Seafood Market Size & Share, By Type (Fish, Crustaceans, Mollusca, Cephalopods, Ground fish, Salmonids, Pelagics, Tuna, Others), Application (Retails, Food Service, Institutions), Nature (Organic, Conventional), Source (Farm Raised, Wild Caught), End Use (Food, Pharmaceutical, Cosmetics, Industrial, Biotechnology, Household Retail), Category, Distribution Channel, Regional Forecast, Industry Players, Growth Statistics Report 2024-2032

Market Outlook:

Seafood Market surpassed USD 148.16 Billion in 2023 and is expected to exceed USD 200.18 Billion by end of the year 2032, observing around 3.4% CAGR between 2024 and 2032.

• Base Year Value (2023): USD 148.16 Billion
• CAGR (2024-2032): 3.4%
• Forecast Year Value (2032): USD 200.18 Billion
• Historical Data Period: 2019-2023
• Largest Region: Asia Pacific
• Forecast Period: 2024-2032

Market Dynamics:

Growth Drivers & Opportunity:

The increasing popularity of healthy eating habits and the rising awareness of the health benefits of consuming seafood are major growth drivers for the seafood market. Consumers are becoming more conscious of their dietary choices, leading to a growing demand for nutritious and protein-rich seafood products.

Growing disposable incomes and changing consumer preferences towards premium and sustainable seafood options are also driving market growth. As consumers become more willing to spend on high-quality and environmentally friendly products, seafood producers have the opportunity to expand their offerings and cater to this segment of the market.

The expanding global population and the growing trend of international cuisines are further fueling the growth of the seafood market. As more people around the world seek diverse and flavorful dining experiences, the demand for a variety of seafood products is expected to continue rising.

Report Scope

Report Coverage	Details
Segments Covered	Type, Application, Nature, Source, End Use, Category, Distribution Channel
Regions Covered	• North America (United States, Canada, Mexico) • Europe (Germany, United Kingdom, France, Italy, Spain, Rest of Europe) • Asia Pacific (China, Japan, South Korea, Singapore, India, Australia, Rest of APAC) • Latin America (Argentina, Brazil, Rest of South America) • Middle East & Africa (GCC, South Africa, Rest of MEA)
Company Profiled	Grupo Nueva Pescanova, Mark Food, Inland Seafood, Nippon Suisan Kaisha, Kyokuyo Co.., Stone Seafood Company , Cuulong Fish, Royal Greenland, Marine Harvest ASA, SeaPak Shrimp & Seafood Co., Thai Union Frozen Products, Abba Seafoods, John Westfoods

Industry Restraints:

However, despite the promising growth opportunities, the seafood industry faces challenges such as increasing regulatory requirements and stringent fishing quotas. These restrictions can limit the supply of seafood products and impact the overall availability and pricing in the market.

Another major restraint for the seafood market is the issue of seafood contamination and food safety concerns. With the rising cases of foodborne illnesses and environmental pollution, consumers are becoming more wary of the potential risks associated with consuming seafood. This can hinder market growth and slow down the adoption of seafood products among certain consumer segments.

Regional Forecast:

North America:

The seafood market size in North America, specifically in the United States and Canada, is experiencing steady growth due to the increasing consumer demand for healthy and sustainable food options. The U.S. is the largest consumer of seafood in the region, with a preference for shrimp, salmon, and tuna. Additionally, Canada's seafood market is also thriving, with a focus on wild-caught varieties like lobster and crab.

Asia Pacific:

In the Asia Pacific region, countries such as China, Japan, and South Korea have long-standing traditions of seafood consumption. China is the largest market in the region, with a high demand for freshwater fish and shellfish. Japan is known for its high-quality seafood products, particularly sushi-grade fish like tuna and salmon. South Korea's seafood market is also growing, with a preference for grilled and raw seafood dishes.

Europe:

In Europe, the United Kingdom, Germany, and France are key players in the seafood market. The UK has a strong fishing industry, with a wide variety of seafood options like cod, haddock, and mackerel. Germany is known for its love of smoked and pickled fish, while France is famous for its seafood dishes like bouillabaisse and oysters.

Segmentation Analysis:

In terms of segmentation, the global Seafood market is analyzed on the basis of Type, Application, Nature, Source, End Use, Category, Distribution Channel.

Seafood Market:

Fish:

The fish segment dominates the seafood market, with a wide variety of species such as salmon, tilapia, and cod being popular choices among consumers. Fish is widely used in various applications including retail, food service, and institutions.

Crustaceans:

Crustaceans such as shrimp, crab, and lobster are highly sought after in the seafood market. They are commonly sourced from both farm-raised and wild-caught methods, with many consumers preferring the latter for its perceived freshness and sustainability.

Mollusca:

Mollusks like oysters, clams, and mussels are a niche segment in the seafood market, primarily used in high-end restaurants and specialty food stores. The organic nature of mollusks is a key selling point for health-conscious consumers.

Cephalopods:

Cephalopods such as squid and octopus are gaining popularity in the seafood market due to their versatility in various cuisines. They are commonly sourced from both farm-raised and wild-caught methods to meet the demand from different end-use applications.

Ground fish:

Ground fish like haddock, flounder, and sole are a staple in the seafood market, often used in food service and retail applications. The category offers a cost-effective option for consumers looking for affordable seafood choices.

Salmonids:

Salmonids like salmon and trout are highly valued in the seafood market for their rich flavor and health benefits. The demand for organic and sustainably sourced salmonids is on the rise among environmentally conscious consumers.

Pelagics:

Pelagic fish like mackerel, sardines, and tuna are popular choices in the seafood market due to their abundance and affordability. The category caters to a wide range of end-use applications including food, pharmaceutical, and industrial uses.

Tuna:

Tuna is a highly versatile seafood product that is widely used in various applications such as food service, retail, and institutions. The market for tuna is segmented based on source, with both farm-raised and wild-caught options available to consumers.

Others:

The "Others" segment in the seafood market encompasses lesser-known seafood products like eel, caviar, and mahi-mahi. These specialty products cater to niche markets and are often sought after by consumers looking for unique culinary experiences.

Competitive Landscape:

The competitive landscape in the Seafood Market is highly competitive with a large number of key players operating across the world. These companies have been driving innovation, expanding their product portfolio, and entering new markets to gain a competitive edge. Some of the top market players in the Seafood Market are:

1. Thai Union Group

2. Marine Harvest ASA

3. Nippon Suisan Kaisha, Ltd.

4. Dongwon Industries Co., Ltd.

5. Trident Seafoods Corporation

6. Thai Union Frozen Products Public Company Limited

7. Clearwater Seafoods Incorporated

8. High Liner Foods Incorporated

9. Cermaq ASA

10. Austevoll Seafood ASA