Authored By: Sarah
11 Jul 2024

 Seafood Market Size to grow by USD 150.04 billion between 2024-2028

According to a research report “ Seafood Market” by Type (Fish, Crustacean, Mollusca, Others) Distribution Channel (Offline, Online) Geography (APAC, North America, South America, Europe, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 150.04 billion, at a CAGR of  13.55% during the forecast period. The global seafood market is experiencing significant growth, with consumption projected to increase from 174.6 MMT in 2020 to an estimated 2014 MMT by 2030. Domestic household consumption remains the primary driver of this trend. Five prominent fish species, including Alaska pollock, trout, carp, mackerel, and salmon, dominate consumer preferences. These fish are rich in essential nutrients such as vitamin B, B-complex vitamins, vitamin A, and vitamin D, found in abundance in species like tuna. Seafood is a valuable source of protein, offering low saturated fat content, and essential omega-3 fatty acids, making it a healthful addition to any diet.

Browse market data tables, figures, and in-depth TOC on “Seafood Market” by Type (Fish, Crustacean, Mollusca, Others) Distribution Channel (Offline, Online) Geography (APAC, North America, South America, Europe, Middle East and Africa) Global Forecast to 2028. Download Free Sample

 

By Type, the Fish segment is projected to dominate the market size in 2024

In the seafood market, traditional offline distribution channels, including hypermarkets, supermarkets, clubhouse stores, department stores, and wet markets, remain significant revenue generators. However, the decline in sales within this segment is a growing concern due to the increasing trend towards online shopping. To counteract this shift, vendors are expanding their reach in local and regional markets. Retailers, in turn, are implementing new business strategies, such as competitive pricing, to remain competitive and attract consumers. Frozen seafood is a key product category sold through various retail formats, including hypermarkets, clubhouse stores, supermarkets, and convenience stores.

By Distribution Channel, Offline  segment is expected to hold the largest market size for the year 2024

In the global seafood market, the fish segment dominated with the largest market share in 2023. The growth of this segment can be attributed to the increasing trend of fish as a high-protein meat alternative. With the rising number of meat consumers and growing awareness of the health benefits of fish, such as its rich omega-3 fatty acids and vitamins D and B2 (riboflavin), the demand for fish is surging. The American Heart Association recommends incorporating fish into a healthy diet at least twice a week. Consequently, the preference for fish over other types of seafood is expected to fuel the expansion of the fish segment, thereby propelling the growth of the global seafood market throughout the forecast period.

APAC is forecasted to hold the largest market size by region in 2024

In the global seafood market landscape of 2023, Asia-Pacific (APAC) holds a substantial market share, driven by its status as the world's largest seafood producer. China, a key player within APAC, accounts for approximately half of the world's total fish consumption. The region's growing population of affluent and discerning consumers is fueling an increasing demand for premium seafood products. Major seafood markets in APAC include China, Japan, South Korea, Taiwan, India, and Australia, with significant trade flows passing through these countries. Notably, Japan's preferred seafood choices are fresh shrimp and prawns, as well as fresh skipjack and stripe-bellied bonito tuna fillets.

The Seafood Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • Aker BioMarine ASA
  • Austevoll Seafood ASA
  • Clifton Sea Food Co.
  • Cooke Aquaculture Inc.
  • Djibah Seafood SARL
  • Grayton Seafood Co. LLC
  • Kangamiut Seafood AS
  • Kings Seafood Group
  • Lee Fish
  • Lee Fishing Company
  • Marel Group
  • Mida Food Distributors Inc.
  • Motor City Seafood Co.
  • Mowi ASA
  • Nueva Pescanova SL
  • Pacific Seafood Group
  • Phillips Foods Inc.
  • Seattle Fish Co.
  • The Deep Seafood Co.
  • Trident Seafoods Corp.
.

For insights on company offerings- Request a sample report!

Research Analysis Overview

The seafood market is a vibrant and diverse sector, offering a wide range of culinary applications for various types of fish and shellfish. Some popular choices include 'tilapia', 'cod', 'tuna', 'salmon', 'shrimps', and more. The Marine Stewardship Council (MSC) and Aquaculture Stewardship Council (ASC) certifications ensure the sustainability of these resources through responsible fishing and aquaculture techniques. Consumers are increasingly seeking value-added fish products for their balanced diet, recognizing the health advantages of fish, such as minerals, vitamins, and omega-3 fatty acids. Ethical concerns and environmental impact have led to the exploration of seafood substitutes and alternative protein sources. Appearance, flavor, and texture are essential factors in the choice of fish for personalized culinary experimentation. Product innovation and culinary trends, such as 3D printing technology, are revolutionizing the seafood industry. The tourism and hospitality sectors also play a significant role in the market, catering to the diverse preferences of consumers. Price and protein content are essential factors influencing consumer choices in the seafood market. As the demand for sustainable and ethically sourced seafood grows, the industry continues to adapt and innovate, offering a rich and diverse range of options for consumers. Whether it's 'tilapia' for its mild flavor and lean texture, 'cod' for its firm flesh, 'tuna' for its rich flavor and omega-3 content, 'salmon' for its versatility, or 'shrimps' for their succulent taste, the seafood market has something for everyone.

Market Research Overview

Title: Seafood Market: Heart Benefits, Cuisines, and Sustainability The seafood market is a significant player in the food business, offering various heart benefits through its rich sources of omega-3 fatty acids, particularly DHA found in fatty fish. However, the market faces competition from pork-based foods and vegetarian diets like pescetarianism. Seafood restaurants and cuisines continue to thrive, with organized retail operators stocking convenience seafood items and fresh or frozen options. Fishing activity remains a crucial part of the industry, but environmental issues and ethical concerns demand sustainability and traceability initiatives. Seafood farmers and administrative authorities collaborate to ensure the health benefits of seafood, addressing issues such as toxic chemicals and anabolic steroids. The European Union (EU) and Brexit have influenced seafood trade with certifications like the Marine Stewardship Council and Aquaculture Stewardship Council promoting sustainable aquaculture techniques. Seafood offers a balanced diet with minerals, vitamins, and lean protein. Consumers' awareness of health advantages drives innovation, with culinary experimentation using molluscs, crustaceans, fish, and various culinary applications like shrimps, crab, lobster, tilapia, cod, tuna, and salmon. Price, appearance, flavor, texture, and personalization are key factors influencing consumer preferences. The seafood industry faces challenges in balancing sustainability, ethical concerns, and product innovation while catering to the evolving lifestyles and diets. 3D printing technology is a potential game-changer, offering possibilities for creating seafood substitutes and alternative protein sources. The tourism and hospitality industry also plays a role in promoting seafood, contributing to the market's growth.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

Read News Read Less
Interested in this report?
Get your sample now!
Technavio