The global seafood market size reached US$ 346.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 433.5 Billion by 2028, exhibiting a growth rate (CAGR) of 3.60% during 2023-2028. The growing consumption of balanced diets, rising awareness about the benefits of protein consumption, and the increasing utilization in fine diners, restaurants, and fast food chains represent some of the key factors driving the market.
|Market Size in 2022
||US$ 346.2 Billion
|Market Forecast in 2028
||US$ 433.5 Billion
|Market Growth Rate (2023-2028)
Seafood refers to edible water-dwelling animals that are incorporated into a wide variety of cuisines. It comprises various fishes, such as anchovy, bass, pomfrets, bluefish, carp, cod, flounder, haddock, halibut, herring, mahi-mahi, salmon, sardines, trout, and tuna. It also consists of various shellfish and crustaceans, such as crabs, crayfishes, lobsters, prawns, shrimps, abalone, clams, conch, mussels, octopuses, oysters, scallops, and calamari. Seafood includes caviar which is roe or unfertilized eggs from the sturgeon family of fish. It is a rich source of various essential nutrients, such as iron, zinc, iodine, magnesium, and potassium. It also offers omega-3 fatty acids and vitamins D and B2 that are essential for preventing heart diseases, stroke, and arthritis and promoting healthy bone growth, enhancing calcium absorption and boosting the immune system. It helps boost brain health and reduce the risks of neurodegenerative ailments, such as Alzheimer’s disease, Parkinson’s disease, and amyotrophic lateral sclerosis. Furthermore, as seafood strengthens eyesight and reduces the risks of eye diseases, its demand is increasing around the world.
Seafood Market Trends:
At present, the increasing demand for seafood, as it is nutritious and readily available in various supermarkets and hypermarkets, represents one of the primary factors influencing the market positively. Besides this, the rising consumption of balanced diets due to increasing health consciousness among the masses is propelling the growth of the market. In addition, the growing awareness about the benefits of protein consumption to prevent the occurrence of various chronic diseases, such as diabetes, obesity, and cardiovascular complications, is offering a favorable market outlook. Apart from this, there is an increase in the number of e-commerce brands and distribution channels selling premium quality frozen seafood. This, coupled with the rising utilization of various seafood items in fine diners, restaurants, and fast food chains to prepare various exotic cuisines, is contributing to the growth of the market. Additionally, the increasing demand for protein-rich food products among fitness enthusiasts, gym goers, and athletes to build muscle mass and boost energy is supporting the market growth. Moreover, key market players are adopting effective and innovative packaging methods, such as vacuum packaging and modified atmosphere packaging (MAP), to increase the shelf life of seafood and prevent the growth of food pathogens from causing contamination.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each segment of the global seafood market report, along with forecasts at the global, regional, and country levels for 2023-2028. Our report has categorized the market based on type, form and distribution channel.
The report has provided a detailed breakup and analysis of the seafood market based on the type. This includes fish, shrimps, and others. According to the report, fish represented the largest segment.
A detailed breakup and analysis of the seafood market based on the form has also been provided in the report. This includes fresh/chilled, frozen/canned, and processed. According to the report, fresh/chilled accounted for the largest market share.
Distribution Channel Insights:
A detailed breakup and analysis of the seafood market based on the distribution channel has also been provided in the report. This includes off trade and on trade. According to the report, off trade accounted for the largest market share.
- North America
- United Kingdom
- Asia Pacific
- South Korea
- Latin America
- Middle East and Africa
The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Asia Pacific was the largest market for seafood. Some of the factors driving the Asia Pacific seafood market included the growing consumption of seafood in daily diet, rising availability of premium quality seafood, increasing investment in improving aquaculture techniques, etc.
The report has also provided a comprehensive analysis of the competitive landscape in the global seafood market. Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. Some of the companies covered include American Seafoods Company LLC, Cermaq Group AS (Mitsubishi Corporation), Grieg Seafood, Kangamiut Seafood A/S, Lee Fishing Company, Maruha Nichiro Corporation, Mowi ASA, Pacific Seafood, Phillips Foods Inc., Royal Greenland A/S, Sysco Corporation, Thai Union Group PCL, Trident Seafoods Corporation, etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.
Seafood Market Report Scope:
|Base Year of the Analysis
| Historical Period
|Scope of the Report
||Exploration of Historical and Forecast Trends, Industry Catalysts and Challenges, Segment-Wise Historical and Predictive Market Assessment:
- Distribution Channel
||Fish, Shrimps, Others
||Fresh/Chilled, Frozen/Canned, Processed
|Distribution Channels Covered
||Off Trade, On Trade
||Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||American Seafoods Company LLC, Cermaq Group AS (Mitsubishi Corporation), Grieg Seafood, Kangamiut Seafood A/S, Lee Fishing Company, Maruha Nichiro Corporation, Mowi ASA, Pacific Seafood, Phillips Foods Inc., Royal Greenland A/S, Sysco Corporation, Thai Union Group PCL, Trident Seafoods Corporation, etc.
||10% Free Customization
|Report Price and Purchase Option
||Single User License: US$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499
|Post-Sale Analyst Support
||PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)
Key Questions Answered in This Report:
- How has the global seafood market performed so far, and how will it perform in the coming years?
- What are the drivers, restraints, and opportunities in the global seafood market?
- What is the impact of each driver, restraint, and opportunity on the global seafood market?
- What are the key regional markets?
- Which countries represent the most attractive seafood market?
- What is the breakup of the market based on the type?
- Which is the most attractive type in the seafood market?
- What is the breakup of the market based on the form?
- Which is the most attractive form in the seafood market?
- What is the breakup of the market based on the distribution channel?
- Which is the most attractive distribution channel in the seafood market?
- What is the competitive structure of the global seafood market?
- Who are the key players/companies in the global seafood market?
Key Benefits for Stakeholders:
- IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the seafood market from 2017-2028.
- The research study provides the latest information on the market drivers, challenges, and opportunities in the global seafood market.
- The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
- Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the seafood industry and its attractiveness.
- Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.