Seafood Market Size, Share, Growth & Industry Analysis, By Seafood Form (Fresh, Frozen, Ambient, Canned & Processed Seafood), By Seafood Type (Salmonoids, Tuna, Cod, Molluscs, Crustaceans, Others), By End Use (Foodservice, Retail) and Regional Analysis, 2024-2031

Seafood Market Size

The global Seafood Market size was valued at USD 127.79 billion in 2023 and is projected to reach USD 178.37 billion by 2031, growing at a CAGR of 4.3% from 2024 to 2031. In the scope of work, the report includes products offered by companies such as Thai Union Group, Maruha Nichiro Corporation, Nippon Suisan Kaisha, Ltd., Dongwon Industries, Marine Harvest ASA, Clearwater Seafoods, High Liner Foods, AquaChile, Mowi ASA, Grupo Pescanova and Others.

The seafood market is experiencing sustained growth, driven by rising consumer demand for healthy and sustainable protein options. With growing awareness of the health benefits of seafood, there is a significant demand for a variety of fresh and frozen seafood products.

Additionally, the popularity of international cuisines has led to an increased interest in exotic seafood options, thereby driving market growth. This trend is expected to continue due to consumers' growing inclination toward various culinary choices and seeking unique flavors and textures.

As the seafood market expands, there is a rising need for efficient transportation and distribution networks to ensure the timely delivery of products to consumers. Furthermore, advancements in technology have made it easier for consumers to access information about the source and sustainability of their seafood, leading to greater transparency and accountability in the industry.

Analyst’s Review 

The seafood market has witnessed substantial growth in recent years, primarily driven by the increasing demand for healthy and sustainable food options. Consumers are increasingly conscious of their health and the environmental impact, leading them to choose seafood as a popular dietary choice. Additionally, the rise of seafood restaurants and the inclusion of specialty seafood dishes in various culinary offerings have contributed to the expansion of the market.

Furthermore, the incorporation of seafood into diverse global cuisines has fueled market growth, with sushi, ceviche, and other seafood delicacies gaining popularity in mainstream dining establishments. In response to the growing demand, seafood suppliers and fisheries are constantly innovating to meet consumer preferences and capitalize on market opportunities. 

Market Definition

The seafood market is vast and diverse, encompassing fish, shellfish, and other aquatic animals that are consumed as food by humans. It plays a significant role in culinary, dietary, and cultural contexts. Additionally, seafood offers essential nutrients such as protein, omega-3 fatty acids, and vitamins, making it popular among health-conscious consumers.

Moreover, the market is subject to various regulations to ensure the safety and sustainability of marine resources, including fishing quotas, species protection, and quality control standards. Additionally, the increasing demand for sustainable seafood is driving the adoption of environmentally friendly practices.

The seafood market possesses significant economic value, serving as a vital source of employment for millions of individuals engaged in various sectors such as fishing, aquaculture, processing, and exportation.

In response to this, advancements in aquaculture techniques have expanded the availability and variety of seafood products, thereby reducing pressure on wild fish stocks. These driving factors shape the dynamics of the market, which continues to evolve to meet changing consumer preferences and ensure the long-term viability of seafood resources.

Seafood Market Dynamics

Consumers are becoming increasingly health-conscious and are actively seeking foods that offer a wide range of nutritional benefits. Seafood, in particular, has gained immense popularity in recent years, mainly due to its high protein content, omega-3 fatty acids, and various vitamins and minerals that are essential for overall health.

As people are becoming increasingly aware of the positive impact of consuming seafood on their well-being, the demand for these products continues to rise. Additionally, consumers are aware that the inclusion of seafood into a balanced diet helps reduce the risk of chronic diseases such as heart disease and improve cognitive function. This growing awareness of the health benefits of seafood is a key factor driving the growth of the market.

Furthermore, consumers are becoming more conscious of the environmental impact of their food choices, leading a considerable number of consumers to choose sustainable seafood options. This shift towards sustainable practices in the seafood industry has further fueled the growth of the market, as numerous companies are prioritizing ethical sourcing and responsible fishing practices.

As a result, the seafood market is expected to continue to expand in the forthcoming years, as consumers are increasingly prioritizing health, sustainability, and ethical considerations when making their food choices. With the numerous benefits associated with seafood consumption for both personal health and the environment, the market is likely to experience consistent growth over the forecast period.

However, the growth of the seafood market is being hindered by food safety concerns, primarily due to the prevalence of contamination and improper handling practices. These concerns have led to a decline in consumer demand as individuals become increasingly cautious about the origin and quality of seafood products they purchase.

To tackle these challenges, seafood vendors are prioritizing the implementation of proper food safety protocols and ensuring the highest standards of hygiene in their operations. This strategic focus is aiding seafood businesses in rebuilding consumer trust, stimulating demand for their products, and overcoming the negative impacts of food safety concerns.

Segmentation Analysis

The global seafood market is segmented based on seafood form, seafood type, end use, and geography.

By Seafood Form

Based on seafood form, the market is bifurcated into fresh, frozen, ambient, and canned & processed seafood. The frozen segment dominated the seafood market with a significant share of 38.66% in 2023, primarily due to the increasing demand for frozen seafood owing to its convenience and prolonged shelf life. This enables consumers to access a diverse range of seafood options throughout the year without compromising on freshness.

Additionally, frozen seafood typically offers a cost-effective alternative to fresh variants, making it an attractive option for budget-sensitive households. The advancements in freezing technology have significantly enhanced both the quality and taste of frozen seafood, thereby bolstering its adoption among consumers. This trend is anticipated to persist due to a growing population of consumers prioritizing convenience and cost-effectiveness in their food choices.

By Seafood Type

Based on seafood type, the market is bifurcated into salmonoids, tuna, cod, molluscs, crustaceans, and others. The crustaceans segment acquired the largest market share of 25.78% in 2023 on account of their exceptional versatility in culinary applications, offering a wide range of flavors and textures that cater to various palates.

They include succulent lobster tails, sweet and tender crab meat, and other delicacies. These creatures are known for their high protein content and low-fat levels, making them a healthy choice for consumers seeking a balanced diet. Additionally, the sustainability of crustacean fisheries has contributed to their popularity, as more consumers prioritize ethically sourced seafood options.

By End Use

Based on end use, the market is bifurcated into foodservice, and retail. The retail segment accounted for a significant market share of 59.02% in 2023, mainly driven by the rising consumer preference for convenience.

Busy lifestyles and time constraints have led numerous individuals to rely on retail outlets for ready-to-eat seafood products. Moreover, retailers have recognized the increasing preference for fresh and sustainable seafood among health-conscious consumers. To cater to this growing demand, grocery stores and specialty markets have expanded their seafood offerings, thereby strengthening the retail segment's position in the global marketplace.

Seafood Market Regional Analysis

Based on region, the global market is classified into North America, Europe, Asia Pacific, MEA, and Latin America.

The Europe Seafood Market share stood around 27.66% in 2023 in the global market, with a valuation of USD 35.35 billion, attributed to its rich fishing heritage and the intergenerational expertise that European fishermen possess.

This accumulated awareness enables them to effectively navigate the waters and identify optimal fishing grounds, thereby ensuring a consistent supply of high-quality seafood. Furthermore, the European Union's rigorous regulations and standards play a pivotal role in upholding the quality and sustainability of harvested seafood. These stringent measures enhance the appeal of European seafood in the global market.

Asia-Pacific is projected to register the highest CAGR over the forecast period due to the rising demand for seafood products in countries such as China, Japan, and South Korea, where seafood holds a prominent position in dietary preferences.

Moreover, advancements in technology and infrastructure have enabled seafood producers to effectively meet this surging demand. Additionally, the extensive coastline and access to diverse marine ecosystems in the region offer a wide array of seafood choices for consumers. Collectively, these factors contribute to the Asia-Pacific region's rapid growth and prominence in the global seafood market.

Competitive Landscape

The global seafood market report will provide valuable insight with an emphasis on the fragmented nature of the industry. Prominent players are focusing on several key business strategies such as partnerships, mergers and acquisitions, product innovations, and joint ventures to expand their product portfolio and increase their market shares across different regions.

Strategic initiatives, including investments in R&D activities, the establishment of new manufacturing facilities, and supply chain optimization, could create new opportunities for market growth.

List of Key Companies in Seafood Market

• Thai Union Group
• Maruha Nichiro Corporation
• Nippon Suisan Kaisha, Ltd.
• Dongwon Industries
• Marine Harvest ASA
• Clearwater Seafoods
• High Liner Foods
• AquaChile
• Mowi ASA
• Grupo Pescanova

Key Industry Developments 

• February 2022(Product Launch): Wanchese Fish Company launched its new shrimp trawler for operations in (review) the southern Gulf of Argentina.

The Global Seafood Market is Segmented as:

By Seafood Form

• Fresh
• Frozen
• Ambient
• Canned & Processed Seafood

By Seafood Type

• Salmonoids
• Tuna
• Cod
• Molluscs
• Crustaceans
• Others

By End Use

• Foodservice
• Retail

By Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • France
  • U.K.
  • Spain
  • Germany
  • Italy
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Rest of Asia Pacific
• Middle East & Africa
  • GCC
  • North Africa
  • South Africa
  • Rest of Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America