Seafood Market: Future Innovation Ways, Growth & Profit Analysis, Forecast by 2032

By 2022, the seafood market will be valued at US$ 110,2 billion, growing at a CAGR of 3.6% between 2022 and 2032. Sales of seafood increased at a CAGR of 3.3% from 2017 to 2022 and will increase at a CAGR of 3.6% from 2022 to 2032. According to FMI, the U.S. seafood market will be worth USD 28.5 billion in 2022, or roughly 25.9% of the global seafood market.
Digital technology offered new outlets for many fisherfolk and aquaculture suppliers when COVID-19 upended the import/export sector. Those that were quick enough to convert their products to a digital marketplace could sell and deliver straight to customers.

Fish Tiangge, a USAID Fish Right initiative in the Philippines, launched an online platform using Facebook in May 2020 to connect fishermen with local consumers. This single programme linked 6,000 fishermen with almost 300,000 households, boosting local food security and maintaining the livelihoods of thousands of fishermen.

Digital technology is also assisting in the modernization of fishing and aquaculture operations, as well as increasing earnings and raising awareness of sustainable seafood best practises. For example, in India, we’re cooperating with AquaConnect to deliver digital solutions that assist shrimp farmers in identifying quality items and making farm-input purchases. Farmers also receive announcements and documents about growth and disease advisories, as well as advice and information on inexpensive financing and resources to connect to other Indian markets.

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In the coming years, digital technology will continue to be a major source of industry evolution and innovation, particularly when it comes to sustainable seafood trends.

“While COVID-19 presented challenges to many small-scale fisherfolk and aquaculture providers, it also revealed areas where the seafood industry may improve its supply chains to become more robust and sustainable.” said a lead analyst at FMI.

Who is winning?

Some of the leading companies offering Seafood are Amalgam Frozen Foods Pvt. Ltd. (AFFL), American Seafoods Company, Austevoll Seafood ASA, Cooke, Inc., Dongwon F&B, Faroe Seafood, Handy Seafood, Inc., Hansung Enterprise Co. Ltd, High Liner Foods Incorporated, Kangamiut Seafood A/S, Lee Fishing Company, Leroy Seafood Group, Lyons Seafoods Limited, Mowi ASA, Pacific Seafood, Phillips Foods, Inc., Princes, Ltd., Sajo Group, Shanghai Fisheries Group Co., Ltd., Stolt Sea Farm, Surapon Foods Public Company Limited, Tassal Group Limited, Thai Union Group PCL, Tri Marine International, Inc., Trident Seafoods Corporation, Young`s Seafood Limited, Zhanjiang Guolian Aquatic Products Co., Ltd., and Others.

Get Valuable Insights into Seafood market 

Future Market Insights, in its new offering, provides an unbiased analysis of the Seafood market presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031.

Seafood Market By Category

By Nature, Seafood Market is Segmented as:

  • Organic
  • Conventional

By Source, Seafood Market is Segmented as:

  • Farm Raised
  • Wild Caught

By Product Type, Seafood Market is Segmented as:

  • Ground Fish
  • Pelagics
  • Tuna
  • Salmonids
  • Molluscs
  • Crustaceans
  • Lobsters
  • Crabs
  • Shrimp
  • Other Product Types (Prawns, Trouts, etc)

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By Form, Seafood Market is Segmented as:

  • Fresh
  • Chilled
  • Frozen
  • Ambient

By End Use, Seafood Market is Segmented as:

  • Food
  • Pharmaceutical
  • Cosmetics
  • Industrial
  • Biotechnology
  • Household Retail

By Sales Channel, Seafood Market is Segmented as:

  • Direct
  • Indirect
    • Modern Trade
    • Convenience Stores
    • Specialty Food Stores
    • Wholesale Stores
    • Discount Stores
    • Online Retail
    • Other Retail Formats

By Region, Seafood Market is Segmented as:

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia
  • Oceania
  • Middle east and Africa

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Frequently Asked Questions

  • How Big is the Seafood Market?
  • What is the North America Seafood Market Outlook?
  • At What Rate will Seafood Demand Grow in Europe?
  • At What Rate Will Seafood Demand Grow in Japan?

About Future Market Insights (FMI)

Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.

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About the Author

Nikhil Kaitwade

Associate Vice President at Future Market Insights, Inc. has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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