Seafood Market Forecasts to 2028 - Global Analysis By Source (Wild Caught, Farm Raised, Other Sources), Nature (Conventional, Organic, Other Natures), Form (Frozen, Fresh, Ambient, Chilled Canned, Other Forms), and Others

According to Stratistics MRC, the Global Seafood Market is accounted for $344.68 billion in 2022 and is expected to reach $641.91 billion by 2028 growing at a CAGR of 10.92% during the forecast period. Seafood includes all types of crustaceans, fish, and molluscs, whether processed or fresh. Seafood is high in protein and is widely regarded as one of the healthiest foods. Seafood consumption helps to prevent heart attacks and strokes, lowers blood pressure, and is high in Omega-3 fatty acids.

According to the Food and Agriculture Organization (FAO), by 2030, and additional value of 40 million tons of sea food, which is an increment of 30%, will be required to meet the rising demand in coming years.

Market Dynamics:

Driver:

Rise in awareness of the health benefits

Over the forecast period, the seafood market will see an increase in demand. This is primarily due to increased consumer understanding of the health benefits of seafood and a considerable shift in consumer lifestyle. Non-vegetarian consumers have been gradually changing their eating habits and gravitating toward pescetarianism. Because meat and meat products frequently contain harmful chemicals and pesticides, there has been a significant shift in consumer preference toward healthy diet patterns. As a result, this factor has increased consumer demand for seafood in the coming years.

Restraint:

Changing climatic conditions

Sea species extinction is expected to stymie market growth. Shifting climatic factors such like levels of oxygen, water acidity, but instead temperatures have an impact on fish and seafood production, which is expected to impede market growth. Severe fishing disrupts marine life, limiting market growth. The lack of proper packaging regulations and the product's short shelf life are expected to stymie market growth.

Opportunity:

Rising demand for fat-free proteinaceous food around the world

Various seafood restaurants are emphasising the availability of exotic seafood options. Sustainable seafood options such as catfish and tilapia are prioritised by these restaurants and seafood service providers. These factors are propelling the seafood market forward.

Threat:

Limitations of sea foods

The product's shorter shelf life, the decrement of sea species, federal regulations on increasing and packaging seafood, and the rise of new of illnesses while going to rise and processing seafood will all impede market growth.

COVID-19 Impact

The COVID-19 epidemic has had a significant impact on the country's seafood market due to the chain disruption and government-imposed lockdown. The import of seafood is expected to resume within two years. Lockdowns around the world, supply chain disruptions, and fluctuating raw material supplies forced producers to shut down production, resulting in a disappointing decline in market growth. The introduction of vaccines to confront the COVID-19 public health crisis is expected to increase market growth during the forecast period.

The Frozen segment is expected to be the largest during the forecast period

The Frozen segment is estimated to have a lucrative growth. Under three-quarters among all seafood consumed worldwide is frozen, with freshwater fish species reporting for a little more than half of all frozen goods. Shrimp is the most popular shellfish, accounting for less than half of the total. Frozen fish products are becoming more popular as a result of their comfort ability, ease of order to prepare, and nutritional value.

The fish segment is expected to have the highest CAGR during the forecast period

The fish segment is anticipated to witness the fastest CAGR growth due to fish is becoming more popular as a high-protein alternative to meat. As the amount of meat eaters grows, so does the demand for fish, owing to the wellbeing advantages of consuming it. Fish is a low fat diet that is very beneficial because it contains omega-3 fatty acids. Many countries with prevalent heart conditions are increasing their consumption of fish. Omega-3 fatty acids seem to be extremely beneficial to people suffering from cardiovascular disease. Fish is high in protein and low in saturated fat. Vitamin AB and omega-3 fatty acids are critical for overall health, particularly the eyes and brain.

Region with highest share:

Asia Pacific is projected to hold the largest market share during the forecast period owing to increasing disposable income and then a rising prevalence of fast-food eateries that serve fish. In past years, the amount of online ordering from restaurants has increased at an unprecedented rate, creating multiple chances for restaurant owners to improve their sales channels and revenue. Developing countries in this region are becoming the epicentres of some of the world's most popular fish-related cuisines.

Region with highest CAGR:

North America is projected to have the highest CAGR over the forecast period, owing to the increasing customer propensity forward toward different cuisines as well as the increasing popularity of seafood. Manufacturers are working to expand their manufacturing units in developed countries, which present lucrative opportunities for domestic players to collaborate. Moreover, rising global demand for seafood has increased per capita consumption, implying significant growth during the forecast period.

Key players in the market

Some of the key players profiled in the Seafood Market include Thai Union Group PCL, Trident Seafoods Corporation, Phillips Foods, Inc., Pacific Seafood, Nueva Pescanova USA, SeaPak, American Seafoods Company, Stolt Sea Farm, Lee Fishing Company, Shanghai Fisheries Group Co., Ltd., Royal Greenland Seafood A/S and Marine Harvest ASA.

Key Developments:

In May 2022, Nueva Pescanova, announced the submission of their proposal of building a new commercial octopus, in Puerto Las Palmas, Spain. The firm has been intensively working toward developing a method of octopus farming, and lately, announced its successful raising, hatching, and incubation of O. vulgaris octopus' five generations in a test facility.

Sources Covered:

• Wild Caught
• Farm Raised
• Other Sources

Natures Covered:

• Conventional
• Organic
• Other Natures

Forms Covered:

• Frozen
• Fresh
• Ambient
• Chilled
• Canned
• Salted
• Dried
• Smoked
• Other Forms

Production Processes Covered:

• Extrusion
• Blow Molding
• Co-Extrusion
• Thermoforming (Thermo Fill Seal)
• Injection Molding
• Other Production Processes

Product Types Covered:

• Lobsters
• Ground Fish
• Pelagics
• Salmonids
• Fishes
• Molluscs
• Crustaceans
• Cephalopods
• Other Product Types

Sales Channels Covered:

• Indirect
• Direct
• Other Sales Channels

End Users Covered:

• Biotechnology
• Food
• Cosmetics
• Industrial
• Pharmaceutical
• Household Retail
• Other End Users

Regions Covered:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Italy
  • France
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • New Zealand
  • South Korea
  • Rest of Asia Pacific
• South America
  • Argentina
  • Brazil
  • Chile
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • South Africa
  • Rest of Middle East & Africa

What our report offers:

• Market share assessments for the regional and country-level segments
• Strategic recommendations for the new entrants
• Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
• Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
• Strategic recommendations in key business segments based on the market estimations
• Competitive landscaping mapping the key common trends
• Company profiling with detailed strategies, financials, and recent developments
• Supply chain trends mapping the latest technological advancements

Free Customization Offerings:

All the customers of this report will be entitled to receive one of the following free customization options:

• Company Profiling
  • Comprehensive profiling of additional market players (up to 3)
  • SWOT Analysis of key players (up to 3)
• Regional Segmentation
  • Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
  • Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances