Seafood Market
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Seafood Market Size, Share & Analysis By Type (Fish, Crustaceans, Molluscs, Others), By Form (Fresh, Processed), By Distribution Channel (Supermarkets & Hypermarkets, Convenience Stores, Specialty Stores, Online Retails, Others), By Region (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa), and Growth Forecasts to 2032 Forecast To 2032
Report ID: RV242792 | Published: Mar 2024 | Historical Period: 2018-2022 | Pages: 190 | Price: $3260| Industry: Food and Beverages
Seafood Market Overview 2024:
The global seafood market size was USD 333.09 billion in 2023 and is expected to register a rapid revenue CAGR of 8.5% during the forecast period. This growth can be attributed to rising global population, high consumption of seafood across many parts of the globe, increasing awareness about health benefits of seafood consumption, and rising globalization and international trade of various seafood products.
Seafood is any form of sea life that is harvested or farmed for human consumption. It consists of a wide range of marine as well as freshwater organisms, including fish, shellfish, crustaceans, mollusks, and aquatic plants.
Seafood products are a good source of protein, vitamins, amino acids, fibers, and minerals. These are also rich in omega-3 fatty acids, essential for brain, eye, and heart health. The consumption of different types of seafood has drastically increased due to numerous proven health benefits, including reduced risks of cardiovascular diseases, lower blood pressure, improved cognitive function, and decreased inflammation.
Seafood is widely available in diverse ecosystems such as oceans, rivers, seas, and lakes and holds cultural significance in many regions and culinary traditions globally.
However, rising incidence of illegal fishing and overfishing has led to restrictions on commercial fishing operations and sustainable seafood production.
Graphical Overview:
Key Takeaways:
Growing Preference for Healthy and Sustainable Diets and Rapid Advancements in Fishing Techniques:
People are realizing the health benefits of seafood products such as omega-3 fatty acids, proteins, and other essential nutrients. hey are also increasingly seeking out healthy and sustainable food options, leading to growing demand for fresh and processed seafood. Moreover, rapid advancements in fishing techniques, seafood processing methods, and aquaculture technology are paving the way for an increased supply of different seafood products.
Fluctuations in Seafood Prices and Supply Chain Issues:
Fluctuations in seafood prices due to weather conditions, market speculations, and currency exchange rates can create uncertainty for consumers as well as producers. This is a key factor that can hamper overall market growth during the forecast period. Other factors such as supply chain issues like transportation delays, quality control issues, spoilage, and rising health concerns regarding seafood contamination with microplastics and mercury are expected to restrain global market growth going ahead.
Market Opportunities:
High focus on health and wellness, growing demand for nutritious and protein-rich foods, and growing concerns about overfishing and environmental degradation have opened new avenues for existing and emerging market players.
Type Outlook:
The global seafood market is segmented into fish, crustaceans, molluscs, and others based on type. Among these, the fish segment is expected to account for a significantly larger revenue share during the forecast period. Factors such as high consumption of different types of fish like salmon, tuna, cod, tilapia, and haddock in many parts of the globe, growing preference for fish due to widespread availability, nutritional value and versatility in culinary applications, and local sourcing.
Form Outlook:
Based on form, the global market is segmented into fresh and processed. The fresh seafood segment is expected to register a rapid revenue CAGR over the forecast period. This growth can be attributed to high consumption of seafood across the globe, rising demand for fresh seafood in hotel chains, supermarkets, and households, and high preference for fresh seafood due to perceived quality, less processed products, different culinary trends, and cooking flexibility along with local sourcing.
Regional Outlook:
North America is expected to account for the largest revenue share in the global market during the forecast period owing to rising regional population, high consumption of seafood in the region, increasing number of fast-food restaurants that serve different types of fish, crustaceans, and molluscs, and presence of leading companies. Other factors such as rapid advancements in fishing technology, higher disposable income, and high preference for healthy and sustainable diets are expected to drive North America market growth during the forecast period.
Report Coverage:
| Report Details | Outcome |
| Base Year for Estimation | 2023 |
| Historical Data | 2018-2022 |
| Forecast Period | 2024-2032 |
| Segments Covered: | Type, Form, Distribution Channel, and Region |
| By Type | Fish, Crustaceans, Molluscs, Others |
| By Form | Fresh, Processed |
| By Distribution Channel | Supermarkets & Hypermarkets, Convenience Stores, Specialty Stores, Online Retails, Others |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, Middle East and Africa |
| Country Scope | United States, Canada, Germany, France, UK, Italy, Russia, China, Japan, South Korea, Southeast Asia, India, Mexico, Brazil, Saudi Arabia, UAE, Turkey |
| Qualitative Info | •Value Chain Analysis •Pricing Analysis •Regional Outlook •Market Trends •Market Share Analysis •Competition Analysis •Technological Advancements |
| Key Players | Austevoll Seafood ASA, Trident Seafoods Corp., Amalgam Enterprises, 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, Royal Greenland, PanaPesca, Thai Union Canada, Cooke Aquaculture, Bakkafrost, Kverva AS, Lerøy Seafood Group and Tassal Group Limited |
| Customization Scope | 10 Hours of Free Customization and Expert Consultation |
Competitive Landscape:
The global Seafood market is extremely competitive, comprising several regional and global level key players. Leading key players are focused on adopting various strategic alliances like mergers and acquisitions, partnerships, joint ventures, collaborations, and product launches to maintain their global position and enhance their product offerings. They are also focused on innovation, and scalability, and are adapting to evolving technology trends and consumer needs.
Some Leading Market Companies Listed in the Report:
- Austevoll Seafood ASA
- Trident Seafoods Corp.
- Amalgam Enterprises
- 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
- Royal Greenland
- PanaPesca
- Thai Union Canada
- Cooke Aquaculture
- Bakkafrost
- Kverva AS
- Lerøy Seafood Group
- Tassal Group Limited
Seafood Industry Recent Developments:
- In February 2024, ALDI, a German retailer announced its plans to introduce special offers on some of its private-label seafood products in February.
- In July 2023, Wild Planet Foods, a pioneer of sustainably caught seafood announced the launch of 5 new sustainably caught seafood items across the globe.
- In August 2022, Bluu Seafood launched the first market-ready products in Europe made from cultivated fish cells, and its plan to apply for approval in the US, Asia, and the UK.
The global seafood market has been segmented based on type, form, distribution channel, and region:
By Type:
- Fish
- Crustaceans
- Molluscs
- Others
By Form:
- Fresh
- Processed
By Distribution Channel:
- Supermarkets & Hypermarkets
- Convenience Stores
- Specialty Stores
- Online Retails
- Others
By Region:
- North America
- United States
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Russia
- Nordic Countries
- Asia Pacific
- China
- Japan
- South Korea
- Southeast Asia
- India
- Australia
- Rest of Asia
- Latin America
- Mexico
- Brazil
- Rest of Latin America
- Middle East & Africa
- Turkey
- Saudi Arabia
- UAE
- Rest of MEA
Frequently Asked Questions!
- Austevoll Seafood ASA
- Trident Seafoods Corp.
- Amalgam Enterprises
- 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
- Royal Greenland
- PanaPesca
- Thai Union Canada
- Cooke Aquaculture
- Bakkafrost
- Kverva AS
- Lerøy Seafood Group
- Tassal Group Limited
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