Seafood Global Market Report 2024

The seafood market size has grown strongly in recent years. It will grow from $236.61 billion in 2023 to $254.2 billion in 2024 at a compound annual growth rate (CAGR) of 7.4%. The expansion observed in the historical period can be ascribed to factors such as culinary diversity and globalization, improvements in cold chain logistics, consumer preferences for convenience, seasonal and cultural consumption patterns, and adherence to health and safety standards.

The seafood market size is expected to see strong growth in the next few years. It will grow to $331.64 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%. The anticipated growth in the forecast period can be attributed to factors such as the surge in plant-based seafood alternatives, the global blending of culinary styles, trends in health and nutrition, the expanding e-commerce landscape in seafood retail, governmental support for aquaculture, and a focus on crisis preparedness and resilience. Noteworthy trends in the forecast period encompass innovations in seafood products, a variety of seafood species, the impact of global flavors, collaborative efforts for conservation, and the incorporation of technology in traceability and transparency.

The global population is on the rise and is projected to reach 10 billion by 2050, leading to an increased demand for food. "The Agricultural Outlook" by the OECD and FAO predicts a 13% growth in global cereal production by 2027 to meet the needs of the expanding population. Consequently, companies in various markets, including seafood manufacturing, are poised to benefit from the growing demand for food and beverage products as a result of the increasing population during the forecast period.

The seafood market is expected to experience growth due to the rising demand for protein-rich food products. Protein-rich foods, characterized by high protein content per serving, are essential for optimal health and can be found in various food sources. Seafood, being an excellent source of protein along with important vitamins and minerals such as vitamin B12, fulfills this demand. Protein consumption contributes to a feeling of fullness and satisfaction, supporting a healthy body weight. For example, a report by Cargill Incorporated, a US-based agribusiness company, noted that consumer demand for protein has consistently increased over the last five years, with 29% of U.S. consumers emphasizing the growing importance of protein in 2022. Hence, the escalating demand for protein-rich food products is a key driver for the growth of the seafood market.

The COVID-19 pandemic significantly impacted the seafood manufacturing market in 2020 due to disruptions in supply chains caused by trade restrictions and reduced consumption during global lockdowns. As governments implemented restrictions on the movement of goods locally and internationally, manufacturers faced production halts due to a lack of raw materials. Additionally, concerns about contamination through manufacturing facilities and trade restrictions on non-essential goods contributed to the overall decline. Despite the negative impact on businesses throughout 2020 and 2021, the seafood manufacturing market is expected to recover over the forecast period, as the pandemic is considered a "black swan" event unrelated to inherent weaknesses in the market or the global economy.

Fish processing facilities are incorporating high-pressure processing (HPP) technology to enhance operational efficiency. HPP is a non-thermal method wherein fish is immersed in a liquid within a pressure vessel, subjecting it to pressures approximately 6000 times the average air pressure at sea level to pasteurize the fish meat. This technology eliminates the need for heat and chemicals in fish preservation. With a yield increase of 20–50%, HPP not only saves processing time and costs but also effectively eradicates microbes, extending the shelf life of processed fish by 2 to 4 times without compromising freshness, flavor, color, texture, or nutritional value. Avure Technologies and Food Science Australia have developed widely used HPP technologies in fish processing, with companies such as The Seafood Company in Singapore leveraging this technology.

Key market players are emphasizing technological advancements in the smart packaging of supply chains to maintain their market positions. Smart packaging aims to enhance the quality and safety of seafood products, prolong shelf life, and reduce food waste. An example is Southeastern Grocers, a US-based supermarket chain, which introduced two smart packaging machines in March 2022. The first type involves a vacuum-sealed bag that extends the shelf life of fresh seafood by up to 10 days. The second type is modified atmosphere packaging (MAP), utilizing a gas blend to preserve the quality and freshness of seafood, capable of extending the shelf life of fresh seafood by up to 14 days.


Major companies operating in the seafood market report are Marubeni America Corporation, Sysco Corporation, Bumble Bee Foods, The Kraft Heinz Company, Charoen Pokphand Foods PCL, Coastal Corp. Ltd., Maruha Nichiro Corporation, Nippon Suisan Kaisha Ltd., Nichirei Corporation, Thai Union Group PCL, Trident Seafoods Corporation, Lerøy Seafood Group ASA, Bolton Group Srl, High Liner Foods Inc., Nichimo Co. Ltd., Young’s Seafood Ltd., Oceana Group Ltd., Grieg Seafood ASA, Austevoll Seafood ASA, Inland Seafood Inc., Beaver Street Fisheries, Cooke Aquaculture Inc., American Seafoods, Handy Seafood Inc., Admiralty Island Fisheries Inc., Anna Maria Fish Co., Marine Harvest ASA, J.J. McDonnell & Co Inc., Pacific Seafood, Phillips Foods Inc., Dahu Aquaculture Co. Ltd., New Zealand King Salmon Investments Ltd., Oman Fisheries Co. SAOG.

Asia-Pacific was the largest region in the seafood market in 2023. Western Europe was the second-largest region in the seafood market. The regions covered in the seafood market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the seafood market report are Australia; China; India; Indonesia; Japan; South Korea; Bangladesh; Thailand; Vietnam; Malaysia; Singapore; Philippines; Hong Kong; New Zealand; USA; Canada; Mexico; Brazil; Chile; Argentina; Colombia; Peru; France; Germany; UK; Austria; Belgium; Denmark; Finland; Ireland; Italy; Netherlands; Norway; Portugal; Spain; Sweden; Switzerland; Russia; Czech Republic; Poland; Romania; Ukraine; Saudi Arabia; Israel; Iran; Turkey; UAE; Egypt; Nigeria; South Africa.

Seafood is broadly categorized into crustaceans, fish, and other types. Crustaceans, characterized by hard shells and multiple pairs of legs, include species such as lobsters, shrimp, and crabs. These seafood products come in various forms such as frozen, dried, smoked, and canned, available through distribution channels such as supermarkets/hypermarkets, convenience stores, e-commerce, and other distribution channels. The seafood can be sourced from marine or inland environments, and the products may be of both organic and conventional nature.

The seafood research report is one of a series of new reports that provides seafood statistics, including seafood industry global market size, regional shares, competitors with seafood share, detailed seafood segments, market trends and opportunities, and any further data you may need to thrive in the seafood industry. This seafood research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The seafood market consists of sales of frozen crustaceans meat, fresh/ chilled crustaceans meat, canned crustaceans meat, frozen fish meat, fresh/ chilled fish meat, canned fish meat, and other seafood meat. Establishments known as floating factory ships that gather and process seafood into canned seafood products are also included in this industry. The companies in the industry package and distribute their products through various distribution channels to both individual customers and commercial establishments. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.