Seafood Market Size, Trends, Share, Growth, and Opportunity Forecast, 2024 - 2031 Global Industry Analysis By Product Type (Salmonids, Mollusks, Ground Fish, Tuna, Pelagics, Crustaceans, Crabs, Shrimp, and Others), By Source (Farm Raised, Wild Caught), By Form (Dried, Salted, Smoked, Frozen, Chilled, Ambient, and Fresh), By End-Use (Food, Cosmetics, Pharmaceuticals, Pet Food, Industrial, and Others), By Sales Channel (Retail, Foodservice, Specialty Food Stores, Online Retail), and By Geography (North America, Europe, Asia Pacific, South America, and Middle East & Africa)

Seafood Market Size and Forecast 2024 to 2031

The Global Seafood Market was valued at USD 348.64 Billion in 2023 and is anticipated to reach a value of USD 562.76 Billion by 2031 expanding at a CAGR of 6.3% between 2024 and 2031.

Seafood is any form of sea life that human consumed as food. It is type of food product that is slaughtered and used for human consumption by processing and preserving seafood meat. The major types of seafood products are salmonids, mollusks, ground fish, tuna, pelagics, crustaceans, crabs, shrimp, and others. Seafood is a common source of protein, which are known to reduce the risk of heart disease, stroke, and other health problems. The global seafood market has witnessed rapid growth due to factors such as increased awareness of health benefits, growing population, increasing demand for protein-rich foods, and government support and policies. Seafood provides a variety of health benefits which attributes to the growth of the seafood market globally. Rising trend of pescetarianism, which include seafood but not other sorts of meat, such as beef, hog, chicken, and other meats.

Seafood Market Major Driving Forces

·         Increased Awareness of Health Benefits: The market for seafood is growing significantly due to the increased awareness of the health benefits of omega-3 fatty acids. Seafood is a rich source of omega-3 fatty acids, which reduces the risk of heart diseases, stroke, and other health problems.

·         Growing Population: The global population is growing which is creating a higher demand for food. The demand for seafood manufacturing has increased due to the rising population across the globe.

·         Increasing Demand for Protein-rich Foods: The increasing demand for protein-rich food products is fueling the demand for seafood. The high protein content and presence of plenty of fatty acid chains in the fatty fish have significantly boosted the market growth.

·         Government Support and Policies: Many governments across the globe are promoting the fishing industry through subsidies, and supportive regulations. These support aim at boosting domestic production and exports.  

Seafood Market Key Opportunities

·         Rising Trend of Pescetarianism: The rising trend of pescetarianism is expected to create lucrative opportunities for market expansion. The tendency of consumers towards a healthy diet has increased due to rising awareness of benefits healthy foods. However, following a pescetarian diet can further boost the market demand.

·         High-Pressure Processing (HPP) Technology: Fish processing establishments leverage high-pressure processing (HPP) technology, which is a non-thermal technology to increase operational effectiveness. High-pressure processing maintains the freshness, flavor, color, texture, and nutritional value of the processed fish.  

·         Emerging Markets: Companies can expand their presence into these emerging regions by offering their products in these regions. With the increasing population, urbanization, growing middle class and higher demand for protein sources development, there is significant potential in developing countries to expand their reach.

Seafood Market Key Trends

·         Shift in consumer preferences towards sustainably sourced seafood is a major trend in the seafood industry

·         With the rising urbanization trend, the demand for easy-to-cook food products has increased  

·         Raising expenditure on various seafood dishes is another significant factor influencing the market growth

·         Growing demand for an alternate protein source and changing food habits towards adapting to pescetarianism

·         Growing demand for value-added seafood products, such as smoked salmon, and seafood salads

·         Increased online sales of seafood products, as it provides consumers with easy access and convenience

·         With the growing demand for plant-based diets and alternative proteins, companies are increasingly investing in plant-based seafood products

Region-wise Market Insights

Asia Pacific accounted for the largest market share at 35.3% in 2023 whereas, Asia Pacific is expected to register the fastest growth, expanding at a CAGR of 6.5% between 2024 and 2031.

In terms of revenue, Asia Pacific held the largest market share of seafood markets. The rising disposable incomes, urbanization, increased demand for protein rich fish food, rising number of fast-food restaurants, and demand for easy-to-cook food options drives regional market growth. Additionally, increase in the production and export of seafood in many developing countries is another major factor of regional market growth. In North America, the demand is driven by the inclination toward convenience food, the changing lifestyles, and demand for convenient ready-to-eat seafood options. In Europe, the rising working population and increased earnings with strong focus on quality and sustainability significantly boost the market demand. The Middle East and Africa has been witnessing a growing demand for seafood driven by increasing urbanization and rising incomes whereas, in South America, the market is influenced by economic factors, with consumer demand for protein-rich foods and evolving taste preferences.

Market Competition Landscape

The global seafood market is characterized by high degree of competition among a large number of manufacturers. Key players in the seafood market engage in strategies aimed at gaining a competitive edge. These strategies include product innovation, design differentiation, and the incorporation of sustainable and eco-friendly materials to meet evolving consumer preferences. Established brands leverage their reputation for quality and reliability to maintain market share, while newer entrants focus on disruptive innovations and unique selling propositions.

Key players in the global seafood market implement various organic and inorganic strategies to strengthen and improve their market positioning. Prominent players in the market include:

·         Amalgam Frozen Foods Pvt. Ltd.

·         American Seafoods Company

·         Nissui Corporation

·         Agrosuper S.A.

·         Bolton Group SRL

·         Austevoll Seafood ASA

·         Bolton Group SRL

·         Cooke Inc.

·         Nomad Foods

·         Cooke Aquaculture, Inc

·         Thai Union Group PCL

·         Mowi ASA

·         Sysco Corporation

·         TRIDENT SEAFOODS CORPORATION

·         Marine Harvest ASA