Global Seafood Market Size and Trends
The Global Seafood Market is valued at US$181.13 billion in 2023, with projections reaching US$243.17 billion by 2032. This steady growth, at a 3.33% CAGR from 2024 to 2032, reflects rising disposable incomes, increased per capita consumption, and the shift towards pescetarian dietary habits.
Seafood Market Overview
The seafood market encompasses various marine species such as fish, shrimp, and crabs, which provide essential nutrients like protein, omega-3 fatty acids, vitamins D and B12, zinc, and iodine. These nutrients contribute to heart health, cognitive function, and overall well-being. The consumption of seafood is common in Asian and European diets, which is associated with a lower prevalence of cardiovascular diseases. Moreover, seafood holds socio-economic importance, providing employment for millions globally in fishing, processing, and distribution.
Report Insights
- Base Year: 2023
- Forecast Period: 2024-2032
- Historical Period: 2019-2023
- Market Size in 2023: US$181.13 Billion
- Market Forecast in 2032: US$243.17 Billion
- Growth Rate: 3.33% (2024-2032)
Key Growth Drivers in the Seafood Market
1. Rising Health Consciousness
Growing awareness of the health benefits of seafood, particularly for heart and cognitive health, is driving demand. Seafood’s high omega-3, lean protein, and vitamin content makes it a popular choice among health-conscious consumers. The Dietary Guidelines for Americans recommend at least two weekly servings (or 8 ounces) of seafood, highlighting its importance in a balanced diet.
2. Expansion of Aquaculture
Aquaculture, or fish farming, is a significant factor in meeting rising global demand for seafood, helping mitigate the impact on wild fish populations. Technological advancements in aquaculture have enhanced product quality and affordability. Notably, in October 2022, Innovasea launched Realfish Pro, a cloud-based aquaculture solution allowing remote monitoring and management, thus supporting sustainable seafood production.
3. Increasing Global Population
A rising global population creates higher demand for protein-rich foods, including seafood. Urbanization, along with increasing per capita income in developing nations, also drives seafood consumption. The UN projects the global population to reach 10 billion by 2050, intensifying the need for sustainable seafood production. According to OECD and FAO, world cereal production is expected to rise by 13% by 2027, indirectly supporting seafood market growth.
Regional Insights: Europe’s Seafood Industry
Norway
Norway is a leading seafood exporter, particularly of salmon, known for its high standards in sustainable fishing and aquaculture. The Norwegian government supports research and innovation in sustainable practices, enhancing both production and environmental conservation efforts. For instance, in June 2024, Mathias Bjørge entered the Norwegian farmed salmon market with plans for a new processing facility.
Spain
Seafood is integral to Spain’s cuisine and is widely exported. Spain’s strategic location along the Mediterranean and Atlantic enables abundant access to seafood resources, while its established processing and distribution networks strengthen its market presence. In 2022, Lerøy expanded with a 9,000-square-meter facility near Madrid, broadening product variety and market access across Europe.
Key Companies in the Global Seafood Market
Major players in the seafood market include Agrosuper S.A., Asian Sea Corporation Public Company Limited, Austevoll Seafood ASA, Bolton Group SRL, Grieg Seafood ASA, Maruha Nichiro Corporation, Sysco Corporation, and Thai Union Group PCL. These companies lead in production, distribution, and marketing of a variety of seafood products.
Recent Developments in the Seafood Industry
- October 2023: Nippon Suisan Kaisha Ltd. launched a land-based enterprise with a target production of 100 tonnes of white-leg shrimp by the end of 2023.
- April 2023: Thai Union participated in a marine garbage cleanup campaign with Samut Sakhon City Development to protect the local ecosystem.
- March 2023: Mowi ASA opened a new seafood production facility in Hitra, Norway.
- May 2022: Nueva Pescanova announced a new octopus farming project in Puerto Las Palmas, Spain, after successfully hatching and incubating five generations of octopuses in a trial facility.
- March 2022: During the Seafood Expo in North America, Del Pacifico Seafoods introduced new farmed shrimp and oysters to its aquaculture line, focusing on sustainable harvesting practices.
Seafood Market Segmentation
- Form: Fresh, Frozen, Ambient, Canned & Processed
- Type: Fish, Crustaceans, Molluscs, Others
- Application: Retail, Institutions, Food Service
- Regional Scope: North America, Europe, Asia Pacific, Latin America, Middle East & Africa
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Company Analysis Viewpoints
Each company is analyzed by:
- Overview
- Key Personnel
- Recent Developments & Strategies
- Product Portfolio
- Financial Insights
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