Global Seafood Market Factbook (2023 Edition) - Analysis By Seafood Type, By Seafood Form, By Sales Channel, By Region, By Country: Market Size, Insights, Competition, Covid-19 Impact and Forecast (2023-2028)
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Any marine creatures that may be eaten are considered seafood, although fish and shellfish are the most popular kind. The words "aquaculture" and "fish farming" refer to the process whereby seafood is raised in captivity, whereas "fishing" and "hunting" refer to the process whereby seafood is taken from the wild (in the case of fish).
While the vast majority of seafood is consumed by humans, a sizeable part is also utilized to supplement the diets of other fish and cattle. Seafood is used in a wide variety of ways to improve people's diets.
| Base Year | 2021 |
|---|---|
| Forecast Year | 2028 |
| CAGR | 9.40% |
| Base Year Market Size (2021) | USD 180.15 billion |
| Forecast Year Market Size (2028) | USD 335.79 billion |
The market is worth USD 180.15 billion in 2021 and is expected to be around USD 335.79 billion by 2028.
Increasing demand, driven by urbanization and growing incomes, increased fisheries and aquaculture output, innovations in post-harvest procedures, and the development of product distribution channels are the primary drivers of worldwide consumption growth. Changes in eating habits will also raise demand as individuals place a greater focus on nutrition, diet, and health.
Demand for high-value species such as salmonids, shrimps, and prawns has increased significantly, owing to growing consumption in OECD countries as well as urbanization and rising income levels boosting demand in developing markets. Demand for fish and other seafood is expected to rise due to breakthroughs in aquaculture productivity, lower prices, and altering cultural tastes.
Aquaculture's contribution to global fish output should have surpassed that of all fisheries by 2024. (including the amount used for non-food applications). The aquaculture sector is ` to generate 105 million tonnes by 2029, which is 10 million tonnes higher than the capture sector. According to the FAO, aquaculture will be the key engine of this increase, raising overall fish output by 24 billion metric tonnes (MT) or 14 percent to 202 billion MT by 2030.
AMPLIFYING PROPENSITY TO SPEND ON GOURMET FOOD
Rising disposable income and greater awareness of the health and wellness advantages of eating seafood have facilitated the escalating spending power of different consumers toward high-end food items including seafood. Leading seafood producers are increasingly working on augmenting access to high-quality, risk-free gourmet food. Due to its high EPA and DHA content, fatty fish is increasingly becoming a healthy choice for patients with cardiovascular issues. Additionally, food service establishments across regions, primarily Asia-Pacific and Europe is witnessing an influx in the availability and consequent demand of fish and food items including fish as a key dish constituent. For instance, the FAO anticipates the world's fish consumption will rise by 20% (or 30 million tonnes) between 2016 and 2030.
Fish accounts for 53.58% of the total seafood market in 2021
The dependence of leading countries across the globe on fish for sustenance, economic security, and overall well-being is growing quickly. During the past decade, aquaculture has become increasingly popular. Food and Agricultural Organization (FAO) data shows that fish consumption throughout the world has increased at a rate far higher than the world's population.
In addition, several nations are forming trade agreements to facilitate increased fish exports. Participation in the Association of Southeast Asian Nations has helped promote interest in Vietnamese aquaculture goods, notably fish, in markets such as the United States, North America, China, and India (ASEAN). The free trade deal between the European Union and Vietnam, which will go into force in 2020, is one such example. Specifically, fish and other seafood from Vietnam will be able to be imported at a higher rate into the European Union thanks to this agreement.
Frozen Seafood was worth USD 60.09 Billion in 2021
Embryonic demand for quick and easy foods has paved the way for leading frozen seafood companies to invest in research and development for frozen seafood, especially frozen fish. Additionally, the increasing utility of frozen seafood as an alternative to red meat owing to increasing health consciousness among the youth and other parts of the population is boosting the market share of frozen seafood.
According to Azoth Analytics Estimates, Asia-Pacific accounts for the largest revenue share in 2022. In the Asia-Pacific region, food service brands are changing their menus to include more seafood options, such as fish and shrimp with a variety of flavors, in order to attract different segments of customers and amplify further sales.
Additionally, changing customer preferences and escalating awareness of seafood's health advantages have greatly contributed to the expansion of the seafood market in Asia-Pacific. Moreover, a growing trend towards healthier eating habits among Asian consumers is driving the shift towards different types of seafood. Consequently. there is a paradigm shift in consumer choice.
Global Seafood Market is fragmented with companies from different regions incorporating significant developments to the product offering to suit the taste and preferences. Leading companies and brands in the market are executing different strategies and partnerships to strengthen their foothold and increase their competitiveness and product offerings in the market.
Thai Union Group PLC, Mowi ASA, Mitsubishi Corporation, Nissui Corporation, Maruha Nichiro Corporation, Leroy Seafood Group, Atlantic Sapphire, Charoen Pokphand Foods Public Company Limited, SalMar Group, Austevoll Seafood ASA, are the leading companies in the Global Seafood Market.
By Seafood Type
By Sales Channel
By Seafood Form
By Region
1. What is the expected market value of the Seafood Market in 2028?
Ans: Global Seafood Market is expected to be valued at USD 335.79 Billion in 2028.
2. At what growth rate is Seafood Market expected to grow in the forecast period?
Ans: During 2023-2028, Seafood Market is expected to grow at a CAGR of 9.40 %.
3. Which Region dominates the Seafood Market?
Ans: Asia Pacific contributes the largest revenue share in the Seafood Market and is expected to continue in the forecast period as well.
4. Which are the leading companies in the Seafood Market?
Ans: The leading companies in Seafood Market are Thai Union Group PLC, Mowi ASA, Mitsubishi Corporation, Nissui Corporation, Maruha Nichiro Corporation, Leroy Seafood Group, Atlantic Sapphire, Charoen Pokphand Foods Public Company Limited, SalMar Group, Austevoll Seafood ASA.
5. At what rate will China's Seafood Market Grow?
Ans: During 2023-2028, China Seafood Market is expected to grow at a CAGR of 11.36%
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