Seafood Market

Global Seafood Market Size (2024 to 2029)

The global seafood market is estimated to be worth USD 427.23 billion and is anticipated to reach USD 563.69 billion by 2029 with a CAGR of 5.7% during the forecast period.

Current Scenario of the Global Seafood Market

The seafood includes all the commercially captured or farmed freshwater and saltwater fish, molluscan, and crustaceans. The seafood prominently includes fish and shellfish from the sea life. The global seafood market accounted for significant growth in the past years and is anticipated to grow considerably during the forecast period. The rising disposable incomes of the consumers, the increasing demand for seafood, and the rising trend of pescatarians who choose to consume a vegetarian diet along with seafood are majorly contributing to the market growth. According to the data provided by a few survey reports, fish provides more than 1.5 billion people with almost 20 percent of their average per capita animal protein intake, and nearly 3.0 billion people with 15 percent of such protein worldwide.

MARKET DRIVERS

The changing consumer preferences worldwide where the rising trend of pescetarianism, where they only include seafood in the diet, excluding pork, beef, and poultry, and the rising demand for seafood among consumers due to unique taste and health benefits are primary factors leading to substantial growth of the global seafood market. The rising awareness among the people regarding the use of steroids for the growth of poultry and cattle is influencing them to choose seafood over meat products. The presence of high protein content, omega-3 fatty acids, and various vitamins and minerals in seafood, especially fish, is attracting consumers with health-conscious, leading to notable market growth. The rising disposable incomes of people in emerging countries are enhancing their investment in healthy and nutritional food products, boosting the global market growth rate. Rapid urbanization and people's busy lifestyles make them prefer ready-to-cook and processed seafood products due to longer shelf-life, propelling market growth. The growing innovations in processed foods, where the market players are introducing certain types like canned, smoked, and frozen seafood, are estimated to offer lucrative growth opportunities to the global market. The health benefits produced by fish consumption attract most consumers, making it a popular choice as it provides healthy heart and brain-boosting benefits.

The growing prominence of land-based fish farming and aquaculture is estimated to provide market growth opportunities during the forecast period. The increasing demand for seafood is escalating the small and middle-scale farmers to meet the consumer demand, accelerating the growth opportunities for the global market. Enlarging e-commerce creates opportunities for manufacturers to reach a greater geographical reach, fueling the global market growth rate. The rising cell and plant-based seafood substitutes that offer protein sources to consumers, the growing markets in various regions, and the technological advancements that aid the cultivation are expected to augment the market growth opportunities in the coming years worldwide.  

MARKET RESTRAINTS

The rising trend of veganism among consumers worldwide due to increasing demand for plant-based food products is a significant factor hampering the global seafood market growth. Most manufacturers are focusing on plant-based meat alternatives to meet consumer demand, which negatively impacts the expansion of the seafood market revenue. The pandemic significantly impacted meat products, which also affected the seafood market, where the demand for seafood has reduced in 2021 compared to previous years. The average annual per capita consumption of seafood worldwide increased from 19.9 kilograms to 20.5 kilograms between 2014 and 2020. But in 2021, seafood consumption fell to 19kg per capita. The availability of other meat product alternatives for protein sources, such as poultry, beef, and others, is estimated to limit the market growth rate. To meet consumer demand, fishing activities have increased around the world, which has affected the ecological balance in the oceans. The environmental effects are estimated to hinder the market growth. Overexploitation is another major factor impacting the market growth rate. According to the European Commission's Joint Research Centre study, over 90% of the fish stocks have been overexploited, and certain species are listed as endangered. The rise in the depletion of sea fish due to the dumping of industrial waste in the water bodies has led to the loss of several species, impeding market growth globally. The stringent regulations for importing and exporting seafood products and their approval will be challenging for the manufacturers.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Seafood Market Analysis By Type

The fish segment dominated the global seafood market with a prominent market share and is anticipated to dominate during the forecast period. The high protein content in fish is rising in popularity in most developed and developing countries across the globe, boosting the segment growth. The increasing number of meat eaters is enhancing the demand for fish. The rising awareness among people regarding the health benefits of fish is that it is a rich source of omega-3 fatty acids that are beneficial to cardiac health maintenance, primarily driving the segment expansion. Fish is considered a low-fat diet with high protein and omega-3 fatty acids; vitamin AB supports maintaining health, especially for the eyes and brain.

The crustacean segment is estimated to have a moderate growth rate in the coming years due to the rising consumption of crabs and prawns worldwide. The growing demand for prawns, lobsters, and crabs is due to their health benefits, as they are loaded with lean protein, healthy fats, and micronutrients that aid weight loss and boost immunity by promoting brain and heart health. The increased demand for crustaceans in the food service industry due to accelerated consumption will augment the segment growth during the forecast period.

Global Seafood Market Analysis By Form

The fresh seafood segment accounted for the largest market share in the global market revenue and is expected to maintain its domination during the forecast period. The high demand for fresh and natural foods over processed foods due to flavor and health is fueling the segment's growth. Fresh food consists of numerous high-quality nutrients compared to processed food, where a certain amount of nutritional value is lost during processing, which drives the growth of segment size. The growing trend of consuming healthy and fresh food to avoid lifestyle-related diseases is multiplying the segment revenue.

The dried seafood and frozen seafood segments are expected to grow significantly during the forecast period. Consumers' busy lifestyles are influencing them to seek convenient and longer shelf-life products, propelling the growth of these segments and contributing to the global market's growth.  

Global Seafood Market Analysis By Distribution Channel

The supermarkets and hypermarkets segment dominated the global market revenue with the highest growth rate. Supermarkets are considered convenient options for consumers when selecting the desired form of seafood, such as frozen, dried, and fresh seafood, which fuels the segment revenue. Supermarkets and hypermarkets have a vast distribution network, a continuous supply chain, and a wide range of food products in one place, which makes it easy for consumers to purchase, augmenting the segment's growth rate. The maintenance by the supermarkets gives quality assurance, and the presence of extensive and quick-freezing options at these stores is escalating the growth rate.

The online retail segment has gained traction recently due to increased digitalization worldwide. The growing penetration of IoT, increased usage of smartphones, and rising online shopping platforms offer various discount coupons, attracting most people and becoming a popular choice. Several benefits provided by online delivery, such as ease of payment, exploration of diverse branded food products, and door delivery, are boosting the market growth.  

REGIONAL ANALYSIS

The Asia Pacific region held the most significant global seafood market revenue share due to increased seafood consumption and its products. The growing population, rising urbanization, and increasing demand for easy-to-cook-at-home options primarily drive the regional market growth. The growing awareness among consumers regarding the health benefits provided by seafood consumption and most Asian countries like China, Japan, South Korea, and India have a high demand for seafood, which majorly propels the market growth in the segment. The growing trend of healthy eating habits and demand for protein food among fitness enthusiasts and social media influence further promote regional market growth.

The European region held the second-largest market share in the global market revenue and is expected to have an enhanced market growth rate during the forecast period. The increased meat consumption, especially seafood from all the aged people, and the escalating working population choosing ready-to-cook food products with health benefits are driving the European seafood market growth. The rising number of health-conscious people and consumers choosing balanced diet options is estimated to positively impact the market share growth.

The North American region accounted for the third-largest share and is anticipated to have notable market growth in the coming years. The rising millennial population and growing inclination towards convenience food in developed countries like the United States and Canada fuels regional market expansion. The presence of a well-established food and beverage industry and significant market players will provide market growth opportunities in the coming years.

The Latin America, Middle East, and African regions are projected to have a substantial growth rate during the forecast period due to changing consumers' taste preferences. The enlarging food industry and escalating consumer demand for seafood drive the market size growth.

KEY PLAYERS IN THE GLOBAL SEAFOOD MARKET

Major players of the global seafood market include Nippon Suisan Kaisha Ltd., Maruha Nichiro Corporation, Mitsubishi Corporation, Dongwon Group, Trident Seafoods Corporation, Austevoll Seafood ASA, Sysco Corporation, Thai Union Frozen Products, Stone Seafood Company, and Trident Seafoods

RECENT HAPPENINGS IN THE MARKET

• In July 2023, Wild Planet Foods announced that five new seafood products were added to Whole Foods Market shelves across the United States. Wild World, renowned for offering unmatched flavor, offers these new SKUs to consumers who want to improve their health and the world's health by acquiring premium, high-quality canned fish products.
• In July 2023, Freshma, one of the top omnichannel fresh seafood retailers in South India, announced its launch of four new retail locations in Chennai.
• In October 2023, Nippon Suisan Kaisha Ltd announced the commencement of a land-based white-leg shrimp business, with an expectation of annual production reaching 100 tonnes by the end of 2023.
• In May 2022, Nueva Pescanova announced the submission of its proposal to develop a new commercial octopus in Puerto Las Palmas, Spain. The firm intensively worked towards developing a method of octopus farming and recently announced its successful raising, hatching, and incubation of five generations of O. vulgaris octopus in a test facility.
• In March 2022, Del Pacifico Seafoods, a well-known company of wild-caught Mexican shrimp, launched a new line of farmed shrimp and oysters at the Seafood Expo in North America. Due to the surging demand for shrimps across the food service market, the company is focusing on expanding its aquaculture business.  

DETAILED SEGMENTATION OF THE GLOBAL SEAFOOD MARKET INCLUDED IN THIS REPORT

This research report on the global seafood market has been segmented and sub-segmented based on type, form, distribution channel, and region.

By Type

• Fish
  • Salmon
  • Tuna
  • Pollock
  • Others
• Crustaceans
  • Crabs
  • Rock lobsters
  • Prawns
  • Others
• Molluscs
  • Abalone
  • Mussels
  • Scallops
  • Oysters
  • Others

By Form

• Dried Seafood
• Fresh Seafood
• Salted Seafood
• Frozen Seafood
• Others

By Distribution Channel

• Supermarkets and Hypermarkets
• Speciality Stores
• Convenience Stores
• Online Retail
• Others

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa