USD 310.75 billion
Seafood Market Size, Share, Growth Analysis, By Type(Fish (Salmon, Tuna, Pollock), Crustaceans (Crabs), By Category(Dried Seafood, Salted Seafood, Smoked Seafood, Frozen Seafood), By Distribution Channel(Supermarkets & Hypermarkets, Convenience Stores, Speciality Stores, Online Retail), By End Use(Food, Pharmaceutical, Cosmetics, Industrial), By Source(Farm Raised, Wild Caught), By Nature(Organic, Conventional), By Region - Industry Forecast 2024-2031
Report ID:
SQSG30I2008 |
Region:
Global |
Published Date: August, 2024
Pages:
165
|Tables:
100
|Figures:
77
Seafood Market Insights
The global seafood market was valued at USD 320 billion in 2022 and is expected to grow from USD 340.86 billion in 2023 to reach USD 564.98 billion by 2031, at a CAGR of 6.52% during the forecast period (2024-2031).
Seafood generally consists of the food that is derived from the sea and these are categorized as fish, crustaceans, and molluscs seafood. Increasing awareness and changing lifestyles have forced people to focus on their decorating health and seafood provides a variety of health benefits which attributes to the growth of the seafood market worldwide. The lifestyle of the customer is slowly changing towards non-vegetarian food and a combination of seafood with vegetarian food excluding beef, poultry, pork, and others which are known as pescetarianism. Beef and pork contain harmful substances and a variety of anabolic to treat the meat and grow it, which could affect the health of people consuming it. These are some of the reasons the consumer nowadays prefers seafood as no anabolics and harmful chemicals are used to rear these creatures. The growing awareness of people regarding the living conditions of farmed animals such as poultry, beef cattle, and pork at farms has also made people change their eating preferences from non-vegetarian to pescetarianism. Which in turn will increase the demand for seafood in the coming years.
US Seafood Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Fish
Fastest Growth
Molluscs
Growth Rate
8.92% CAGR
Global Seafood Market ($ Bn)
Country Share for North America Region (%)
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Seafood Market Segmental Analysis
The global seafood market is segmented based on type, category, distribution channel, and region. Based on Type, the market is segmented into Fish (Salmon, Tuna, Pollock), Crustaceans (Crabs, Shrimps, Prawns), Molluscs (Scallops, Oysters), and Others. Based on category, the market is segmented into Dried Seafood, Salted Seafood, Smoked Seafood, Frozen Seafood, and others. Based on the Distribution channel, the market is segmented into Supermarkets & Hypermarkets, Convenience Stores, Speciality Stores, Online Retail, and Others. Based on End Use, the market is segmented into Food, Pharmaceutical, Cosmetics, Industrial, Biotechnology, and Household Retail. Based on Source, the market is segmented into Farm Raised, and Wild Caught. Based on Nature, the market is segmented into Organic, and Conventional. Based on region, the market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Seafood Market Analysis by Type
In 2021, based on the type of seafood the Fish (Salmon) segment has captured the major market share and is expected to grow at a CAGR of 2.9% by 2028 in the global seafood industry. The other types of seafood markets can be categorized into Crustaceans (Crabs, Shrimps, Prawns), Molluscs (Scallops, Oysters), and Others. The high protein content and presence of plenty of fatty acid chains in the fatty fish have contributed to the growth of the sea fish segment in recent years and is expected to grow at the same pace in the coming years too. However, the Molluscs segment is also growing at a decent rate and is expected to grow at a 2.3 % CAGR during the analysis period.
Seafood Market Analysis by Category
Based on the category the seafood market is segmented into Dried Seafood, Salted Seafood, Smoked Seafood, Frozen Seafood, and others. The frozen and fresh seafood segment accounts for the highest market share in 2021. These developments in the sector are one of the reasons driving the seafood industry worldwide.
Global Seafood Market Size By Type ($ Bn)
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Seafood Market Regional Insights
In terms of revenue, Asia Pacific held the largest market share of seafood markets in 2021. The presence of a huge number of seafood service restaurants and the growing opportunities in large economies like China and India had enabled the sector to boom in the region. The increasing online penetration and promotion of fish culture in the region by various administrative bodies are also attributed to the growth of the industry. The huge coastline of India and China enables them to develop a large seafood industry and huge exports of fresh seafood globally which will drive the growth of the seafood industry during the forecast period.
Global Seafood Market Size By Type ($ Bn)
- Largest
- Fastest
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Seafood Market Dynamics
Seafood Market Driver
- Raising awareness regarding the health and wellbeing of consuming sea fish and raise in disposable income has facilitated the growth of the seafood market. As fatty fish contain a good amount of Omega 3 fatty acid chain consisting of EPA and DHA, it makes it a wonderful choice among people with heart problems, some studies have shown the direct relation between consumption of fatty fish and heart disease. These health benefits from seafood are driving the industry of seafood globally.
- Looking at the growing demand for seafood various administrative bodies are coming out with schemes for seafood producers and those who export processed products which have increased the participation of several new players in this industry and this is a key reason for leading the fish market.
Seafood Market Restraint
- The rising demand has led to an increase in fishing activities around the world which has affected the ecological balance in the oceans. These environmental challenges are the main restraining factor for the growth of the seafood market as intense fishing will affect marine life and further affect the world in a negative way.
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Seafood Market Competitive Landscape
The Global Seafood market is relatively fragmented, with a high level of competition. Few large players, like Amalgam Enterprises, Austevoll Seafood ASA, and Cooke Aquaculture, Inc, now control the market in terms of market share. These industry leaders are extending their customer base across several areas, and many corporations are creating strategic and collaborative initiatives with other start-up enterprises to enhance their market share and profitability.
Seafood Market Top Player’s Company Profiles
- Maruha Nichiro Corp (Japan)
- Nissui Corp (Japan)
- Mowi ASA (Norway)
- Thai Union Group PCL (Thailand)
- PREMIUM BRANDS HOLDINGS CORPORATION (Canada)
- Austevoll Seafood ASA (Norway)
- LEROY SEAFOOD GROUP ASA (Norway)
- Trident Seafoods (US)
- SalMar ASA (Norway)
- GRUPO NUEVA PESCANOVA (Spain)
- Bakkafrost (Faroe Islands)
- Dongwon Industries (South Korea)
- High Liner Foods (Canada)
- Royal Greenland (Greenland)
- Agrosuper (Chile)
- Cooke Aquaculture Inc (Canada)
- Blue Star (India)
- Panapesca (Spain)
- PACFISH S.A. (Chile)
- Kverva AS (Norway)
Seafood Market Recent Developments
- In January 2024, Central Marine Fisheries Research Institute (CMFRI) has signed a memorandum of understanding with Neat Meatt for making kingfish, pomfret, and sea fish analogs. The team will reproduce the flavor, texture, and nutritional qualities of real fish in plant-based analogs and cell cultured products.
- In June 2024, the Sustainable Shrimp Partnership joined the global Sustainable seafood initiative as an associate partner for promoting improved practices within the shrimp industry. This strategic move is made for advancing the sustainable seafood movement with focus on the farm shrimp sector. The website is launched for increasing global engagement and facilitating dialogue between the seafood industry, traceability experts, civil society and technology providers.
- In June 2024, Steakholder Foods signed a memorandum of understanding with Sherry Herring which is a gourmet fish delicacies brand. It will produce a line of vegan fish salads developed with Steakholder’s SHFish premix blends. It will advance Steakholder’s foods commercialization using Sherry Herring regional expertise and brand recognition for expanding Steakholder’s Foods geographic footprint and customer base, strengthening Steakholder’s Foods product portfolio.
Seafood Key Market Trends
- High per capita consumption increases the import of seafood and an increasing presence of organised retail players in the food industry is a key market trend seen worldwide. Raising expenditure on various seafood dishes are some of the factors behind the seafood market growth. The spread of pescetarianism by various people around the world is also a leading reason for the growth of seafood restraint and dine in that will push the market growth during the forecast period.
- Huge adoption of pescetarianism due to the negative effects of meat and pork-based food has also helped the growth of the market dure the analysis period. With various heart benefits provided by seafood and research proving its legitimacy, consumption of fatty fish has seen a stiff rise in demand globally this will also propel the growth of the seafood market globally.
Seafood Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, High per capita consumption increases the import of seafood and an increasing presence of organised retail players in the food industry is a key market trend seen worldwide. Raising expenditure on various seafood dishes are some of the factors behind the seafood market growth. 80% of all fresh and frozen seafood derived is used for human consumption, and that is a huge number it shows the demand for an alternate protein source and changing food habits towards adapting to pescetarianism in the US. The growing awareness of people regarding the living conditions of farmed animals such as beef cattle and pork’s at farms has also made people change their eating preference from non-vegetarian to pescetarianism. This in turn will increase the demand for seafood in the coming years.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 320 billion |
| Market size value in 2031 | USD 564.98 billion |
| Growth Rate | 6.52% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Seafood Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Seafood Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Seafood Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Seafood Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Seafood Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Seafood Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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