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The Seafood Market size is projected to increase by USD 150.04 billion and the market size is estimated to grow at a CAGR of 13.55% between 2023 and 2028.
This seafood market analysis report extensively covers market segmentation by Type, including fish, crustacean, mollusca, and others. It is also categorized into Distribution Channels, encompassing both offline and online, and analyzes the market across various geographical regions such as APAC, North America, South America, Europe, and the Middle East, and Africa. The US, China, Japan, Canada, and France are the top five countries contributing to the market growth. In 2018, the US dominated the market projecting an annual revenue of USD 19.23 billion. The report examines historical data from 2018 to 2022 and provides an analysis of the current market scenario.
The Seafood Market shows an accelerated CAGR during the forecast period.
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The increasing prominence of land-based fish farming is notably driving the seafood market growth. Another driver that can positively influence the growth of the global seafood market is the increasing prominence of land-based aquaculture. Even though it is more expensive than marine aquaculture, it causes fewer environmental problems than the ones associated with sea cage aquaculture. The demand for aquaculture in the global seafood market is increasing and is expected to surpass the demand for commercial fishing during the forecast period. Aquaculture is the fastest-growing global food production process. It has overshadowed all other food-sourcing methods such as traditional agricultural practices and wild fish harvesting. Thus, the increasing prominence of land-based fish farming is expected to drive the growth of the global seafood market during the forecast period.
Extensive scope through organized retailing is a major seafood market trends. The retail chain is the major distribution partner for fresh fish and seafood, which accounts for the highest sales of fresh fish and seafood. The current shift in the retail industry toward an organized format from the traditional format has accelerated the growth of the retail industry. Convenience and value have become important for consumers because of their hectic lifestyles and work schedules. Organized retailers provide a large number of products under the same roof, which enables consumers to save time and allows them a variety of choices.
Further increasing the importance of organized retailers for vendors. People prefer to buy seafood by going to physical stores and looking for the best species of seafood to try on, and organized retailing offers convenience in buying seafood products such as fish. Thus, the extensive scope of organized retailing is expected to positively affect the growth of the global seafood market during the forecast period.
The growing popularity of vegan seafood is a significant challenge hindering market growth. The rising consumer awareness about the health benefits of vegan diets has led to an increasing number of people adopting vegan lifestyles. Vegan diets provide more fibre, antioxidants, and beneficial plant compounds. They are also rich in potassium, magnesium, folate, and vitamins A, C, and E. Vegan diets help improve kidney function and lower blood sugar levels. They also help in lowering the risk of heart disease significantly. Such health benefits of vegan diets have led people to opt for palatable fish substitutes.
Furthermore, the rising demand for plant-based fish products in the region has attracted large international seafood companies to expand their product offerings in the region. Hence, the growing popularity of vegan seafood is expected to hamper the growth of the global seafood market during the forecast period.
The offline distribution channel generates revenue from the sales of products through hypermarkets, supermarkets, clubhouse stores, department stores, and wet/open markets retailers. Revenue generation has been declining in the offline segment as consumers are gradually shifting to online shopping. Companies can increase their sales and cater to each consumer category through expansions in geographies such as APAC and MEA. With the growth of retail channels in cities and regions, customers have become familiar with different variants of frozen seafood. This is expected to increase sales during the forecast period. Although the offline segment is losing its global seafood market share and popularity to the online segment, innovative marketing strategies will propel sales through the offline channel at a steady rate, thereby driving the global seafood market during the forecast period.
The market share growth by the fish segment will be significant during the forecast period. The fish segment held the largest market share by type in the global seafood market in 2023. The expansion of fish as a high-protein meat substitute is responsible for the growth of the global seafood market.
The fish segment was the largest and was valued at USD 94.09 in 2018
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In addition, the number of meat eaters is increasing, and people are becoming more aware of the health advantages of eating fish, as fish is filled with omega-3 fatty acids and vitamins such as D and B2 (riboflavin). According to the American Heart Association, a healthy diet should include fish at least twice a week. Thus, fish is highly preferred seafood among other types of seafood, which, in turn, is expected to drive the growth of the fish segment, thereby driving the global seafood market during the forecast period.
APAC is estimated to contribute 38% to the growth of the global market during the forecast period
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Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. In 2023, APAC held a significant market share in the global seafood market. APAC is the world's largest producer of seafood, and China is the largest producer and consumer of fishery products. China consumes about half of all fish produced globally. Many nations in APAC have a growing population of young, sophisticated, and affluent people who are looking for high-quality seafood. As a result, the region's demand for various types of seafood is expanding. China, Japan, South Korea, Taiwan, India, Australia, and other Southeast Asian countries are prospective seafood markets in APAC, as major trade flows pass through these countries/regions.
In addition, the growing trend of out-of-home dining in the region is predicted to stimulate the expansion of seafood and premium servings that contain crustaceans in both fast-service and full-service restaurants. Thus, the regional seafood market is expected to grow significantly during the forecast period.
In 2020, the COVID-19 pandemic negatively impacted most APAC countries, with China being the most affected, which resulted in the temporary closure of various industries, including the seafood industry. However, in 2021, the initiation of large-scale vaccination drives led to a decrease in the number of COVID-19 cases. This has resulted in the lifting of lockdown restrictions and the resumption of activities such as fishing. The regional seafood market witnessed high growth in 2022 owing to the high presence of seafood in offline channels such as wet markets. Also, in the COVID-19 situation, people started to prefer foods, which are highly nutritional, which, in turn, is expected to fuel the growth of the regional seafood market during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The seafood market report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The seafood market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
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Seafood Market Scope |
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Report Coverage |
Details |
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Page number |
160 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 13.55% |
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Market Growth 2024-2028 |
USD 150.04 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
12.45 |
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Regional analysis |
APAC, North America, South America, Europe, and Middle East and Africa |
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Performing market contribution |
APAC at 38% |
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Key countries |
US, Canada, China, Japan, and France |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Aker BioMarine ASA, Austevoll Seafood ASA, Clifton Sea Food Co., Cooke Aquaculture Inc., Djibah Seafood SARL, Grayton Seafood Co. LLC, Kangamiut Seafood AS, Kings Seafood Group, Lee Fish, Lee Fishing Company, Marel Group, Mida Food Distributors Inc., Motor City Seafood Co., Mowi ASA, Nueva Pescanova SL, Pacific Seafood Group, Phillips Foods Inc., Seattle Fish Co., The Deep Seafood Co., and Trident Seafoods Corp. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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