Global Seafood Market Outlook, 2029

Global Seafood Market Outlook, 2029

The seafood industry is a vital component of the global economy, providing essential nutrition, employment, and economic growth. The seafood industry encompasses the harvesting, processing, distribution, and retailing of fish and shellfish. Major players in the industry include fishing companies, aquaculture farms, seafood processors, and retail chains. Traditional capture fisheries continue to be a significant source of seafood, with countries like China, Japan, and the United States leading in production. However, overfishing and environmental concerns have led to a rise in aquaculture, which now accounts for over half of global seafood production. Aquaculture practices have evolved, with innovations aimed at improving sustainability and reducing environmental impacts. Seafood processing involves cleaning, packaging, and preserving fish and shellfish. Technological advancements have streamlined these processes, enhancing efficiency and product quality. Distribution networks have become more sophisticated, ensuring fresh and frozen seafood reaches global markets. The retail landscape for seafood has diversified, with increasing demand for both fresh and value-added products. Consumers are becoming more health-conscious, driving interest in seafood as a source of lean protein and essential nutrients. Sustainable and ethically sourced seafood is also gaining traction among environmentally aware consumers. The global seafood market size is expected to witness growth during the forecast years as there is an increasing demand for exotic seafood and an increase in the number of restaurants providing seafood. As the tastes of the individuals are changing and the eating habits of the individual are also changing the demand for seafood will grow from various food sectors. Seafood is popular amongst many nations as it is an important source of protein fatty acids vitamins and minerals which are the best for anybody. Seafood consists of various aquatic animals, mollusks, and fishes

According to the research report, “Global Seafood Market Outlook, 2029” published by Bonafide Research, the market is anticipated to cross USD 460 Billion by 2029, increasing from USD 360.71 Billion in 2023. The market is expected to grow with 4.54% CAGR by 2024-29. Sustainability is a key focus for the seafood industry. The push for responsible fishing practices, such as catch limits and marine protected areas, aims to prevent overfishing and habitat destruction. Aquaculture is also evolving with advancements in technology to reduce its environmental footprint. Certification programs like MSC (Marine Stewardship Council) and ASC (Aquaculture Stewardship Council) are helping consumers make informed choices. Technological advancements are transforming the seafood industry. Innovations in aquaculture, such as recirculating aquaculture systems (RAS) and offshore farming, are improving sustainability and productivity. Additionally, blockchain technology is being explored to enhance traceability and transparency in the supply chain. As consumers become more health-conscious, the demand for seafood rich in omega-3 fatty acids, vitamins, and minerals is rising. The industry is responding with a focus on health benefits, such as the promotion of seafood's role in heart health and brain function. There is a growing trend towards convenience and value-added products, such as pre-cooked meals and seafood snacks. Additionally, the popularity of ethnic cuisines featuring seafood is driving demand for diverse and exotic fish and shellfish varieties. Fish and shellfish provide omega-3 fatty acids which are extremely helpful in reducing the risk of cardiovascular diseases. Omega3 fatty acids are extremely beneficial for hair and skin health. There's an increasing importance of domestic markets in the major seafood-producing countries and they shall help in contributing to the expansion of the seafood market. Various government policies which are associated with the expansion of the seafood industry is providing many opportunities for regional and local vendors.

Market Drivers

• Global Population Growth: As the global population continues to rise, projected to surpass 9 billion by 2050, the demand for reliable and nutritious protein sources is intensifying. Seafood, a staple in many diets worldwide, plays a crucial role in meeting this demand. This growth is propelling the expansion of both wild capture fisheries and aquaculture operations. To satisfy the nutritional needs of an ever-growing population, the industry is increasingly focused on scaling up production, improving sustainability, and ensuring that seafood remains a viable protein source. This driver is also pushing for innovations in production methods and distribution channels to accommodate the escalating demand.
• Increased Focus on Food Safety and Quality: Consumer expectations around food safety and quality have never been higher, particularly in the seafood industry, where products are often more perishable and susceptible to contamination. This heightened focus has led to stringent regulations and standards aimed at ensuring the safety and quality of seafood from the moment it is harvested to when it reaches the consumer’s plate. The industry is responding by adopting advanced handling practices, implementing rigorous quality control measures, and enhancing traceability throughout the supply chain. This emphasis on food safety and quality not only protects public health but also builds consumer trust and confidence in seafood products.

Market Challenges

• Climate Change and Its Effects on Marine Ecosystems: Climate change is profoundly impacting marine ecosystems, with consequences that ripple through the seafood industry. Rising sea temperatures, ocean acidification, and shifting marine populations are altering the habitats and availability of many key fish species. These environmental changes are challenging the industry to adapt by modifying fishing practices, exploring new aquaculture techniques, and investing in research to understand and mitigate the impacts. The industry’s ability to respond to these climate-related challenges will be critical in maintaining sustainable seafood production and protecting marine biodiversity.
• Supply Chain Disruptions: The seafood supply chain is particularly vulnerable to disruptions, whether from natural disasters, geopolitical tensions, or global pandemics. These disruptions can affect every stage of the supply chain, from harvesting and processing to distribution and retail. The COVID-19 pandemic, for example, highlighted the fragility of global supply chains, causing significant delays and losses in seafood production and sales. To mitigate these risks, the industry must focus on building more resilient supply chains, diversifying sources of supply, and developing contingency plans that can be activated in times of crisis. Strengthening the supply chain will be essential for ensuring the consistent availability of seafood in global markets.

Market Trends

• Expansion of Seafood Substitutes and Alternatives: The rise of seafood substitutes and alternatives is one of the most significant trends reshaping the industry. Driven by consumer concerns over sustainability, health, and ethics, the development of plant-based and cultured seafood products is gaining momentum. These alternatives offer consumers more options while potentially reducing the pressure on overfished wild stocks and addressing environmental concerns associated with traditional aquaculture. Companies are investing heavily in research and development to create products that mimic the taste, texture, and nutritional profile of traditional seafood. This trend is not only expanding the market but also driving innovation and encouraging a more sustainable approach to seafood consumption.
• Integration of Digital Technologies: Digital technologies are increasingly being integrated into the seafood industry, revolutionizing everything from production and processing to supply chain management and consumer engagement. Technologies such as artificial intelligence (AI), big data analytics, and the Internet of Things (IoT) are being used to optimize operations, enhance traceability, and improve decision-making processes. For example, AI-powered systems can monitor fish populations and predict optimal harvesting times, while blockchain technology is being used to ensure transparency and traceability in the supply chain. The adoption of these digital tools is helping the industry become more efficient, sustainable, and responsive to consumer demands, setting the stage for continued growth and innovation.

Farm-raised seafood is leading in the seafood market primarily due to its ability to meet the growing global demand for seafood in a sustainable and controlled manner.

The global demand for seafood has surged due to population growth, increased consumer awareness of the health benefits of fish, and a shift towards more sustainable diets. Wild fish stocks are limited and often overexploited, making it difficult to rely solely on wild-caught seafood to meet this rising demand. Farm-raised seafood, or aquaculture, offers a viable solution by providing a consistent, scalable, and predictable supply of fish and shellfish. Unlike wild capture, aquaculture allows for better management of resources, including feed, water quality, and breeding, which results in higher yields and reduced pressure on natural fish populations. Additionally, advancements in aquaculture technology have significantly improved the sustainability and efficiency of farm-raised seafood, making it an increasingly attractive option for consumers, retailers, and policymakers alike. This controlled environment also enables producers to offer a wide variety of seafood year-round, meeting the market's demand for freshness, quality, and variety. As a result, farm-raised seafood has become a dominant force in the global seafood market, helping to balance the delicate equilibrium between consumption needs and environmental conservation.

Processed seafood is leading in the seafood market because it offers convenience, extended shelf life, and consistent quality, catering to the demands of modern consumers and global distribution networks.

In today’s fast-paced world, consumers increasingly prioritize convenience in their food choices, and processed seafood fits this need perfectly. Products such as canned, frozen, smoked, and ready-to-eat seafood require minimal preparation time, making them an attractive option for busy households and food service industries. Additionally, processing seafood extends its shelf life, allowing it to be stored for longer periods without compromising on safety or quality. This is particularly important for maintaining the availability of seafood in regions far from coastal areas, where fresh seafood is not as easily accessible. The consistency in quality that processing provides also reassures consumers, as they can rely on a uniform taste, texture, and nutritional value regardless of where or when they purchase the product. Moreover, processing techniques such as freezing, canning, and vacuum-packing are helping in preserving the nutritional content of seafood, ensuring that consumers still benefit from its health advantages. The global distribution network for seafood heavily relies on processed products, as they are easier to transport and less susceptible to spoilage, reducing waste and making seafood more accessible worldwide. As consumer lifestyles continue to evolve towards convenience, processed seafood is set to maintain its leading position in the market, driven by its adaptability to modern consumption patterns and global trade requirements.

Fish is leading in the seafood market due to its widespread availability, versatility in culinary applications, and recognized health benefits, making it a preferred choice for consumers globally.

Fish has established itself as a cornerstone of the global seafood market, driven by several key factors that resonate with a broad spectrum of consumers. One of the primary reasons for its dominance is its availability; fish species like salmon, tuna, cod, and tilapia are abundant and can be sourced from both wild capture fisheries and aquaculture. This consistent supply meets the growing global demand for seafood, ensuring that fish remains a staple in diets around the world. Additionally, fish is incredibly versatile in the kitchen, lending itself to a variety of preparation methods such as grilling, baking, frying, steaming, and even raw in dishes like sushi and ceviche. This adaptability makes it a favorite across different cuisines and cultural preferences, further boosting its popularity. Beyond its culinary appeal, fish is widely recognized for its health benefits, being a rich source of lean protein, omega-3 fatty acids, and essential vitamins and minerals. Health-conscious consumers are increasingly turning to fish as part of a balanced diet, especially as awareness of its role in heart health, brain function, and overall well-being continues to grow. The combination of these factors availability, culinary versatility, and health advantages ensures that fish remains at the forefront of the seafood market, catering to both traditional and modern consumer demands.

Supermarkets and hypermarkets are leading in the seafood market because they offer consumers convenience, variety, and competitive pricing, making them the preferred choice for purchasing seafood.

Supermarkets and hypermarkets have emerged as the dominant retail channels in the seafood market due to their ability to cater to the modern consumer’s demand for convenience and variety under one roof. These large retail outlets provide an extensive range of seafood products, from fresh and frozen fish to processed and ready-to-eat options, ensuring that customers have access to a wide selection of choices that suit their tastes, budgets, and dietary needs. The centralized location of supermarkets and hypermarkets within urban and suburban areas makes them easily accessible, saving consumers time and effort compared to visiting specialized fish markets or multiple stores. Additionally, these retailers are known for their competitive pricing, often achieved through bulk purchasing and streamlined supply chains, which allow them to offer seafood at prices that are appealing to a broad customer base. The convenience of one-stop shopping, where consumers can buy not only seafood but all their groceries and household essentials, further solidifies the appeal of supermarkets and hypermarkets. Moreover, these stores often provide additional services, such as in-store fishmongers who can clean, fillet, or portion seafood upon request, adding to the overall shopping experience.

Frozen seafood is leading in the seafood market because it offers extended shelf life, convenience, and consistent quality, making it an ideal choice for both consumers and retailers.

The dominance of frozen seafood in the market can be attributed to its ability to meet the modern consumer’s needs for convenience and reliability, while also addressing supply chain challenges. Freezing seafood immediately after capture or harvest locks in freshness, flavor, and nutritional value, ensuring that the product remains in prime condition until it reaches the consumer's table. This extended shelf life is particularly important in today’s globalized market, where seafood needs to be transported across long distances without compromising quality. For consumers, frozen seafood offers the convenience of having a wide variety of species and cuts available year-round, regardless of seasonality or geographic location. This availability allows for greater flexibility in meal planning, as frozen products can be stored for extended periods and used as needed. Additionally, the consistency in quality provided by freezing technology gives consumers confidence that they are purchasing a product that is both safe and of high standard, whether it's being used in a home kitchen or a restaurant. Retailers also benefit from the lower spoilage rates associated with frozen products, which helps reduce waste and maximize profitability. As consumer lifestyles continue to prioritize convenience without sacrificing quality, frozen seafood’s ability to meet these demands solidifies its leading position in the seafood market.

The Asia-Pacific region is leading in the seafood market due to its abundant coastal resources, high seafood consumption rates, and strong aquaculture industry.

The Asia-Pacific region's dominance in the global seafood market is largely driven by its extensive coastal resources, which provide a rich supply of both wild-caught and farm-raised seafood. Countries like China, India, Indonesia, and Vietnam have long coastlines and access to vast marine ecosystems, making them some of the world’s largest producers and exporters of seafood. Additionally, the cultural and dietary significance of seafood in this region cannot be understated. In many Asia-Pacific countries, seafood is a dietary staple, consumed in a variety of forms and integrated into daily meals. This high domestic demand further fuels the growth of the seafood industry, creating a robust market that supports both small-scale and large-scale fishing operations. Moreover, the region has invested heavily in the development of its aquaculture industry, with countries like China leading the world in farm-raised seafood production. Advances in aquaculture technology and practices have allowed the Asia-Pacific to not only meet its own demand but also supply a significant portion of the global seafood market.

• In 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.
• In 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 Seafood Expo in North America. The company is fully focusing on expanding its aquaculture business, due to the surging demand for shrimps, across retail and food service market. In addition, Del Pacifico is working on producing shrimps and oysters by sustainable harvesting and processing methods.
• In 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.

Considered in this report
• Historic year: 2018
• Base year: 2023
• Estimated year: 2024
• Forecast year: 2029

Aspects covered in this report
• Seafood market Outlook with its value and forecast along with its segments
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

By Source
• Farm Raised
• Wild Caught

By Form
• Processed
• Fresh

By Type
• Fish
• Crustaceans
• Molluscs
• Others (sea cucumbers, sea urchins,)

By Distribution Channel
• Supermarkets/Hypermarkets
• Convenience Stores
• Specialty Stores
• Online Store
• Others (wholesale markets, direct sales from fishermen)

By Category
• Frozen Seafood
• Salted Seafood
• Dried Seafood
• Smoked Seafood
• Others (canned or pickled seafood)

The approach of the report:
This report consists of a combined approach of primary and secondary research. Initially, secondary research was used to get an understanding of the market and list the companies that are present in it. The secondary research consists of third-party sources such as press releases, annual reports of companies, and government-generated reports and databases. After gathering the data from secondary sources, primary research was conducted by conducting telephone interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this; we have started making primary calls to consumers by equally segmenting them in regional aspects, tier aspects, age group, and gender. Once we have primary data with us, we can start verifying the details obtained from secondary sources.

Intended audience
This report can be useful to industry consultants, manufacturers, suppliers, associations, and organizations related to the Seafood industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing and presentations, it will also increase competitive knowledge about the industry.
Keywords:
Seafood, Farm Raised, Wild Caught, Processed, Fresh, Fish, Crustaceans, Molluscs, sea cucumbers, sea urchins, Supermarkets/Hypermarkets, Convenience Stores, Specialty Stores, Online Store, Wholesale markets, direct sales from fishermen, Frozen Seafood, Salted Seafood, Dried Seafood, Smoked Seafood, canned or pickled seafood

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