Mexico Seafood Market Overview, 2029

Mexico Seafood Market Overview, 2029

The Mexican seafood market is rich in history and plays an important part in the country's economy and cuisine. By the mid-twentieth century, Mexico had established itself as a major player in the worldwide seafood industry, particularly in the production and export of prawns, tuna, and sardines. Technological advances in fishing and aquaculture have changed the sector, increasing efficiency and sustainability. The expansion of aquaculture, notably for prawns and tilapia, has been a significant development, contributing to meeting domestic and worldwide demand. The market has also seen a growth in infrastructure investments, including as processing factories and cold storage facilities, in order to improve product quality and shelf life. In terms of laws and compliance, the Mexican seafood market is subject to a number of national and international norms that ensure sustainability and quality. The National Commission of Aquaculture and Fisheries (CONAPESCA) manages and regulates marine and freshwater fisheries. Mexico also complies with international agreements and certifications, such as those issued by the Marine Stewardship Council (MSC) and the Aquaculture Stewardship Council (ASC), in order to promote sustainable practices and gain access to global markets. The industry is also under investigation under several trade agreements, including the United States-Mexico-Canada Agreement (USMCA), which includes regulations governing seafood commerce and sustainability.

According to the research report, ""Mexico Seafood Market Outlook, 2029,"" published by Bonafide Research, the Mexico seafood market is anticipated to add to more than USD 1970 Million by 2024–29. Mexico's wide coastlines in the Pacific Ocean and the Gulf of Mexico provide access to rich fishing grounds, bolstering the country's status as a leading seafood producer and exporter. Domestically, seafood is a cornerstone of the Mexican cuisine, appearing prominently in traditional dishes like ceviche, fish tacos, and various seafood stews. Globally, Mexico is a major seafood exporter, with key items including prawns, tuna, sardines and tilapia. The sector's performance has a direct impact on the country's trade balance and economic connections with its international partners. Consumers and international markets are increasingly demanding responsibly produced seafood, driving Mexican producers to implement sustainable practices and seek certification from organisations such as the Marine Stewardship Council (MSC) and the Aquaculture Stewardship Council (ASC). Grupo Ricolino, a significant shrimp producer, and Ocean Garden Products, noted for its enormous shrimp processing facilities, are among the Mexican seafood market's key players. These enterprises are at the forefront of the industry, using cutting-edge aquaculture and processing methods to provide high-quality goods for domestic and worldwide markets. Mexico's import partners are critical to the market's growth, with key suppliers including the United States, China, and Japan.

Farm-raised and wild-caught seafood play important roles in the Mexican seafood market, with their separate divisions influenced by distinct traits and developing trends. Among the two segments, farm-raised seafood is currently enjoying faster growth. This is owing to rising worldwide and domestic demand for seafood, combined with the benefits of regulated production environments that can provide a consistent supply. Farm-raised seafood ensures a constant and stable supply, which is critical for satisfying domestic and worldwide demand. This constancy is critical given the constraints on wild fish supplies and the seasonal unpredictability inherent in wild-caught fisheries. Along with that, the Mexican government and corporate sector have made significant investments in modernising aquaculture operations to increase efficiency and sustainability. Meanwhile, wild-caught seafood continues to be an important component of Mexico's seafood business, taking use of the country's abundant marine resources. Mexico's wide beaches in the Pacific Ocean and Gulf of Mexico provide ample fishing grounds for tuna, sardines, and a variety of crustaceans. This segment has issues relating to overfishing and sustainability, necessitating regulatory actions to protect marine ecosystems and ensure the long-term survival of fishing industries. Leading providers in the farm-raised market include Grupo Acuicola del Pacífico, a big shrimp farming company, and Acuicola del Norte, recognised for its significant tilapia output.

Fresh seafood is an important component of the Mexican seafood market, distinguished by its high quality and close connection to traditional Mexican cuisine. Consumers like the flavour and texture of freshly harvested seafood, which is frequently considered as superior than processed equivalents. However, the fresh seafood market confronts issues due to product perishability, which necessitates excellent cold chain logistics to ensure quality from the point of capture to the consumer. Processed seafood is currently growing faster than fresh seafood. This rise is being driven by a number of causes, including increased demand for convenient and shelf-stable products, the expansion of retail and foodservice outlets, and a greater emphasis on international markets. Processed seafood is a popular choice among consumers and businesses due to its ability to accommodate busy lives and compatibility with current supply networks. Grupo Ricolino, recognised for its large line of frozen prawn products, and Ocean Garden Products, a prominent player in the canned seafood sector, are two of the industry's leading suppliers.

Fish, molluscs, and crustaceans are all important components of the Mexican seafood business, catering to varied customer preferences and commercial demands. Among these groups, crustaceans, particularly prawns, are driving market expansion. This domination is fuelled by high consumer demand for prawns, which is employed in a variety of recipes and is well-represented in both domestic and foreign markets. The efficiency of farm-raised prawn production, as well as developments in aquaculture procedures, have all led to the rise of the crustacean segment, which is now a main driver of the Mexican seafood market. Fish is an essential component of many traditional Mexican recipes, such tacos de pescado and ceviche, and it remains a mainstay in many Mexicans' diets. The fish category is important for both domestic consumption and export markets, with Mexico being a significant supplier of tuna and sardines. The mollusc segment is growing due to rising consumer demand in quality seafood and regional specialities. The growing popularity of gourmet and ethnic cuisines has resulted in greater demand for molluscs, adding to the segment's consistent rise.

Supermarkets are the primary distribution outlet for seafood in Mexico. They provide a diverse selection of fresh, frozen, and processed seafood goods, making them a handy one-stop shop for customers. Major grocery chains such as Walmart Mexico, Soriana, and Chedraui have vast seafood sections that appeal to a wide range of preferences and budgets. Supermarkets also benefit from economies of scale, allowing them to sell seafood at lower prices and in bigger quantities than other outlets. Convenience stores play a minor but significant role in the seafood business. These establishments often sell a limited selection of frozen seafood and pre-packaged products, appealing to customers who value quick and easy dinner options. 7-Eleven Mexico and OXXO provide basic seafood alternatives. Speciality stores, such as seafood markets and gourmet shops, sell high-quality, often premium seafood. These stores cater to customers looking for fresh, artisanal, or speciality items, such as live shellfish and exotic seafood. Examples include Pescados y Mariscos El Pez and Mercado de Mariscos La Viga, which are well-known for their extensive seafood assortment and expertise. Online distribution methods have grown in popularity, notably with the rise of e-commerce and changing consumer behaviours. Online seafood shops and delivery services such as SeafoodBox.mx and Rappi provide home delivery and a diverse product selection.

To fulfil consumer wants and tastes, the Mexican seafood market employs a variety of preservation methods, including frozen, salted, dried, smoked, canned, and pickled seafood. Frozen seafood is the leading segment in Mexico, demonstrating its importance in the market. This category is very popular due to its adaptability and dependability in satisfying domestic and international demands. Major seafood enterprises, like Grupo Ricolino and Ocean Garden Products, dominate the market. The frozen seafood segment's leadership is supported by advances in freezing technology and logistics, which ensure that high-quality items are readily available to both consumers and companies. The salted seafood market remains essential for its distinct flavour profile and culinary applications, but it lacks the volume and growth found in frozen seafood. Dried fish has a small but consistent presence in Mexico, especially at speciality and ethnic markets. Its appeal stems from its convenience and lengthy shelf life, albeit it does not have the widespread market penetration of frozen seafood. The smoked seafood industry has sustained demand, driven by consumer interest in premium and artisanal items, but it is still smaller in scale than frozen seafood.



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