Global Seafood Market Overview
Seafood Market Size was prized at USD 163.5 billion in 2022. The seafood market industry is projected to grow from USD 167.4 Billion in 2024 to USD 193.02 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 2.40% during the forecast period (2024 - 2030). An increase in consumer lifestyle changes and a greater understanding of the health advantages of seafood are the key market drivers enhancing the market growth. Also, the expansion of the market is driven by a rise in the disposable income of people in North America and the Asia-Pacific, as middle- and high-income consumers in metropolitan areas are changing their purchase patterns from necessary to premium products and services.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Seafood Market Trends
- Rising trend of pescetarianism to boost the market growth
Eating vegetarian meals that include seafood but don't include other sorts of meat, such as beef, hog, chicken, or other meats, is known as pescetarianism. The tendency of the clients towards a healthy diet has contributed to the growth of this movement. Pescetarians make up about 3% of adults globally. Also, more non-vegetarians are turning to pescetarianism as consumer awareness of the conditions in which cattle are maintained on farms has increased, which benefits the market. Moreover, fish is an inexpensive way to improve one's diet because it is rich in protein, omega-3 fatty acids, and other nutrients essential for healthy development and growth. Therefore, the rising trend of pescetarianism has enhanced the seafood market CAGR across the globe in recent years.
Fish processing facilities use high-pressure processing (HPP) technology to increase operational effectiveness. It employs pressures around 6000 times higher than the usual air pressure at sea level to pasteurize fish meat using a non-thermal process called high-pressure processing (HPP). By maintaining the freshness, flavor, color, texture, and nutritional value of the processed fish, HPP effectively eliminates germs and increases the shelf life of the fish by two to four times. Fish processing uses many HPP technologies created by Avure Technologies and Food Science Australia. Thus the rapid use of high-pressure processing technology is another factor driving the growth of the seafood market revenue.
Seafood Market Segment Insights
Seafood Type Insights
The seafood market segmentation, based on type, includes cephalopods, shellfish, mollusks, level fish, groundfish, salmonids, fish, and pelagic. In 2022, the fish sector dominated the market with respect to the seafood market revenue. The fish segment of the market has shown significant expansion, mostly supported by rising per capita fish consumption in several regions. Additionally, the salmon witnessed the fastest growth rate. Salmon has quickly been popularised as a staple food in people's daily diets worldwide due to its exceptional taste, distinctive texture, and numerous other advantages.
February 2022: Mowi has expanded its product line by introducing two new organic salmon products on the online supermarket service Ocado. The fillets come in 240-gram packets, while the smoked slices come in 100-gram packages, and both have been independently validated as organic by the Soil Association. This expansion has further broadened the growth opportunity for the seafood industry.
Seafood Retail Insights
The seafood market data has been bifurcated by retail into surrounding, frozen, and chilled. Frozen seafood acquired a major market share. Rising fish consumption increased awareness of the health advantages of seafood, and an increase in the number of supermarkets and hypermarkets are the primary drivers driving the expansion of the frozen seafood sector.
The second fastest growing segment in the seafood industry is chilled seafood due to increased sales of chilled sushi, sauce, batter, and fingers, which were encouraged by continuing working from home, school closures, and a partial return to the office.
Figure 1: Seafood Market, by Retail, 2022 & 2030 (USD Billion)
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Seafood Distribution Channel Insights
Based on distribution channels, the seafood industry has been segmented into retail, food service, and institutional. The retail sector is anticipated to rule the market throughout the projection period. Due to rising consumer demand, improved supply routes, and the accessibility of seafood, the market is anticipated to expand globally. A faster growth rate is anticipated for the food service segment throughout the anticipated term. The availability of home delivery, the quick expansion of fast food outlets and cafés, and the rising popularity of dining out all contribute to the market's expansion. Hence, the rising use of food service for seafood delivery positively impacts market growth.
Seafood Regional Insights
By Region, the study provides market insights into Europe, Asia-Pacific, North America, and Rest of the World. The North America Seafood market accounted for USD 74.8 billion in 2022 and is expected to exhibit a significant CAGR growth during the study period. An effective and profitable supply chain must include upgrading infrastructure, providing freezer storage, and guaranteeing the availability of high-quality fish commodities for local consumers. Fish consumption per person in the North American region reached 16.84% in 2021. The largest portion of the worldwide seafood industry was accounted for by the United States, which saw a 5.8% Y-o-Y growth rate between 2020 and 2021.
Further, the leading countries studied in the market report are Canada, U.S, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: SEAFOOD MARKET SHARE BY REGION 2022 (%)
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Europe’s seafood market accounts for the second-largest market. The expanding working population and rising incomes also impact how people buy particular products. The market for seafood products in the European region is also growing as awareness of early skin aging, bone health, and the high prevalence of cardiovascular disorders grows. Around 1.8 million deaths in the European Union and 3.9 million deaths in Europe are attributed to cardiovascular disease (CVD) each year (EU). Also, the growing demand for premium quality fish products due to their freshness, variety, and ease of use for food safety is anticipated to spur market expansion throughout the projection period. Further, the German seafood market held the largest market share, and the UK seafood market was the fastest-growing market in the European region.
The Asia-Pacific Seafood Market is expected to grow at the fastest CAGR from 2022 to 2030. The expanding aquaculture industry in the area is what fuels the seafood market. Countries like China, which mainly rely on fish and shrimp farming, have made sizable investments in the industry in response to the region's rising demand for seafood. China's Ministry of Agriculture estimates that approximately 66.9 million metric tonnes of fish and seafood will be produced nationwide in 2021, up from over 53.73 million metric tonnes in 2010. China produced 12.69 million metric tonnes of wild-caught seafood in total in 2021. Moreover, China’s seafood market held the largest market share, and the Indian seafood market was the fastest-growing market in the Asia-Pacific region.
Seafood Competitive Insights & Key Market Players
Major market players are investing huge amounts of money in R&D to broaden their product offerings, which will spur further expansion of the seafood sector. With significant market developments like introducing new products, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations, market participants are also undertaking various strategic initiatives to expand their footprint. To grow and thrive in a market that is becoming more competitive and growing, seafood industry competitors must provide attainable goods.
One of the primary business strategies manufacturers use in the seafood industry to benefit customers and expand the market sector is local manufacturing to reduce operational costs. The seafood industry has recently given medicine some of the most important advantages. The seafood market major player, like Lyons Seafoods Ltd. (UK), Amalgam Enterprises (India), Trident Seafoods Corp. (US), and Austevoll Seafood ASA (Norway), are supporting R&D initiatives to raise market demand.
Del Pacifico Seafoods is an environmentally and socially conscious supplier. They provide the highest quality seafood to merchants and food service organizations while having the lowest environmental effect in the industry. They work closely with artisan fisherman organizations to provide the greatest seafood to the United States. In March 2022, Del Pacifico Seafoods, a well-known specialist in wild-caught Mexico shrimp, debuted a new range of farmed shrimp and oysters at the North American Seafood Expo. Due to increased demand for shrimp in the retail and food service markets, the company focuses entirely on increasing its aquaculture operation.
Also, Pure Salmon is an Atlantic salmon farming enterprise situated on land to revolutionize the aquaculture sector. Pure Salmon is on track to become the world leader in high-quality, sustainable salmon, with operations and a projected production of 260,000 tonnes annually. In August 2021, Pure Salmon announced the availability of their new salmon brand, "La Petite Fabrique du Saumon Fume," in French supermarkets. The company is heavily invested in producing sustainable and eco-friendly salmon and its products to meet the expanding client demand.
Key Companies in the seafood market include
- Austevoll Seafood ASA (Norway)
- Cooke Aquaculture Inc. (Canada)
- Thai Union Group PCL (Thailand)
- Dongwon Group (South Korea)
- Lyons Seafoods Ltd. (UK)
- Zhanjiang Guolian Aquatic Products Co. Ltd. (China)
- Princes Ltd. (UK)
- Trident Seafoods Corp. (US)
- Tri Marine International Inc. (US)
- Amalgam Enterprises (India)
Seafood Industry Developments
June 2022: Mitsubishi Corporation (MC) and Maruha Nichiro Corporation (Maruha Nichiro) are happy to announce our agreement to form ATLAND Corporation (ATLAND), a new joint venture firm specializing in land-based salmon farming. ATLAND will be developed in the Toyama prefecture's Nyuzen town in October 2022. ATLAND's investment ratio will be MC 51% and Maruha Nichiro 49%.
June 2022: Northcoast Seafoods Ltd has been acquired by Seafood Connection Holding BV (Seacon), a subsidiary of Maruha Nichiro Corporation. Northcoast joins the Maruha Nichiro Group as a result of this acquisition. The UK company in Grimsby, England's northeast, sells prawns and whitefish to merchants. According to Seafood Connection, its offering is complementary to its own.
Seafood Market Segmentation
Seafood Type Outlook
- Cephalopods
- Shellfish
- Mollusks
- Level Fish
- Groundfish
- Salmonids
- Fish
- Pelagic
Seafood Retail Outlook
- Surrounding
- Frozen
- Chilled
Seafood Distribution Channel Outlook
- Retail
- Foodservice
- Institutional
Seafood Regional Outlook
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
- Rest of the World
- Middle East
- Africa
- Latin America
