The global Seafood Market size was valued at USD 330.48 Billion in 2023 and is projected to expand at a compound annual growth rate (CAGR) of 8.7% during the forecast period, reaching a value of USD 612.29 Billion by 2030.
Seafood Market research report by Future Data Stats, offers a comprehensive view of the Market's historical data from 2019 to 2022, capturing trends, growth patterns, and key drivers. It establishes 2023 as the base year, analyzing the Market landscape, consumer behavior, competition, and regulations. Additionally, the report presents a well-researched forecast period from 2024 to 2032, leveraging data analysis techniques to project the Market's growth trajectory, emerging opportunities, and anticipated challenges.
MARKET OVERVIEW:
Seafood encompasses a diverse array of aquatic animals consumed by humans worldwide. From fish like salmon and tuna to crustaceans such as shrimp and crab, seafood offers a rich tapestry of flavors and textures. Many cultures have deep-rooted traditions surrounding seafood, with coastal regions often boasting unique culinary specialties. Whether enjoyed grilled, steamed, fried, or raw, seafood provides essential nutrients like omega-3 fatty acids and protein, contributing to a balanced diet. Exploring the vast world of seafood introduces enthusiasts to an endless array of delicacies, each with its own distinct taste profile and cooking techniques.
Furthermore, the sustainability of seafood sourcing has become increasingly significant in recent years. With concerns over overfishing and environmental impact, consumers are urged to support sustainable fishing practices and responsible aquaculture. This entails making informed choices about the seafood products they purchase and consuming species that are harvested or farmed in an environmentally friendly manner. By prioritizing sustainability, individuals can help preserve marine ecosystems while continuing to enjoy the bounty of the sea for generations to come.
MARKET DYNAMICS:
The increasing awareness of the health benefits associated with seafood consumption. Rich in omega-3 fatty acids, vitamins, and minerals, seafood is recognized for its contribution to heart health, brain function, and overall well-being. This growing awareness has led to a surge in demand for seafood products, driving market expansion. Additionally, the rise of culinary tourism and globalization has stimulated interest in diverse seafood offerings from around the world, further propelling market growth.
However, the issue of overfishing and environmental degradation. Unsustainable fishing practices and habitat destruction threaten the long-term viability of seafood resources, leading to concerns about supply chain stability and species extinction. Regulatory measures aimed at preserving marine ecosystems, while necessary, can also impose limitations on fishing operations, impacting market dynamics.
SEAFOOD MARKET SEGMENTAL ANALYSIS
BY TYPE:
Fish, as a primary category, holds a significant portion of the market share due to its versatility and widespread consumption. With varieties ranging from salmon and tuna to cod and trout, fish remain a staple in diets worldwide, contributing to the market's stability and growth. Furthermore, the increasing popularity of sushi and sashimi has boosted demand for premium fish species, driving market expansion in this segment.
Shellfish represent another influential category in the seafood market, characterized by species such as shrimp, crab, and lobster. These crustaceans offer a unique flavor profile and are prized for their delicacy in various cuisines. The demand for shellfish is fueled by factors such as their use in gourmet dishes, seafood buffets, and special occasions, making them a sought-after commodity in the market. Additionally, advancements in processing and packaging technologies have extended the shelf life of shellfish products, facilitating their distribution and accessibility to consumers worldwide.
Crustaceans, including shrimp, crab, and crayfish, play a pivotal role in driving the seafood market forward. These species are favored for their succulent meat and are commonly featured in a wide range of culinary preparations, from shrimp scampi to crab cakes. Moreover, the growing popularity of seafood boils and shellfish-centric dining experiences has bolstered demand for crustaceans, contributing to market expansion.
BY APPLICATION:
Restaurants represent a significant segment of the market, serving as hubs for seafood enthusiasts seeking culinary experiences. From fine dining establishments offering gourmet seafood dishes to casual eateries specializing in fish tacos and seafood platters, restaurants drive demand for a wide array of seafood products. The trend of sustainable sourcing and farm-to-table practices has gained traction in the restaurant industry, influencing menu offerings and consumer choices.
Retail channels play a crucial role in the seafood market, providing consumers with access to fresh and frozen seafood products for home consumption. Supermarkets, specialty seafood markets, and online retailers cater to a broad spectrum of consumers, offering convenience and variety. The demand for packaged seafood products, such as smoked salmon, canned tuna, and frozen shrimp, continues to rise in retail channels, driven by factors such as convenience, affordability, and longer shelf life. Additionally, the growing popularity of meal kits and ready-to-cook seafood solutions further fuels market growth in the retail sector.
Hotels and hospitality establishments also contribute significantly to the seafood market, serving seafood dishes to guests as part of their dining experiences. From seafood buffets and seafood-centric banquet menus to room service offerings, hotels leverage seafood to enhance guest satisfaction and differentiate their culinary offerings.
BY DISTRIBUTION CHANNEL:
Offline distribution channels, including traditional brick-and-mortar stores, seafood markets, and fishmongers, remain significant in providing consumers with access to fresh seafood products. These channels offer personalized service, allowing customers to select their preferred seafood items and interact with knowledgeable staff. Additionally, offline distribution channels facilitate impulse purchases and sensory experiences, such as examining the quality and freshness of seafood before making a purchase, which enhances consumer satisfaction and loyalty.
In recent years, online distribution channels have emerged as a dynamic force in the seafood market, driven by technological advancements and shifting consumer behaviors. E-commerce platforms, seafood delivery services, and online marketplaces provide consumers with the convenience of ordering seafood products from the comfort of their homes. The online channel offers a wide selection of seafood items, including fresh, frozen, and specialty products, catering to diverse tastes and preferences. Furthermore, online platforms leverage features such as product reviews, ratings, and recommendations to facilitate informed decision-making and enhance the shopping experience for consumers.
REGIONAL ANALYSIS:
In North America, the market is driven by factors such as a strong seafood culture, high disposable incomes, and a diverse culinary landscape. Consumers in this region demand a variety of seafood products, ranging from wild-caught salmon and lobster to farmed tilapia and shrimp. Additionally, the growing popularity of sustainable and organic seafood options contributes to market growth, with consumers prioritizing health and environmental concerns in their purchasing decisions.
In Europe, the seafood market is characterized by a rich history of maritime traditions and culinary heritage. Countries such as Spain, Italy, and France are renowned for their seafood-centric cuisines, driving demand for a wide range of seafood products. The European market is influenced by factors such as changing dietary preferences, globalization of food trends, and regulatory frameworks governing fishing practices and seafood imports.
KEY MARKET PLAYERS:
- Thai Union Group
- Maruha Nichiro Corporation
- Clearwater Seafoods
- Nippon Suisan Kaisha
- Mowi ASA
- High Liner Foods
- Cooke Aquaculture
- Trident Seafoods
- Dongwon Industries
- Austevoll Seafood
- Cargill Aqua Nutrition
- Kyokuyo Co., Ltd.
- Charoen Pokphand Foods
- Cermaq Group AS
- Lyons Seafoods Limited
- Camanchaca Inc.
- Nichirei Corporation
- Marine Harvest
- Groupe Roullier
- Kverva AS
- Orizon Seafood
- Ocean Beauty Seafoods
- Beaver Street Fisheries
- Thai Union Frozen Products
- Pacific Seafood Group
Table of Contents
Introduction
Executive Summary
Market Overview
Market Dynamics
Drivers
Restraints
Opportunities
Challenges
Market Segmentation
By Type
By Application
By Distribution Channel
By Region
Competitive Landscape
Company Profiles
Conclusion
Appendix
Seafood Market Segmentation
By Type:
- Fish
- Shellfish
- Crustaceans
- Mollusks
By Application:
- Restaurants
- Retail
- Hotels and Hospitality
- Supermarkets
- Foodservice Providers
By Distribution Channel:
- Offline
- Online
By Geography:
- North America (USA, Canada, Mexico)
- Europe (Germany, UK, France, Russia, Italy, Rest of Europe)
- Asia-Pacific (China, Japan, South Korea, India, Southeast Asia, Rest of Asia-Pacific)
- South America (Brazil, Argentina, Columbia, Rest of South America)
- Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, South Africa, Rest of MEA)
Key Reasons to Buy this Report
- Comprehensive Insights: Market research reports provide in-depth and comprehensive insights into various industries, markets, and sectors. These reports are prepared after extensive data collection, analysis, and interpretation, offering you valuable information and a clear understanding of market trends, dynamics, and opportunities.
- Future Predictions: Market research reports often include future data statistics, forecasts, and predictions. These predictions are based on rigorous analysis and modeling techniques, taking into account various factors such as market growth drivers, challenges, and emerging trends. By accessing these future data stats, you can make informed decisions and develop strategies that align with the projected market scenarios.
- Industry Analysis: Market research reports offer detailed industry analysis, including factors such as market size, market share, competitive landscape, and key players. These reports provide an overview of the industry's current status, growth potential, and competitive dynamics, enabling you to identify lucrative opportunities and stay ahead of the competition.
- Market Trends and Opportunities: By purchasing market research reports, you gain access to up-to-date information on market trends and emerging opportunities. These reports highlight the latest consumer preferences, technological advancements, regulatory changes, and other influential factors shaping the market landscape. Keeping track of these trends helps you identify potential growth areas and adapt your business strategies accordingly.
- Risk Mitigation: Investing in a market research report can help mitigate risks associated with market uncertainties. The reports provide insights into potential risks, challenges, and barriers to entry in specific markets or industries. With this knowledge, you can develop risk mitigation strategies, anticipate market fluctuations, and make informed decisions to minimize potential losses.
- Investment Decision Support: Market research reports are valuable tools for investors, venture capitalists, and financial institutions. These reports provide reliable and data-driven information that aids in investment decision-making processes. By analyzing market research reports, investors can evaluate the market potential, assess the feasibility of investment opportunities, and gauge the expected returns on investment.
- Product Development and Innovation: Market research reports offer insights into consumer preferences, needs, and demands. This information can be leveraged for product development and innovation. By understanding the market dynamics and consumer behavior, you can tailor your products or services to meet the evolving needs of your target audience, leading to enhanced customer satisfaction and market success.
- Strategic Planning: Market research reports serve as a foundation for strategic planning. They provide a comprehensive overview of the market landscape, competitive positioning, and growth potential. With this knowledge, you can develop effective business strategies, set realistic goals, and allocate resources efficiently. Strategic planning based on accurate market research helps optimize your operations and improve your chances of success.
- Market Entry and Expansion: For businesses looking to enter new markets or expand their existing operations, market research reports are indispensable. These reports provide insights into market dynamics, consumer behavior, regulatory frameworks, and competitive landscapes specific to the target markets. This information helps you assess the feasibility of market entry, identify potential obstacles, and develop market entry strategies that increase your chances of success.
- Evidence-Based Decision Making: Market research reports provide evidence-based data and analysis, enabling you to make informed decisions. Rather than relying on assumptions or guesswork, you can base your decisions on reliable information and market insights. Evidence-based decision making reduces the risk of costly mistakes and increases the likelihood of achieving your business objectives.
RESEARCH METHODOLOGY
With a collective industry experience of about 70 years of analysts and experts, Future Data Stats encompasses the most infallible research methodology for its market intelligence and industry analysis. Not only does the company dig deep into the innermost levels of the market, but also examines the minutest details for its market estimates and forecasts.
This approach helps build a greater market-specific view of size, shape, and industry trends within each industry segment. Various industry trends and real-time developments are factored into identifying key growth factors and the future course of the market. The research proceeds are the results of high-quality data, expert views & analysis, and valuable independent opinions. The research process is designed to deliver a balanced view of the global markets and allows stakeholders to make informed decisions, to attain their highest growth objectives.
Future Data Stats offers its clients exhaustive research and analysis, based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. These analytical tools and models distill the data & statistics and enhance the accuracy of our recommendations and advice.
With Future Data Stats calibrated research process and 360° data-evaluation methodology, the clients receive:
- Consistent, valuable, robust, and actionable data & analysis that can easily be referenced for strategic business planning
- Technologically sophisticated and reliable insights through a well-audited and veracious research methodology
- Sovereign research proceeds that present a tangible depiction of the marketplace
With this strong methodology, Future Data Stats ensures that its research and analysis is most reliable and guarantees sound business planning.
The research methodology of the global market involves extensive primary and secondary research. Primary research includes about 24 hours of interviews and discussions with a wide range of stakeholders that include upstream and downstream participants. Primary research typically is a bulk of our research efforts, coherently supported by extensive secondary research. Over 3000 product literature, industry releases, annual reports, and other such documents of key industry participants have been reviewed to obtain a better market understanding and gain enhanced competitive intelligence. In addition, authentic industry journals, trade associations’ releases, and government websites have also been reviewed to generate high-value industry insights.
Primary Research:
|
Primary Research
|
Desk Research
|
Company Analysis
|
|
• Identify key opinion leaders • Questionnaire design • In-depth Interviews • Coverage across the value chain
|
• Company Website • Company Annual Reports • Paid Databases • Financial Reports
|
• Market Participants • Key Strengths • Product Portfolio • Mapping as per Value Chain • Key focus segment
|
Primary research efforts include reaching out to participants through emails, telephonic conversations, referrals, and professional corporate relations with various companies that make way for greater flexibility in reaching out to industry participants and commentators for interviews and discussions.
The aforementioned helps to:
- Validate and improve data quality and strengthen the research proceeds
- Develop a market understanding and expertise
- Supply authentic information about the market size, share, growth, and forecasts
The primary research interview and discussion panels comprise experienced industry personnel.
These participants include, but are not limited to:
- Chief executives and VPs of leading corporations specific to an industry
- Product and sales managers or country heads; channel partners & top-level distributors; banking, investments, and valuation experts
- Key opinion leaders (KOLs)
Secondary Research:
A broad array of industry sources for the secondary research typically includes, but is not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for a competitive scenario and shape of the industry
- Patent and regulatory databases to understand technical & legal developments
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles, web-casts, and other related releases to evaluate the market
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecasts
|
PRIMARY SOURCES |
DATA SOURCES |
|
• Top executives of end-use industries • C-level executives of the leading Parenteral Nutrition companies • Sales manager and regional sales manager of the Parenteral Nutrition companies • Industry Consultants • Distributors/Suppliers
|
• Annual Reports • Presentations • Company Websites • Press Releases • News Articles • Government Agencies’ Publications • Industry Publications • Paid Databases
|
Analyst Tools and Models:
|
BOTTOM-UP APPROACH |
TOP-DOWN APPROACH |
|
· Arriving at · Arriving at · Market Share · Key Market Players |
· Key Market Players · Market Share · Arriving at · Arriving at |
Seafood Market Dynamic Factors
Drivers:
- Increasing awareness of health benefits associated with seafood consumption.
- Growing popularity of diverse culinary experiences and global cuisine.
- Rise in demand for sustainable and ethically sourced seafood products.
Restraints:
- Threat of overfishing and environmental degradation.
- Regulatory challenges and compliance requirements in the seafood industry.
- Fluctuating seafood prices and supply chain disruptions.
Opportunities:
- Expansion of aquaculture and sustainable fishing practices.
- Innovation in seafood processing technologies and packaging.
- Emergence of alternative seafood sources and plant-based substitutes.
Challenges:
- Concerns over seafood safety and foodborne illnesses.
- Competition from other protein sources and dietary trends.
- Addressing socio-economic issues in seafood-producing regions, such as labor rights and fair trade practices.
Frequently Asked Questions
