Seafood Market

Seafood Market Outlook for (2023 to 2033)

The global seafood market size is estimated to clock a valuation of USD 157,042.9 million by 2033. Our food and beverage industry analysts opine that seafood providers can expect a CAGR of 3% through 2033, with the current valuation of USD 114,608 million in 2023.

Attributes	Details
Seafood Market Size, 2022	USD 110,200.00 million
Seafood Market Size, 2023	USD 114,608 million
Seafood Market Size, 2033	USD 157,042.9 million
Value CAGR (2023 to 2033)	3%

Key Market Highlights

Sales to Rise with Almost 2X CAGR in Due Course:

Historically, the seafood industry performance was sluggish with a CAGR if 1.6% (2018 to 2022), likely increasing by 1.4% by 2033. Since seafood is a common source of protein, its demand is inelastic, which means that variations in price have only a minor effect on the amount that consumers are willing to pay. Due to the fact that people frequently prioritize their protein intake and consider seafood to be healthier than other options, demand is largely stable despite price swings.

The expanding tourism and hospitality industries are anticipated to play a pivotal role in this market’s expansion. The tourism and hospitality industries are crucial in promoting and providing seafood dishes to visitors and travelers. To satisfy the demand for fish products among travelers seeking distinctive culinary experiences, restaurants, hotels, resorts, cruise ships, and other venues frequently place seafood prominently on their menus.

3D Printing of Seafood Escalating the Possibilities for Culinary Experimentation:

By providing unmatched opportunities for product innovation and personalization, 3D printing technology is heralding a new era in the seafood business. Producing alternatives to seafood that suit particular tastes, textures, and dietary requirements is now possible through 3D printing. This ground-breaking technique makes it possible to produce seafood products with exact control over their physical characteristics, such as texture, flavor, and appearance.

The capacity to appeal to a wide spectrum of consumers is one of the most important benefits of 3D-printed seafood. It responds to the changing requirements of various culinary experiences by adjusting the product's features to suit individual preferences. 3D printing offers countless creative possibilities, whether it's recreating a conventional seafood product's identical texture or creating wholly new and distinctive seafood creations. Additionally, the growing inclination toward alternative protein sources corresponds with 3D-printed seafood. This technology provides plant- and cell-based seafood substitutes that imitate the flavor and texture of conventional seafood while minimizing the environmental impact and ethical concerns associated with current fishing methods, which is something that consumers are actively searching for in sustainable and ethical options.

Historical Performance of the Seafood Market (2018 to 2022) Vs. Forecast Outlook (2023 to 2033)

Attributes	Details
Seafood Market Size (2018)	USD 103,258.3 million
Seafood Market Size (2022)	USD 110,200.00 million
Seafood Market (CAGR 2018 to 2022)	1.6%

The belief that seafood is a lean, nutritious source of protein has continued to fuel demand in the fish industry. Consumers have become progressively more aware of the health advantages of seafood, especially given its high concentration of omega-3 fatty acids, vitamins, and minerals. Consumers concerned about their health incorporated seafood in a balanced diet to boost their cardiovascular health and general well-being. In order to capitalize on this trend, seafood producers developed novel value-added fish products enriched with extra nutrients and promoted the nutritional benefits of their goods. The continued emphasis on health and wellness broadens market penetration and strengthens seafood's status as a premium and in-demand protein source, supporting market expansion.

In the seafood industry, sustainability has been a dominant subject. As consumers and retailers focused more on ethical fishing and aquaculture techniques, demand for sustainably sourced seafood grew. Certifications from the Aquaculture Stewardship Council (ASC) and the Marine Stewardship Council (MSC) have grown in importance as reliable markers of sustainability. Seafood businesses increasingly seek these certificates to show their dedication to ethical sourcing, appealing to consumers who care about the environment. This trend toward sustainability reduces the industry's negative environmental effects and gives accredited companies a competitive advantage, which fuels expansion.

Seafood Market Trend Analysis

Attributes	Details
Trends	Consumers who are concerned about their health are becoming increasingly interested in seafood that has been enhanced with beneficial components like omega-3s, probiotics, and antioxidants. Novel products like algae-based Omega-3 supplements and ingenious compounds made from marine organisms are being developed as a result of advancements in marine biotechnology. Consumers now have access to fresher and more varied seafood alternatives due to the growing popularity of specialized seafood delivery services that get their products directly from fishermen or aquaculture farms. As seaweed is acknowledged as a highly sustainable marine resource, there is an upward trend in seaweed cultivation for human use and various applications, such as sustainable packaging and biofuel production. Sous vide cooking methods for seafood are becoming progressively more popular because they provide exact control over cooking temperatures and produce tender and tasty dishes.
Opportunities	The rise of cell- and plant-based seafood substitutes offers a chance to capitalize on the expanding demand for ethical and ecological protein sources. E-commerce and direct-to-consumer sales channels are continuing to grow, giving businesses easy access to a larger customer base. With rising affluence, emerging markets in Asia and elsewhere present untapped possibilities for higher seafood consumption. Ongoing technological advancements may aid product diversification and market expansion in processing, packaging, and product development. The sector's long-term prospects are improved by focusing more on ethical fishing and aquaculture techniques and demonstrating a commitment to sustainability through certifications like MSC and ASC.
Challenges	Ongoing environmental problems including climate change and habitat degradation threaten sustainability and the availability of seafood. The seafood supply chain may be affected by occurrences like pandemics, natural catastrophes, or trade interruptions, which may have an impact on availability and costs. Regulations, trade deals, and tariff changes may have an effect on market access and competitiveness. Issues with overfishing, bycatch, and environmental deterioration in the seafood sector raise concerns regarding long-term sustainability. Consumer confidence may be weakened by contamination and foodborne diseases that cause health concerns.

Category-wise Insights

Shrimps Prevail as the Highly Preferred Type of Seafood

For compelling reasons, shrimps stand out as a top seafood. Their wonderful flavor and varied culinary applications partly contribute to their widespread popularity. Shrimps are a favorite among seafood lovers owing to their sweet, delicate flavor and somewhat hard texture. Because of their adaptability, they may be prepared in various ways, such as grilling or sautéing, and they rapidly absorb in new flavors and seasonings, making them suitable for various cuisines.

While shrimps are the most popular seafood, other varieties are equally well-liked by consumers. Salmon, which is renowned for its flavorful richness and health advantages, and tuna, which is especially treasured for sushi and sashimi, stand out. Cod, tilapia, lobster, and crab are other in-demand seafood kinds that each have distinctive flavors and textures to suit a range of palates.

Fresh and Frozen Forms of Seafood to Generate High Revenues

There is stiff competition among being the leading form in the seafood industry. Fresh seafood is frequently picked due to its great quality and minimum processing, whether it be entire fish, fillets, or shellfish. It is a top option for anyone looking for seafood's finest flavor and texture. Fish fillets can be cooked in a variety of ways, while whole fish can be grilled or baked. Seafood that has been frozen is highly regarded for its convenience and long shelf life. Seafood can be made available to consumers even in regions far from the coast by being flash-frozen when it is at its freshest. For home cooks, frozen seafood offers a practical choice in a variety of types, including fillets, shrimp, and mixed seafood mixes.

Country-wise Insights

Country	Value CAGR (2022)
India	29.6%
United States	23.4%
United Kingdom	6.0%
China	5.7%
Japan	2.6%

India’s Seafood Market Demonstrates Avenues of Unparalleled Growth

In 2022, India’s seafood industry witnessed expansion at a 29.6% CAGR. Shrimp is becoming a top export item as the seafood market in India continues to expand. In the country, people prefer freshwater fish like Rohu and Katla above other types of seafood. Seafood options are greatly influenced by Indian cuisine, which features a wide variety of regional flavors and styles. Regional specialties, traditional cooking techniques, and spices greatly influence the seafood industry in India. As the market grows, sustainability and ethical sourcing are becoming more significant in India's seafood business.

Extensive Aquaculture Industry to Drive Seafood Production in China

China’s seafood industry developed at a 5.7% CAGR in 2022. With a wide variety of tastes that include tilapia, carp, different shellfish, and aquatic delicacies, China is the maximal seafood consumer in the world. The nation also contributes significantly to the production of fish on a global scale, owing to a robust aquaculture sector. Both freshwater and marine seafood, frequently prepared in different regional methods, are popular among Chinese customers. China's impact on the international seafood industry-both as a consumer and a producer-is a distinctive aspect of the sector.

Japan’s Seafood Market Witnesses Sluggish Growth

In 2022, Japan’s seafood market registered expansion at a mere 2.6% CAGR. Japan is well known for devouring a lot of seafood and strongly favoring fresh, high-quality alternatives. Japanese cuisine is famous for its raw seafood dishes like sushi and sashimi, which include salmon and tuna. Seafood is a staple of Japanese culture and cuisine, but the traditional preparations might take some time. Some consumers may decide to choose convenience foods or eat out rather than preparing seafood at home due to changing lifestyles and busier schedules. This trend has been resulting in diminished sales in the country.

Rising Sustainability Initiatives Uptick Growth Prospects in The United States

In 2022, the seafood industry in the United States expanded at a 23.4% CAGR. One of the biggest and most varied seafood markets in the world is found in the United States. Shrimp, salmon, canned tuna, and tilapia are some of Americans' most popular seafood selections. The adoption of certifications like the Marine Stewardship Council (MSC) and a greater emphasis on traceability initiatives are the results of the increased attention given to sustainability. Busy households choose convenience seafood items like frozen fillets and prepared dinners. In order to meet the perpetually expanding consumer demand, the United States also has a sizable aquaculture business that generates items like farmed salmon and tilapia.

Brexit Impacts the United Kingdom’s Seafood Market

The United Kingdom’s seafood market rose at a 6.0% CAGR in 2022. Brexit, the United Kingdom’s decision to leave the European Union (EU), and the expiration of the transition period on December 31, 2020, both represented significant turning points for the United Kingdom's fish industry. The effects of Brexit rippled down the seafood supply chain and had a significant impact on a number of stakeholders. The UK's commercial relationship with the EU changed, and the potential for tariffs and trade expenses came with it. Although the United Kingdom and the EU eventually came to a trade agreement, there were originally many doubts and worries about prospective tariffs. The seafood business is particularly sensitive to the additional costs that tariffs could impose because it frequently operates on slim profit margins.

Competitive Landscape

The seafood sector is frequently characterized by fragmentation, with several small- to medium-sized players competing in different market segments. This comprises aquaculture producers, processors, merchants, and distributors. This fragmentation is a result of the sheer variety of seafood items available and the variety of captured or raised species. While there is a trend toward consolidation among larger fish enterprises, there is also fragmentation at the grassroots level. These businesses may be heavily involved in several facets of the seafood supply chain, including fishing, farming, processing, and distribution. Consolidation may result in economies of scale, improved market accessibility, and improved supply chain management.

Recent Developments:

• Four new retail locations will open in Chennai's Mogappair, OMR, Adayar, and Ambattur neighborhoods, announced Freshma in July 2023, one of the top omnichannel fresh seafood retailers in South India. The Gowriwakkam, Anna Nagar, Rajakilpakkam, Egmore, and Vadapalani stores are already very well-liked, but the Chennai-based D2C brand hopes to gain market share with the new locations. After the venture's outstanding performance in the previous financial year, when the brand, under the renowned RRK Retail Pvt. Ltd., netted a stunning 15 crore turnover, the business expects to build ten or more outlets in the upcoming fiscal year.
• Five new seafood products were added to Whole Foods Market shelves across the United States in July 2023, according to a recent announcement from Wild Planet Foods, a pioneer in sustainably obtained seafood that seeks to make fishing a force for good. Wild World, renowned for offering unmatched flavor, offers these new SKUs to consumers who want to improve their health and the world's health by acquiring premium, high-quality canned fish products that put sustainability first.

Key Companies in the Seafood Market

• Amalgam Frozen Foods Pvt. Ltd. (AFFL)
• American Seafoods Company
• Austevoll Seafood ASA
• Cooke Inc.
• Dongwon F&B
• Faroe Seafood
• Handy Seafood Inc.
• Hansung Enterprise Co. Ltd.
• High Liner Food Incorporated
• Kangamiut Seafood A/S
• Lee Fishing Company
• Leroy Seafood Group
• Lyons Seafoods Limited
• Mowi ASA
• Pacific Seafood
• Phillips Foods Inc.
• Princes Ltd.
• Sajo Group
• Shanghai Fisheries Group Co. Ltd.
• Stolt Sea Farm
• Surapon Foods Public Company Limited
• Tassal Group Limited
• Thai Union Limited PCL
• Tri Marine International Inc.
• Trident Seafoods Corporation
• Young’s Seafood Limited
• Zhangjiang Guolin Aquatic Products Co. Ltd.

Seafood Market Segmentation

By Nature:

• Organic
• Natural

By Source:

• Farm Raised
• Wild Caught

By Product Type:

• Ground Fish
• Pelagics
• Tuna
• Salmonids
• Molluscs
• Crustaceans
• Lobsters
• Crabs
• Shrimp
• Others (Prawns, Trouts, etc.)

By Form:

• Fresh
• Chilled
• Frozen
• Ambient

By End Use:

• Food
• Pharmaceutical
• Cosmetics
• Industrial
• Biotechnology
• Household Retail

By Sales Channel:

• Direct
• Indirect
• Modern Trade
• Convenience Stores
• Specialty Food Stores
• Wholesale Stores
• Discount Stores
• Online Retail
• Other Retail Forms

By Region:

• North America
• Latin America
• Europe
• East Asia
• South Asia
• Oceania
• Middle East and Africa

Frequently Asked Questions

How Big is the Seafood Market?

The seafood market is valued at USD 114,608 million in 2023.

What is the Projected CAGR of the Seafood Market?

The seafood market will expand at a 3% CAGR through 2033.

What was the Historical Performance of the Seafood Market?

The seafood market expanded at a CAGR of 1.6% from 2018 to 2022.

Which is the Leading Product Type in the Seafood Market?

Shrimps are the leading product type in the seafood market.

Which Country is Leading in the Seafood Market?

India is leading the global seafood market.