Food and Beverages

Seafood Market is Expected to Reach USD 178.37 Billion by 2031

May 2024

Food and Beverages

As per the report published by Kings Research, the global Seafood Market was valued at USD 127.79 billion in 2023 and is projected to reach USD 178.37 billion by 2031, growing at a CAGR of 4.3% from 2024 to 2031.

The global seafood market is a dynamic and ever-evolving, that plays a crucial role in the global economy. With increasing worldwide demand for seafood products, the market is experiencing significant growth. Consumers are becoming increasingly health-conscious and are seeking high-quality, sustainably sourced seafood options, which is leading to a rise in suppliers and retailers offering diverse products to cater to these demands. Technological advancements have further improved transparency and quality control throughout the seafood supply chain, enabling companies to track and trace products from their origins to the end consumer. The market is poised to experience substantial growth and innovation as consumers prioritize healthy and sustainable food choices. With growing concerns regarding overfishing and environmental impact, consumers are becoming more conscious of the seafood they consume and are willing to pay a premium for ethically sourced products. This shift in consumer behavior is prompting seafood companies to adapt and improve their practices to meet the growing demand for sustainable options. The increased awareness and enhanced access to information empower consumers to make informed choices, thereby fostering sustainability and accountability in the market. This trend is likely to continue as more individuals recognize the importance of environmentally responsible food choices for the health of consumers.

Key Insights

  • Based on seafood form, the frozen segment held the largest market share of 38.66% in 2023
  • Based on seafood type, the crustaceans segment generated the highest revenue of USD 32.94 billion in 2023
  • On the basis of region, Europe accounted for the largest market share of 27.66% in 2023

Seafood Connection Holding BV Acquired Northcoast Seafoods Ltd to Sell Prawns and Whitefish to Merchants

June 2022: Northcoast Seafoods Ltd was acquired by Seafood Connection Holding BV (Seacon), a subsidiary of Maruha Nichiro Corporation. This acquisition has led to Northcoast becoming a part of the Maruha Nichiro Group. 

Increased Awareness Regarding Health Benefits Associated with Seafood Consumption to Boost Market Growth

Increased consumer awareness regarding the health advantages associated with seafood consumption is leading to a rise in demand for these products. This growing interest in health-conscious eating habits has influenced consumer purchasing decisions and inspired the key players to innovate and diversify its offerings. To cater to the growing demand for healthier options, seafood companies have implemented sustainable fishing practices to ensure the longevity of fishery resources and the health of the oceans. Furthermore, there has been a surge in the availability of organic and wild-caught seafood options in grocery stores and restaurants. This shift toward healthier eating habits benefits consumers by providing them with nutritious seafood options and supports businesses that prioritize sustainability and ethical practices. 

Adopting Sustainable Fishing Practices to Present Lucrative Opportunities for Seafood Market Growth

Sustainable fishing practices play a crucial role in the growth of the seafood market by facilitating the replenishment of fish populations and maintaining a healthy ecosystem. This benefits both the environment and consumers, who are increasingly conscious of the origin of their food and support businesses that prioritize sustainability. The demand for sustainable seafood is driving the industry to adopt more environmentally friendly practices, thereby leading to market expansion. As awareness regarding sustainable fishing practices grows, there is a notable shift toward favoring establishments offering responsibly sourced seafood, which provides positive environmental and economic benefits. The demand for sustainable seafood is expected to rise, with numerous fishing companies adopting eco-friendly practices, thereby benefiting the ecosystem and the seafood industry.

North America Dominated the Market with a Significant Share of 24.65% in 2023

Based on region, the global seafood market is classified into North America, Europe, Asia Pacific, MEA, and Latin America.

North America accounted for the largest share of the seafood market, attributed to its extensive coastline, providing access to a wide variety of fresh seafood, which appeals to consumers seeking diverse options. Moreover, North America boasts a strong fishing industry that utilizes advanced technology and sustainable practices, which ensures a consistent supply of high-quality seafood. The demand for seafood in North America is driven by a growing awareness of the health benefits associated with seafood consumption and a preference for locally sourced, sustainable products. This combination of factors has positioned North America as a leading region in the global seafood market, with its products highly sought after both domestically and internationally. The region's commitment to sustainable fishing practices and reputation for quality and variety have solidified its position, allowing for continued expansion and influence in the industry. With a robust infrastructure, North America is poised to maintain its standing in the global seafood market in the forthcoming years.

Market Leaders Concentrate on Collaborations and Acquisitions to Sustain Growth

The global seafood market is fragmented with key players such as Thai Union Group, Maruha Nichiro Corporation, Nippon Suisan Kaisha, Ltd., Dongwon Industries, Marine Harvest ASA, Clearwater Seafoods, High Liner Foods, AquaChile, Mowi ASA, and Grupo Pescanova, among others. Companies employ a variety of strategic measures such as acquisitions, mergers, partnerships, product introductions, and collaborations to expand their business globally and enhance their competitive position.

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