Seafood Market to Grow at a 2.4% CAGR to Reach USD 193,913.8 Million by 2030

May, 2023 - Market Research Future has published a report on the Global Seafood Market

Seafood Market Insights

Seafood market is projected to reach USD 193.02 billion by 2030, exhibiting a CAGR of 2.40% from 2023 to 2030.

Market Research Future has invested its best resources in the research of the global seafood market in its latest report on the subject. Growth is projected for the market over the forecast period between 2022 and 2030. This projection has been dictated by several factors which have been recorded in the report along with key market figures regarding key market segments as well as the overall growth of the global seafood market.

Seafood comprises of fish, mollusks, crustaceans and various other delicacies which are in high demand across the world, particularly in coastal areas where seafood is an important part of the local diet. Seafood is lauded as an incredible source of various vital nutrients including protein, and omega fatty acids. High obesity rates and increased incidence of chronic diseases have resulted in an increasing focus on improving health as a preventative measure. Growing health consciousness has directly impacted an increased demand for seafood across the globe. Available in a variety of forms, such as fresh, dried, frozen, smoked and preserved as well as the abundant availability of various types of fish and shellfish has been an important factor driving the demand for seafood.

Growing vegetarianism is likely to restrain market growth. Moreover, reports of mercury levels rising in the ocean has both increased the demand for sweetwater fish and hindered the growth of the overall seafood market. However, with rising demand for organic fishing methods  is expected to offer the market new avenues for growth.

Market Segmentation

Segmentation of the global seafood market into its various vital components has been performed on the basis of type, category, distribution channel, and region.

Types of seafood have been broadly segmented to include crustaceans, mollusks, fish and others.

Categories of seafood have been divided into salted seafood, dried seafood, smoked seafood, frozen seafood, and others.

Distribution channels for seafood have been segmented into store based, and non-store based.

Segmentation into the global seafood market's various vital regional market has been done and includes Asia Pacific, Europe, North America, and the Rest of the World

The Asia Pacific leads the market with the highest share of the global seafood market due to the high production of seafood in the region. Seafood makes up a vital component of the diet in many regions of the Asia Pacific as many countries in the have large coastal areas. In countries like Thailand, and Japan, seafood is integral in the cuisine and as such is consistently in high demand. Moreover, the region has a truly significant population size which is urbanizing at a rapid rate. The general increase in the regions economic status has been key in the rise of disposable incomes which have led to the increased consumption and demand for seafood. Additionally, and increasing focus on health consciousness and recognition of seafood as healthy meat has also impacted the growth of the seafood market in the region.

Europe follows the Asia Pacific market as the second largest regional seafood market in the global market due to the increasing preference for healthier meat options. Moreover, various countries such as Norway, and other Scandinavian countries have a variety of local delicacies which are dependant on seafood, thus driving the market growth.

Key Players

Leading market participants have been analyzed in MRFR’s global seafood market report. Their various growth strategies, market shares and other important details regarding competition tracking have been included and reported upon in the report. Players mentioned in the report are Zhanjiang Guolian Aquatic Products Co., Ltd., Thai Union Group PCL, Tri Marine International, Inc., Cooke Aquaculture, Inc., Lyons Seafoods, Ltd., Trident Seafoods Corp., Austevoll Seafood ASA, Amalgam Enterprises, Princes, Ltd., and Dongwon Group.