Seafood Market By Type (Fish, Crustaceans, Mollusks), Form (Fresh, Processed), Distribution Channel (Supermarkets & Hypermarkets, Convenience Stores, Specialty Stores), & Region for 2024-2031

Seafood Market Valuation – 2024-2031

The continuous increase in worldwide seafood demand over the last few decades. Rising population and urbanization have resulted in a growing demand for seafood goods. As people move to cities and embrace more Westernized diets, the demand for protein-rich foods, such as seafood, has increased. The market size surpass USD 358.68 Billion valued in 2024 to reach a valuation of around USD 777.29 Billion by 2031.

Seafood’s popularity has grown as people become more aware of its health benefits. Seafood contains a high concentration of omega-3 fatty acids, which are proven to lower the risk of heart disease, stroke, and dementia. Consumers are becoming more aware of sustainable and ethical sourcing practices, driving up demand for seafood from ethically managed fisheries and aquaculture farms. The rising demand for cost-effective and efficient seafood is enabling the market grow at a CAGR of 10.2% from 2024 to 2031.

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Seafood Market: Definition/ Overview

Seafood includes a vast range of edible aquatic creatures and plants, particularly fish, shellfish, and seaweeds. It is a vital source of nutrition for billions of people worldwide, supplying essential proteins, omega-3 fatty acids, vitamins, and minerals. Seafood is utilized in a variety of culinary applications, ranging from fresh fish fillets and shellfish dishes to processed items such as canned fish, frozen seafood, and seafood sauces. Aside from its nutritional significance, seafood plays an important role in many cultures and economies, providing jobs in fishing, aquaculture, and tourism.

The seafood industry is looking good, thanks to rising global demand for healthy protein sources and environmentally friendly food practices. Aquaculture and seafood processing technology innovations attempt to increase production efficiency while reducing environmental effect. In growing awareness of sustainability issues is driving demand for more environmentally friendly practices, such as responsible sourcing and labeling. As consumer preferences evolve toward plant-based diets and sustainable options, the seafood industry may see the development of alternative seafood products, such as lab-grown fish and plant-based seafood substitutes, which might expand its market potential.

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What are the Factors that Surge the Demand for the Seafood Market?

The rising health consciousness and demand for omega-3 fatty acids are projected to propel the seafood market further. As people become more aware of the health benefits of omega-3s, particularly those contained in seafood, they are more inclined to include fish in their diets. According to the National Institutes of Health (NIH), omega-3-rich fish consumption in the United States increased by 26% between 2000 and 2018. The Global Organization for EPA and DHA (GOED) estimated that the global omega-3 market will exceed $4.1 billion by 2022, confirming seafood’s position as the principal natural source of these essential fatty acids.

Rising global protein demand is predicted to significantly expand the seafood market. Fish has an increasingly essential role as a key protein source, accounting for approximately 17% of animal protein and 7% of total protein consumed globally. According to the Food and Agriculture Organization (FAO), global per capita fish consumption has increased to 20.5 kg per year, from 9.9 kg in the 1960s. This trend is expected to continue, propelled by population expansion and the critical need for sustainable protein sources to meet the nutritional needs of a growing global population. As customers seek healthier and more sustainable diet options, the fish industry stands to benefit significantly.

What are the Factors that Hinder the Growth of the Seafood Market?

Climate change is predicted to considerably slow the expansion of the seafood sector. Rising ocean temperatures, acidity, and shifting weather patterns can all have a negative impact on fish populations and habitats, resulting in decreased fish stocks and altered migration patterns. These environmental changes may result in decreased catch yields for fishers, reducing supply and raising prices. Furthermore, climate change could disrupt aquaculture methods, making it more difficult to maintain optimal breeding conditions for farmed seafood.

Disruptions in the supply chain are projected to considerably hinder the expansion of the seafood market. Logistical issues, trade prohibitions, and transportation delays can all contribute to a drop in the availability of fish goods in different markets. These disruptions can increase costs for both distributors and consumers, affecting overall demand. The perishable nature of seafood requires a fast supply chain; any delays might result in rotting, compounding supply issues.

Category-Wise Acumens

Which Factors Boost the Use of Seafood Market?

The crustacean segment is currently dominating the seafood market. The nutritious value of crustaceans is likely to boost expansion in this section of the seafood market. Crustaceans, such as shrimp, crab, and lobster, are high in protein, critical vitamins, and minerals, making them an appealing option for health-conscious consumers. Their low fat and calorie content, combined with high quantities of omega-3 fatty acids, add to their popularity as a healthy dietary alternative. As more people seek healthier food options to support their health, the demand for crustaceans is expected to rise.

High consumer demand is expected to significantly drive the crustacean component of the seafood market. As customers seek for more diversified and savory food options, crustaceans like shrimp, crab, and lobster have grown in appeal due to their distinct flavor and adaptability in a variety of cuisines. The growing popularity of seafood as part of health-conscious diets has made crustaceans an enticing option due to their high protein content and nutritional value. The increased interest in sustainable and ethically sourced seafood drives up demand, as many consumers are willing to pay a premium for high-quality crustacean products.

Which Factors Propel the Use of Seafood Market?

Supermarkets and hypermarkets continue to lead the seafood market. Processed seafood is predicted to drive growth in the seafood market’s supermarket and hypermarket segments. Busy consumers value the convenience of ready-to-eat or easy-to-cook processed seafood products, which drives up demand in these retail channels. Supermarkets and hypermarkets provide a wide range of processed seafood options, making them available to a diverse customer base. Advancements in packaging and preservation processes guarantee that processed seafood has a longer shelf life, which attracts more customers to these areas.

The supermarket and hypermarket section of the seafood market is being driven by the availability of a diverse range of products, including fresh, frozen, and processed seafood. Consumers are driven to these establishments due to the convenience and range of seafood options accessible to them, which cater to their preferences and cooking needs. The availability of a wide range of seafood products, from fresh catches to ready-to-eat meals, increases customer satisfaction and draws a larger audience, transforming supermarkets and hypermarkets into popular fish shopping destinations.

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Country/Region-wise Acumens

Will the Strong Cultural Preference Lead the Asia Pacific Region for the Seafood Market?

The Asia-Pacific region has long been the dominant market for seafood. Strong cultural preferences are a major driver in the Asia Pacific seafood industry. According to the FAO 2023 estimate, Asia accounts for 73% of world fish consumption, with numerous nations reporting per capita consumption of more than 50kg per year. In Japan, seafood consumption averages 45.5kg per person per year, whereas seafood accounts for more than 60% of protein intake in Southeast Asian coastal towns. With seafood fundamental to traditional meals and celebrations in China, Japan, and Vietnam, demand is expected to increase by 24% by 2030, driven by cultural preferences and population growth.

Major seafood producers are driving the Asia Pacific seafood market. The region contributes for 88% of global aquaculture production, with China accounting for 58% of that amount. In 2022, China’s aquaculture output was 66.9 million tons, while India’s production was 14.16 million tons, with additional growth expected. Vietnam’s seafood exports rose by 23.8% in 2022. With nations such as China, India, and Vietnam adopting modern technologies, the Asian Development Bank predicts a 37% increase in aquaculture production by 2030, which will drive market growth.

Will the Increasing Urbanization Expand the Middle East and Africa Region for the Seafood Market?

The Middle East and Africa region is emerging as the fastest-growing market for seafood. The Middle East and Africa’s seafood markets are being driven by increased urbanization. With MENA’s urban population expected to double by 2050 and nations such as the UAE already heavily urbanized, seafood consumption has increased. Saudi Arabia’s seafood consumption increased by 37% over the last decade, while urban Africa’s seafood consumption is increasing at a rate of 3.9% each year. This expansion is being driven by a growing middle class, increased disposable incomes, and expanded retail infrastructure, with the FAO estimating a 30% increase in seafood consumption by 2030.

Changing dietary patterns are a major driver of the Middle Eastern and African seafood markets. The move to Western-style eating patterns, particularly among younger, health-conscious consumers, has boosted seafood demand. In the GCC, seafood consumption has increased by 42% in the last five years, with Saudi Arabia’s per capita consumption going from 7.4 kg in 2018 to 11.5 kg in 2023. In Africa, seafood consumption is increasing by 5.2% each year, with areas such as Nigeria expanding by 45% since 2019. This expansion is being driven by health consciousness, exposure to international food, and improved cold chain infrastructure.

Competitive Landscape

The seafood market is a dynamic and competitive space, characterized by a diverse range of players vying for market share. These players are on the run for solidifying their presence through the adoption of strategic plans such as collaborations, mergers, acquisitions, and political support.

The organizations are focusing on innovating their product line to serve the vast population in diverse regions. Some of the prominent players operating in the seafood market include:

• Lerøy Seafood Group ASA
• Nueva Pescanova Group
• Pacific American Fish Co,
• Mowi ASA
• Nippon Suisan Kaisha Ltd
• Iglo Foods Group
• Royal Greenland Seafood A/S
• LEE FISHING
• Phillips Foods, Inc.
• Thai Union Frozen Products Public Co., Ltd.

Latest Developments

• In October 2023, Nippon Suisan Kaisha Ltd announced the start of a white-leg shrimp land-based business, with annual production expected to reach 100 tons by the end of 2023
• In April 2023, Thai Union collaborates with Samut Sakhon City Development on a marine garbage cleanup campaign to assist maintain the local ecology
• In March 2023, Mowi ASA established a new state-of-the-art fish manufacturing facility in Hitra, Norway.

Report Scope

Seafood Market, By Category

Type:

• Fish
• Crustaceans
• Mollusks
• Aquatic Plants

Form:

• Fresh
• Processed

Distribution Channel:

• Supermarkets & Hypermarkets
• Convenience Stores
• Specialty Stores
• Online Retail

Region:

• North America
• Europe
• Asia-Pacific
• South America
• Middle East & Africa

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• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
• Provision of market value (USD Billion) data for each segment and sub-segment
• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled
• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players
• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
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