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Seafood Market Size, Share, Industry Trends and Forecast to 2033

This market report provides a comprehensive analysis of the seafood industry, covering market size, trends, and forecasts from 2023 to 2033. Insights include regional dynamics, product performance, segmentation, and the impact of technology on market growth.

Metric Value
Study Period 2023 - 2033
2023 Market Size $120.00 Billion
CAGR (2023-2033) 5.2%
2033 Market Size $201.44 Billion
Top Companies Maruha Nichiro Corporation, Thai Union Group, Domsea Fisheries
Last Modified Date 15 Nov 2024

Seafood Market Report (2023 - 2033)

Seafood Market Overview

The seafood industry is influenced by various factors, including environmental concerns such as overfishing, regulatory frameworks, and shifting consumer demands toward sustainability. Artisanal fishing practices are increasingly complimented by large-scale aquaculture. The industry is characterized by its high degree of fragmentation, with key global suppliers dominating the landscape. Sustainable seafood initiatives are gaining traction, with consumers becoming more interested in traceability and ethical sourcing methods. The combination of innovation in aquaculture, improved distribution channels, and a growing health awareness among consumers positions the seafood industry for significant future growth.

What is the Market Size & CAGR of Seafood market in 2023?

In 2023, the global seafood market is projected to size around USD 250 billion. The Compound Annual Growth Rate (CAGR) is forecasted at approximately 5.3% from 2023 to 2033, indicating robust growth driven by increased consumer health consciousness, the rising popularity of seafood as a protein source, and the expansion of aquaculture practices. This growth trend reflects ongoing shifts in consumer preferences and the expanding food service sector, which is expected to further elevate market value.

Seafood Industry Analysis

The seafood industry is influenced by various factors, including environmental concerns such as overfishing, regulatory frameworks, and shifting consumer demands toward sustainability. Artisanal fishing practices are increasingly complimented by large-scale aquaculture. The industry is characterized by its high degree of fragmentation, with key global suppliers dominating the landscape. Sustainable seafood initiatives are gaining traction, with consumers becoming more interested in traceability and ethical sourcing methods. The combination of innovation in aquaculture, improved distribution channels, and a growing health awareness among consumers positions the seafood industry for significant future growth.

Seafood Market Segmentation and Scope

The seafood market can be segmented based on product types, distribution channels, forms, and end users. Key product categories include fish, shellfish, and aquatic plants. Distribution channels range from retail and food service to online sales. The market scope extends globally, with significant insights emerging from demographic trends, dietary preferences, and regional culinary practices. Understanding these segments is vital for stakeholders as they navigate an evolving landscape with varied consumer preferences across regions.

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Seafood Market Analysis Report by Region

Europe Seafood Market Report:

Europe, currently valued at USD 39.20 billion in 2023, is expected to reach USD 65.81 billion by 2033. The demand for sustainably sourced seafood and environmental consciousness among European consumers drives market growth. Moreover, regulatory initiatives pushing for sustainable fishing practices will enhance market sustainability.

Asia Pacific Seafood Market Report:

Asia Pacific represents one of the largest seafood markets, valued at USD 22.60 billion in 2023 and projected to reach USD 37.93 billion by 2033. This growth is fueled by increasing population, urbanization, and a strong cultural affinity for seafood, particularly in countries like China and Japan. Additionally, the region's advancements in aquaculture technologies are expected to sustain this expansion.

North America Seafood Market Report:

North America’s seafood market is projected to grow from USD 40.24 billion in 2023 to USD 67.54 billion by 2033. The increase stems from rising health consciousness, a shift toward plant-based diets that still incorporate seafood, and the continued growth of the food service industry, particularly restaurants emphasizing seafood dishes.

South America Seafood Market Report:

In South America, the seafood market is evolving with a value of USD 1.67 billion in 2023, anticipated to grow to USD 2.80 billion by 2033. This growth is attributed to a burgeoning demand for seafood among local populations and an increase in exports driven by international markets, particularly for sustainable fish products from countries like Chile.

Middle East & Africa Seafood Market Report:

The Middle East and Africa seafood market is projected to grow from USD 16.30 billion in 2023 to USD 27.36 billion by 2033. A rising population and increasing tourist inflow are boosting demand for seafood in the food service sector. Aquaculture’s significance is increasing to meet dietary needs and drive market growth in this region.

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Seafood Market Analysis By Type

Global Seafood Market, By Type Market Analysis (2023 - 2033)

The seafood market is primarily segmented into fresh, frozen, canned, and smoked products. In 2023, the fresh seafood category dominated with a size of USD 67.87 billion, projected to rise to USD 113.93 billion by 2033, comprising a significant 56.56% share. The frozen segment, valued at USD 25.18 billion in 2023, is expected to grow to USD 42.26 billion. Canned seafood, currently at USD 13.99 billion, will reach USD 23.49 billion, indicating the growing convenience-driven demand. Smoked seafood products, worth USD 12.96 billion in 2023, are expected to evolve similarly, signaling ongoing consumer interest.

Seafood Market Analysis By Distribution Channel

Global Seafood Market, By Distribution Channel Market Analysis (2023 - 2033)

Seafood distribution is categorized into online and offline channels. Online sales are projected to account for a substantial share, valued at USD 103.20 billion in 2023 and anticipated to grow to USD 173.24 billion by 2033 (86% share). Meanwhile, offline retailing will also see growth, expanding from USD 16.80 billion to USD 28.20 billion as traditional retail channels adapt to meet consumer preferences.

Seafood Market Analysis By Form

Global Seafood Market, By Form Market Analysis (2023 - 2033)

The market is significantly influenced by various forms such as whole seafood, fillets, and prepared seafood products. Whole seafood is expected to retain its popularity among consumers seeking freshness, while fillets and prepared options will benefit from convenience-oriented shopping trends.

Seafood Market Analysis By End User

Global Seafood Market, By End-User Market Analysis (2023 - 2033)

The seafood market is segmented by end-users into household, food service, and retail. The household segment, valued at USD 82.26 billion in 2023, shows consistent demand as consumers gravitate towards preparing fresh seafood at home. The food service segment, currently at USD 33.04 billion, is projected to grow with the rise of seafood-focused restaurants and culinary innovation.

Seafood Market Trends and Future Forecast

The seafood market is expected to witness significant trends such as the rising preference for plant-based seafood alternatives, enhanced consumer awareness regarding sustainability, and the adoption of advanced supply chain technologies. By 2033, we anticipate the market to undergo substantial growth driven by these trends. However, challenges like climate change and regulatory compliance will require strategic navigation by industry players. The ongoing pursuit of innovation promises to redefine the competitive landscape as companies aim to position themselves as market leaders in an increasingly sustainability-focused environment.

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Global Market Leaders and Top Companies in Seafood Industry

Maruha Nichiro Corporation:

A leading global seafood supplier, Maruha Nichiro is renowned for its innovations in aquaculture and sustainable fishing practices. The company excels in delivering a diverse range of seafood products.

Thai Union Group:

Renowned for its extensive portfolio in canned seafood, Thai Union Group focuses on sustainable sourcing and innovation, marking its significant impact on the global seafood industry.

Domsea Fisheries:

An emerging player specialized in sustainable aquaculture, Domsea Fisheries is recognized for its high-quality fish products and commitment to environmental stewardship.

We're grateful to work with incredible clients.

Datasite
Agilent
Asten Johnson
Bio-Rad
Carl Zeiss
Dywidag
Illumina
LEK Consulting
Shell

Market FAQs

What is the market size of the Seafood industry?

According to a report by Grand View Research, the global seafood market size was valued at $159 billion in 2020. It is expected to grow at a CAGR of 3.0% from 2021 to 2028.

What are the key market players or companies in the Seafood industry?

Some of the key market players in the Seafood industry include Thai Union Group, Maruha Nichiro Corporation, Nippon Suisan Kaisha Ltd, Mowi ASA, and others.

What are the primary factors driving the growth in the Seafood industry?

The primary factors driving the growth in the Seafood industry include increasing health consciousness among consumers, rising demand for high-quality proteins, growing awareness about sustainable fishing practices, and the expansion of distribution channels.

Which region is identified as the fastest-growing in the Seafood industry?

Asia Pacific is identified as the fastest-growing region in the Seafood industry, driven by the increasing consumption of seafood, rising disposable incomes, and changing dietary preferences among consumers.

Does ConsaInsights provide customized market report data for the Seafood industry?

Yes, ConsaInsights offers customized market report data for the Seafood industry, providing in-depth analysis, insights, and forecasts tailored to meet specific client requirements.

What deliverables can I expect from this Seafood market research report?

Some of the deliverables you can expect from this Seafood market research report include market size and forecast, competitive analysis, market trends, key player profiles, SWOT analysis, and recommendations for business strategies.