Seafood Market was valued at USD 320 billion in 2022 and is expected to grow from USD 340.86 billion in 2023 to reach USD 564.98 billion by 2031, at a CAGR of 6.52% during the forecast period (2024-2031).
Nowadays, people are more focused on their protein consumption and consider seafood to be more healthy than other meat options, rising the demand for seafood market. The growing tourism and hospitality sectors are playing a vital part in the expansion of the market. The tourism and hospitality sectors are important for promoting and offering seafood dishes to their visitors and travelers. For catering the demand for fish products among travelers who wants unique culinary experiences, restaurants, hotels, resorts, cruise ships, and other such venues are including extensive seafood dishes in their menus. People believe that fishes are lean and nutritious source of protein, fueling the demand for the seafood market. Today, consumers are also aware about the health benefits of seafood, particularly due to its high percentage of omega-3 fatty acids, vitamins, and minerals, leading to the high consumption of seafood and progression of the market growth. Consumers are also more concerned about their health and have incorporated seafood in their balanced diet to improve their cardiovascular health and general well-being. This is allowing the seafood producers to develop unique value-added fish items that are enriched with nutrients, promoting the nutritional benefits of their products and to increase profitability. This constant focus on health and wellness is making seafood a premium and in-demand protein source, positively influencing the market expansion.
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Top Player’s Company Profiles
- Maruha Nichiro Corp (Japan)
- Nissui Corp (Japan)
- Mowi ASA (Norway)
- Thai Union Group PCL (Thailand)
- PREMIUM BRANDS HOLDINGS CORPORATION (Canada)
- Austevoll Seafood ASA (Norway)
- LEROY SEAFOOD GROUP ASA (Norway)
- Trident Seafoods (US)
- SalMar ASA (Norway)
- GRUPO NUEVA PESCANOVA (Spain)
- Bakkafrost (Faroe Islands)
- Dongwon Industries (South Korea)
- High Liner Foods (Canada)
- Royal Greenland (Greenland)
- Agrosuper (Chile)
- Cooke Aquaculture Inc (Canada)
- Blue Star (India)
- Panapesca (Spain)
- PACFISH S.A. (Chile)
- Kverva AS (Norway)
Rising Popularity of Convenient Cooking to Increase Demand for Processed and Ready-to-Cook Seafoods
The high demand for processed food in developing economies and increasing consumption of convenience food among the working people and millennials have increased immensely. The rapid urbanization and busy lifestyle of the consumers, the popularity for products with longer shelf life is increasing. This is encouraging the seafood producing companies to innovate their seafood-based product and packaging to increaseshelf life. The growing trend of easy-to-cool products have massively increased in the last few years due to the advancement of processing techniques, well-equipped cold storage chains, and dramatic transformation in the food habits. The growing innovations in the product developments like froze, canned, and smoked seafood are also providing immense opportunities for convenient cooking, leading to the growth of the seafood market.
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Segments covered
Type
Fish (Salmon, Tuna, Pollock), Crustaceans (Crabs, Shrimps, Prawns), Molluscs (Scallops, Oysters), Others
Category
Dried Seafood, Salted Seafood, Smoked Seafood, Frozen Seafood, Others
Distribution Channel
Supermarkets & Hypermarkets, Convenience Stores, Speciality Stores, Online Retail, Others
End Use
Food, Pharmaceutical, Cosmetics, Industrial, Biotechnology, Household Retail
Source
Farm Raised, Wild Caught
Nature
Organic, Conventional
Growing Inclination towards Seafood-Based Diets to Follow Health and Nutritious Eating Habits
The seafood market has experienced a surge due to the increasing consumption of seafood-based products. People are improving their living standards and have become more health conscious in both the developing and developed economies, contributing to the increase in consumption of seafood. People are also consuming more fish items due to this progression of globalization and interest in healthy and nutritious food. Many people have started following a pescetarian lifestyle where they consume fish combined with a vegetable-based diet due to various health related factors. Fishes like salmon, herring, and trout offer many health benefits along with nutritional values. These fishes are packed with omega-3 fatty acids. These omega-3s have always been recommended by physicians as they good for heart and brain to keep them health, leading to the consumption of seafood-based products. Furthermore, regular consumption of fishery products or following a pescetarian diet can also help in decreasing the risk of diseaseslike obesity, cardiovascular diseases and others. These factors are driving the growth of the seafood market.
- Central Marine Fisheries Research Institute (CMFRI) and Neat Meatthas signed a MoU in January 2024. This will help in making kingfish, pomfret, and sea fish analogs. The team will replicate the flavor, texture, and nutritional qualities of the actual fish in plant-based analogs and cell cultured products.
- For encouraging enhanced practices in the shrimp industry, the Sustainable Shrimp Partnership joined the global Sustainable seafood initiative as an associate partner in January 2024. This will develop the sustainable seafood movement emphasizing on the farm shrimp sector.
- SteakholderFoods and Sherry Herring had signed a MoU in June 2024. The aim was to produce a variety of vegan fish salads.
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Growing Demand of 3D Printing of Seafood to Reduce Environmental Impact and Cater Diverse Customer Base
3D printing technology is revolutionizing the seafood market by offering immense opportunities for product innovation and personalization. Many prominent brands with the help of 3D printing are producing substitutes of seafood that with suit specific tastes, textures, and dietary requirements. This outstanding method is successfully making seafood products with proper control over their physical features like texture, flavor and appearance. The ability to attract a wide range of consumers is one of the vital advantages of 3D printing of seafood. It reacts to the shifting requirements of various culinary experiences just by adjusting the item’s features to suit unique preferences. 3D printing seafoods are also successfully catering to the people who prefer an alternative protein source and follow veganism. The technology offers plant and cell-based seafood alternatives that imitates the flavor and texture of the actual food while reducing environmental impact and ethical concerns related to the present fishing process.
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