these countries account for about 70% of Europe's total aquaculture production," says Vijay. Demand for organic fish and seafood With consumers becoming more aware of the benefits of consuming organic food products, the demand for organic food has increased, which has led to increased demand for organic fish and seafood in the European market. Manufacturers continually update their product lines to include newer varieties that cater to varied consumer demands. In 2015, Glenarm introduced its premium organic smoked salmon product to the European market. Organic fish and seafood products cost significantly more than conventional products. As per Technavio's analysis, the import price of organic fish and seafood products is approximately 20% more than that of conventional products. Growth prospects in e-commerce Online retailing presents a vast opportunity for vendors to increase profitability as operating costs are minimal in online retail compared to the physical-store format. Even consumers are increasingly opting for online shopping as it saves time and effort and offers wider product choice. In 2014, almost 80% of Internet users in the UK opted for online shopping, while in Italy 25% of Internet users shopped online. Technavio analysts estimate that by 2017, 33% of Internet users in Italy and 43% in Spain will likely opt for online shopping. Browse Related Reports:
Purchase these three reports for the price of one by becoming a Technavio subscriber. Subscribing to Technavio's reports allows you to download any three reports per month for the price of one. Contact [email protected] with your requirements and a link to our subscription platform. About Technavio Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies. Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users. If you are interested in more information, please contact our media team at [email protected].
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