Asia-Pacific Seafood Market Outlook, 2029

The Asia-Pacific seafood market is deeply rooted in history, with seafood having been an integral part of the diet and culture of the vast majority of APAC nations for centuries. Traditional means of catching fish were passed down generations and characterized the whole early industry. In the post-World War period, the sector became modernized with innovations in catching and processing technology. The seafood market is one of the economic drivers of APAC. Seafoods contribute immensely to the regional and global economy, sustaining millions of jobs from fishing and aquaculture to processing and distribution. The sector is of importance in local livelihoods in coastal communities and in the national economies through exports.

For example, Thailand and Vietnam are large seafood-exporting countries; this generation of revenue from international trade keeps their economies pumping. Moreover, the seafood sector fuels associated industries like packaging, logistics, and foodservice, thereby extending its economic footprint. Technological innovation is changing the nature of the APAC seafood market, improving efficiency in production and processing. Innovations in aquaculture, such as closed-loop systems and modern methods of breeding, make the process more sustainable and less harmful to the environment. Technologies in processing, like automated sorting and advanced freezing methods, raise efficiency and extend shelf life in seafood processing.

The adoption of digital tools and data analytics has already been applied in optimizing supply chains and tracing seafood from source to table, ensuring quality and transparency in the supply chain. Government policies play an essential role in APAC, shaping seafood markets related to regulating production, ensuring food safety, and promoting sustainability. Indeed, so many countries have put in place their policy to support responsible fishing practices and sustainable aquaculture.

For example, Japan has established strict regulations concerning the level of fish and other marine ecosystems, whereas China has implemented various policies to facilitate the growth of green aquaculture. Regional initiatives, such as the ASEAN Sustainable Fisheries Initiative, are organized to achieve greater coordination among its member states in producing seafood sustainably throughout the region.

According to the research report "Asia-PAcific Sea Food Market Outlook, 2029" the Asia-Pacific Sea Food market is anticipated to grow at more than 3% CAGR from 2024 to 2029. Sustainability is one of the major themes in the APAC seafood market, as impelled by consumer demand and regulatory pressures from consumers. Improvements to sustainability range from responsible fishing to reduced bycatch levels and more responsible forms of aquaculture that limit environmental impacts. Certification programs, such as the Marine Stewardship Council and the Aquaculture Stewardship Council, are increasingly becoming popular and provide assurance to consumers that seafood comes from responsible sources.

Furthermore, seafood waste reduction and circular economy practices become part of broader sustainability targets. One of the major concerns in APAC seafood markets is environmental issues, considering problems associated with overfishing, habitat destruction, and pollution. Overfishing may be a driver of reduced marine biodiversity and fish populations, while aquaculture can cause water pollution and degradation of natural habitats. These are being addressed by stricter regulation, investment in sustainable practices, and encouragement of research into more environmentally friendly aquaculture techniques.

Addressing these environmental problems is critical for the long-term health of marine ecosystems and for the sustainability of the seafood industry in general. Regional differences in the APAC seafood market are very distinctly reflected in different consumption patterns, production capabilities, and regulatory environments. In East Asia, countries such as Japan and South Korea have high per-capita seafood consumption rates. The countries in the region have the most developed seafood industries, oriented toward high-quality production.

Major producers in Southeast Asia include Thailand and Vietnam. This is an important region for both output and exports. Countries like India and Bangladesh account for a growing seafood consumption and exports within the region of South Asia, due to increases in income and change in diet. These regional variations value how intricate and dynamic the APAC seafood market could be.

Market Drivers

• Growing Population and Rising Income Levels: The Asia-Pacific seafood market is driven by the region's large and growing population, coupled with rising income levels. As more people enter the middle class, there is an increasing demand for seafood, both for traditional diets and as a source of protein in emerging markets. Countries like China, India, and Indonesia are seeing significant growth in seafood consumption, driven by urbanization and changing dietary preferences. The region's robust economic growth is also leading to greater investment in seafood production and processing, further boosting the market. This demand is expected to continue rising, making APAC a key player in the global seafood industry.

Market Challenges

• Environmental Degradation and Overfishing: Environmental degradation and overfishing are critical challenges facing the seafood market in Asia-Pacific. The region's rapid industrialization and urbanization have led to pollution and habitat destruction, which threaten marine ecosystems. Overfishing, driven by high demand and insufficient regulation, has led to the depletion of fish stocks in several areas, particularly in Southeast Asia. These challenges are compounded by the lack of effective enforcement of fishing regulations and the prevalence of illegal, unreported, and unregulated (IUU) fishing. Addressing these issues is essential for the sustainability of the seafood industry in the region and requires coordinated efforts from governments, industry stakeholders, and international organizations.

Market Trends

• Technological Advancements in Aquaculture: Technological advancements in aquaculture are a major trend in the Asia-Pacific seafood market, driven by the need to increase production and address sustainability challenges. Innovations such as recirculating aquaculture systems (RAS), genetic improvements in fish species, and the use of advanced feed formulations are transforming the industry. Countries like China, Japan, and Vietnam are leading the way in adopting these technologies, which are helping to improve efficiency, reduce environmental impact, and increase the yield of farmed seafood. This trend is expected to play a crucial role in meeting the region's growing demand for seafood while ensuring the long-term sustainability of the industry.

Processed seafood is a key share in the demand for seafood products in the Asia-Pacific region, due above all to strong seafood processing capabilities developing in this region and to rising demand for convenience foods driven by urbanization and changing lifestyles.

APAC harbors some of the largest seafood-processing hubs in the world, from domestic markets to international markets. Seafood is also very much a part of the APAC tradition and, in terms of marine resources, the APAC region is also highly biodiverse. Seafood processing industries have been developed for a number of years in APAC countries such as China, Japan, Thailand, Vietnam, Indonesia, using many advanced technological solutions and the use of low-cost labor to provide a variety of processed seafood products. There are large volumes of frozen seafood, canned seafood, surimi products, fish meal and value-added products such as breaded and battered fish, fish balls and seafood snacks".

Urbanization and growth of the middle class in the APAC region have increased consumer preference regarding convenience foods. The busy lives of consumers, especially the new generation, coupled with reduced household size, are further increasing the demand for ready-to-eat and easy-to-prepare seafood products. It caters to such trends through processed seafood to offer ease in time commitments for the modern lifestyle that has many nutritional incentives for seafood. The APAC region is one of the highest exporters of processed seafood to markets around the world.

Competitive advantages in processing capabilities, friendly trade agreements, and strategic locations in this region have thus fostered the growth of the seafood processing industry in this region. For example, Thailand and Vietnam are the first two greatest exporters of shrimp and pangasius in the world, whereas China accounts for the highest numbers of processors and exporters of a wide range of seafood items.

The APAC region also represents a booming market for processed seafood, with advances in aquaculture. Advanced aquaculture technologies and good management practices result in the enhanced production of farmed seafood species, turning them into practically all value-added products. Aquaculture and processing integration have enhanced the efficiency and competitiveness in the seafood industry in the region.

Fish is leading the Asia-Pacific seafood market primarily due to rising disposable incomes, increasing health consciousness among consumers, and a growing demand for sustainable seafood options.

The Asia-Pacific region is experiencing robust growth in the seafood market, driven by several interconnected factors that highlight the increasing prominence of fish as a preferred protein source. As economies in this region continue to develop, rising disposable incomes are enabling consumers to spend more on high-quality food products, including seafood. This economic growth is particularly evident in countries like China and India, where urbanization and a burgeoning middle class are expanding the consumer base for seafood.

The shift in dietary preferences is also notable, with many consumers moving towards healthier eating habits, leading to a surge in the consumption of fish, which is recognized for its nutritional benefits, including high-quality protein, omega-3 fatty acids, and essential vitamins. The growing awareness of health and wellness has prompted consumers to prioritize natural and healthy food choices over red meat and poultry. This shift is further supported by the rising trend of pescetarianism, where individuals incorporate seafood into their diets while avoiding other meats.

Concerns about the health risks associated with traditional meat production, including the use of antibiotics and hormones, have also influenced this dietary transition, driving consumers towards fish as a safer and healthier alternative. In addition to health considerations, sustainability has become a crucial factor in seafood consumption. Consumers are increasingly demanding responsibly sourced seafood, prompting businesses to adopt sustainable fishing practices and invest in aquaculture.

The Asia-Pacific region, particularly China, has made significant strides in aquaculture, with investments in advanced farming technologies that enhance production efficiency while minimizing environmental impact. This commitment to sustainability not only meets consumer preferences but also aligns with regulatory frameworks aimed at preserving marine ecosystems. The rise of fast-casual dining and the proliferation of seafood-focused restaurants have made fish more accessible to consumers, contributing to its popularity.

Frozen seafood is leading in the APAC (Asia-Pacific) Sea Food Market due to the region's growing middle class, increasing demand for convenient and affordable protein sources, and the expansion of modern retail channels, which have made frozen seafood products more accessible and appealing to consumers.

The popularity of frozen seafood in APAC can be attributed to the region's growing middle class, which is driving demand for convenient and affordable protein sources. As incomes rise and lifestyles become busier, consumers in countries such as China, Japan, and South Korea are seeking out easy-to-prepare and affordable seafood options that can be easily incorporated into their diets.

Frozen seafood products, such as frozen fish, shrimp, and squid, have been able to capitalize on this trend, offering consumers a convenient and affordable way to enjoy seafood at home. The expansion of modern retail channels, such as supermarkets and hypermarkets, has also played a significant role in the growth of the frozen seafood market in APAC.

These channels have made frozen seafood products more accessible and appealing to consumers, offering a wide range of products and brands to choose from. Additionally, the growth of e-commerce platforms in APAC has also driven demand for frozen seafood products, with online retailers such as JD.com and Alibaba's Tmall offering a wide range of frozen seafood products to consumers. The APAC region is also home to some of the world's largest seafood producers, such as China, Indonesia, and Vietnam, which has driven the growth of the frozen seafood market.

These countries have invested heavily in their seafood industries, including the development of modern processing and freezing facilities, which has enabled them to produce high-quality frozen seafood products for both domestic consumption and export. Furthermore, the APAC region's growing demand for seafood has also driven the growth of the frozen seafood market, with many countries in the region experiencing significant growth in seafood consumption. For example, China's seafood consumption has grown significantly in recent years, driven by increasing demand for seafood from the country's growing middle class.

China is leading the APAC seafood market primarily due to its extensive aquaculture practices and significant investment in seafood production technologies.

China's dominance in the seafood market can be attributed to its strategic focus on aquaculture, which has transformed the country into the largest producer of fish and seafood globally. With a vast coastline and numerous rivers and lakes, China has capitalized on its natural resources to develop a robust aquaculture industry that meets both domestic and international demand. The Chinese government has prioritized agricultural reforms and modernization since the late 20th century, facilitating advancements in farming techniques, breeding programs, and sustainable practices.

These efforts have resulted in China producing over 60% of the world's total aquaculture output, significantly contributing to food security and economic growth. Moreover, the country has invested heavily in research and development, enhancing its capabilities in seafood processing and distribution. This focus on innovation, combined with a growing middle class that increasingly seeks diverse and high-quality seafood options, has positioned China as a key player in the APAC seafood market.

Considered in this report

• Historic year: 2018
• Base year: 2023
• Estimated year: 2024
• Forecast year: 2029

Aspects covered in this report

• Seafood market Outlook with its value and forecast along with its segments
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

By Source

• Farm Raised
• Wild Caught

By Form

• Processed
• Fresh

By Type

• Fish
• Crustaceans
• Molluscs
• Others (sea cucumbers, sea urchins,)

By Distribution Channel

• Supermarkets/Hypermarkets
• Convenience Stores
• Specialty Stores
• Online Store
• Others (wholesale markets, direct sales from fishermen)

By Category

• Frozen Seafood
• Salted Seafood
• Dried Seafood
• Smoked Seafood
• Others (canned or pickled seafood)

The approach of the report:

This report consists of a combined approach of primary and secondary research. Initially, secondary research was used to get an understanding of the market and list the companies that are present in it. The secondary research consists of third-party sources such as press releases, annual reports of companies, and government-generated reports and databases.

After gathering the data from secondary sources, primary research was conducted by conducting telephone interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this; we have started making primary calls to consumers by equally segmenting them in regional aspects, tier aspects, age group, and gender. Once we have primary data with us, we can start verifying the details obtained from secondary sources.

Intended audience

This report can be useful to industry consultants, manufacturers, suppliers, associations, and organizations related to the Seafood industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing and presentations, it will also increase competitive knowledge about the industry.


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