The global Seafood market is expected to reach US$ 181.13 Billion in 2023 to US$ 243.17 Billion by 2032, with a CAGR of 3.33% from 2024 to 2032. Due to growing disposable income, rising per capita consumption, and a global trend toward pescetarianism among consumers, the industry is expanding quickly. People's consumption patterns have been seen to drastically shift over time toward a healthier diet, which has an impact on changes in consumer preferences.
These are some of the reasons why consumers today favor seafood since it is raised without the use of dangerous chemicals or anabolic steroids. People are becoming more and more conscious of the living conditions that farmed animals, like chicken, beef cattle, and pork, endure on farms, which has led to a shift in eating habits from non-vegetarianism to pescetarianism. which means that in the upcoming years, there will be a greater demand for fish.
Between 1991 and 2021, the production volume in Canada increased from about 50,000 tons to 191,000 tons, but the output value increased from USD 234 million to USD 1.3 billion. Finfish, which accounted for 78% of total volume and 91% of value in 2021, are the main product of the industry. Salmon accounts for the majority of finfish production in terms of both volume and value. In 2021, 63% of the overall volume and 74% of the total value came from the production of salmon alone. With 50% of the entire volume and 55% of the total value of salmon produced in 2021, British Columbia is still the leading producer. Prince Edward Island (13% of volume and 4% of value), New Brunswick (16% of volume and 19% of value), and British Columbia come next & Labrador (11 percent of value and 10% of volume).
With 11,592 km of coastline, of which 76% is on the Pacific coast and 24% is in the Gulf of Mexico, the Caribbean coast, and the islands, Mexico has a vast amount of potential in the fishing industry. Its continental shelf is larger in the Gulf of Mexico, measuring about 394 000 km². It also contains 6 500 km² of inland waters, including lakes, lagoons, reservoirs, and rivers, in addition to 12 500 km² of coastal lagoons and estuaries. The Pacific has one of the largest tuna fisheries, producing over 150,000 tons annually. The dominant species in the tuna family is the yellowfin.
In April 2023, Thai Union joins Samut Sakhon City Development's marine garbage cleanup campaign in an effort to safeguard the local ecosystem.
In March 2023, Mowi ASA has constructed a brand-new, cutting-edge facility for the production of seafood in Hitra, Norway.
In May 2022, In Puerto Las Palmas, Spain, Nueva Pescanova announced the filing of their project to construct a new commercial octopus. The company has been working hard to create a technique for farming octopuses, and it recently declared that it had successfully raised, hatched, and incubated five generations of O. vulgaris octopuses in a test facility.
In March 2022, During Seafood Expo in North America, Del Pacifico Seafoods, a well-known specialty supplier of wild-caught Mexican shrimp, introduced a new range of farmed shrimp and oysters. The company's primary focus is on growing its aquaculture business in response to the increasing demand for shrimp in the food service and retail sectors. Del Pacifico is also attempting to produce oysters and shrimp using environmentally friendly harvesting and processing techniques.
2. Frozen
3. Ambient
4. Canned & Processed Seafood
2. Crustaceans
3. Molluscs
4. Others
2. Institutions
3. Food Service
2. Key Persons
3. Recent Development & Strategies
4. Product Portfolio
5. Financial Insight
2. Asian Sea Corporation Public Company Limited
3. Austevoll Seafood ASA
4. Bolton Group SRL
5. Grieg Seafood ASA
6. Maruha Nichiro Corporation
7. Sysco Corporation
8. Thai Union Group PCL
2. What is the Seafood industry growth rate?
3. Who are the key players in Seafood industry?
4. What are the factors driving the Seafood industry?
5. Which Region held the largest market share in the Seafood industry?
6. What segments are covered in the Seafood Market report?
Seafood Overview
Food that comes from the sea is commonly referred to as seafood, and it includes fish, crabs, and mollusks. People are becoming more conscious of their health as a result of changing lifestyles and rising awareness, and the fact that seafood has many health advantages has contributed to the global expansion of the seafood industry. Customers' eating habits are gradually shifting away from vegetarianism and toward non-vegetarian cuisine, which combines seafood with vegetarian dishes but excludes meat, chicken, pork, and other items referred to as pescetarianism. Pork and beef include dangerous chemicals as well as a range of anabolic steroids used to grow and treat the meat, which may have an impact on the health of those who consume it.These are some of the reasons why consumers today favor seafood since it is raised without the use of dangerous chemicals or anabolic steroids. People are becoming more and more conscious of the living conditions that farmed animals, like chicken, beef cattle, and pork, endure on farms, which has led to a shift in eating habits from non-vegetarianism to pescetarianism. which means that in the upcoming years, there will be a greater demand for fish.
Growth Drivers for the global Seafood Market
Growing Demand for Processed/Ready-to-Cook Seafoods Will Increase Market Share
Changes in lifestyle have led to an increase in the demand for processed food in emerging countries and a rise in the consumption of convenience meals among the working population and millennials. Consumers' hectic lives and growing urbanization have led to a rise in the demand for goods with longer shelf lives. Easy-to-cook items have become increasingly popular over the years as a result of improvements in processing methods, well-equipped cold storage networks, and dramatic shifts in eating habits. Furthermore, the increasing advancements in product development - such as canned, frozen, and smoked seafood - present profitable chances for easy cooking in the midst of people's hectic schedules.Growing Predisposition for Adoption of Pescetarianism to Drive Market Growth
Over the past few years, there has been a constant global growth in the consumption of seafood. This rise in consumption has been attributed to both the improvement of living standards in developing nations like China, India, Brazil, and South Africa, as well as the increased health consciousness in certain wealthy nations. Globalization's advancement and the public's growing interest in health consciousness in recent years have the potential to significantly alter fish eating patterns. Due to several health-related reasons, a large number of consumers globally lead a pescetarian lifestyle, eating fish in addition to a vegetarian diet. Omega-3 fatty acids are rich in fish, especially salmon, herring, and trout, which also have nutritional value and health benefits. Because of the heart - and brain-healthy advantages of omega-3 fatty acids, seafood consumption has increased as a result of these recommendations. Additionally, eating a pescatarian diet or regularly consuming fisheries products can help reduce the chance of developing health issues like obesity, cardiovascular disease, and other conditions.North America Seafood Industry
North America's top fish producer is the United States, followed by Mexico. The most produced fish in the area is salmon. More species are becoming available, though, with to developments in technology, aquaculture feeds, and management strategies. By weight, marine aquaculture makes up 7% of all domestic seafood production. Nevertheless, the emphasis on high-value goods has led to an expansion in aquaculture, which now accounts for 24% of the value of domestic seafood products.Between 1991 and 2021, the production volume in Canada increased from about 50,000 tons to 191,000 tons, but the output value increased from USD 234 million to USD 1.3 billion. Finfish, which accounted for 78% of total volume and 91% of value in 2021, are the main product of the industry. Salmon accounts for the majority of finfish production in terms of both volume and value. In 2021, 63% of the overall volume and 74% of the total value came from the production of salmon alone. With 50% of the entire volume and 55% of the total value of salmon produced in 2021, British Columbia is still the leading producer. Prince Edward Island (13% of volume and 4% of value), New Brunswick (16% of volume and 19% of value), and British Columbia come next & Labrador (11 percent of value and 10% of volume).
With 11,592 km of coastline, of which 76% is on the Pacific coast and 24% is in the Gulf of Mexico, the Caribbean coast, and the islands, Mexico has a vast amount of potential in the fishing industry. Its continental shelf is larger in the Gulf of Mexico, measuring about 394 000 km². It also contains 6 500 km² of inland waters, including lakes, lagoons, reservoirs, and rivers, in addition to 12 500 km² of coastal lagoons and estuaries. The Pacific has one of the largest tuna fisheries, producing over 150,000 tons annually. The dominant species in the tuna family is the yellowfin.
Global Seafood Company Analysis
The major participants in the Seafood market includes Agrosuper S.A., Asian Sea Corporation Public Company Limited, Austevoll Seafood ASA, Bolton Group SRL, Grieg Seafood ASA, Maruha Nichiro Corporation, Sysco Corporation, Thai Union Group PCLGlobal Seafood Company News
In October 2023, With the goal of producing 100 tonnes of white-leg shrimp annually by the end of 2023, Nippon Suisan Kaisha Ltd. announced the launch of their land-based enterprise.In April 2023, Thai Union joins Samut Sakhon City Development's marine garbage cleanup campaign in an effort to safeguard the local ecosystem.
In March 2023, Mowi ASA has constructed a brand-new, cutting-edge facility for the production of seafood in Hitra, Norway.
In May 2022, In Puerto Las Palmas, Spain, Nueva Pescanova announced the filing of their project to construct a new commercial octopus. The company has been working hard to create a technique for farming octopuses, and it recently declared that it had successfully raised, hatched, and incubated five generations of O. vulgaris octopuses in a test facility.
In March 2022, During Seafood Expo in North America, Del Pacifico Seafoods, a well-known specialty supplier of wild-caught Mexican shrimp, introduced a new range of farmed shrimp and oysters. The company's primary focus is on growing its aquaculture business in response to the increasing demand for shrimp in the food service and retail sectors. Del Pacifico is also attempting to produce oysters and shrimp using environmentally friendly harvesting and processing techniques.
Form - Industry is divided into 4 viewpoints:
1. Fresh2. Frozen
3. Ambient
4. Canned & Processed Seafood
Type - Industry is divided into 4 viewpoints:
1. Fish2. Crustaceans
3. Molluscs
4. Others
Application - Industry is divided into 3 viewpoints:
1. Retail2. Institutions
3. Food Service
Country: Industry is divided into 25 Countries
North America
- United States
- Canada
Europe
- France
- Germany
- Italy
- Spain
- United Kingdom
- Belgium
- Netherlands
- Turkey
Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Thailand
- Malaysia
- Indonesia
- New Zealand
Latin America
- Brazil
- Mexico
- Argentina
Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
All companies have been covered with 5 Viewpoints
1. Overview2. Key Persons
3. Recent Development & Strategies
4. Product Portfolio
5. Financial Insight
Company Analysis
1. Agrosuper S.A.2. Asian Sea Corporation Public Company Limited
3. Austevoll Seafood ASA
4. Bolton Group SRL
5. Grieg Seafood ASA
6. Maruha Nichiro Corporation
7. Sysco Corporation
8. Thai Union Group PCL
Key Questions Answered in Report:
1. How big is the Seafood industry?2. What is the Seafood industry growth rate?
3. Who are the key players in Seafood industry?
4. What are the factors driving the Seafood industry?
5. Which Region held the largest market share in the Seafood industry?
6. What segments are covered in the Seafood Market report?
Table of Contents
1. Introduction2. Research & Methodology3. Executive Summary5. Global Seafood Market
4. Market Dynamics
6. Market Share Analysis
7. Form
8. Type
9. Application
10. Country
11. Porter’s Five Forces
12. SWOT Analysis
13. Key Players
Companies Mentioned
- Agrosuper S.A.
- Asian Sea Corporation Public Company Limited
- Austevoll Seafood ASA
- Bolton Group SRL
- Grieg Seafood ASA
- Maruha Nichiro Corporation
- Sysco Corporation
- Thai Union Group PCL
Methodology
In this report, for analyzing the future trends for the studied market during the forecast period, the publisher has incorporated rigorous statistical and econometric methods, further scrutinized by secondary, primary sources and by in-house experts, supported through their extensive data intelligence repository. The market is studied holistically from both demand and supply-side perspectives. This is carried out to analyze both end-user and producer behavior patterns, in the review period, which affects price, demand and consumption trends. As the study demands to analyze the long-term nature of the market, the identification of factors influencing the market is based on the fundamentality of the study market.
Through secondary and primary researches, which largely include interviews with industry participants, reliable statistics, and regional intelligence, are identified and are transformed to quantitative data through data extraction, and further applied for inferential purposes. The publisher's in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. These analytical tools and models sanitize the data & statistics and enhance the accuracy of their recommendations and advice.
Primary Research
The primary purpose of this phase is to extract qualitative information regarding the market from the key industry leaders. The primary research efforts include reaching out to participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions. The publisher also established professional corporate relations with various companies that allow us greater flexibility for reaching out to industry participants and commentators for interviews and discussions, fulfilling the following functions:
- Validates and improves the data quality and strengthens research proceeds
- Further develop the analyst team’s market understanding and expertise
- Supplies authentic information about market size, share, growth, and forecast
The researcher's primary research interview and discussion panels are typically composed of the most experienced industry members. These participants include, however, are not limited to:
- Chief executives and VPs of leading corporations specific to the industry
- Product and sales managers or country heads; channel partners and top level distributors; banking, investment, and valuation experts
- Key opinion leaders (KOLs)
Secondary Research
The publisher refers to a broad array of industry sources for their secondary research, which typically includes, however, is not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Patent and regulatory databases for understanding of technical & legal developments
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic new articles, webcasts, and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecasts
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 200 |
| Published | October 2024 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value ( USD | $ 181.13 Billion |
| Forecasted Market Value ( USD | $ 243.17 Billion |
| Compound Annual Growth Rate | 3.3% |
| Regions Covered | Global |
| No. of Companies Mentioned | 8 |
