What is the global market size of Seafood Market?

Seafood Market size was valued at USD 310.75 billion in 2021 and is poised to grow from USD 338.47 billion in 2022 to USD 730.28 billion by 2030, growing at a CAGR of 8.92% in the forecast period (2023-2030).

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 News

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.

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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).

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. '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)'

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.

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.

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.

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