Seafood Market: Global Industry Analysis by Market Share, Trend, Size, Competitive Landscape, Regional Outlook and Forecast (2024-2030)

Global Seafood Market size was valued at USD 37.84 Bn in 2023 and is expected to reach USD 171.54 Bn by 2030, at a CAGR of 24.10 %.
Overview:
The seafood market growth is fueled by its exceptional health properties, including healing cardiovascular health through the intake of omega-3 fatty acids. These are essential nutrients, which greatly assist in the stabilization of blood pressure, reduction of triglycerides, and prevention of blood clots. This makes seafood first choice for heart health. The trend of sustainability is one the rise as the principal influence on how the seafood market operates. Responsible fishing and concerns over overfishing and environmental damage has led to a market demand for well sourced seafood. Those producers, who prioritize sustainable fish farming like Cermaq Group AS, are rising and positioning themselves as flagships of consumer values. The big ones like Thai Union Group PCL., Maruha Nichiro Corporation, Mowi, and Nissui are essentially engaged in sustainable initiatives and thus pushing towards a greenish industry.

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The seafood market, on the other hand, encounters challenges, that is the development of online seafood market and e-commerce. While these platforms expand the range of access and choices for consumers, perishable goods face the problem of delivery. Companies will need to devise robust supply chain models which provide the customer with the freshest seafood, maximizing convenience while providing quality. Environmental factors exert a huge influence on the market and affect how species are available depending on temperature changes, shifts in ocean currents, or marine ecosystems. Being up to the task of accommodating these changes is fundamental for the uninterrupted supply and sustainability of these services.

The health benefits and eco-friendly efforts make seafood the leader in the growth of industry due to the global efforts of wellness. In spite of these problems like overfishing, climate change, and growth of plant based substitutes, the strategic criteria are still helpful for steady development and adaptation. In addition, the location-specific analysis illustrates the various trends, specifically, with health consciousness leading in North America, and with sustainability taking center stage in Europe, and Asia Pacific region dominating the global seafood industry. Despite the challenges, the seafood market's growth prospects are still quite promising, provided the businesses have the appropriate strategic reaction to the new trends and challenges.
Seafood Market Dynamics
Seafood's health benefits have been a major driver in the seafood market's growth. The contribution of omega-3 fatty acids in cardiovascular health constitutes a powerful factor determining the buyer’s opinion. Omega-3 fatty acids, the main component of seafood lowers the risk of cardiovascular diseases by stabilizing blood pressure, decreasing triglycerides and preventing blood clots, gives an. extremely valuable role of seafood as a perfect complement to heart health. With the increasing awareness of cardiovascular diseases across the globe is resulting in people incorporating seafood into their food regimen and thereby making progress towards a healthier lifestyle. Additionally, fish nutrition for brain function makes it a palatable food choice, among other things, due to the influence of seafood on cognitive function.

The increasing trend of sustainability in seafood is another factor impacting the seafood market dynamics. Consumers concerns linked to overfishing, impact not only the seafood production but also the businesses that are not adhering to responsible sourcing and sustainable fishing practices. Such companies are likely to get outpaced as opposed to companies who are following the visionary goal of preserving the environment such as Cermaq Group AS, who assumes the responsibility of sustainable fishing. Their goal is to not just profitable business but also meeting ambitious climate change targets and local sustainability requirements. Other major players taking part in the sustainability drive include Thai Union Group PCL., Cooke Aquaculture, Tri Marine and Nissui to name a few.

While the market demonstrates optimism given the outlined trends in the Seafood Market, it still experiences inevitable challenges that call for smart considerations. The development of e-commerce and the growing number of online seafood platforms is one of them. While such platforms lead to improved accessibility and selection for consumers, it also poses challenges with regards to the distribution of the perishable goods. Companies have to design their business models such that there is a robust supply chain ensuring the freshest fish to their consumers.The environment where fish live has more impact on the way of Seafood Market conduct. The rising of sea temperatures and changes in ocean currents and marine ecosystem components results in shortages in the wild-caught and farmed populations of various species. Modifying the current situation, which keeps on the impact of environmental change is a key activity in ensuring the continuous availability and sustainability of seafood products.

Developments as such take us to safety and health issue which are becoming the impediment of continued market growth. Issues like poisoning, contamination of mercury and microplastics in some seafood varieties are surfacing which is expected to affect consumer preferences in the Seafood Market. Safety of seafood products must be guaranteed and communicated to consumers which require labels to be transparent, quality food control to be rigorous and the standards of food safety to be met.

The health advantages of seafood stand out as a strong boost for seafood market growth thanks to its omega-3 fatty acid, rich nutrient and harmonizing trends in global wellness. With a rise in the number of consumers, who put holistic wellbeing and healthy dietary options at a center of their eating habits, demand for seafood as a natural and nutritious source is bound to result in the rapid growth of the Seafood Industry.

All in all, the seafood is being positively influenced by health and wellness trends, but there are obstacles such as overfishing, climate change, and becoming of plant-based alternatives; therefore, the growth and adaptation inside the industry demand cautious strategies. The ever-changing environment demands a multi-faceted strategy to maintain food supply market stability and adaptation to challenges and resources emerging at the same time in competitive and adventurous conditions.
Segment Analysis
The seafood market appears to be a complex and diverse sector, divided into various kinds of products, forms, distribution methods and end users. The segmentation provides crucial knowledge about on consumer preferences in terms of fish or regional buying patterns in the seafood market, how the industry acts as well as competition aspects within this sector.

In the market for seafood, there is a great variety of products. Fish which held the largest seafood market share are very important and one can find different types such as salmon or tuna. There's also less famous kinds that suit various tastes and cooking styles. Another significant part is crustaceans such as shrimp, crab and lobster that are liked for their taste and ability to blend well in recipes. Mollusks like clams, mussels and oysters also have a role in the market. They are appreciated for their unique textures and nutritional value.

Seafood comes in various forms, showing the choices and requirements of consumers. Fresh seafood, which has not been processed yet and is very fresh, is preffered by those seeking for the freshest item; often selected by restaurants and gourmets because of its top quality. Seafood that is frozen has its own advantages, like being convenient and having a shelf life that lasts longer. This is why retail consumers and foodservice places often choose this type of seafood (Seafood Products - Frozen Seafood). Processed seafood, such as fillets or canned fish and snacks made from seafood offer fast-to-cook or ready-to-eat choices for people who have busy life routines and eat while on the move.

The seafood market has many end users, including those in the food industry, pharmaceutical sector and people who buy food for themselves. In the food industry which held the largest seafood market share, is utilized to create menu items that are prepared meals served in hotels or hospitals. The special medicines made by pharmaceutical businesses use ingredients from fish and other sea creatures like fish oil high in omega-3 fatty acids. These nutritional supplements and health goods are needed because they help improve our bodies' well-being. Another way people buy seafood is as individual customers, often for cooking at home.

The market segmentation analysis, businesses can understand consumer needs, market movements and competitive forces more deeply. This understanding helps companies to make marketing plans, new product developments and distribution methods that are focused on responding effectively to demand while also capitalizing opportunities for growth in the evolving seafood industry.
Regional Analysis:
The Asia-Pacific region dominated the seafood market and is expected to continue the streak over the forecast period. Factors resulting in this dominance include the complex aquaculture practices, and the increasing demand for the sea product and fish playing an important role in the regional cuisine. The wild markets of fish in Tokyo, street styles that are focused on seafood in Bangkok, and the Chinese variety rich in waters, are some of the examples of regional diversity. The overwhelming demand for shellfish, represented as shrimp, prawns, and crabs, which is widely used in numerous kinds of food. Innovative aquacultural techniques like integrated multi-trophic aquaculture (IMTA) are fast gaining popularity with an aim to provide alternate but sustainable supply of whatsoever type of fish. Along with these other factors above, the Asia-Pacific market is greatly affected by the culture of freshness. For instance, there is a great number of live seafood and seafood restaurants developments that provide customers with a highly immersive experience. In addition, seafood production in this region is coupled with its conservation to the marine ecosystem and adoption of smart technologies in processing seafood items make it a trendsetter in the global seafood sector.

Following up closely, fisheries market in Europe is composed of the numerous distinct marine resources and of the different cuisines that are a result of the continent's culture and heritage. The sustainability is a highlight here, and mostly the European consumers are in charge of this with their keen interests on environment. Certifications including MSC are not only marks of a good outcome but prove that the fishermen care about the practice of environmentally sustainable fishing. With the Mediterranean cuisine catching up thanks to social media over the past along with other delicasies such as pickled herring from Scandinavia increasing popularity of expected to contribute to the growth of the European Seafood Market. The European seafood market is known for a very strong seafood culture that is both in restaurants, the street food markets and in kitchens people’s homes. On the other hand, both aquaculture and the use of cutting-edge seafood processing technologies would considerably enhance the number of nutritious seafood products on the market.

In North America, the commercial seafood sector is relatively big and is characterized by many factors of the fish market that creates great diversity. Health preoccupation and food creativity are the main themes these days of consumer society, and seafood consumption has assumed the characteristics of a healthy food scenario. The logical result is a growing demand for the premium products, mainly the ones, which were grown in an eco-friendly manner, while the particular attention is paid to traceability. Salmon, with a high concentration of omega-3 fatty acids, is one of the most widely eaten fish in the region. The North American Seafood Market is also an increasing demand for seafood obtained locally. In addition to common fish species, the maritime area has shown a clear attraction towards crab and shrimp, thanks to the consumers searching for those healthy, delicious and naturally rich in protein items. A significant factor shaping the North American seafood market is the changing lifestyle with convenient ready-to-eat seafood options which reach consumers to enjoy the benefits of this food without wasting time on preparation.



To conclude, seafood market segmentation provides more than just slotting products into categories as it considers the key facets within the market segmentation. It gives the businesses a strategic approach that looks into product segmentation fringes, consumer demographic and market opportunities that have not been penetrated. In the dynamic seafood market understanding its sub-segments and fishing trends is vital for businesses seeking to compete. Therefore, they must devise individually tailored strategies for each sub-segment and also be alert to regional opportunities and sectoral trends. This understanding of the complexity of the industry helps business keep afloat the seafood ocean, and not miss an opportunity to change the course with new wave of consumer’s tendencies and market innovations.
Hence we can draw a neat picture about the market dynamics of seafood products through this detailed exploration of fish types and forms, distribution patterns, as well as end-use industries. It is this level of precision that leads to the formation of a well-defined and organized perception of the diverse levers of seafood industry with its widespread manifestations.

Competitive Landscape

The market is a highly competitive global sector with many participants striving to be leaders. In the global seafood market, Maruha Nichiro Corporation is among the major companies known for its wide variety of products and strong distribution system. The company's dedication to quality control, fresh ideas in new products and concern about sustainability are all elements that emphasize it as an important player in Seafood Market. This company pays attention to quality control procedures along its supply chain, as well as creating new products that match with changes in tastes and preferences among consumers globally. They also recognize the importance of sustainability issues are in this sector. The concept of cell-cultivated seafood is a very promising field in the future food industry, showing great potential for growth. This method offers an environmentally friendly answer to lessen pressure on wild fish stocks while still satisfying the rising need from customers who are mindful about their health and seek options other than regular protein providers such as meat or fish caught in oceans (UMAMI Bioworks Teams Up With Maruha Nichiro For Cell-Cultivated Seafood).

Moreover, Mowi is a well-known seafood company with its main office in Bergen, Norway. It exhibits commitment towards sustainability by adhering to particular strategic measures highlighted within the biodiversity framework. The sustainability programs of Mowi encompass various aspects such as climate, pollution and fresh water care among others. They also involve actions for social responsibility that resemble international norms such as Global Reporting Initiative (GRI) and Taskforce on Climate-related Financial Disclosures (TCFD) framework. By using this way of tracking progress along with revealing risks and opportunities linked to climate changes, Mowi keeps displaying dedication to transparently accountable business methods.

The seafood market competition demonstrates a dynamic blend of innovative ideas, collaborative groupings and sustainability actions from key participants worldwide. People are getting more aware about sustainability and fair sourcing, so companies must be adaptive and quick to respond in order to maintain their edge within this fast-changing industry.
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Global Seafood Market


Report Coverage
Details


Base Year:
2023
Forecast Period:
2024-2030


Historical Data:
2018 to 2023
Market Size in 2023:
US $ 37.84 Bn.


Forecast Period 2024 to 2030 CAGR:
24.10%
Market Size in 2030:
US $ 171.54 Bn.


 Segments Covered:
by Product Type
Fish
Crustaceans
Mollusks


by Form
Fresh
Frozen
Processed


by Distribution Channel
Supermarket /Hypermarket
Speciality Stores
Online Sales
Others


by End-User
Food
Pharmaceutical
Cosmetics
Household Retail



Seafood Market, by Regions
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Key Players in the Seafood Market
1. Maruha Nichiro Corporation: Tokyo, Japan
2. Nissui: Tokyo, Japan
3. Mowi: Bergen, Norway
4. Dongwon Group: Seoul, South Korea
5. Trident Seafoods : Seattle, Washington, USA
6. Cargill: Wayzata, Minnesota, USA
7. Kyokuyo Co., Ltd.: Tokyo, Japan
8. Thai Union Group PCL.: Bangkok, Thailand
9. Cermaq Group AS: Oslo, Norway
10. Pacific Seafood: Clackamas, Oregon, USA
11. Cooke Aquaculture: Blacks Harbour, New Brunswick, Canada
12. Grupo Nueva Pescanova: Redondela, Spain
13. Tri Marine: Bellevue, Washington, USA
14. SalMar ASA: Kverva, Norway
15. Royal Greenland A/S: Nuuk, Greenland
16. High Liner Foods, Inc.: Lunenburg, Nova Scotia, Canada
17. FCF Co., Ltd.: Kaohsiung, Taiwan
18. YOKOREI Co., Ltd: Tokyo, Japan
19. Others

Frequently Asked Questions:
1] What segments are covered in Global Seafood Market report?
Ans. The segments covered in Global Seafood Market report are based on Product Type, Form, Distribution Channel and End-User.

2] Which region held the largest Seafood Market share in 2023?
Ans. Asia-Pacific is expected to hold the largest Seafood Market share in 2023.

3] Who are the top players in the Global Seafood Market?
Ans. Maruha Nichiro Corporation, Nissui, Mowi, Dongwon Group, Trident Seafoods, Cargill, Kyokuyo Co.,Ltd. are the top players in the Global Seafood Market.

4] Which segment is expected to hold the largest Seafood market share by 2030?
Ans. Fish product type segment is expected to hold the largest Seafood market share by 2030.

5] What is the expected Global Seafood market size by 2030?
Ans. The expected Global Seafood market size is US$ 171.54 Bn by 2030.

6] What was the Global Seafood market size in 2023?
Ans. The Global Seafood market size was worth US$ 37.84 Bn in 2023.