LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global dry-packed scallops market provides an analysis of the most important trends expected to impact the market outlook from 2018-2022. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
According to Technavio analysts, the global dry-packed scallops market will grow at a CAGR of over 4% during the forecast period. The increase in scallop cultivation is a major factor driving the market’s growth.
The seafood cultivation is increasing due to the rising demand for seafood. There has also been an increase in the shellfish cultivation, which includes bivalve, mollusks, cockles, clams, mussels, oysters, pipis, and scallops, intended for human consumption. Producing, storing, or processing of shellfish commercially is permitted by regulatory authorities, this includes cultivating, harvesting or collecting shellfish, depuration and wet storing of shellfish, and cultivating spat, i.e., juvenile bivalve mollusks to be grown on. Such factors are influencing the global dry-packed scallops market as it promotes the production of scallops. Scallop cultivation also helps in ensuring the availability of scallops during off-seasons.
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In this report, Technavio highlights the growing online sales as one of the key emerging trends driving the global dry-packed scallops market:
Growing online sales
There has been an increase in online sales of seafood, including scallops. It has been observed that during holiday seasons, the online sales of seafood are high. Based on this trend, manufacturers are focusing on increasing their sales. Manufacturers offer discounts on various products to increase the sales. Premium products also maintain a good momentum during the holiday seasons. There is a rise in consumers buying seafood online as they are becoming more confident to purchase them. This trend is more intense in the case of premium seafood products.
“The growing interest in online sales has led many manufacturers and distributors to focus on online channels. Online presence benefits manufacturers and distributors to improve their product visibility in different geographies. These positive trends in online sales has enabled the global dry-packed scallops market to witness growth during the forecast period,” says a senior analyst at Technavio for research on food.
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Global dry-packed scallops market segmentation
This market research report segments the global dry-packed scallops market into the following end-users (individual consumers and foodservice channels) and key regions (the Americas, APAC, and EMEA).
The individual consumers segment held the largest market share in 2017, accounting for nearly 55% of the market. However, the market share for this end-user is expected to decrease by 2022. The fastest growing end-user is foodservice channels, which will account for 46% of the total market share by 2022.
APAC was the leading region for the global dry-packed scallops market in 2017, accounting for a market share of 39%. However, by 2022, APAC and EMEA are expected to witness a decline in market share, and the Americas is expected to witness growth.
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