Seafood Market Size

Seafood Market Analysis

The Seafood Market size is estimated at 720.76 billion USD in 2024, and is expected to reach 771.17 billion USD by 2029, growing at a CAGR of 1.36% during the forecast period (2024-2029).

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720.76 Billion

Market Size in 2024 (USD)

771.17 Billion

Market Size in 2029 (USD)

2.59 %

CAGR (2017-2023)

1.36 %

CAGR (2024-2029)

Largest Segment by Type

67.14 %

value share, Fish, 2023

The demand for fish is fueled by a range of factors, including fish's lower price, greater nutritional value, and ease of availability due to increased production.

Largest Segment by Region

68.88 %

value share, Asia-Pacific, 2023

The hike in the regional aquaculture sector, aided by large-scale investments is driving the market. Also, the adoption of the pescetarian lifestyle further booms the market.

Fastest-growing Segment by Type

1.46 %

Projected CAGR, Shrimp, 2024-2029

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

Fastest-growing Segment by Region

2.84 %

Projected CAGR, Africa, 2024-2029

The growth in the per capita income, population growth in Sub-Saharan Africa and rise in seafood production, are all projected to drive the African seafood market.

Leading Market Player

0.92 %

market share, Maruha Nichiro Corporation, 2022

The company offers a vast range of frozen, canned, and processed seafood for on-trade as well as off-trade channels. Fish sausage and canned salmon are it's hit products.

The inclination toward healthy diets is expected to boost growth

Large investments in the expansion of the aquaculture system are driving the market

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. Africa, Asia-Pacific, Europe, Middle East, North America, South America are covered as segments by Region.

• The global seafood market is expected to record a positive growth rate throughout the study period, and it is anticipated to register a 1.13% growth by value from 2023 to 2029. The rising public awareness about the vital role of fish as a food group in healthy and diversified diets has driven the growth of seafood consumption over the past five decades. The expansion of aquaculture in recent decades has boosted the overall growth of seafood production in inland waters. Globally, the highest per capita consumption of seafood is in Iceland, with an average consumption of 91 kg of seafood per capita annually.
• Among all the seafood types, fish has largely dominated global consumption. Tuna and Salmon were the most consumed fish in 2022. Moreover, fish is a good source of protein and vitamins and is a primary dietary source of heart-healthy omega-3 fatty acids.
• The consumption of shrimp is projected to grow globally, and it is expected to register a CAGR of 1.21%, by value, during the forecast period. Although quite small, the increase in the consumption of organic shrimp is predicted to pick up in the near future as a result of consumers becoming more socially and ecologically conscious. For instance, in 2023, 94% of people in all EU member states felt that environmental protection was essential to them. This factor is expected to result in growth in the per capita consumption of shrimp in the region during the forecast period.
• Asia-Pacific occupies the largest share of the global seafood market, around 69.36% by value. In Asia-Pacific, the sales of seafood in China accounted for about 49.64% of the total seafood sales in the region in 2022. China, Indonesia, Japan, India, Vietnam, and Myanmar are the major countries contributing to the marine captured seafood production.