Professionals 234 Users Online

Seafood Market

Market Study on Seafood: PMR Expects a Sustained Opportunity Stream Ahead, Analysing the Increasing Consumer Demand for Healthy and Sustainable Protein Sources, Coupled with Expanding Aquaculture Practices

A Detailed Analysis of the Seafood Market Based on Increasing Global Trade of Fish and Other Seafood Market Study on Seafood

Seafood Market

The global seafood market is forecast to expand at a CAGR of 3.4% and thereby increase from a value of US$137.5 Bn in 2023, to US$173.8 Bn by the end of 2030.


Key Insights

Seafood Market Size (2023E)

US$137.5 Bn

Projected Market Value (2030F)

US$173.8 Bn

Global Market Growth Rate (CAGR 2023 to 2030)


Historical Market Growth Rate (CAGR 2018 to 2022)


Sample Report

FREE Report Sample is Available

In-depth report coverage is now just a few seconds away

Download PDF Get FREE Report Sample

Market Introduction and Definition

Seafood encompasses all edible aquatic life forms, comprising fish, shellfish, and other marine organisms. It serves as a vital source of high-quality protein, and essential nutrients like Omega-3 fatty acids, minerals, and vitamins. Consumed both as a primary protein source and a delicacy, seafood plays a significant role in diverse global cuisines.

The global seafood market is witnessing growth attributed to increasing awareness and evolving lifestyles, leading consumers to prioritize their health. Seafood, including fish, crustaceans, and mollusks, offers a diverse range of health benefits, driving its market expansion. Changing consumer preferences, such as the adoption of pescetarianism, where individuals combine seafood with vegetarian options while avoiding beef, poultry, and pork, contribute to this shift.

The preference for seafood arises from concerns about harmful substances and anabolic agents used in the production of beef and pork, aligning with the growing consumer emphasis on natural and healthy food choices. Additionally, a heightened awareness of the living conditions of farmed animals has led to a shift in dietary preferences towards seafood, driving increased demand in the global market.

Custom Report Cover

Make This Report Your Own

Take Advantage of Intelligence Tailored to your Business Objective

> Get a Customized Version

Market Growth Drivers

Increased Awareness Regarding Perceived Health Benefits of Seafood Consumption

The surge in worldwide demand for seafood consumption is a key driver propelling market growth. This escalation is attributed to the growing recognition of seafood's health benefits and nutritional qualities, coupled with an uptick in seafood exports to developing economies. The adoption of a healthy lifestyle and diet by a substantial number of individuals, spanning all age groups, is contributing significantly to the expansion of the seafood testing market.

According to the Food and Agriculture Organization (FAO), and the Organisation for Economic Co-operation and Development (OECD), global fish production is anticipated to grow at a rate of 1.2% per annum during the outlook period. This represents a notable deceleration compared to the 2.0% per annum growth observed in the preceding decade. The projected production by 2031 is 203 million metric tons, reflecting a 14% increase from the base period average of 2019-2021 (203 Mt). By 2031, the aquaculture sector is expected to surpass the capture sector, reaching a production of 108 Mt, indicating a growth of 12 Mt.

The pandemic-induced rise in fitness activities has further fuelled market growth. Increased consumption of nutritional products enriched with protein, fiber, and calcium is evident, aligning with the prevailing trend of achieving and maintaining optimal health parameters. The socio-cultural shift towards a preference for a fit and slim physique among women and a slender and muscular physique among men is also influencing consumer behavior, contributing to the upward trajectory of the seafood testing market.

Market Research Methodology

Market Research Methodology

-Perfect through Years of Diligence

Check Research Methodology

Market Restraints

Growing Inclination of Consumers Towards Plant-based Meat

The upsurge in the adoption of veganism has resulted in a heightened consumption of plant-based foods. This trend has prompted established players in the fish market to shift their focus towards the introduction of plant-based meat products, thereby impeding their market share. Notably, the endorsement and promotion of veganism by celebrities further contribute to the growing popularity of vegan or plant-based meat alternatives. A case in point is Blue Tribe Foods, which, in February 2022, revealed Virat Kohli, and Anushka Sharma as investors and brand ambassadors for their meat alternative products.

In recent years, plant-based diets have transitioned from a niche market to a mainstream phenomenon, capturing the interest of consumers worldwide. Additionally, the rise in flexitarian consumers has hurt the market for fish and related products. This demographic, characterized by a preference for vegetables, legumes, whole grains, and nuts, occasionally incorporating meat, has further shifted consumer preferences away from traditional fish products.

Depletion of Wild Fish Stock

As per a study conducted by the European Commission's Joint Research Centre (JRC), over 90% of fish stocks are currently overexploited, and specific species, including angel sharks, cardinalfish, and salmon, are now categorized as endangered. The depletion of marine resources has been exacerbated by the dumping of industrial waste into water bodies, resulting in the loss of numerous sea species. This concerning depletion trend, highlighted by the study, has garnered attention from various organizations, including People for the Ethical Treatment of Animals (PETA), and the Worldwide Fund for Nature (WWF).

Such organizations advocate for the restriction of the consumption of certain species to address the environmental impact. Furthermore, in response to the global demand for fish, the industry has increasingly focused on aquaculture. Additionally, international agreements such as the Convention on Fishing and Conservation of Living Resources of the High Seas have been implemented to regulate fishing levels and ensure sustainability.

Sales Team

Sales Team
Client Partner

Let's Connect

Connect me to identify winning opportunities

Ask An Expert
I'm Available


3D Printing of Seafood

3D printing technology is ushering in a transformative era for the seafood industry by offering unprecedented opportunities for product innovation and customization. The ability to create seafood alternatives tailored to specific tastes, textures, and dietary preferences is now achievable through 3D printing. This revolutionary method empowers producers to have precise control over the physical characteristics of seafood products, including texture, flavor, and appearance.

One of the key advantages of 3D-printed seafood is its capacity to cater to a diverse range of consumers. This technology addresses the evolving demands of various culinary preferences by adjusting product features to individual liking. Whether replicating the exact texture of traditional seafood products or creating entirely new and distinctive seafood creations, 3D printing opens up a multitude of creative possibilities.

Furthermore, the increasing interest in alternative protein sources aligns with the capabilities of 3D-printed seafood. This innovative technology offers plant- and cell-based substitutes that mimic the taste and texture of traditional seafood, all while minimizing the environmental impact and ethical concerns associated with current fishing methods.

Market Segmentation

Which is the Leading Segment Based on Nature?

Organic Seafood Sales Retain Dominance as Sustainability and Eco-Certifications Take Center Stage

The organic seafood market is experiencing substantial growth, driven by an increasing focus on sustainability, which is a response to growing environmental apprehensions related to traditional fishing and aquaculture methods. Consumers are now more conscious of issues such as overfishing, habitat degradation, and the broader ecological implications of seafood production. This heightened awareness has prompted a noteworthy shift in consumer preferences towards sustainably sourced seafood.

To address these concerns, organic seafood producers are actively pursuing eco-certifications, with examples including the Marine Stewardship Council (MSC), and Aquaculture Stewardship Council (ASC). These certifications serve as third-party validations, assuring consumers that seafood products adhere to stringent sustainability and environmental standards. The MSC certification, for instance, attests to seafood originating from well-managed and sustainable fisheries, while the ASC certification focuses on endorsing responsible aquaculture practices.

What is the Spearheading Product Type Segment?

The Ground Fish Segment Continues to Spearhead

The fish segment is experiencing a surge in demand and popularity globally, spanning both developed and developing nations. This heightened interest is attributed to the increasing number of meat consumers, driven by the recognized health benefits associated with fish consumption. As a high-protein alternative, fish is becoming increasingly sought after due to its low fat content and the presence of essential omega-3 fatty acids. The growing awareness of these health advantages has led to an uptick in fish consumption, particularly in regions with prevalent heart conditions.

The nutritional profile of fish, characterized by being a low-saturated fat diet, contributes to its appeal. Fish is recognized for providing crucial elements such as Vitamin A and omega-3 fatty acids, both of which play essential roles in maintaining overall health, particularly in supporting eye and brain health. This growing appreciation for the nutritional value of fish underscores its significance as a dietary choice for those seeking high protein and health-promoting components in their meals.

Which is the Highest Preferred Form of Seafood?

Fresh Seafood Remains Most Favored Among Consumers

Fresh seafood is often chosen for its high quality and minimal processing, whether in the form of whole fish, fillets, or shellfish. It stands out as the preferred option for those seeking the finest flavor and texture in seafood. Fish fillets offer versatility in cooking methods, while whole fish can be prepared through grilling or baking. Frozen seafood, on the other hand, is valued for its convenience and extended shelf life. Flash-freezing seafood at its peak freshness allows it to reach consumers in regions distant from the coast. For home cooks, frozen seafood provides a practical choice with various options, including fillets, shrimp, and mixed seafood blends.

Which is the Prime End-use Sector?

Food Industry to be the Largest Consumer of Seafood

Fish enzymes serve as a natural, food-grade alternative to chemicals employed for protein hydrolysis or denaturation. Chitin, chitosan, and their oligosaccharides find application as antioxidants, antibacterial and antifungal agents, as well as functional compounds within the food industry. Gelatin is utilized for gelling, edible coating, emulsification, and microencapsulation purposes. The functional properties of fish protein hydrolysate and concentrate make them promising candidates for use as protein supplements or for protein fortification in various food products

Which is the Largest Contributing Distribution Channel?

Wholesale Stores Continue to Bring in Dominant Sales Owing to Substantial Purchasing Power

Because they usually run on a bigger scale, wholesale retailers can take advantage of substantial purchasing power. This gives companies the ability to buy seafood products in larger quantities, frequently directly from wholesalers or manufacturers, which could result in cost savings. Since buying fish in bulk is more cost-effective, restaurants, lodging facilities, and other food service businesses tend to opt to purchase their seafood from wholesale retailers. Because of this, these companies can efficiently control their operating expenses and ensure a consistent supply of seafood for their menus.

Top Regional Markets

North America Tops the Chart in Line with Rapidly Mushrooming Fast Food and QSR Chains

North America stands as a major global contributor to wild-caught seafood, serving as a key market due to the presence of numerous local market players. Prominent fishing states in the region include Alaska, California, and Washington. Characterized by a mature market, North America boasts a well-established supply chain and an informed consumer base. The region's growth is propelled by factors such as high disposable income and the rising popularity of fish and seafood, particularly among the fitness community. The appeal of seafood lies in its various health benefits, including a reduced risk of cardiac diseases, obesity, and hypertension.

Furthermore, the incorporation of fish-based fast foods in fast-food chains and quick-service restaurants further drives market growth. According to the Government of Canada, the country produced 0.9 million tonnes of fish and seafood valued at Can$5.0 billion in 2020. As of 2021, Canada has emerged as the world's 5th largest fish and seafood exporter, with exports reaching Can$9.0 billion. Notable commodities in Canada's export portfolio include frozen crabs (Can$2.0 billion), frozen lobsters (Can$1.4 billion), live/fresh/chilled lobsters (Can$1.2 billion), fresh/chilled Atlantic salmon and Danube salmon (Can$806.9 million), and prepared/preserved lobster (Can$668.4 million).

Ascending Seafood Restaurants Uphold Market Attractiveness of Asia Pacific

The Asia Pacific region, an emerging market and one of the largest consumers of seafood globally, is experiencing growth driven by factors such as rising disposable income, a growing trend of dining out, and an increase in the number of fast-food restaurants offering seafood. The expansion of the aquaculture industry in the region is a key driver of the local seafood market. Notably, China has made substantial investments in both fish and shrimp farming sectors, playing a crucial role in the region's seafood industry. As of 2022, two state-owned enterprises in China aimed to finalize the construction of an offshore aquaculture system, featuring a 100,000-ton platform docked in the Yellow Sea.

Analyst’s Viewpoint

In the realm of business, it is imperative to emphasize sustainable sourcing and responsible fishing practices. This strategic approach is vital to meet the ever-changing preferences of consumers and to comply with the evolving regulatory requirements governing the seafood industry. Investing in technological advancements stands as a key imperative for businesses operating in seafood production and distribution. This strategic allocation aims to improve operational efficiency, enhance product quality, and ensure robust traceability, thereby contributing to a more streamlined and sophisticated business process.

As consumer preferences continue to evolve, businesses should proactively explore new market segments. Notably, the rising trend in plant-based and alternative seafood products presents an opportunity for companies to align their offerings with changing consumer tastes, thereby enhancing their market relevance. Collaboration with industry stakeholders is pivotal in promoting overarching goals of food safety, sustainability, and ethical business practices. By forging partnerships within the industry, businesses can contribute to a collective effort to ensure responsible and ethical practices across the seafood supply chain. To remain competitive and adaptive, businesses must stay well-informed about market trends, consumer insights, and regulatory changes. This ongoing awareness enables companies to adapt their strategies promptly, ensuring alignment with industry shifts and maintaining a resilient position in the market.

Supply-side Dynamics

Several factors, including the increasing demand for exotic seafood and an increase in the number of restaurants providing seafood, all contribute to the dynamic and rapid expansion of the global Seafood market. Amalgam Frozen Foods Pvt. Ltd. (AFFL), American Seafoods Company, Austevoll Seafood ASA, Cooke Inc., and Dongwon F&B are market leaders in the manufacturing sector. The countries of Germany, Japan, China, France, and the US are significant producers of various goods.

China holds the position of the world's largest consumer of seafood, boasting a diverse palate that includes tilapia, carp, various shellfish, and aquatic delicacies. The country is a major contributor to global fish production, driven by its thriving aquaculture sector. Chinese consumers Favor a wide range of both freshwater and marine seafood, prepared using various regional culinary methods. China's unique influence on the global seafood industry, acting as both a significant consumer and producer, distinguishes it as a noteworthy player in the sector. Several corporations are allocating resources towards expanding their capacity to satisfy the increasing need for seafood. It is anticipated that these expansions will substantially alter the dynamics of the market, resulting in heightened competition, reduced prices, and an influx of innovative products.

Competitive Intelligence and Business Strategy

Prominent organizations, including Amalgam Frozen Foods Pvt. Ltd. (AFFL), American Seafoods Company, and Austevoll Seafood ASA, are at the vanguard of this sector, providing inventive solutions by capitalizing on their technological prowess and vast experience in the seafood industry. Organizations operating within this sector prioritize technological advancements, strategic alliances, and user experience improvement. These businesses make substantial R&D investments to create innovative and sustainable seafood products, enhance production processes, and stay at the forefront of evolving consumer preferences.

To distinguish themselves in this highly competitive market, these businesses strive to differentiate their products. They achieve this by providing unique quality attributes, innovative processing methods, and a commitment to sustainability throughout the seafood production chain.

Key Recent Developments

New Product Launch

In March 2022, Del Pacifico Seafoods, a prominent specialist in wild-caught Mexican shrimp, unveiled a new range of farmed shrimp and oysters during the Seafood Expo in North America. The company is strategically directing its efforts towards the expansion of its aquaculture operations, responding to the increasing demand for shrimp in both the retail and food service sectors. Furthermore, Del Pacifico is actively engaged in the implementation of sustainable harvesting and processing methods for the production of shrimp and oysters.

Market Impact: Del Pacifico Seafoods' venture into aquaculture enables the company to broaden its product portfolio. With the introduction of farmed shrimp and oysters complementing their well-known wild-caught Mexican shrimp, the company aims to address a wider spectrum of consumer preferences, potentially leading to an increase in its market share. The company's dedication to sustainable harvesting and processing methods mirrors the rising consumer inclination towards environmentally conscious and ethically sourced seafood. This not only enhances the company's reputation but also aligns with the values of consumers prioritizing sustainability, thereby driving sales in a market that is increasingly focused on ecological considerations.

In August 2021, Pure Salmon unveiled its latest salmon brand, "La Petite Fabrique du Saumon Fume," which is now available in French supermarkets. The company is dedicated to producing sustainable and environmentally friendly salmon and related products to meet the increasing demands of customers

Market Impact: Introducing a new salmon brand presents Pure Salmon with the chance to broaden its footprint in the seafood market. Through the introduction of a unique product in French supermarkets, the company has the potential to draw in new consumers and explore a wider market segment. The incorporation of this new brand signals a strategic diversification of Pure Salmon's product portfolio. This diversification positions the company to address diverse consumer preferences and meet specific demands within the dynamic seafood market.

Seafood Market Report Scope



Forecast Period

2023 to 2030

Historical Data Available for

2018 to 2022

Market Analysis

US$ Million for Value

Key Regions Covered

  • North America
  • Latin America
  • Europe
  • South Asia & Pacific
  • East Asia
  • The Middle East & Africa  

Key Countries Covered

  • United States
  • Canada
  • Germany
  • United Kingdom
  • France
  • Italy
  • Spain
  • Russia
  • China
  • Japan
  • South Korea
  • India
  • Thailand
  • Malaysia
  • Indonesia
  • Australia
  • New Zealand
  • GCC Countries
  • South Africa  

Key Market Segments Covered

  • Nature
  • Product Type
  • Form
  • End Use
  • Sales Channel
  • Region

Key Companies Profiled

  • 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

Report Coverage

  • Market Forecast
  • Company Share Analysis
  • Competition Intelligence
  • DROT Analysis
  • Market Dynamics and Challenges
  • Strategic Growth Initiatives  

Customization & Pricing

Available upon request

Seafood Market Research Segmentation

By Nature:

  • Organic
  • Natural

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
  • Europe
  • East Asia
  • South Asia & Oceania
  • Latin America
  • Middle East & Africa

- Companies Covered in This Report -

  • 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

- Frequently Asked Questions -

The market is anticipated to grow at a CAGR of 3.4% during the projected period.

The seafood market was valued at US$137.5 billion in 2023.

The US held the largest market share in 2023.

Some of the prominent players in the market are Amalgam Frozen Foods Pvt. Ltd. (AFFL), American Seafoods Company, Austevoll Seafood ASA, Cooke Inc., and Dongwon F&B.

The organic segment is expected to grow at the fastest pace during the forecast period.

This site uses cookies, including third-party cookies, that help us to provide and improve our services. Privacy Policy
Google translate