Seafood Market Size

The seafood market is projected to experience steady growth, driven by increasing awareness of the health benefits of fish and the expansion of aquaculture. Asia-Pacific holds the largest market share, with significant contributions from countries like China, Indonesia, and Japan. The region's market size is bolstered by its robust aquaculture sector, although some countries have faced declines in shrimp consumption due to price surges and supply issues. Africa is noted as the fastest-growing region, while Europe shows potential for growth, particularly in processed seafood imports.

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Market Size of seafood Industry

Seafood Market Summary
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svg icon Study Period 2017 - 2029
svg icon Market Size (2024) USD 720.76 Billion
svg icon Market Size (2029) USD 771.17 Billion
svg icon Largest Share by Type Fish
svg icon CAGR (2024 - 2029) 1.36 %
svg icon Largest Share by Region Asia-Pacific

Major Players

Seafood Market Major Players

*Disclaimer: Major Players sorted in no particular order

Key Players

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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).

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

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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

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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

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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

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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

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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

  • 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.
Global Seafood Market

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

  • The region with the most consumption of seafood in 2022 was Asia-Pacific. The seafood market in the region is driven by the growing aquaculture sector. China is heavily dependent on fish and shrimp farming and has made large-scale investments in the sector. In 2022, two Chinese state-owned corporations were set to complete the construction of an offshore aquaculture system with a 100,000-ton platform to be docked in the Yellow Sea.
  • The fastest-growing region globally for seafood is Africa, which is projected to register a CAGR of 2.65% by value during the forecast period. Europe is another promising region to look out for and is projected to register a CAGR of 0.38% by value from 2023 to 2029. One of the largest imports of seafood in the region is tuna, more specifically, processed tuna. In 2021, processed and preserved seafood accounted for 32% of the total expenditure on seafood products in EU households, where 10% of the value came from dried, smoked, or salted seafood. On the other hand, fresh/chilled and frozen seafood amounted to roughly 48% and 20% by value, respectively, in the same year.
  • Several countries in Asia-Pacific saw a drop in the consumption of shrimp during the study period. This was primarily due to the soaring prices of shrimp, which was a result of the low supply of shrimp in the region caused by the Early Mortality Syndrome (EMS) crisis. Countries affected by it included China, Japan, Vietnam, Thailand, Indonesia, Malaysia, and other Southeast Asian countries. As they relied primarily on imports of shrimp from other Asian countries, Japan and Indonesia saw significant drops in consumption, with declining CAGRs of 4.38% and 1.59% by value, respectively, from 2017 to 2022.

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.
Type
Fish
Shrimp
Other Seafood
Form
Canned
Fresh / Chilled
Frozen
Processed
Distribution Channel
Off-Trade
Convenience Stores
Online Channel
Supermarkets and Hypermarkets
Others
On-Trade
Region
Africa
By Type
By Form
By Distribution Channel
By Country
Egypt
Nigeria
South Africa
Rest of Africa
Asia-Pacific
By Type
By Form
By Distribution Channel
By Country
Australia
China
India
Indonesia
Japan
Malaysia
South Korea
Rest of Asia-Pacific
Europe
By Type
By Form
By Distribution Channel
By Country
France
Germany
Italy
Netherlands
Russia
Spain
United Kingdom
Rest of Europe
Middle East
By Type
By Form
By Distribution Channel
By Country
Bahrain
Kuwait
Oman
Qatar
Saudi Arabia
United Arab Emirates
Rest of Middle East
North America
By Type
By Form
By Distribution Channel
By Country
Canada
Mexico
United States
Rest of North America
South America
By Type
By Form
By Distribution Channel
By Country
Argentina
Brazil
Rest of South America
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Seafood Market Size Summary

The global seafood market is poised for steady growth, driven by increasing public awareness of the health benefits associated with seafood consumption. Fish, particularly tuna and salmon, dominates global seafood consumption due to its rich protein content and heart-healthy omega-3 fatty acids. The expansion of aquaculture has significantly contributed to the rise in seafood production, especially in inland waters, supporting the growing demand. The Asia-Pacific region holds the largest share of the market, with China leading in seafood sales, largely due to its substantial investments in aquaculture. Despite challenges such as the Early Mortality Syndrome affecting shrimp supply, the demand for fish continues to rise, supported by its health benefits and recovery in consumption levels.

The seafood market is characterized by its fragmented nature, with major players like Austevoll Seafood ASA, Maruha Nichiro Corporation, Nippon Suisan Kaisha Ltd, Sysco Corporation, and Thai Union Group PCL holding a small share collectively. The market dynamics are influenced by various factors, including geopolitical tensions, environmental concerns, and economic conditions. For instance, the Russian-Ukrainian conflict has impacted seafood exports, particularly affecting salmon shipments to Asia. Additionally, rising fuel prices and unusual weather patterns have led to increased seafood prices globally. Despite these challenges, regions like Africa are emerging as fast-growing markets, while Europe continues to show promise with its significant seafood imports, particularly processed tuna.

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Seafood Market Size - Table of Contents

  1. 1. MARKET SEGMENTATION (includes market size in Value in USD, Forecasts up to 2029 and analysis of growth prospects)

    1. 1.1 Type

      1. 1.1.1 Fish

      2. 1.1.2 Shrimp

      3. 1.1.3 Other Seafood

    2. 1.2 Form

      1. 1.2.1 Canned

      2. 1.2.2 Fresh / Chilled

      3. 1.2.3 Frozen

      4. 1.2.4 Processed

    3. 1.3 Distribution Channel

      1. 1.3.1 Off-Trade

        1. 1.3.1.1 Convenience Stores

        2. 1.3.1.2 Online Channel

        3. 1.3.1.3 Supermarkets and Hypermarkets

        4. 1.3.1.4 Others

      2. 1.3.2 On-Trade

    4. 1.4 Region

      1. 1.4.1 Africa

        1. 1.4.1.1 By Type

        2. 1.4.1.2 By Form

        3. 1.4.1.3 By Distribution Channel

        4. 1.4.1.4 By Country

          1. 1.4.1.4.1 Egypt

          2. 1.4.1.4.2 Nigeria

          3. 1.4.1.4.3 South Africa

          4. 1.4.1.4.4 Rest of Africa

      2. 1.4.2 Asia-Pacific

        1. 1.4.2.1 By Type

        2. 1.4.2.2 By Form

        3. 1.4.2.3 By Distribution Channel

        4. 1.4.2.4 By Country

          1. 1.4.2.4.1 Australia

          2. 1.4.2.4.2 China

          3. 1.4.2.4.3 India

          4. 1.4.2.4.4 Indonesia

          5. 1.4.2.4.5 Japan

          6. 1.4.2.4.6 Malaysia

          7. 1.4.2.4.7 South Korea

          8. 1.4.2.4.8 Rest of Asia-Pacific

      3. 1.4.3 Europe

        1. 1.4.3.1 By Type

        2. 1.4.3.2 By Form

        3. 1.4.3.3 By Distribution Channel

        4. 1.4.3.4 By Country

          1. 1.4.3.4.1 France

          2. 1.4.3.4.2 Germany

          3. 1.4.3.4.3 Italy

          4. 1.4.3.4.4 Netherlands

          5. 1.4.3.4.5 Russia

          6. 1.4.3.4.6 Spain

          7. 1.4.3.4.7 United Kingdom

          8. 1.4.3.4.8 Rest of Europe

      4. 1.4.4 Middle East

        1. 1.4.4.1 By Type

        2. 1.4.4.2 By Form

        3. 1.4.4.3 By Distribution Channel

        4. 1.4.4.4 By Country

          1. 1.4.4.4.1 Bahrain

          2. 1.4.4.4.2 Kuwait

          3. 1.4.4.4.3 Oman

          4. 1.4.4.4.4 Qatar

          5. 1.4.4.4.5 Saudi Arabia

          6. 1.4.4.4.6 United Arab Emirates

          7. 1.4.4.4.7 Rest of Middle East

      5. 1.4.5 North America

        1. 1.4.5.1 By Type

        2. 1.4.5.2 By Form

        3. 1.4.5.3 By Distribution Channel

        4. 1.4.5.4 By Country

          1. 1.4.5.4.1 Canada

          2. 1.4.5.4.2 Mexico

          3. 1.4.5.4.3 United States

          4. 1.4.5.4.4 Rest of North America

      6. 1.4.6 South America

        1. 1.4.6.1 By Type

        2. 1.4.6.2 By Form

        3. 1.4.6.3 By Distribution Channel

        4. 1.4.6.4 By Country

          1. 1.4.6.4.1 Argentina

          2. 1.4.6.4.2 Brazil

          3. 1.4.6.4.3 Rest of South America

Seafood Market Size FAQs

The Global Seafood Market size is expected to reach USD 720.76 billion in 2024 and grow at a CAGR of 1.36% to reach USD 771.17 billion by 2029.

In 2024, the Global Seafood Market size is expected to reach USD 720.76 billion.

Seafood Market Report Snapshots

Seafood Market Size - Industry Report on Share, Growth Trends & Forecasts Analysis Up to 2029