Seafood Market Size, Share, Analysis, Trends, Growth, 2032

Seafood Industry Prospective:

The global seafood market size was evaluated at $359 billion in 2023 and is slated to hit $838 billion by the end of 2032 with a CAGR of nearly 11% between 2024 and 2032.

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Seafood Market: Overview

Seafood is a popular food segment including a slew of aquatic animals that are consumed for nutritive benefits and taste. There are various kinds of seafood such as shellfish, fish, cephalopods, and seaweed.

Key Insights

• As per the analysis shared by our research analyst, the global seafood market is projected to expand annually at the annual growth rate of around 11% over the forecast timespan (2024-2032)
• In terms of revenue, the global seafood market size was evaluated at nearly $359 billion in 2023 and is expected to reach $838 billion by 2032.
• The global seafood market is anticipated to grow rapidly over the forecast timeline owing to escalating demand for seafood due to growing customer inclination towards a protein-rich diet.
• In terms of type, the fish segment is slated to register the highest CAGR over the forecast period.
• Based on form, the fresh segment is predicted to contribute majorly towards the global industry size in the upcoming years.
• Region-wise, the European seafood industry is projected to register the fastest CAGR during the projected timespan.

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Seafood Market: Growth Factors

Surging consumption of seafood such as fish & shrimps to drive the global market expansion over the forecast period

Escalating demand for seafood due to growing customer inclination towards a protein-rich diet will spur the global seafood market trends. Apart from this, the easy availability of convenience foods as well as ready-to-eat & frozen seafood is likely to uplift the expansion of the global market. Huge intake of premium food items and changing food habits are likely to define the progress of the market globally. A surge in the per capita income and need for products with strong nutritive value is predicted to embellish the expansion of the global market. Furthermore, upgrades in packaging systems including active food packaging as well as tailored packaging will expedite the growth of the market globally.    

Seafood Market: Restraints

Growing illegal farming of fish can restrict the expansion of the global industry by 2032

Rise in illegal fishing activities leading to a reduction in fish population along with an increase in the polluted water is predicted to restrict the growth of the seafood industry across the globe. In addition to this, an increase in the costs of seafood can restrict the growth of the global industry. A rise in the costs of transport can retard the expansion of the global industry. An increase in the amount of preservatives used in the product and harmful to human health can hamper the global industry surge.

Seafood Market: Opportunities

A surge in e-commerce activities will open new growth opportunities for the global market

An increase in online seafood retail activities along with the rise in direct-to-customer sales will boost the growth of the seafood market. Furthermore, new product offerings and strategic alliances are likely to open new growth avenues for the global market. Innovations in aquaculture along with huge investments in technologies aimed at improving the preservation of seafood flavor and taste will spur global market expansion.

Seafood Market: Challenges

Rise in food costs can severely impact the growth of the global industry by 2032

Maintaining the freshness of seafood along with its quality is likely to pose a huge threat to the expansion of the global seafood industry. Furthermore, shorter product shelf life leading to growing chances of product spoilage can impede the global industry surge. An increase in food-related diseases along with allergies to seafood witnessed in some consumers can restrict the global industry expansion.

Seafood Market: Segmentation

The global seafood market is divided into type, form, and region.                                          

In terms of type, the seafood market across the globe is bifurcated into mollusca, fish, and crustacean segments. Additionally, the fish segment, which gained approximately 47% of the global market revenue in 2023, is projected to record the highest CAGR in the forecast timespan. The expansion of the segment in the next few years can be due to the nutritive benefits offered by fish, considering fish as a big source of omega-3 and iodine.

Based on the form, the global seafood industry is divided into processed and fresh segments. Furthermore, the fresh segment, which gathered approximately three-fourths of the global industry earnings in 2023, is set to make major contributions toward the global industry size in the forecasting timeline. The expansion of the segment in the analysis timeline can be credited to the escalating need for natural products as compared to processed ones.

Seafood Market: Report Scope

Seafood Market: Regional Insights

Asia-Pacific is expected to maintain leadership rank in the global market during the forecast timeline

Asia-Pacific, which accounted for 56% of the global seafood market revenue in 2023, is anticipated to establish a key position in the global market in the coming eight years. In addition to this, the regional market expansion in the forecast timeline can be attributed to a rise in the earnings from the seafood sector in countries such as India, Thailand, Indonesia, and China. Changing tastes and cuisine choices impacted by cultures and traditions will provide impetus to the expansion of the market in the region. Flourishing aquaculture business will further contribute to the growth of the market in the region.

The European seafood industry is predicted to register the highest growth rate annually in the coming eight years. The growth of the industry in the continent can be due to an escalating demand for seafood in countries such as Russia, the UK, Estonia, France, and Germany. Hectic lifestyle and a surge in end-user awareness about the benefits offered by the intake of seafood will drive the growth of the industry in Europe.

Key Developments

• In the first half of 2024, Galicia, a Spain-based seafood firm, introduced a Snackish product line of fish churros at Seafood Expo Global in Spain.
• In December 2023, Auchan, a French-based retail firm, entered into collaboration with Earthworm Foundation and BioMar to develop eco-friendly food products.

Seafood Market: Competitive Space

The global seafood market profiles key players such as:

• Thai Union Group
• Bakkafrost
• Austevoll Seafood ASA
• Maruha Nichiro Corporation
• Nippon Suisan Kaisha Ltd.
• AquaChile
• Amalgam Enterprises
• Clearwater Seafoods
• PanaPesca
• Grupo Pescanova
• Dongwon Industries
• Marine Harvest ASA
• Cooke Aquaculture
• Thai Union Canada
• Tassal Group Limited
• Lerøy Seafood Group
• Kverva AS
• Trident Seafoods Corp.
• Mowi ASA
• High Liner Foods
• Royal Greenland.

The global seafood market is segmented as follows:

By Type

• Mollusca
• Fish
• Crustaceans

By Form

• Processed
• Fresh

By Region

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