The fish and seafood market in Chile is projected to increase at a compound annual growth rate (CAGR) of 5.5% backed by the growing middle class, according to a report by Canadean.
The emerging middle-class population is expected to steer the demand for high-quality and expensive seafood products from 2015 to 2020.
According to the report, titled 'Consumer and Market Insights: Fish & Seafood in Chile', the market share of private labels is significant with an estimated 14.4% penetration in the Chilean fish and seafood sector in terms of value. The country's key brands in this category are Van Camp's (Seatech International), Robinson Crusoe and Mar Verde. Private brands are mainly preferred in the fresh fish & seafood category (counter) and are the leaders in this group.
The processed category, including chilled raw packaged fish and seafood, is, however, the leading category in value, accounting for 41.9% of Chile's fish and seafood market.
A consumer survey analysis by Canadean emphasises the preference for easy-to-prepare fish and seafood products by the Chilean consumers. The most sought-after products include portioned, boneless, dressed and pre-prepared that are conceived as time-saving options. The market for ready-to-cook products is also growing with a number of new canned and chilled varieties of fish and seafood being introduced.
Meanwhile, an inclination to experiment new flavours and unusual ingredients in seafood products is fast gaining popularity.
The country's expanding fish and seafood market suffered a blow when a recent algal bloom resulted in the killing of a large number of fish, leading to a decline in the salmon exports. Chile is the world's second biggest salmon exporter followed by Norway.
Canadean's report anticipates that the focus on healthy eating and demand for preservative-free food will drive the growth of fresh fish and seafood category up to 2020.
