Global Seafood Market Trends & Summary
Overview
The global seafood market is a dynamic and growing industry. As of 2023, it stands at US$ 181.13 billion and is projected to reach US$ 243.17 billion by 2032, registering a CAGR of 3.33% from 2024 to 2032. The key drivers of this growth include increasing disposable income, rising per capita seafood consumption, and the growing adoption of pescetarian diets.
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Market Segmentation
The Global Seafood Market is categorized based on the following factors:
By Form:
- Fresh
- Frozen
- Ambient
- Canned & Processed Seafood
By Type:
- Fish
- Crustaceans
- Molluscs
- Others
By Application:
- Retail
- Institutions
- Food Service
By Region:
- 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, United Arab Emirates
Key Market Drivers
- Rising Health Consciousness
Consumers are increasingly aware of the nutritional benefits of seafood, including its rich content of omega-3 fatty acids, proteins, and essential vitamins. Governments and health organizations worldwide recommend consuming at least two servings of seafood per week to support heart and brain health.
- Expansion of Aquaculture
Aquaculture is playing a crucial role in meeting the growing global demand for seafood. Technological advancements in fish farming have made seafood more accessible, affordable, and sustainable. For instance, Innovasea launched Realfish Pro in October 2022, a cloud-based solution for monitoring aquaculture facilities.
- Growing Global Population
The increasing global population, expected to reach 10 billion by 2050, is fueling seafood demand as a primary source of protein. Rapid urbanization and rising incomes, particularly in developing nations, further contribute to market growth.
Market Challenges
- Overfishing and Sustainability Concerns
Overfishing is depleting marine biodiversity and threatening ecosystems. Strict fishing regulations, sustainable sourcing certifications like MSC (Marine Stewardship Council), and the growth of aquaculture are mitigating these concerns.
- Supply Chain Disruptions
Climate change, geopolitical tensions, and economic fluctuations pose challenges to the seafood industry. Rising fuel prices and supply chain disruptions affect production and distribution costs, impacting market stability.
Regional Insights
United States Seafood Market
- One of the largest seafood consumers with significant reliance on imports.
- Sustainability initiatives and seafood traceability programs are gaining traction.
- Sojitz Corporation acquired Sushi Avenue Inc. in July 2024 to expand its U.S. sushi business.
China Seafood Market
- The largest producer, consumer, and exporter of seafood.
- Rapid urbanization and increasing demand for premium seafood products.
- Meichu Foods introduced Salmon Cheese Roll in October 2024, catering to the growing salmon market.
Norway Seafood Industry
- A major exporter, particularly known for salmon production and sustainable fishing practices.
- Government investments in aquaculture technology and research are driving industry growth.
- Mathias Bjørge expanded into farmed Norwegian salmon in June 2024.
Brazil Seafood Market
- Expanding due to increasing consumer awareness of seafood’s health benefits.
- Government initiatives support sustainable aquaculture growth.
- Brazil signed an agreement with Norway in September 2024 to allow Norwegian salmon exports.
Global Seafood Industry Developments
- October 2023: Nippon Suisan Kaisha Ltd. launched a land-based white-leg shrimp farming project.
- April 2023: Thai Union initiated a marine garbage cleanup campaign.
- March 2023: Mowi ASA opened a high-tech seafood processing facility in Norway.
- May 2022: Nueva Pescanova announced plans for commercial octopus farming in Spain.
Leading Seafood Companies
- 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
Conclusion
The global seafood market is poised for steady growth, driven by increasing health consciousness, technological advancements in aquaculture, and rising global demand. However, challenges like overfishing, supply chain disruptions, and regulatory constraints require ongoing industry efforts. Investment in sustainable seafood production and innovative distribution strategies will be key to ensuring the market’s long-term success.
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