Asia-Pacific Seafood Market Size

Asia-Pacific Seafood Market Analysis

The Asia-Pacific Seafood Market size is estimated at 497.78 billion USD in 2024, and is expected to reach 527.34 billion USD by 2029, growing at a CAGR of 1.16% during the forecast period (2024-2029).

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497.78 Billion

Market Size in 2024 (USD)

527.34 Billion

Market Size in 2029 (USD)

2.41 %

CAGR (2017-2023)

1.16 %

CAGR (2024-2029)

Largest Segment by Type

67.04 %

value share, Fish, 2023

Fish consumption rose in response to the rapid increase in disposable income, as Asian consumers increased their spending on high-quality, value-added fish products.

Largest Segment by Country

49.44 %

value share, China, 2023

Fish was the most-consumed type of seafood in the country, which is dominated by freshwater fish and farmed shrimp, representing 80% of the total consumption value.

Fastest-growing Segment by Type

1.18 %

Projected CAGR, Fish, 2024-2029

The growth of the aquaculture sector supports the progress of the fish market in the region, with farmed fish dominating the on-trade and off-trade distribution channels.

Fastest-growing Segment by Country

2.30 %

Projected CAGR, India, 2024-2029

The rising demand for fresh/chilled seafood like fish and shrimp is expected to drive the growth of the market as India attempts to be self-sufficient with its seafood supply.

Leading Market Player

0.85 %

market share, Maruha Nichiro Corporation, 2022

Maruha Nichiro is known for products like canned seafood and fish sausages for both retail and foodservice, with operations in China, Japan, Thailand, and South Korea.

Increasing in food establishments in the region is boosting the market's growth

The market is primarily driven by rising health awareness

Asia-Pacific Seafood Industry Segmentation

Fish, Shrimp are covered as segments by Type. Canned, Fresh / Chilled, Frozen, Processed are covered as segments by Form. Off-Trade, On-Trade are covered as segments by Distribution Channel. Australia, China, India, Indonesia, Japan, Malaysia, South Korea are covered as segments by Country.

• In 2022, the fish type segment occupied a 61% higher market share than the other seafood type segment and a 68.4% higher market share than the shrimp segment. The fish type segment registered a growth of 21.2% by value from 2016 to 2021, mainly due to an increase in the population, which led to an increase in consumer preference for fish due to its affordable cost compared to shrimp and other seafood. In 2022, each person consumed twice as much fish as 50 years ago on average.
• Shrimp is expected to be the fastest-growing seafood type consumed in Asia-Pacific, registering a CAGR of 2.07% by value during the forecast period (2022-2028). China accounts for around 60% of total shrimp sales in the Asia-Pacific region. The increase in HRI players like food establishments rose to 1.2% from 2021, reaching 9.7 million restaurants by 2022 after the COVID-19 pandemic. Food establishments are attracting customers through the change in menus, such as the addition of seafood menus like shrimps and varied tastes of seafood across the Asia Pacific region, which is expected to drive sales and increase market share.
• The COVID-19 pandemic disrupted seafood supply chains through factors such as a shortage of workers and lack of automation, which impacted all stakeholders from 2020 to 2021. To mitigate the risk associated with this type of outbreak, the industry saw increased investments in logistics, packaging, and automation of seafood in countries like China and India. Big companies like Thai Union started using satellite technology for advanced traceability and increased their online presence through food and home deliveries, which further boosted company sales. The industry witnessed around 70 million people shopping online in Southeast Asia from 2019 to 2021.