PUBLISHER: The Business Research Company | PRODUCT CODE: 1678347
PUBLISHER: The Business Research Company | PRODUCT CODE: 1678347
Seafood meat products are described as food items that are harvested and processed for human consumption through methods such as smoking, salting, fermenting, or the addition of chemicals for preservation.
Seafood is broadly categorized into crustaceans, fish, and other types. Crustaceans, characterized by hard shells and multiple pairs of legs, include species such as lobsters, shrimp, and crabs. These seafood products come in various forms such as frozen, dried, smoked, and canned, available through distribution channels such as supermarkets/hypermarkets, convenience stores, e-commerce, and other distribution channels. The seafood can be sourced from marine or inland environments, and the products may be of both organic and conventional nature.
The seafood research report is one of a series of new reports from The Business Research Company that provides seafood statistics, including seafood industry global market size, regional shares, competitors with seafood share, detailed seafood segments, market trends and opportunities, and any further data you may need to thrive in the seafood industry. This seafood research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The seafood market size has grown strongly in recent years. It will grow from $252.67 billion in 2024 to $270.43 billion in 2025 at a compound annual growth rate (CAGR) of 7.0%. The growth in the historic period can be attributed to culinary diversity and globalization, advancements in cold chain logistics, consumer demand for convenience, seasonal and cultural consumption patterns, health and safety standards.
The seafood market size is expected to see strong growth in the next few years. It will grow to $357.56 billion in 2029 at a compound annual growth rate (CAGR) of 7.2%. The growth in the forecast period can be attributed to rise of plant-based seafood alternatives, global culinary fusion, health and nutritional trends, e-commerce growth in seafood retail, government initiatives for aquaculture, crisis preparedness and resilience. Major trends in the forecast period include innovation in seafood products, diverse seafood species, global flavor influences, collaboration for conservation, technology in traceability and transparency.
The global population is on the rise and is projected to reach 10 billion by 2050. This population growth leads to an increased demand for food. According to 'The Agricultural Outlook' by the OECD and FAO, global cereal production is expected to grow by 13% by 2027. To accommodate the larger population, there will need to be enhancements in crop production, farming activities, and trade volumes. Consequently, companies in the food and beverage sector, including those in the seafood manufacturing market, are anticipated to benefit from this rising demand during the forecast period.
The escalating demand for protein-rich food products is expected to drive the growth of the seafood market in the future. Protein-rich foods are defined as those containing a high amount of protein per serving, which is essential for optimal health and can be found in various food sources. Seafood is a fantastic source of protein, offering several vital vitamins and minerals, such as vitamin B12. Consuming protein can help individuals feel full and satisfied, aiding in maintaining a healthy body weight. For example, in January 2023, a report by Cargill Incorporated, a US-based agribusiness company, indicated that consumer demand for protein has been increasing over the last five years, with 29% of U.S. consumers stating that protein has become even more important to them since 2022. Thus, the growing demand for protein-rich food products is fueling the expansion of the seafood market.
Major companies in the seafood market are concentrating on creating innovative flavored dishes, such as fish-flavored churros, to attract new consumer segments and enhance their market appeal. Fish-flavored churros represent a unique culinary innovation where traditional churros, usually a sweet fried dough snack, are infused with savory fish flavors. For example, in April 2024, Profand, a Spain-based fishing company, introduced a new line of fish-flavored churros called Snackish at the Seafood Expo Global 2024 in Barcelona. These churros are crafted from fish flour derived from salmon and cod, seasoned with fish fumet, and offered in two flavors: salmon and cod. Each flavor is complemented by matching sauces-sweet pepper or sweet red pepper for cod, and tartar sauce for salmon. In a commitment to sustainability, Profand utilizes fish species like tarpon, permit, and bonefish to reduce food waste. The initial response has been favorable, with intentions to expand testing beyond Spain in the future.
Key market players are emphasizing technological advancements in the smart packaging of supply chains to maintain their market positions. Smart packaging aims to enhance the quality and safety of seafood products, prolong shelf life, and reduce food waste. An example is Southeastern Grocers, a US-based supermarket chain, which introduced two smart packaging machines in March 2022. The first type involves a vacuum-sealed bag that extends the shelf life of fresh seafood by up to 10 days. The second type is modified atmosphere packaging (MAP), utilizing a gas blend to preserve the quality and freshness of seafood, capable of extending the shelf life of fresh seafood by up to 14 days.
In July 2024, Captain Fresh, an India-based seafood value chain marketplace operator, acquired Koral for an undisclosed sum. This acquisition aims to bolster Captain Fresh's position in the $33.5 billion European seafood market, with Justyna Frankowska assuming the role of CEO and founder Boguslaw Kowalski providing guidance on the global salmon strategy. Koral is a Poland-based producer and distributor of branded salmon products.
Major companies operating in the seafood market include Marubeni America Corporation, Sysco Corporation, Bumble Bee Foods, The Kraft Heinz Company, Charoen Pokphand Foods PCL, Coastal Corp. Ltd., Maruha Nichiro Corporation, Nippon Suisan Kaisha Ltd., Nichirei Corporation, Thai Union Group PCL, Trident Seafoods Corporation, Leroy Seafood Group ASA, Bolton Group Srl, High Liner Foods Inc., Nichimo Co. Ltd., Young's Seafood Ltd., Oceana Group Ltd., Grieg Seafood ASA, Austevoll Seafood ASA, Inland Seafood Inc., Beaver Street Fisheries, Cooke Aquaculture Inc., American Seafoods, Handy Seafood Inc., Pacific Seafood, Phillips Foods Inc.
Asia-Pacific was the largest region in the seafood market in 2024. Western Europe was the second-largest region in the seafood market. The regions covered in the seafood market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the seafood market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa.
The seafood market consists of sales of frozen crustaceans meat, fresh/ chilled crustaceans meat, canned crustaceans meat, frozen fish meat, fresh/ chilled fish meat, canned fish meat, and other seafood meat. Establishments known as floating factory ships that gather and process seafood into canned seafood products are also included in this industry. The companies in the industry package and distribute their products through various distribution channels to both individual customers and commercial establishments. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Seafood Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on seafood market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for seafood ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The seafood market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.