Global Seafood Market Research Report, 2024-29
The Global Seafood Market is segmented into By Source (Farm Raised and Wild Caught), By Form (Processed and Fresh), By Type (Fish, Crustaceans, Molluscs and Others (sea cucumbers, sea urchins)), By Distribution Channel (Supermarkets/Hypermarkets, Convenience Stores, Specialty Stores, Online Store and Others (wholesale markets, direct sales from fishermen)) and By Category (Frozen Seafood, Salted Seafood, Dried Seafood, Smoked Seafood and Others (canned or pickled seafood)).
- Actual Market Research
- 02-09-2024
- Pages : 101
- Figures : 18
- Tables : 36
- Region : Global
- Category : Food & Beverages
- Food
The global seafood market is set to exceed USD 468 billion by 2029, up from USD 360 billion in 2023, with growth fueled by rising health awareness and expanding global seafood trad
- Historical Period2018-2022
- Base Year2023
- Forecast Period2024-2029
- Market Size (2023) USD 360.71 Billion
- Market Size (2029) USD 460 Billion
- CAGR (2024-2029) 4.54%
- Largest MarketAsia-Pacific
- Fastest Market MEA
- Format
Featured Companies
- 1. Maruha Nichiro Corporation
- 2. Clean Seas Seafood Ltd
- 3. Charoen Pokphand Foods Public Company Limited
- 4. Cooke Inc.
- 5. Grieg Seafood ASA
- More...
Seafood Market Analysis
The global seafood market is a mosaic of flavors and cultures. Each fish, shellfish, and crustacean has its stories to be told of tradition, technology, and commitment to ocean health. Recent innovations in the methods of seafood production set the stage for a better future both for the fishing industry and wild fisheries, as well as aquaculture. Technologies related to closed containment and improved breeding techniques create a more viable and efficient way to produce farmed seafood sustainably. In wild fisheries, tracking and monitoring technologies are improving management practices and lessening bycatch. In turn, these tracking and monitoring technologies further support better practices and lessen bycatch. Technological innovation reduces environmental impact and water consumption in aquaculture and in the processing sector. Automation and digital monitoring improve quality and productivity. Trends, for instance, are on the growth of e-retailing in seafood or increasing direct-to-consumer sales channels, which have now started to disrupt the pattern of purchasing for more convenience and product offer. This provides seafood producers and retailers with information necessary for meeting consumers' demands successfully through innovation according to changing market dynamics. The global seafood industry contributes much to the economy by keeping millions working, upstream in fishing and aquaculture and downstream in processing and distribution. Seafood is of essence in food security, especially for coastal and island communities where it is a vital source of protein and income. Policies and regulations in place dictate how the global seafood market works, which in turn is integral to effecting sustainable practices and market stability. International, regional, national standards govern fishing and aquaculture operations, and seafood safety is also applied similarly. Organizations like the Food and Agriculture Organization, FAO, and regional bodies execute policies setting on ensuring responsible use, management, and conservation of the living aquatic marine resources. Climate change has far-reaching consequences for the seafood market globally, as it impacts both wild fisheries and culture operations. According to the research report, “Global Sea Food Market Research Report, 2029” published by Actual Market Research, the market is anticipated to cross USD 468 Billion by 2029, increasing from USD 360 Billion in 2023. The market is expected to grow with a 4% CAGR from 2024 to 2029. There will be alterations in fish stocks and adjustments to changes in migration patterns with a warming, acidifying ocean whose moving marine ecosystems relate to aquaculture conditions. Seafood supply is at risk, and the market could be in play, with a shift in market dynamics from pricing to availability. Current developments in the global seafood market underline very different trends and opportunities in various areas. In North America and Europe, the focus is on sustainability and premium quality, but the major growth in seafood consumption and aquaculture production in Asia-Pacific underlines the region's key role in terms of total global seafood supply. Sustainability efforts are deeply ingrained in the global seafood market; the various certifications serve as means to an end. Organizations like MSC and ASC are the bodies that certify those fisheries and aquaculture as sustainable. Within the global seafood market, key players exist that set the trends and innovatively make new products happen such as the Thai Union Group, Marine Harvest, and Cargill Aquaculture. In general, people know Thai Union Group for its canned seafood products, Marine Harvest as a big producer of farmed salmon, and Cargill for its focus on aquaculture feed and seafood processing.
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Asia-Pacific dominates the market and is the largest and fastest-growing market in the animal growth promoters industry globally
Download SampleMarket Dynamic
Market Drivers • Increasing Global Demand for Protein: Globally, the seafood market is driven by the rising demand for protein-rich foods as populations grow and incomes rise, particularly in emerging economies. Seafood is increasingly being recognized as a healthy and sustainable source of protein compared to land-based meats, leading to higher consumption worldwide. The global shift towards healthier diets and the demand for functional foods, which offer health benefits beyond basic nutrition, are also fueling this growth. As a result, there is an increased focus on expanding seafood production and improving supply chains to meet this global demand. This driver is leading to greater investment in both wild-caught fisheries and aquaculture, ensuring that seafood remains a key component of the global protein supply. Market Challenges • Environmental and Sustainability Issues: Environmental challenges, including overfishing, climate change, and pollution, are significant global issues that affect the seafood market. Overfishing has led to the depletion of key fish stocks, threatening the long-term sustainability of seafood supplies. Climate change is also altering marine ecosystems, affecting fish populations and migration patterns. Pollution, particularly plastic waste in the oceans, poses additional risks to marine life and the seafood industry. Addressing these challenges requires global cooperation and the adoption of sustainable fishing practices, stricter regulations, and investment in cleaner technologies. These environmental concerns are critical as they directly impact the availability and quality of seafood, posing risks to the market’s future growth. Market Trends • Rise of Sustainable and Ethical Consumerism: A growing global trend in the seafood market is the rise of sustainable and ethical consumerism. Consumers around the world are increasingly prioritizing seafood that is sourced responsibly, with minimal environmental impact and fair labor practices. This trend is driving the demand for certified products, such as those carrying the Marine Stewardship Council (MSC) or Aquaculture Stewardship Council (ASC) labels, which guarantee sustainable practices from ocean to plate. Additionally, transparency in supply chains has become more important, with consumers seeking information on the origin and environmental impact of the seafood they purchase. This trend is pushing companies to adopt more sustainable practices and improve traceability, aligning with the growing consumer demand for ethically produced goods.
Seafood Segmentation
| By Source | Farm Raised | |
| Wild Caught | ||
| By Form | Processed | |
| Fresh | ||
| By Type | Fish | |
| Crustaceans | ||
| Molluscs | ||
| Others (sea cucumbers, sea urchins,) | ||
| By Distribution Channel | Supermarkets/Hypermarkets | |
| Convenience Stores | ||
| Specialty Stores | ||
| Online Store | ||
| Others (wholesale markets, direct sales from fishermen) | ||
| By Category | Frozen Seafood | |
| Salted Seafood | ||
| Dried Seafood | ||
| Smoked Seafood | ||
| Others (canned or pickled seafood) | ||
| Geography | North America | United States |
| Canada | ||
| Mexico | ||
| Europe | Germany | |
| United Kingdom | ||
| France | ||
| Italy | ||
| Spain | ||
| Russia | ||
| Asia-Pacific | China | |
| Japan | ||
| India | ||
| Australia | ||
| South Korea | ||
| South America | Brazil | |
| Argentina | ||
| Colombia | ||
| MEA | United Arab Emirates | |
| Saudi Arabia | ||
| South Africa | ||
Fresh seafood is growing in the global market primarily due to increasing consumer demand for healthier, high-quality protein options and the rising popularity of culinary experiences centered around fresh ingredients. The global seafood market is witnessing a significant shift towards fresh seafood, driven by a combination of health consciousness and evolving consumer preferences. As people become more aware of the nutritional benefits of seafood, including its rich content of omega-3 fatty acids, vitamins, and minerals, there is a marked increase in the demand for fresh fish and shellfish. Fresh seafood is often perceived as healthier and more flavorful compared to frozen or processed alternatives, which has led to a growing preference among consumers for fresh options in their diets. This trend is particularly pronounced in regions where culinary traditions emphasize the use of fresh ingredients, such as in Mediterranean and Asian cuisines, where dishes featuring fresh fish are staples. The rise of the health and wellness movement has prompted many consumers to seek out clean-label foods that are free from preservatives and artificial ingredients, further boosting the appeal of fresh seafood. As the population becomes more health-conscious, the demand for protein-rich foods that are low in fat and high in essential nutrients has surged, positioning fresh seafood as a prime choice. Additionally, the growing trend of dining out and the popularity of seafood restaurants that focus on fresh, locally sourced ingredients have contributed to the increase in fresh seafood consumption. Technological advancements in supply chain management and logistics have also played a crucial role in this growth. Improved transportation methods allow for quicker delivery of fresh seafood from coastal areas to urban centers, ensuring that consumers have access to high-quality products. Retailers are increasingly offering fresh seafood options, and the rise of online grocery shopping has made it easier for consumers to purchase fresh seafood conveniently. Crustaceans are growing in the global seafood market due to rising health consciousness and increasing demand for protein-rich foods Crustaceans, which include shrimp, lobsters, crabs, and krill, are experiencing significant growth in the global seafood market, primarily driven by the increasing health consciousness among consumers and the rising demand for protein-rich foods. As people become more aware of the nutritional benefits of seafood, they are shifting towards crustaceans, which are rich in protein, omega-3 fatty acids, vitamins, and minerals. The growth can be attributed to the fact that crustaceans are low in fat, high in protein, and a moderate source of omega-3 fatty acids, making them a preferred choice among health-conscious consumers. Shrimp, in particular, is highly nutritious and a consumer favorite in countries like the U.S., with higher demand for fresh and frozen shrimp products witnessed over the past few years. The aquaculture industry has been witnessing exponential growth, driven by the rising consumption of seafood at the international level. Farming fishery products has become a profitable business, thanks to the availability of technological advancements in the aquaculture business. Countries in Asia, especially China, dominate in terms of aqua farming of various species, including crustaceans, on the global level. The farming process of crustaceans includes stocking, feeding, and protection from predatory species, ensuring a consistent supply to meet the growing demand. The increasing concern about health and fast-paced lifestyle in the global food industry is also driving consumers towards seafood-related snacks on a regular basis. Traditional fish and chips shops are experiencing larger footfall on a daily basis, and this is anticipated to boost the growth of the seafood market, as the demand for seafood snacks is expected to increase over the forecast period Frozen seafood is growing in the global seafood market primarily due to its extended shelf life and convenience, which cater to the increasing demand for year-round availability and ease of use. Freezing technology has advanced significantly, enabling the preservation of the taste, texture, and nutritional value of seafood. Modern freezing methods, such as Individual Quick Freezing (IQF) and blast freezing, rapidly freeze seafood at extremely low temperatures, preventing the formation of large ice crystals that can damage the product. This ensures that the seafood retains its freshness and quality throughout the cold chain, from processing to consumption. The convenience offered by frozen seafood is a major appeal to consumers. Frozen seafood products are easy to store, require minimal preparation, and can be cooked directly from the freezer. This convenience aligns with the fast-paced lifestyles of modern consumers, who seek quick and hassle-free meal solutions. Additionally, frozen seafood provides portion control, reducing waste and allowing consumers to use only what they need. The global demand for seafood is increasing, driven by population growth, urbanization, and a growing awareness of the health benefits of seafood. The supply of fresh seafood is often seasonal and subject to fluctuations, making it challenging to meet this growing demand consistently. Frozen seafood bridges this gap by providing year-round availability, ensuring a steady supply of seafood products to consumers and businesses alike. The growth of the foodservice industry and the increasing popularity of sushi and other seafood-based cuisines are also contributing to the demand for frozen seafood. Restaurants, catering services, and other foodservice establishments rely on frozen seafood for its consistent quality, ease of use, and reduced waste. Furthermore, the rise of e-commerce and home delivery services has expanded the market for frozen seafood, as consumers increasingly prefer the convenience of shopping online and having products delivered to their doorsteps. The frozen seafood market is not without challenges. Ensuring the integrity of the cold chain is crucial to maintaining the quality and safety of frozen seafood products. Inadequate cold storage and transportation infrastructure, particularly in developing regions, can lead to temperature fluctuations and compromised product quality. Additionally, concerns about overfishing and sustainability have led to a growing demand for responsibly sourced and certified frozen seafood products.
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Seafood Market Regional Insights
The Middle East and Africa (MEA) region is emerging as a significant player in the global seafood market, primarily due to its abundant marine resources, growing domestic demand, and strategic trade position. The region's extensive coastline, particularly along the Red Sea, Arabian Sea, and the Atlantic and Indian Oceans, supports a diverse range of marine species, contributing to a thriving fishing industry. The MEA region is home to some of the world's fastest-growing economies and populations, driving a substantial increase in seafood consumption. Urbanization, rising incomes, and changing dietary preferences have led to a surge in demand for protein-rich seafood products. This growing domestic market presents opportunities for both local fisheries and international seafood exporters. MEA region's strategic location makes it a crucial hub for global seafood trade. Countries like the United Arab Emirates (UAE), with their advanced infrastructure and logistics networks, serve as major re-export centers. The UAE's state-of-the-art ports, cold storage facilities, and processing plants enable the efficient distribution of seafood products to regional and international markets. Aquaculture is also gaining prominence in the MEA region, with countries like Egypt, Nigeria, and Saudi Arabia investing in fish farming to meet domestic demand and reduce dependence on imports. Government initiatives aimed at promoting sustainable aquaculture practices and improving fisheries management are further bolstering the region's seafood production. MEA seafood market is not without challenges. Issues such as overfishing, illegal fishing, and climate change pose threats to marine ecosystems and the sustainability of the industry. Additionally, some countries in the region face inadequate infrastructure and regulatory frameworks, which can hinder the growth of the seafood sector.
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Key Development
• In May 2022, Nueva Pescanova, announced the submission of their proposal of building a new commercial octopus, in Puerto Las Palmas, Spain. The firm has been intensively working toward developing a method of octopus farming, and lately, announced its successful raising, hatching, and incubation of O. vulgaris octopus’ five generations in a test facility. • In March 2022, Del Pacifico Seafoods, a well-known specialized company of wild-caught Mexican shrimp, launched a new line of farmed shrimp and oysters at Seafood Expo in North America. The company is fully focusing on expanding its aquaculture business, due to the surging demand for shrimps, across retail and food service market. In addition, Del Pacifico is working on producing shrimps and oysters by sustainable harvesting and processing methods. • In August 2021, Pure Salmon, announced the launch of its new brand of salmon, "La Petite Fabrique du Saumon Fume" in French supermarkets. The company is highly indulged in manufacturing sustainable and eco-friendly salmon & its products in order to suffice the growing demands of customers. • In March 2020, Kerry Group, an Irish-based company, invested USD 125 million, in its manufacturing site based at Rome, Georgia. This investment will help the company to expand its production capacity, by producing poultry, seafood, and other alternative protein-based products.
Companies Mentioned
- Maruha Nichiro Corporation
- Clean Seas Seafood Ltd
- Charoen Pokphand Foods Public Company Limited
- Cooke Inc.
- Grieg Seafood ASA
- P/F Bakkafrost
- Dongwon F&B
- Almunajem Foods Company
- Oman Fisheries Co SAOG
- Sysco Corporation
Table of Contents
- 1. Executive Summary
- 2. Market Dynamics
- 2.1. Market Drivers & Opportunities
- 2.2. Market Restraints & Challenges
- 2.3. Market Trends
- 2.3.1. XXXX
- 2.3.2. XXXX
- 2.3.3. XXXX
- 2.3.4. XXXX
- 2.3.5. XXXX
- 2.4. Covid-19 Effect
- 2.5. Supply chain Analysis
- 2.6. Policy & Regulatory Framework
- 2.7. Industry Experts Views
- 3. Research Methodology
- 3.1. Secondary Research
- 3.2. Primary Data Collection
- 3.3. Market Formation & Validation
- 3.4. Report Writing, Quality Check & Delivery
- 4. Market Structure
- 4.1. Market Considerate
- 4.2. Assumptions
- 4.3. Limitations
- 4.4. Abbreviations
- 4.5. Sources
- 4.6. Definitions
- 5. Economic /Demographic Snapshot
- 6. Global Seafood Market Outlook
- 6.1. Market Size By Value
- 6.2. Market Share By Region
- 6.3. Market Size and Forecast, By Geography
- 6.4. Market Size and Forecast, By Source
- 6.5. Market Size and Forecast, By Form
- 6.6. Market Size and Forecast, By Type
- 6.7. Market Size and Forecast, By Distribution channel
- 6.8. Market Size and Forecast, By Category
- 7. North America Seafood Market Outlook
- 7.1. Market Size By Value
- 7.2. Market Share By Country
- 7.3. Market Size and Forecast, By Source
- 7.4. Market Size and Forecast, By Form
- 7.5. Market Size and Forecast, By Type
- 7.6. Market Size and Forecast, By Distribution channel
- 7.7. Market Size and Forecast, By Category
- 8. Europe Seafood Market Outlook
- 8.1. Market Size By Value
- 8.2. Market Share By Country
- 8.3. Market Size and Forecast, By Source
- 8.4. Market Size and Forecast, By Form
- 8.5. Market Size and Forecast, By Type
- 8.6. Market Size and Forecast, By Distribution channel
- 8.7. Market Size and Forecast, By Category
- 9. Asia-Pacific Seafood Market Outlook
- 9.1. Market Size By Value
- 9.2. Market Share By Country
- 9.3. Market Size and Forecast, By Source
- 9.4. Market Size and Forecast, By Form
- 9.5. Market Size and Forecast, By Type
- 9.6. Market Size and Forecast, By Distribution channel
- 9.7. Market Size and Forecast, By Category
- 10. South America Seafood Market Outlook
- 10.1. Market Size By Value
- 10.2. Market Share By Country
- 10.3. Market Size and Forecast, By Source
- 10.4. Market Size and Forecast, By Form
- 10.5. Market Size and Forecast, By Type
- 10.6. Market Size and Forecast, By Distribution channel
- 10.7. Market Size and Forecast, By Category
- 11. Middle East & Africa Seafood Market Outlook
- 11.1. Market Size By Value
- 11.2. Market Share By Country
- 11.3. Market Size and Forecast, By Source
- 11.4. Market Size and Forecast, By Form
- 11.5. Market Size and Forecast, By Type
- 11.6. Market Size and Forecast, By Distribution channel
- 11.7. Market Size and Forecast, By Category
- 12. Competitive Landscape
- 12.1. Competitive Dashboard
- 12.2. Business Strategies Adopted by Key Players
- 12.3. Key Players Market Share Insights and Analysis, 2022
- 12.4. Key Players Market Positioning Matrix
- 12.5. Porter's Five Forces
- 12.6. Company Profile
- 12.6.1. Maruha Nichiro Corporation
- 12.6.1.1. Company Snapshot
- 12.6.1.2. Company Overview
- 12.6.1.3. Financial Highlights
- 12.6.1.4. Geographic Insights
- 12.6.1.5. Business Segment & Performance
- 12.6.1.6. Product Portfolio
- 12.6.1.7. Key Executives
- 12.6.1.8. Strategic Moves & Developments
- 12.6.2. Nissui Corporation
- 12.6.3. Mowi ASA
- 12.6.4. Lerøy Seafood Group ASA
- 12.6.5. Agrosuper S.A.
- 12.6.6. Thai Union Group PCL
- 12.6.7. Pacific Seafood
- 12.6.8. Clean Seas Seafood Ltd
- 12.6.9. Charoen Pokphand Foods Public Company Limited
- 12.6.10. Cooke Inc.
- 13. Strategic Recommendations
- 14. Annexure
- 14.1. FAQ`s
- 14.2. Notes
- 14.3. Related Reports
- 15. Disclaimer
Table 2: Influencing Factors for Seafood Market, 2023
Table 3: Top 10 Counties Economic Snapshot 2022
Table 4: Economic Snapshot of Other Prominent Countries 2022
Table 5: Average Exchange Rates for Converting Foreign Currencies into U.S. Dollars
Table 6: Global Seafood Market Size and Forecast, By Geography (2018 to 2029F) (In USD Billion)
Table 7: Global Seafood Market Size and Forecast, By Source (2018 to 2029F) (In USD Billion)
Table 8: Global Seafood Market Size and Forecast, By Form (2018 to 2029F) (In USD Billion)
Table 9: Global Seafood Market Size and Forecast, By Type (2018 to 2029F) (In USD Billion)
Table 10: Global Seafood Market Size and Forecast, By Distribution channel (2018 to 2029F) (In USD Billion)
Table 11: Global Seafood Market Size and Forecast, By Category (2018 to 2029F) (In USD Billion)
Table 12: North America Seafood Market Size and Forecast, By Source (2018 to 2029F) (In USD Billion)
Table 13: North America Seafood Market Size and Forecast, By Form (2018 to 2029F) (In USD Billion)
Table 14: North America Seafood Market Size and Forecast, By Type (2018 to 2029F) (In USD Billion)
Table 15: North America Seafood Market Size and Forecast, By Distribution channel (2018 to 2029F) (In USD Billion)
Table 16: North America Seafood Market Size and Forecast, By Category (2018 to 2029F) (In USD Billion)
Table 17: Europe Seafood Market Size and Forecast, By Source (2018 to 2029F) (In USD Billion)
Table 18: Europe Seafood Market Size and Forecast, By Form (2018 to 2029F) (In USD Billion)
Table 19: Europe Seafood Market Size and Forecast, By Type (2018 to 2029F) (In USD Billion)
Table 20: Europe Seafood Market Size and Forecast, By Distribution channel (2018 to 2029F) (In USD Billion)
Table 21: Europe Seafood Market Size and Forecast, By Category (2018 to 2029F) (In USD Billion)
Table 22: Asia-Pacific Seafood Market Size and Forecast, By Source (2018 to 2029F) (In USD Billion)
Table 23: Asia-Pacific Seafood Market Size and Forecast, By Form (2018 to 2029F) (In USD Billion)
Table 24: Asia-Pacific Seafood Market Size and Forecast, By Type (2018 to 2029F) (In USD Billion)
Table 25: Asia-Pacific Seafood Market Size and Forecast, By Distribution channel (2018 to 2029F) (In USD Billion)
Table 26: Asia-Pacific Seafood Market Size and Forecast, By Category (2018 to 2029F) (In USD Billion)
Table 27: South America Seafood Market Size and Forecast, By Source (2018 to 2029F) (In USD Billion)
Table 28: South America Seafood Market Size and Forecast, By Form (2018 to 2029F) (In USD Billion)
Table 29: South America Seafood Market Size and Forecast, By Type (2018 to 2029F) (In USD Billion)
Table 30: South America Seafood Market Size and Forecast, By Distribution channel (2018 to 2029F) (In USD Billion)
Table 31: South America Seafood Market Size and Forecast, By Category (2018 to 2029F) (In USD Billion)
Table 32: Middle East & Africa Seafood Market Size and Forecast, By Source (2018 to 2029F) (In USD Billion)
Table 33: Middle East & Africa Seafood Market Size and Forecast, By Form (2018 to 2029F) (In USD Billion)
Table 34: Middle East & Africa Seafood Market Size and Forecast, By Type (2018 to 2029F) (In USD Billion)
Table 35: Middle East & Africa Seafood Market Size and Forecast, By Distribution channel (2018 to 2029F) (In USD Billion)
Table 36: Middle East & Africa Seafood Market Size and Forecast, By Category (2018 to 2029F) (In USD Billion)
Figure 2: Market attractiveness Index, By Region 2029
Figure 3: Market attractiveness Index, By Segment 2029
Figure 4: Global Seafood Market Size By Value (2018, 2023 & 2029F) (in USD Billion)
Figure 5: Global Seafood Market Share By Region (2023)
Figure 6: North America Seafood Market Size By Value (2018, 2023 & 2029F) (in USD Billion)
Figure 7: North America Seafood Market Share By Country (2023)
Figure 8: Europe Seafood Market Size By Value (2018, 2023 & 2029F) (in USD Billion)
Figure 9: Europe Seafood Market Share By Country (2023)
Figure 10: Asia-Pacific Seafood Market Size By Value (2018, 2023 & 2029F) (in USD Billion)
Figure 11: Asia-Pacific Seafood Market Share By Country (2023)
Figure 12: South America Seafood Market Size By Value (2018, 2023 & 2029F) (in USD Billion)
Figure 13: South America Seafood Market Share By Country (2023)
Figure 14: Middle East & Africa Seafood Market Size By Value (2018, 2023 & 2029F) (in USD Billion)
Figure 15: Middle East & Africa Seafood Market Share By Country (2023)
Figure 16: Competitive Dashboard of top 5 players, 2023
Figure 17: Market Share insights of key players, 2023
Figure 18: Porter's Five Forces of Global Seafood Market
Seafood Market Research FAQs
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