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The seafood market size is forecast to increase by USD 150.04 billion, at a CAGR of 13.55% between 2023 and 2028. The market is experiencing significant growth driven by rising consumer awareness about the health benefits of seafood and the nutritional value it provides. This trend is further fueled by the increasing popularity of online retailing in the seafood industry, which offers convenience and accessibility to consumers. However, the market faces challenges due to the depletion of certain sea species, leading to concerns about sustainability and the need for responsible fishing practices. To mitigate this issue, initiatives such as sustainable fishing and aquaculture are gaining traction, ensuring the long-term growth and sustainability of the market.
The industry is a significant contributor to the global protein market, providing consumers with a wide range of options rich in essential nutrients such as omega-3 fatty acids, vitamins, and minerals. Seafood is increasingly popular due to its health advantages, making it a crucial component of a balanced diet. The price of seafood varies depending on the species, with popular choices like shrimp, salmon, tuna, cod, and tilapia being more expensive. The seafood industry is also embracing innovation, with trends such as 3D printing technology and culinary experimentation transforming the way seafood is produced and consumed. Personalization and texture are key factors driving product innovation, with alternative protein sources and seafood substitutes gaining traction due to their ethical concerns and environmental impact.
Furthermore, the tourism and hospitality sectors are significant consumers of seafood, with their culinary applications adding value to the industry. Sustainability is a critical consideration in the seafood industry, with the use of aquaculture techniques, such as those certified by the Aquaculture Stewardship Council and Marine Stewardship Council, ensuring the long-term viability of the industry. The texture, flavor, and appearance of seafood continue to be key factors influencing consumer preferences. Lean and sustainable seafood options are increasingly popular, with consumers seeking out ethically sourced and environmentally responsible choices. The health advantages of seafood make it an attractive addition to any diet, making it a dynamic and evolving industry.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
The fish segment is estimated to witness significant growth during the forecast period. The seafood industry continues to thrive due to the increasing demand for protein sources, with seafood occupying a significant role as a high-protein meat alternative. Consumers' growing awareness of the health benefits associated with fish, such as omega-3 fatty acids, vitamins D and B2 (riboflavin), and minerals, has fueled the preference for fish over other types of seafood. The fish segment dominated The market in 2023, accounting for the largest market share. The rising number of meat eaters and the American Heart Association's recommendation of incorporating fish into a healthy diet at least twice a week further bolster the demand for fish.
Moreover, innovation and personalization are key trends in the seafood industry, with 3D printing technology enabling culinary experimentation and the development of alternative protein sources and seafood substitutes. The texture, flavor, and appearance of these products are being enhanced to mimic the authentic seafood experience. Sustainability and ethical concerns are also crucial factors influencing the market, with certifications from organizations such as the Aquaculture Stewardship Council and Marine Stewardship Council promoting sustainable aquaculture techniques. The market encompasses a diverse range of products, including fresh and frozen shrimps, salmon, tuna, cod, tilapia, lobster, and crab. Convenience seafood items cater to the busy lifestyles of consumers, making seafood more accessible.
Furthermore, the environmental impact and ethical concerns surrounding the production of these seafood items are being addressed through traceability initiatives and the promotion of lean, sustainable, and ethically sourced seafood. The market is expected to grow significantly during the forecast period, driven by these trends and the continued preference for fish as a healthy and versatile protein source.
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The fish segment accounted for USD 94.09 billion in 2018 and showed a gradual increase during the forecast period.
APAC is estimated to contribute 38% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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Amidst the Brexit transition period, the European Union (EU) continues to be a significant importer of fish, crustaceans, and molluscs from various countries. Seafood remains a popular choice for consumers, especially those following pescetarian diets or seeking to incorporate vegetarian alternatives like plant-based fish. However, concerns regarding anabolic steroids and toxic chemicals in seafood have increased awareness among consumers about the health implications of their lifestyle choices. The market in 2023 is dominated by the Asia-Pacific (APAC) region, which accounts for the largest production and consumption of fishery products. Countries like China, Japan, South Korea, Taiwan, India, Australia, and Southeast Asian nations are major contributors to the market.
Furthermore, the region's growing population of affluent and health-conscious consumers is driving the demand for high-quality, diverse seafood offerings. Fish, rich in omega-3 fatty acids like DHA, is known to provide heart health benefits. Fatty fish, such as salmon, mackerel, and tuna, are popular choices for consumers. Seafood farmers and fishing activities face environmental issues, and organised retail operators and food businesses must adhere to administrative authorities' regulations to ensure the safety and sustainability of seafood production and distribution. Seafood cuisines and restaurants are increasingly popular, offering a variety of dishes, including sushi, sashimi, and ceviche. Pork-based foods, which are high in saturated fats, are being replaced by pescetarianism as a healthier alternative.
Despite these benefits, it is essential to ensure the seafood is sourced ethically and sustainably to maintain its health advantages.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Rising consumer awareness about healthy nutrition is the key driver of the market. The seafood industry continues to experience significant growth, with global consumption projected to reach 2014 MMT by 2030, up from 174.6 MMT in 2020. Domestic household consumption is a major driver of this trend, fueled by the nutritional benefits and diverse culinary applications of seafood. Five popular fish species, including Alaska pollock, trout, carp, mackerel, and salmon, provide essential nutrients such as vitamin B, B-complex vitamins, and vitamin A, as well as vitamin D found in tuna, beneficial for bone and immune health. Seafood is a rich source of protein, low in saturated fats, and packed with omega-3 fatty acids and vitamins A and Vitamin B.
Moreover, innovation and personalization are key trends in the seafood industry, with 3D printing technology enabling the creation of unique textures, flavors, and appearances. Alternative protein sources and seafood substitutes are gaining popularity due to environmental concerns and ethical considerations. Value-added fish products, such as smoked salmon and surimi, offer convenience and sustainability. Certifications from organizations like the Aquaculture Stewardship Council and Marine Stewardship Council ensure traceability and sustainability in the industry. Seafood's versatility extends to various culinary applications, from shrimp in pasta dishes to tuna in sushi, cod in fish and chips, tilapia in ceviche, lobster in bisque, and crab in crab cakes.
Fresh and frozen seafood options cater to different consumer preferences and convenience needs. As consumers seek a balanced diet, seafood's health advantages, including lean protein, omega-3 fatty acids, and essential vitamins and minerals, make it a valuable addition to any meal plan. Aquaculture techniques, such as recirculating aquaculture systems, promote sustainability and reduce the environmental impact of seafood production.
The growth of online retailing in seafood industry is the upcoming trend in the market. The seafood industry continues to be a significant contributor to the global protein market, with consumers demonstrating a strong preference for its unique texture, flavor, and appearance. The industry caters to various sectors, including tourism and hospitality, where seafood plays a crucial role in culinary experimentation and product innovation. The rise of 3D printing technology offers new opportunities for personalized seafood products, allowing for alternative protein sources and seafood substitutes. As consumers become more health-conscious, the focus on the health advantages of seafood, such as omega-3 fatty acids, vitamins, and minerals, has grown. Lean and sustainable options, such as those derived from aquaculture techniques certified by organizations like the Aquaculture Stewardship Council and Marine Stewardship Council, are increasingly popular.
Moreover, online retailing has revolutionized the market, enabling suppliers to reach a broader audience and improve customer relations. E-commerce platforms offer convenience, product discovery, and competitive pricing, driving demand for fresh and frozen seafood items. Key seafood products, such as shrimp, salmon, tuna, cod, tilapia, lobster, and crab, have numerous culinary applications and are available in various certifications and traceability initiatives. Price sensitivity and ethical concerns are crucial factors influencing consumer decisions. The environmental impact of seafood production and the need for sustainable practices are increasingly important considerations. As a result, value-added fish products, such as smoked, canned, and processed seafood, are gaining popularity due to their convenience and longer shelf life.
In conclusion, the seafood industry's digital transformation, driven by e-commerce, offers numerous opportunities for growth, innovation, and sustainability. By embracing technology, manufacturers and distributors can expand their reach, cater to evolving consumer preferences, and promote the health benefits of seafood.
Depletion of sea species is a key challenge affecting market growth. The seafood industry plays a significant role in global protein consumption, with millions of people relying on it as their primary source. Seafood is not only a staple in the diets of billions, but it is also a crucial component of the tourism and hospitality industries. However, the industry faces challenges, including rising prices for consumers and ethical concerns regarding sustainability and environmental impact. To address these issues, innovations such as 3D printing technology and culinary experimentation with alternative protein sources and seafood substitutes are gaining popularity. These advancements offer opportunities for product personalization, enhancing texture, flavor, and appearance. Omega-3 fatty acids, vitamins, and minerals found in seafood contribute to a balanced diet, making it essential for overall health.
Further, certifications like the Aquaculture Stewardship Council and Marine Stewardship Council promote sustainability through responsible aquaculture techniques. Seafood items, including shrimp, salmon, tuna, cod, tilapia, lobster, and crab, are available in both fresh and frozen forms, ensuring convenience for consumers. Traceability initiatives and certifications are essential to ensure ethical sourcing and reduce the environmental impact of the industry.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Aker BioMarine ASA - The company provides a range of expert seafood solutions, including Superba 2 and Superba Boost.
The market research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market is a significant contributor to the global protein market, providing consumers with a wide array of options rich in protein, omega-3 fatty acids, vitamins, and minerals. Seafood's appeal lies in its diverse culinary applications, texture, flavor, and appearance. However, factors such as price, ethical concerns, and environmental impact influence consumer preferences. The industry is innovating through 3D printing technology and culinary experimentation to create new product offerings and alternatives to traditional seafood sources. Seafood substitutes made from plant-based proteins and other alternative sources are gaining popularity due to their sustainability and ethical advantages. Lean fish species like shrimp, salmon, tuna, cod, tilapia, lobster, and crab remain popular choices.
Furthermore, fresh and frozen seafood items are available in various certifications and traceability initiatives to ensure sustainability and ethical production. Aquaculture techniques, such as those certified by the Aquaculture Stewardship Council and Marine Stewardship Council, are crucial in reducing the environmental impact of seafood production. Value-added fish products, such as smoked, canned, and processed seafood, offer convenience and health advantages for consumers seeking a balanced diet. Overall, the seafood industry continues to evolve, focusing on product innovation, personalization, and meeting the changing needs and preferences of consumers.
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Market Scope |
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Report Coverage |
Details |
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Page number |
160 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 13.55% |
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Market Growth 2024-2028 |
USD 150.04 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
12.45 |
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Regional analysis |
APAC, North America, South America, Europe, and Middle East and Africa |
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Performing market contribution |
APAC at 38% |
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Key countries |
US, Canada, China, Japan, and France |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Aker BioMarine ASA, Austevoll Seafood ASA, Clifton Sea Food Co., Cooke Aquaculture Inc., Djibah Seafood SARL, Grayton Seafood Co. LLC, Kangamiut Seafood AS, Kings Seafood Group, Lee Fish, Lee Fishing Company, Marel Group, Mida Food Distributors Inc., Motor City Seafood Co., Mowi ASA, Nueva Pescanova SL, Pacific Seafood Group, Phillips Foods Inc., Seattle Fish Co., The Deep Seafood Co., and Trident Seafoods Corp. |
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Market dynamics |
Parent market analysis, market growth inducers and obstacles, market forecast, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, market condition analysis for the forecast period |
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Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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