Mexico Fish and Seafood Market Report and Forecast 2024-2032

Market Outlook

According to this report, the Mexico fish and seafood market size reached a value of USD 5.98 billion in 2023. Aided by the growing demand for processed or ready-to-cook seafood, the market is projected to further grow at a CAGR of 5.8% between 2024 and 2032 to reach a value of USD 9.88 billion by 2032.

Fish and seafood are integral components of the Mexican diet, celebrated for their rich nutritional profile, including high-quality protein, omega-3 fatty acids, vitamins, and minerals. This nutrient density plays a vital role in promoting health and preventing chronic diseases, thereby enhancing the market's appeal among health-conscious consumers.

The increasing consumer preference for healthy and diversified food products is driving the Mexico fish and seafood market growth. With rising awareness about the health benefits of seafood consumption, such as heart health improvement and reduced risk of stroke, there has been a significant shift towards incorporating more fish and seafood into daily diets. Additionally, the growing trend of culinary experimentation and the popularity of international cuisines featuring seafood have further contributed to the increasing demand for these products.

The rising awareness of the health benefits associated with seafood consumption, such as the reduction of cardiovascular diseases and improvement in brain function, is a significant driver. Consumers are increasingly seeking nutrient-rich foods, making fish and seafood an attractive option. The growing popularity of diverse culinary practices and international cuisines has spurred demand for various types of fish and seafood. Restaurants and home cooks alike are experimenting with new recipes, thus boosting Mexico fish and seafood market development.

Efforts towards sustainable fishing and aquaculture practices are fostering a positive market outlook. Certifications and eco-labels such as MSC (Marine Stewardship Council) are helping consumers make informed choices, encouraging market growth. Improvements in cold chain logistics, packaging, and preservation techniques are ensuring that high-quality seafood reaches consumers.

The fish and seafood market in Mexico is poised for significant growth over the forecast period, driven by increasing consumer awareness of the health benefits of seafood, advancements in aquaculture, and the rising popularity of diverse culinary traditions. With wild fish stocks under pressure, aquaculture will play a critical role in meeting the growing demand for seafood. Innovations in sustainable aquaculture practices will be pivotal in ensuring environmental balance and market growth.

The adoption of advanced technologies in fish farming, processing, and distribution will enhance product quality and operational efficiency. Blockchain technology, for instance, can provide traceability and transparency in the supply chain, bolstering consumer confidence. The growth of online retail platforms for seafood will continue to rise, driven by the convenience of home delivery and the increasing penetration of digital technology. E-commerce platforms will provide consumers with a wider range of choices and competitive pricing.

According to the Mexico fish and seafood market analysis, as health and wellness trends continue to dominate consumer preferences, demand for fish and seafood, known for their health benefits, will see a steady rise. Products fortified with additional nutrients and innovative seafood snacks will cater to health-conscious consumers. Government initiatives and regulations promoting sustainable fishing practices and aquaculture will support market growth. Policies aimed at reducing illegal fishing and protecting marine ecosystems will be crucial for the long-term sustainability of the seafood industry.

Market Segmentation

The market can be divided based on type, product and region.

Market Breakup by Type

• Molluscs
• Crustaceans
• Fishes
• Others

Market Breakup by Product

• Fresh
• Canned
• Frozen

Market Breakup by Region

• Baja California
• Northern Mexico
• The Bajío
• Central Mexico
• Pacific Coast
• Yucatan Peninsula

Competitive Landscape

The report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the Mexico fish and seafood market. Some of the major players explored in the report are as follows:

• TUNY (Grupo Marítimo Industrial SA de CV)
• Del Pacifico Seafoods LLC
• SmartFish
• Mau Pacific
• PINSA Comercial SA de CV
• LUIS CALVO SANZ S.A.
• Others