Seafood Market Size, Share, Industry Trends and Forecast to 2030

Seafood Market Size & CAGR

The global seafood market size was valued at USD 120 billion in 2023, with a Compound Annual Growth Rate (CAGR) of 5.2% from 2023 to 2030. The market is expected to reach USD 180 billion by 2030. The forecasted growth rate indicates a steady increase in the demand for seafood products worldwide, driven by factors such as increasing consumer awareness about the health benefits of seafood consumption, growing disposable income, and the rising trend of seafood-based diets.

COVID-19 Impact on the Seafood Market

The COVID-19 pandemic significantly impacted the seafood market, causing disruptions in the supply chain, reduced demand due to lockdowns and restrictions on foodservice sectors, and changes in consumer behavior. The closure of restaurants and hotels led to a decline in seafood consumption, affecting both fresh and processed seafood products. However, the market witnessed a shift towards online sales and home cooking, as consumers sought safe and convenient ways to purchase and prepare seafood during the pandemic.

Seafood Market Dynamics

The seafood market dynamics are influenced by a myriad of factors, including changing consumer preferences, regulatory policies, technological advancements in fishing and aquaculture practices, environmental concerns, and global trade patterns. The demand for sustainable and traceable seafood products is on the rise, driving industry players to adopt responsible fishing and farming practices to meet the growing consumer expectations for ethical and environmentally friendly seafood options. Additionally, innovations in seafood processing, packaging, and distribution are shaping the future of the market, enhancing product quality, safety, and shelf-life.

Segments and Related Analysis of the Seafood Market

The seafood market can be segmented based on product type, distribution channel, species, and geography. Product types include fish, crustaceans, mollusks, and others. Distribution channels encompass supermarkets/hypermarkets, specialty stores, online retail, and foodservice. Species-specific segments include salmon, shrimp, tuna, cod, and others. Geographically, the market is divided into regions such as Asia Pacific, North America, Europe, South America, and the Middle East & Africa, each with unique market trends and growth opportunities.

Seafood Market Analysis Report by Region

Asia Pacific Seafood Market Report

The Asia Pacific region is a significant player in the global seafood market, with countries like China, Japan, India, and Indonesia being key contributors to seafood production and consumption. The region's diverse marine resources, aquaculture practices, and domestic seafood consumption habits drive the market growth. With increasing disposable income, changing consumer preferences, and government support for sustainable aquaculture, the Asia Pacific seafood market is poised for steady expansion in the coming years.

South America Seafood Market Report

South America boasts a rich aquatic biodiversity, offering a diverse range of seafood products from freshwater and marine sources. Countries like Brazil, Peru, and Chile are major seafood exporters, catering to global demand for species like salmon, shrimp, and tilapia. The region's seafood market is driven by factors such as aquaculture development, export-oriented production, and demand from domestic and international markets. Sustainable fishing practices and certification initiatives are gaining traction in South America, signaling the industry's commitment to responsible seafood sourcing.

North America Seafood Market Report

North America is a mature seafood market, characterized by high seafood consumption rates, stringent food safety regulations, and a well-established seafood supply chain. The United States, Canada, and Mexico are the key players in the region, with a strong presence of seafood processors, distributors, and retailers. The North American seafood market is driven by factors such as health-conscious consumer trends, demand for premium seafood products, and sustainable seafood sourcing practices. The region's market dynamics are influenced by seasonal variations, climate change impacts, and consumer preferences for wild-caught versus farm-raised seafood.

Europe Seafood Market Report

Europe is a significant consumer of seafood, with countries like Norway, Spain, and the United Kingdom leading in seafood production and consumption. The region's seafood market is driven by factors such as a strong seafood culture, demand for high-quality products, and sustainable fishing practices. The European Union's Common Fisheries Policy (CFP) regulates seafood production, trade, and conservation efforts, ensuring responsible fisheries management and aquaculture development. With a focus on traceability, food safety, and environmental sustainability, the European seafood market is poised for growth and innovation.

Middle East and Africa Seafood Market Report

The Middle East and Africa region have unique seafood market dynamics, shaped by factors such as limited aquatic resources, reliance on seafood imports, and cultural preferences for specific seafood varieties. Countries like Egypt, Morocco, and South Africa are key players in the region, with a growing seafood processing and export industry. The Middle East's seafood market is driven by factors such as population growth, tourism demand, and government investments in aquaculture development. In Africa, sustainable fishing practices, regulatory reforms, and trade partnerships are crucial for the seafood industry's growth and competitiveness in global markets.

Seafood Market Analysis Report by Technology

The seafood market is witnessing technological advancements in areas such as seafood processing, packaging, logistics, and traceability. Technologies like blockchain, IoT sensors, AI-driven analytics, and cloud-based platforms are transforming the seafood supply chain, ensuring product quality, safety, and transparency. From fishery management systems to online seafood marketplaces, technology plays a crucial role in optimizing seafood production, distribution, and consumption practices.

Seafood Market Analysis Report by Product

The seafood market offers a wide range of products, including fresh, frozen, canned, and processed seafood items. Product categories include fish, crustaceans, mollusks, and seaweeds, each catering to different consumer preferences and culinary traditions. From salmon fillets to shrimp cocktails, the seafood market's product portfolio reflects diverse seafood species, preparation methods, and packaging formats to meet varying market demands and customer preferences.

Seafood Market Analysis Report by Application

Applications of seafood products span multiple industries, including food and beverage, healthcare, pharmaceuticals, cosmetics, and pet food. Seafood ingredients are used in culinary recipes, dietary supplements, skincare products, and animal feed formulations, highlighting the versatility and nutritional value of seafood. With increased awareness of sustainable sourcing and ethical consumption, seafood applications are evolving to meet consumer demands for safe, healthy, and environmentally friendly products in various market segments.

Seafood Market Analysis Report by End-User

The seafood market caters to diverse end-users, including households, restaurants, hotels, supermarkets, caterers, and food service providers. Each end-user segment has unique preferences, procurement practices, and quality requirements for seafood products. Whether it's a home-cooked seafood dinner, a gourmet seafood platter at a fine dining establishment, or a seafood buffet at a hotel banquet, the market serves a wide range of end-users seeking fresh, flavorful, and sustainable seafood options.

Key Growth Drivers and Key Market Players of Seafood Market

Key growth drivers in the seafood market include increasing consumer awareness of seafood's health benefits, the rise of sustainable seafood sourcing practices, technological innovations in aquaculture and fishing techniques, and the growing demand for diverse seafood products in global markets. Key market players operating in the seafood industry include:

• Marine Harvest ASA
• Lerøy Seafood Group
• Nippon Suisan Kaisha, Ltd.
• Thai Union Group
• Channel Fish Processing Company, Inc.

Seafood Market Trends and Future Forecast

Emerging trends in the seafood market include the rise of plant-based seafood alternatives, the growth of online seafood marketplaces, the adoption of blockchain technology for seafood traceability, and the expansion of sustainable seafood certifications. The future forecast for the seafood market indicates continued growth in aquaculture production, increasing demand for value-added seafood products, and the development of new seafood species and varieties to meet evolving consumer preferences and market trends.

Recent Happenings in the Seafood Market

Recent developments in the seafood market include:

• Marine Harvest ASA rebranding as MOWI and launching new sustainable aquaculture initiatives
• Lerøy Seafood Group expanding its global seafood distribution network and product portfolio
• Nippon Suisan Kaisha, Ltd. investing in advanced fishing technologies and seafood processing facilities
• Thai Union Group partnering with NGOs to promote ethical labor practices in the seafood industry
• Channel Fish Processing Company, Inc. introducing innovative seafood packaging solutions for freshness and convenience