Global Seafood Market Forecast Report by Form (Fresh, Frozen, Ambient, Canned & Processed Seafood), Type (Fish, Crustaceans, Molluscs, Others), Application (Retail, Institutions, Food Service) Countries and Company Analysis 2024-2032

Global Seafood Market Forecast Report by Form (Fresh, Frozen, Ambient, Canned & Processed Seafood), Type (Fish, Crustaceans, Molluscs, Others), Application (Retail, Institutions, Food Service) Countries and Company Analysis 2024-2032

Global Seafood Market Size

The global Seafood market is expected to reach US$ 181.13 Billion in 2023 to US$ 243.17 Billion by 2032, with a CAGR of 3.33% from 2024 to 2032. Due to growing disposable income, rising per capita consumption, and a global trend toward pescetarianism among consumers, the industry is expanding quickly. People's consumption patterns have been seen to drastically shift over time toward a healthier diet, which has an impact on changes in consumer preferences.

Seafood Overview

Food that comes from the sea is commonly referred to as seafood, and it includes fish, crabs, and mollusks. People are becoming more conscious of their health as a result of changing lifestyles and rising awareness, and the fact that seafood has many health advantages has contributed to the global expansion of the seafood industry. Customers' eating habits are gradually shifting away from vegetarianism and toward non-vegetarian cuisine, which combines seafood with vegetarian dishes but excludes meat, chicken, pork, and other items referred to as pescetarianism. Pork and beef include dangerous chemicals as well as a range of anabolic steroids used to grow and treat the meat, which may have an impact on the health of those who consume it.

These are some of the reasons why consumers today favor seafood since it is raised without the use of dangerous chemicals or anabolic steroids. People are becoming more and more conscious of the living conditions that farmed animals, like chicken, beef cattle, and pork, endure on farms, which has led to a shift in eating habits from non-vegetarianism to pescetarianism. which means that in the upcoming years, there will be a greater demand for fish.

Growth Drivers for the global Seafood Market

Growing Demand for Processed/Ready-to-Cook Seafoods Will Increase Market Share
Changes in lifestyle have led to an increase in the demand for processed food in emerging countries and a rise in the consumption of convenience meals among the working population and millennials. Consumers' hectic lives and growing urbanization have led to a rise in the demand for goods with longer shelf lives. Easy-to-cook items have become increasingly popular over the years as a result of improvements in processing methods, well-equipped cold storage networks, and dramatic shifts in eating habits. Furthermore, the increasing advancements in product development—such as canned, frozen, and smoked seafood—present profitable chances for easy cooking in the midst of people's hectic schedules.

Growing Predisposition for Adoption of Pescetarianism to Drive Market Growth

Over the past few years, there has been a constant global growth in the consumption of seafood. This rise in consumption has been attributed to both the improvement of living standards in developing nations like China, India, Brazil, and South Africa, as well as the increased health consciousness in certain wealthy nations. Globalization's advancement and the public's growing interest in health consciousness in recent years have the potential to significantly alter fish eating patterns. Due to several health-related reasons, a large number of consumers globally lead a pescetarian lifestyle, eating fish in addition to a vegetarian diet. Omega-3 fatty acids are rich in fish, especially salmon, herring, and trout, which also have nutritional value and health benefits. Because of the heart- and brain-healthy advantages of omega-3 fatty acids, seafood consumption has increased as a result of these recommendations. Additionally, eating a pescatarian diet or regularly consuming fisheries products can help reduce the chance of developing health issues like obesity, cardiovascular disease, and other conditions.

North America Seafood Industry

North America's top fish producer is the United States, followed by Mexico. The most produced fish in the area is salmon. More species are becoming available, though, with to developments in technology, aquaculture feeds, and management strategies. By weight, marine aquaculture makes up 7% of all domestic seafood production. Nevertheless, the emphasis on high-value goods has led to an expansion in aquaculture, which now accounts for 24% of the value of domestic seafood products.

Between 1991 and 2021, the production volume in Canada increased from about 50,000 tons to 191,000 tons, but the output value increased from USD 234 million to USD 1.3 billion. Finfish, which accounted for 78% of total volume and 91% of value in 2021, are the main product of the industry. Salmon accounts for the majority of finfish production in terms of both volume and value. In 2021, 63% of the overall volume and 74% of the total value came from the production of salmon alone. With 50% of the entire volume and 55% of the total value of salmon produced in 2021, British Columbia is still the leading producer. Prince Edward Island (13% of volume and 4% of value), New Brunswick (16% of volume and 19% of value), and British Columbia come next & Labrador (11 percent of value and 10% of volume).

With 11,592 km of coastline, of which 76% is on the Pacific coast and 24% is in the Gulf of Mexico, the Caribbean coast, and the islands, Mexico has a vast amount of potential in the fishing industry. Its continental shelf is larger in the Gulf of Mexico, measuring about 394 000 km². It also contains 6 500 km² of inland waters, including lakes, lagoons, reservoirs, and rivers, in addition to 12 500 km² of coastal lagoons and estuaries. The Pacific has one of the largest tuna fisheries, producing over 150,000 tons annually. The dominant species in the tuna family is the yellowfin.

Global Seafood Company Analysis

The major participants in the Seafood market includes Agrosuper S.A., Asian Sea Corporation Public Company Limited, Austevoll Seafood ASA, Bolton Group SRL, Grieg Seafood ASA, Maruha Nichiro Corporation, Sysco Corporation, Thai Union Group PCL

Global Seafood Company News

In October 2023, With the goal of producing 100 tonnes of white-leg shrimp annually by the end of 2023, Nippon Suisan Kaisha Ltd. announced the launch of their land-based enterprise.

In April 2023, Thai Union joins Samut Sakhon City Development's marine garbage cleanup campaign in an effort to safeguard the local ecosystem.

In March 2023, Mowi ASA has constructed a brand-new, cutting-edge facility for the production of seafood in Hitra, Norway.

In May 2022, In Puerto Las Palmas, Spain, Nueva Pescanova announced the filing of their project to construct a new commercial octopus. The company has been working hard to create a technique for farming octopuses, and it recently declared that it had successfully raised, hatched, and incubated five generations of O. vulgaris octopuses in a test facility.

In March 2022, During Seafood Expo in North America, Del Pacifico Seafoods, a well-known specialty supplier of wild-caught Mexican shrimp, introduced a new range of farmed shrimp and oysters. The company's primary focus is on growing its aquaculture business in response to the increasing demand for shrimp in the food service and retail sectors. Del Pacifico is also attempting to produce oysters and shrimp using environmentally friendly harvesting and processing techniques.

Form- Industry is divided into 4 viewpoints:

1. Fresh
2. Frozen
3. Ambient
4. Canned & Processed Seafood

Type- Industry is divided into 4 viewpoints:

1. Fish
2. Crustaceans
3. Molluscs
4. Others

Application- Industry is divided into 3 viewpoints:

1. Retail
2. Institutions
3. Food Service

Country: Industry is divided into 25 Countries

North America

• United States
• Canada

Europe

• France
• Germany
• Italy
• Spain
• United Kingdom
• Belgium
• Netherlands
• Turkey

Asia Pacific

• China
• Japan
• India
• Australia
• South Korea
• Thailand
• Malaysia
• Indonesia
• New Zealand

Latin America

• Brazil
• Mexico
• Argentina

Middle East & Africa

• South Africa
• Saudi Arabia
• UAE

All companies have been covered with 5 Viewpoints

1. Overview
2. Key Persons
3. Recent Development & Strategies
4. Product Portfolio
5. Financial Insight

Company Analysis

1. Agrosuper S.A.
2. Asian Sea Corporation Public Company Limited
3. Austevoll Seafood ASA
4. Bolton Group SRL
5. Grieg Seafood ASA
6. Maruha Nichiro Corporation
7. Sysco Corporation
8. Thai Union Group PCL

Key Questions Answered in Report:

1. How big is the Seafood industry?
2. What is the Seafood industry growth rate?
3. Who are the key players in Seafood industry?
4. What are the factors driving the Seafood industry?
5. Which Region held the largest market share in the Seafood industry?
6. What segments are covered in the Seafood Market report?