The global seafood market will be worth US$ 157,042.9 million by 2033. The demand for seafood is likely to rise at a sluggish CAGR of 3% until 2033. The market is estimated to be worth US$ 114,608 million in 2023.
A multitude of factors is propelling the seafood industry. The global demand for seafood continues to rise due to its reputation as a healthy and protein-rich food source. Consumers are increasingly drawn to seafood’s high content of omega-3 fatty acids, vitamins, and minerals, which promote cardiovascular health and overall well-being.
Growing health consciousness has led seafood producers to develop value-added products enriched with extra nutrients, further enhancing the industry’s appeal. Secondly, sustainability has become a central theme in the seafood sector. Consumers and retailers emphasize ethical fishing and aquaculture practices, so the demand for sustainably sourced seafood has surged.
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Despite its growth, the seafood industry faces several challenges. One significant concern is the ongoing environmental issues, including climate change and habitat degradation, which threaten the sustainability and availability of seafood. These environmental pressures can disrupt supply chains, impacting the availability and costs of seafood products. Issues such as overfishing, bycatch, and environmental degradation in the seafood sector raise concerns about long-term sustainability.
The seafood industry presents several promising opportunities. The rise of cell- and plant-based seafood substitutes caters to the growing demand for ethical and eco-friendly protein sources. This trend aligns with consumers’ concerns about sustainability and ethical food choices. Furthermore, expanding e-commerce and direct-to-consumer sales channels offers businesses easier access to a larger customer base.
With rising affluence, emerging markets in Asia and elsewhere present untapped possibilities for increased seafood consumption. Also, ongoing technological advancements have the potential to aid in product diversification and market expansion, particularly in processing, packaging, and product development. The seafood industry can improve its long-term prospects by focusing more on ethical fishing and aquaculture techniques and demonstrating commitment to sustainability through certifications like MSC and ASC.
The seafood industry is undergoing transformative trends. Consumers increasingly seek seafood products enriched with beneficial components like omega-3s, probiotics, and antioxidants, driven by concerns for their health. Advances in marine biotechnology are leading to innovative products such as algae-based Omega-3 supplements and compounds derived from marine organisms.
Specialized seafood delivery services are gaining popularity, providing consumers with fresher and more diverse seafood options sourced directly from fishermen or aquaculture farms. Seaweed cultivation is rising due to its recognition as a sustainable marine resource with sustainable packaging and biofuel production applications. Sous vide cooking methods for seafood are gaining popularity due to their precise temperature control, resulting in tender and flavorful dishes.
Key Takeaways from the Seafood Market:
- Sustainability is a dominant trend in the seafood industry, driven by consumer and retailer preferences for ethical fishing and aquaculture techniques.
- India’s seafood market grew at a 29.6% CAGR in 2022, driven by shrimp exports and regional culinary preferences.
- China’s seafood market expanded at a 5.7% CAGR in 2022 due to its robust aquaculture sector.
- Japan’s seafood market saw slower growth at 2.6% CAGR in 2022, partly due to changing consumer lifestyles.
- The United States witnessed a 23.4% CAGR in 2022, driven by sustainability initiatives and convenience seafood products.
- The United Kingdom’s seafood market grew at a 6.0% CAGR in 2022, impacted by Brexit and trade changes.
- Innovations such as 3D printing and sustainability-focused practices are shaping the future of the seafood market.
- Shrimps are the highly preferred type of seafood due to their flavor and culinary versatility.
“The seafood market is experiencing substantial growth, driven by increasing consumer awareness of the health benefits of seafood and the rising demand for sustainable and ethically sourced products.” Says Nandini Roy Choudhury, Client Partner at Future Market Insights.
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Growth Strategies by Key Players to Capture Largest Share in the Market
The seafood market is marked by intense competition, characterized by a diverse range of players competing across various segments. This competition arises from the wide variety of seafood products available, the different species of seafood harvested or farmed, and the global nature of the industry.
The seafood market exhibits fragmentation, with numerous small to medium-sized players operating in different market segments. These players include aquaculture producers, processors, distributors, and merchants. The fragmentation is a result of the vast diversity of seafood products and species captured or raised, and it ranges from larger corporations to smaller, locally-focused businesses.
While there is a trend toward consolidation among larger seafood enterprises, fragmentation is prevalent at the grassroots level. Some companies are involved in multiple aspects of the seafood supply chain, including fishing, farming, processing, and distribution. Consolidation can result in economies of scale, improved market access, and enhanced supply chain management.
The seafood market players often have a global reach, given the international nature of seafood trade. This global presence allows companies to access a broader customer base and source seafood from different regions to meet consumer demands for variety.
Key Companies in the Seafood Market
- 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 Food 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 Limited PCL
- Tri Marine International Inc.
- Trident Seafoods Corporation
- Young’s Seafood Limited
- Zhangjiang Guolin Aquatic Products Co. Ltd.
Recent Developments in the Seafood Market
- Mitsubishi Corporation and Maruha Nichiro Corporation establish a joint venture to produce salmon on land.
- Seafood Connection Holding B.V. (Seacon) acquires 100% shares of Northcoast Seafoods Ltd. This acquisition makes Northcoast a member of the Maruha Nichiro Group, one of the largest seafood companies in the world.
- Cargill partners with AquaBounty to raise salmon in Maine. Cargill is one of the largest agricultural companies in the world, and AquaBounty is a biotechnology company that specializes in raising genetically modified salmon.
- BlueNalu raises $60 million to build a pilot plant for producing cell-based seafood. BlueNalu is a startup company that is developing cell-based seafood, which is seafood that is produced from fish cells grown in a lab. The company plans to use the $60 million to build a pilot plant that will produce cell-based seafood at scale.
- Finless Foods raises $15 million to develop cell-based tuna. Finless Foods is another startup company that is developing cell-based seafood.
- Impossible Foods launches plant-based shrimp. Impossible Foods is a well-known startup company that is developing plant-based meat products.
- Tyson Foods acquires Nordic Seafood. Tyson Foods is one of the largest meat companies in the world, and Nordic Seafood is a Norwegian seafood company.
- Walmart launches a new sustainable seafood program. Walmart is one of the largest retailers in the world, and its new sustainable seafood program is designed to help consumers make more informed choices about the seafood they buy.
- Whole Foods Market launches a new line of plant-based seafood. Whole Foods Market is a well-known retailer that specializes in healthy and organic food.
- Target launches a new line of sustainable seafood products. Target is another well-known retailer that is committed to sustainability.
Seafood Market Segmentation
By Nature:
- Organic
- Natural
By Source:
- Farm Raised
- Wild Caught
By Product Type:
- Ground Fish
- Pelagics
- Tuna
- Salmonids
- Molluscs
- Crustaceans
- Lobsters
- Crabs
- Shrimp
- Others (Prawns, Trouts, etc.)
By Form:
- Fresh
- Chilled
- Frozen
- Ambient
By End Use:
- Food
- Pharmaceutical
- Cosmetics
- Industrial
- Biotechnology
- Household Retail
By Sales Channel:
- Direct
- Indirect
- Modern Trade
- Convenience Stores
- Specialty Food Stores
- Wholesale Stores
- Discount Stores
- Online Retail
- Other Retail Forms
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa
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