"Market Intelligence that Adds Flavour to Your Success"

Seafood Market Size, Share and COVID-19 Impact Analysis, By Type (Fish, Crustaceans, Mollusca, and Others), By Form (Fresh and Processed), By Distribution Channel (Supermarkets/Hypermarkets, Convenience Stores & Specialty Stores, Online Sales Channel, and Others), and Regional Forecast, 2022-2029

Last Updated: May 13, 2024 | Format: PDF | Report ID: FBI101469

 

KEY MARKET INSIGHTS

Play Audio Listen to Audio Version

The global seafood market size was USD 310.75 billion in 2021 and is projected to grow from USD 333.25 billion in 2022 to USD 605.46 billion by 2029, exhibiting a CAGR of 8.92% during the forecast period 2022-2029. Asia Pacific dominated the global market with a share of 43.17% in 2021. 


Based on the analysis, the market exhibited a growth of 12.34% in 2020 as compared to 2019. The global COVID-19 pandemic has been unprecedented and staggering, with seafood experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. 


The market is experiencing rapid growth owing to rising per capita consumption, increasing disposable income, and growing consumer inclination toward pescetarianism across the globe.


Over the years, a drastic shift has been observed in the consumption pattern of individuals toward a healthy diet, influencing the changes in consumer preferences. The seafood market share in the food industry is expected to increase in the upcoming years, as individuals mainly prefer seafood-based products over poultry and beef due to the equivalent amount of protein with lower calories. Such shifting consumption patterns will fuel market growth.


SEAFOOD MARKET TRENDS


Request a Free sample to learn more about this report.


Market Value to Rise Due to Increase in Purchase of Premium Products


In recent years, the rising trend for premium and luxury products has gained prominence owing to the growing health benefits, rising healthy eating habits of consumers, and escalated income earnings. The industry has faced numerous challenges to sustain its position in the market and thus, the products with strong nutritional scores and the lowest climate impact should be highly promoted for consumption. Besides this, advancements in the packaging technologies such as active food packaging, vacuum packaging, and modified atmosphere packaging (MAP), also play an important role in sustaining the quality attributes of the products. Such techniques further help in preserving and controlling the growth of food pathogens in fishery products and others. Moreover, in order to fulfill the rising demand for a variety of seafood, the countries are intensively working towards producing a sufficient amount of products across the market. For instance, China's processors and farmers increasingly focus on domestic demand, while Western and other Asian producers supply species such as salmon, scallops, and lobster to consumers in China.


DRIVING FACTORS


Market Share to Rise Due to Increasing Demand for Processed/Ready-to-Cook Seafoods


The demand for processed food in developing nations and higher consumption of convenience food among the working population and millennials have evolved due to lifestyle changes. Owing to rapid urbanization and the busy lifestyles of consumers, the demand for products with longer shelf life has increased. The trend of easy-to-cook products has significantly increased over the years due to advancements in processing techniques, well-equipped cold storage chains, as well as drastic changes in food habits. In addition, the growing innovations in product development such as frozen, canned, and smoked seafood offer lucrative opportunities for convenient cooking amid the busy schedules of individuals. 


Market Growth to be Driven by Rising Inclination Toward Adoption of Pescetarianism


Seafood consumption in the world has consistently increased over the past years. The improvement of living standards in developing countries, such as China, India, Brazil, and South Africa, and the health consciousness of some developed countries have contributed to this increase in consumption. The progress of globalization and the increased interest in health consciousness in recent years can cause drastic changes in fish consumption. Various consumers worldwide follow a pescetarian lifestyle, where they consume fish along with a vegetarian diet owing to health-related factors. Fish, particularly salmon, herring, and trout, provide health benefits in addition to nutritional value and are concentrated with omega-3 fatty acids. Omega-3s have been always recommended for their healthy heart and brain-boosting benefits, which in turn, increases the consumption of seafood-based products. Moreover, the regular consumption of fishery products or following a pescetarian diet can further help minimize the risk of health-related illnesses such as obesity, cardiovascular diseases, and others.


RESTRAINING FACTORS


Market Growth Hampered Due to Growing Inclination of Consumers Toward Plant-Based Meat


The rise in veganism has led to an increase in plant-based food consumption. This factor has enabled manufacturers of established fish markets to increase their focus on launching plant-based meat products, thus hindering the market share. Moreover, vegan or plant-based meat is gaining popularity as celebrities have started to endorse and promote veganism. For instance, in February 2022, Blue Tribe Foods announced Virat Kohli and Anushka Sharma as investors and brand ambassadors for their meat alternatives products. In recent years, plant-based diets have moved from being a niche into the mainstream, with consumers across the globe interested in plant-based food. Moreover, a rise in flexitarian consumers adversely affected the market for fish and other products as these consumers are more inclined toward veggies, legumes, whole grains, and nuts and occasionally prefer meat. These factors are expected to hinder the market growth during the forecast period.


SEAFOOD MARKET SEGMENTATION ANALYSIS


By Type Analysis


Fish Segment Holds the Largest Share Due to Various Health Benefits


Based on type, the market is segmented into four types such as fish, crustaceans, molluscs, and others. Of these, the fish segment holds the largest market revenue share, owing to its numerous health benefits. Fish and other fish-based products are a rich source of proteins, low in calories, and fatty acids such as omega-3 and crucial vitamins, as compared to poultry, thus making it a desirable choice of meat. Moreover, the rising demand for premium-quality fish products, attributed to their freshness and diversity, is expected to boost the market growth of the fishing business. Several restaurants and food chains are utilizing different types of fish, such as salmon, tuna, and sardine, in many culinary dishes to enhance the flavor and taste of the food. Nowadays, a recent trend has been observed, for protein-rich and fat-free fish-based products, due to the rise in the health-conscious population, which also promotes seafood market growth.


The crustaceans segment is also experiencing stellar growth in the market, primarily due to the rising demand for different types of species such as crabs, lobsters, and shrimps. Due to its higher utilization, the massive demand for crustaceans from the food service industry further fuels the global market potential. 


By Form Analysis 


To know how our report can help streamline your business, Speak to Analyst


Fresh Segment to Dominate in the Market Owing to the Quality Attributes


Based on forms, the market is bifurcated into two types namely, fresh and processed products. The fresh segment holds the maximum revenue share due to the high demand for natural and premium products across the market. The fresh form segment is witnessing a strong demand compared to processed forms, owing to flavor and overall quality attributes, as well as numerous health-imparting properties. In addition, fresh products contain high-quality nutrients, which are lost during processing. These factors are expected to fuel market growth.


The processed segment is witnessing substantial growth in the market, attributed to the busy lifestyle and the soaring demand for convenience products. The consumption of processed products has always been prominent, due to their abundance and affordability, with several variants posing a way for the market's momentum.


By Distribution Channel Analysis 


Modern Retail Channels Hold Major Market Share Owing to the Wide Variety of Products


Supermarkets/Hypermarkets have become the utmost choice of consumers, as they offer a strong range of products, ranging from food & beverages to consumer goods under a single roof. In addition, supermarkets are considered a convenient option for purchasing frozen or fresh seafood as it can be easily stored or frozen, thus contributing to the maintenance of its quality attributes. Products such as Atlantic salmon, tuna, canned fish, sardine, and catfish are the most common types, which are preferred on a larger basis and are easily available in retail channels. In addition, supermarkets/hypermarkets have quick-freezing options, which helps keep the products fresh for a longer period. Thus, consumers are highly inclined towards purchasing such products from the retail channels, attributed to the surety of their overall quality.  


REGIONAL SEAFOOD MARKET INSIGHTS


Seafood Market Size


Asia Pacific to Exhibit Highest Growth Due to Increased Consumption of Seafood-based Products


Asia Pacific holds the largest share of the market and is expected to outgrow at a double rate in the upcoming years. Population growth, rising urbanization trends, and easy-to-cook at-home options are the key drivers for market growth. In addition, the region is extensively witnessing a sudden growth in the health-conscious population, which is largely influenced by fitness enthusiasts or social media, further facilitating the growth.


Europe is slated to hold the second-largest market share over the forecast period. This can be attributed to the soaring demand from the population of every age. The rising working population and increased earnings further influence the products' purchasing patterns. The busy lifestyle and rising consumer awareness about the benefits of fresh and premium-quality products also favor the growth of the seafood industry.  


North America accounts for the third largest share of the market. The regional growth can be credited to the increasing millennial population and escalating inclination toward convenience food. The manufacturers are working on expanding their production units, in developed countries, such as the U.S. and Canada, which offer lucrative opportunities for the domestic players to collaborate. However, a steep downfall in the sales of the products was observed due to the global outbreak of the COVID-19 pandemic. However, the market in North America recovered in the second half of the year 2020.


To know how our report can help streamline your business, Speak to Analyst


South America and the Middle East & Africa hold a minor market share. However, the industry growth in the region is boosted by the escalating consumer demand for protein-rich foods and evolving taste preferences.


COVID-19 IMPACT  


Market Growth Favored Due to Promising Demand for Nutritionally-Rich Products in Daily Diet 


The seafood industry is reaching new heights in every part of the world in terms of production, supply, and consumption. The consumption of fish and other products is rapidly growing due to rising awareness about the importance of seafood-based products and changing lifestyle patterns. Since most countries experienced the lockdown effects, a shortage was observed in the production capacity due to the closure of production plants and reduced purchasing power of the consumers. However, the market found its pace in the latter half of the year 2020 as consumers focused on seeking convenient and nutritionally rich products in their day-to-day diet more than ever. Moreover, the increase in home cooking in the pandemic phase facilitated the incorporation of such products in various cuisines, which further improved the growth potential.


KEY INDUSTRY PLAYERS


Industry Players Focus on Research Activities for Launch of New Products


Some of the prominent players operating in the market include Nippon Suisan Kaisha Ltd, Maruha Nichiro, and Mowi ASA, among others. The companies are extensively focusing on increasing their customer base, by collaborating with other large business stakeholders, or via joint ventures. In addition, the determined focus on introducing sustainable products with essential nutrients, further enhances the growth of the market. The growing demand for clean-label food, which are safe for consumption and planet, also imparts ample number of opportunities for market growth.


LIST OF KEY COMPANIES PROFILED:



KEY INDUSTRY DEVELOPMENTS:



  • May 2022: Nueva Pescanova, announced the submission of their proposal of building a new commercial octopus, in Puerto Las Palmas, Spain. The firm has been intensively working toward developing a method of octopus farming, and lately, announced its successful raising, hatching, and incubation of O. vulgaris octopus’ five generations in a test facility.

  • March 2022: Del Pacifico Seafoods, a well-known specialized company of wild-caught Mexican shrimp, launched a new line of farmed shrimp and oysters at the Seafood Expo in North America. The company is fully focusing on expanding its aquaculture business, due to the surging demand for shrimps, across the retail and food service market. In addition, Del Pacifico is working on producing shrimp and oysters by sustainable harvesting and processing methods.

  • August 2021: Pure Salmon, announced the launch of its new brand of salmon, "La Petite Fabrique du Saumon Fume" in French supermarkets. The company is highly indulged in manufacturing sustainable and eco-friendly salmon & its products in order to suffice the growing demands of customers.  

  • March 2020: Kerry Group, an Irish-based company, invested USD 125 million, in its manufacturing site based in Rome, Georgia. This investment will help the company to expand its production capacity, by producing poultry, seafood, and other alternative protein-based products.

  • March 2020: Mowi, announced the launch of a new chef-quality salmon, "Mowi Pure," which is also available on the e-commerce channel, Amazon, for sale. The product will be sold fresh, with unique and precise Japanese cut forms. In addition, Mowi promoted the correct way of cooking fresh salmon, and its use in several cuisines, via its digital marketing program.

  • September 2018: Fesba, a Spanish-Processing Firm, that is involved in selling octopus and jumbo squid, in Europe and the Americas, announced plans to invest in new two manufacturing plants, in Northern Spain and Coruna. Such expansion of production plants would pave the way for its growth in the upcoming years.


REPORT COVERAGE


An Infographic Representation of Seafood Market

To get information on various segments, share your queries with us



The market research report includes quantitative and qualitative insights into the market. It also offers a detailed analysis of the market size and growth rate for all possible market segments. Various key insights presented in the report are an overview of related markets, competitive landscape, recent industry developments such as mergers & acquisitions, the regulatory scenario in critical countries, and key industry trends.


Report Scope & Segmentation



















































  ATTRIBUTE



  DETAILS



Study Period



2018-2029



Base Year



2021



Estimated Year



2022



Forecast Period



2022-2029



Historical Period



2018-2020



Unit



Value (USD Billion)



Segmentation



By Type, Form, Distribution Channel, and Geography



 



By Type



  • Fish

  • Crustaceans

  • Molluscs

  • Others



By Form



  • Fresh

  • Processed



By Distribution Channel



  • Supermarkets/Hypermarkets

  • Convenience Stores & Specialty Stores

  • Online Sales Channel

  • Others



By Geography



  • North America (By Type, Form, and Distribution Channel)

    • U.S. (By Type)

    • Canada (By Type)

    • Mexico (By Type)



  • Europe (By Type, Form, and Distribution Channel)

    • U.K. (By Type)

    • France (By Type)

    • Germany (By Type)

    • Italy (By Type)

    • Spain (By Type)

    • Rest of Europe (By Type)



  • Asia Pacific (By Type, Form, and Distribution Channel)

    • China (By Type)

    • India (By Type)

    • Japan (By Type)

    • Australia (By Type)

    • Rest of Asia Pacific (By Type)



  • South America (By Type, Form, and Distribution Channel)

    • Brazil (By Type)

    • Argentina (By Type)

    • Rest of South America (By Type)



  • Middle East and Africa (By Type, Form, and Distribution Channel)

    • South Africa (By Type)

    • United Arab Emirates (By Type)

    • Rest of the Middle East & Africa (By Type)





 




Frequently Asked Questions

Fortune Business Insights says that the global market size was valued at USD 310.75 billion in 2021 and is projected to reach USD 605.46 billion by 2029.

The market is projected to grow at a CAGR of 8.92% during the forecast period (2022-2029).

The fish segment is expected to be the leading segment in the global market.

Rising demand for processed or ready-to-cook products and the growing inclination toward pescetarian lifestyle are the prominent factors fueling the market growth.

Nippon Suisan Kaisha Ltd, Maruha Nichiro, and Mowi ASA are a few of the top players in the global market.

Asia Pacific is expected to hold the highest market share through the forecast period.

Growing inclination towards plant-based meats is as one of the major restraints for the market.

Seeking Comprehensive Intelligence on Different Markets?
Get in Touch with Our Experts

Speak to an Expert
  • 2018-2029
  • 2021
  • 2018-2020
  • 187

Personalize this Research

  • Granular Research on Specified Regions or Segments
  • Companies Profiled based on User Requirement
  • Broader Insights Pertaining to a Specific Segment or Region
  • Breaking Down Competitive Landscape as per Your Requirement
  • Other Specific Requirement on Customization
Request Customization Banner

Client Testimonials

“We are quite happy with the methodology you outlined. We really appreciate the time your team has spent on this project, and the efforts of your team to answer our questions.”

- One of the largest & renowned medical research centers based in the U.S. on a report on the U.S. NIPT Market.

“Thanks a million. The report looks great!”

- Feedback from a consultant on a report on the U.S. Beef Market.

“Thanks for the excellent report and the insights regarding the lactose market.”

- Brazil based company specializing in production of protein ingredients.

“I liked the report; would it be possible to send me the PPT version as I want to use a few slides in an internal presentation that I am preparing.”

- Global Digital Services Agency on a report on the Global Luxury Goods Market.

“This report is really well done and we really appreciate it! Again, I may have questions as we dig in deeper. Thanks again for some really good work.”

- U.S.-based biotechnology company focussing on treatment of chronic pain.

“Kudos to your team. Thank you very much for your support and agility to answer our questions.”

- Europe-based provider of solutions to automate data centre operations.

“We appreciate you and your team taking out time to share the report and data file with us, and we are grateful for the flexibility provided to modify the document as per request. This does help us in our business decision making. We would be pleased to work with you again, and hope to continue our business relationship long into the future.”

- India-based manufacturer of industrial and specialty intermediates with a strong global presence.

“I want to first congratulate you on the great work done on the Medical Platforms project. Thank you so much for all your efforts.”

- One of the largest cosmetics company in the world.

“Thank you very much. I really appreciate the work your team has done. I feel very comfortable recommending your services to some of the other startups that I’m working with, and will likely establish a good long partnership with you.”

- U.S. based startup operating in the cultivated meat market.

“We received the below report on the U.S. market from you. We were very satisfied with the report.”

- Global hearing aids manufacturer.

“I just finished my first pass-through of the report. Great work! Thank you!”

- U.S. based solar racking solutions provider.

“Thanks again for the great work on our last partnership. We are ramping up a new project to understand the imaging and imaging service and distribution market in the U.S.”

- World’s leading advisory firm.

“We feel positive about the results. Based on the presented results, we will do strategic review of this new information and might commission a detailed study on some of the modules included in the report after end of the year. Overall we are very satisfied and please pass on the praise to the team. Thank you for the co-operation!”

- Germany based machine construction company.

“Thank you very much for the very good report. I have another requirement on cutting tools, paper crafts and decorative items.”

- Japanese manufacturing company of stationery products.

“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”

- One of the Leading Food Companies in Germany

“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”

- Intuitive Surgical

“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”

- Major Food Company in Japan

“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”

- Ziering Medical

“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”

- Major Manufacturer of Precision Machine Parts in India

“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”

- Hewlett-Packard

“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”

- Global Management Consulting Firm

“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”

- UK-based Start-up in the Medical Devices Sector

“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”

- One of the Largest Companies in the Defence Industry
We use cookies to enhance your experience. By continuing to visit this site you agree to our use of cookies . Privacy.
X