Global Seafood Market - 2023-2030

Global Seafood Market - 2023-2030

Market Overview

The global seafood market was valued at USD YY million in 2022. It is forecasted to reach USD YY million by 2030, growing at a CAGR of 8.5% during the forecast period (2023-2030).

Seafood refers to any sea life considered edible by humans. The gathering of wild seafood is referred to as fishing or hunting, while the cultivation and production of seafood are called aquaculture or fish farming. Seafood is an important source of protein in many different diets worldwide, particularly in coastal areas. Seafood includes various mollusks, crustaceans, echinoderms, fish, and shellfish species.

A large proportion of the population prefers seafood to other cuisines, which is a significant driver of market demand. Furthermore, coastal areas are working together to build strong supply chains for supplying and exporting seafood. The ease of obtaining seafood from coastal regions is critical to the growth of this market. Several seafood restaurants and chains have spread across the globe, which will help boost the sales growth of the seafood market during the forecast period.

Market Dynamics Growing seafood market with increased demand for frozen and canned seafood

With the proliferating demand for processed seafood, the market for frozen and canned seafood products is rapidly growing across the globe. Frozen seafood products are freeze processed, which aids in preventing the bacterial form of food products and increases their shelf life. Similarly, canned fish is processed and preserved in a sealed, airtight container, such as an aluminum or tin can. Canned fish usually has a shelf life of 1–5 years. Canned seafood products are gaining immense traction among consumers owing to the rising demand for convenience foods. Similarly, frozen seafood is also positively embraced by the consumer, propelling market growth. With the introduction of emerging technology, frozen seafood retains nutritional value and tastes like fresh seafood.

Freezing slows down the decaying process, thereby retaining its nutritional value. Fish frozen within a few hours of being caught contains well-preserved vitamins. It has been found that fresh fish subject to rapid degradation and has a shorter shelf life, coupled with increasing R&D activities by the major players, which are driving the growth of the seafood market across the globe. For instance, on October 5, 2022, Stolt Sea Farm (SSF) launched its new range of frozen turbot at the Conxemar International Fair, which opened yesterday in Vigo, Spain. SF created the new frozen range of turbot under its consumer brand Prodemar in response to the market's needs and increasing demand for convenience, versatility, and consistent supply.

However, the rise in veganism has led to an increase in plant-based food consumption. This factor has enabled manufacturers of established fish markets to increase their focus on launching plant-based meat products, thus hindering market share. Moreover, a rise in flexitarian consumers adversely affected the market for fish and other products, as these consumers are more inclined toward veggies, legumes, whole grains, and nuts and occasionally prefer meat.

Market Segmentation

The fish type segment accounted for the highest share of the global seafood market

The fish segment was the most prominent segment in 2021 and is predicted to dominate throughout the projection period. This segment's expansion can be attributed to the increased popularity of fish as a high-protein alternative to beef. Furthermore, the increasing number of meat eaters and increased awareness about the health benefits of eating fish are increasing the demand for fish. Moreover, numerous seafood restaurants have focused on offering only sustainable options, such as Miya's in the U.S. and Fisheries Innovation in Scotland. These restaurants and seafood service providers focused on sustainable seafood options such as catfish and tilapia. Thus, all these factors contributed to the growth of the fish segment in the global market. For instance, on October 20, 2022, Umami Meats launched cell-based fish cakes and fillets. Umami Meats* of Singapore is gaining traction as it collaborates with US-based ingredient firm Ingredion to launch Thai-style fish cakes and battered fillets.

Geographical Penetration: Asia Pacific the dominating region during the forecast period

Over the past years, Asia Pacific has become a prominent market for food service restaurants, owing to opportunities facilitated by the developing economies. Furthermore, in recent years, the level of online ordering from restaurants has been increasing remarkably, providing restaurants with opportunities to scale up their sales channels and revenue. Across the Asia Pacific, developing economies such as China and India are becoming the centers of some of the most popular fish-related cuisines in the world. The country has a strong tradition of making and consuming authentic fish-related dishes, which can be witnessed by the level of offerings across restaurants' menus. Along with this, the rising demand for organized food services and the growing trend of out-of-home dining in the markets are expected to boost the growth of seafood and premium servings that include crustaceans across both quick-service and full-service restaurants. For instance, in August 2021, Shiok Meats launched the world’s first cell-based lobster meat at an exclusive tasting event. The company is building a specialist cultivated seafood production facility where it is based.

Moreover, among the specific nations, international commerce plays a critical role in the economic growth of the Asia Pacific region. China is the world's top exporter and producer of seafood. Many developing nations are increasing their seafood production and exports, which is projected to contribute to the growth of the Asia Pacific seafood market over the forecast period.

Competitive Landscape

Major players operating in the market are concentrating on augmenting their product offerings, thus producing a wider range of seafood products, such as fillets, portions, rings, and others. Moreover, the product ranges of key players are dominated by fillets and portions, owing to high consumer demand from these countries, as they are highly used in the food service and retail sectors. Some companies have also been involved in strategic collaborations with digital marketing and other companies to improve their supply chain and management efficiency. Also, these initiatives help retailers trust the products and secure farming for long-term industry growth. Some of the global players in the market include Nippon Suisan Kaisha Ltd., Maruha Nichiro, Mowi ASA, Charoen Pokphand Foods Group, Dongwon Group, Marubeni Corporation, OUG Holdings, Mitsubishi Corporation, Trident Seafoods Corporation, and Thai Union Group Public Company Limited. Merger and acquisition strategies, followed by expansion, are among the most popular worldwide strategies in the seafood industry. For instance, in June 2022, 100% of the shares of Northcoast Seafoods Ltd. were purchased by Seafood Connection Holding B.V. (Secon), a division of Maruha Nichiro Corporation. Northcoast joins the Maruha Nichiro Group as a result of this acquisition.

In June 2022, Mitsubishi Corporation (MC) and Maruha Nichiro Corporation (Maruha Nichiro) announced an agreement to establish a new joint venture company, ATLAND Corporation (ATLAND), that specializes in the land-based production of salmon.

In March 2022, the Thai Union Group partnered with the Sustainable Fisheries Partnership (SFP) to promote supply chain transparency and examine wider ecological consequences. The partnership with SFP is dedicated to creating a responsible seafood business to ensure healthy marine and aquatic environments and a secure seafood supply.

On April 21, 2022, CellMEAT launched cultivated Shrimp in Singapore following an investment of $8.1 million in Series A. The cellular agriculture startup will now double the pilot production of its cultivated shrimp before entering the B2B and B2C markets in Singapore within the next 12 months. The Gwangju-based company will also develop other cultivated seafood product lines, including lobster and crab.

COVID-19 Impact: Positive impact on the global seafood market

The COVID-19 pandemic has positively affected the global seafood market as more people turned to home cooking and retail purchases. As online channels became the main outlet for fish and seafood, the demand for seafood increased, especially during the lockdown. As ready to eat variants of seafood were available, this helped the seafood market remain stable during the pandemic. Furthermore, the seafood industry has reached new heights in every part of the world regarding production, supply, and consumption. The consumption of fish and other goods has rapidly increased due to increased awareness of the significance of seafood-based products and changing lifestyle patterns. Since most countries were affected by the lockdown, there has been a shortage of production capacity due to facility closures and lower consumer purchasing power.

However, the industry found its stride in the latter half of 2020, as consumers concentrated more than ever on seeking convenient and nutritionally dense goods in their daily diet. Moreover, increased seafood use in home cooking during the pandemic facilitated the incorporation of such products in various cuisines and improved the growth potential. For instance, open-air market vendors in Chile launched the Ferias Online platform and began delivering produce and seafood boxes to local communities during the pandemic. According to the Future of Fish Organization, in the US, 76 percent of US consumers reported grocery shopping online for ease and convenience, versus 56 percent saying they do so to avoid the risk of COVID-19. Over the past two years, Walmart 31 was the most downloaded grocery app, followed by Target, Instacart, Sam's Club, and Kroger. 32 During the pandemic's peak, online grocery sales increased by 20 to 30%.

The global seafood market report would provide access to approximately 61 market data tables, 56 figures and 170 pages