South America Seafood Market Outlook, 2029

With its huge marine resources and growing international demand, the business in seafood markets has flourished in South America. This is dominated by countries like Chile, Peru, and Brazil, which are sources for a good number of seafood products like salmon, shrimps, and many fish species. It benefits both from wild-caught fisheries and expanding aquaculture operations, hence forming a significant contribution to regional economies and worldwide seafood supply. In South America, the leading country, value-wise, in seafood exports is Chile, where salmon and shellfish prevail in the exports due to a well-developed aquaculture sector. Peru is known for its anchovy catch and growing shrimp farming.

In Brazil, fresh species are cultivated, such as tilapia. The seafood supply chain in South America involves fishing, processing, and distribution stages. First, there is the catch, mainly done in coastal hubs like Valparaíso and Callao; afterwards, it is transformed into different products. Afterwards, there are the supermarkets, specialty retailers, and export markets distribution channels, backed by an infrastructure of great ports that makes domestic distribution and international trade possible. Consumer preferences vary greatly in South America. Fresh seafood, mainly of the shrimp and octopus types, is consumed along coastal regions, while interest in convenience products such as frozen and ready-to-eat seafood is on the rise in towns.

Growing health awareness and environmental concern are shifting preferences to high-quality and sustainably sourced seafood options. The key to success in the seafood sector in South America is sustainability. Certifications like the MSC and ASC prove responsible fishing and aquaculture methods. These programs provide for reduced environmental and social impact from seafood production in the face of increased consumer demand for sustainable products. Seafood forms an important sector in South American economies, offering jobs within catching, aquaculture, processing, and distribution.

According to the research report "South America Sea Food Market Outlook, 2029" the South America Sea Food market is anticipated to add to more than USD 5 Billion by 2024-29. Seafood provides livelihoods in coastal communities and industries in urban areas. This sector contributes to the stability of the economy through exports and employment opportunities. South America is really representative of a great seafood market for the trade and export opportunities. Most countries, such as Chile, Peru, and Brazil, export a number of their products produced to other markets around the globe. Several trade agreements and market access strategies open the way to increased competitiveness.

The diversification of seafood products supplied by the region is already at an international level in terms of demand and represents new market opportunities. Growth in the seafood market in South America is in sustainable packaging. Companies are then opting for eco-friendly package solutions, such as biodegradable and recyclable materials, to reduce their impact on the environment. Besides, innovations in packaging technology help attain industry sustainability objectives through their pursuit of freshness and extended shelf life for products. Some of the innovations include recirculating aquaculture systems that bring improvement in efficiency, reducing the ecological impact.

Enhanced processing technology such as automation and digital monitoring will serve to enhance the quality and traceability of products within this sector. Major players in the industry, such as Empresas AquaChile, Marine Harvest Chile, and Pesquera Exalmar, control the South American seafood market through large-scale fishing and aquaculture capacity. Other companies, like BRF S.A. and Trident Seafood, take key places in seafood processing and distribution.

Market Drivers

• Abundance of Marine Resources: South America is endowed with vast and diverse marine resources, making it one of the leading regions in seafood production. Countries like Chile, Peru, and Argentina benefit from rich fishing grounds due to the Humboldt Current, which supports a high biomass of fish species such as anchovies, sardines, and mackerel. This abundance of marine resources drives the seafood market, providing a steady supply of raw materials for both domestic consumption and export. The region’s strategic location also facilitates access to international markets, making South America a crucial player in the global seafood industry.

Market Challenges

• Infrastructure and Logistics Issues: Infrastructure and logistics challenges are significant obstacles for the seafood market in South America. The region's vast geography, coupled with underdeveloped transportation networks, hinders the efficient movement of seafood products from coastal areas to inland markets and export hubs. Additionally, inadequate cold chain facilities and processing plants lead to post-harvest losses and reduce the quality of seafood products. These logistical issues increase operational costs and limit the competitiveness of South American seafood in global markets. Addressing these challenges requires substantial investment in infrastructure development and technological upgrades, which is a daunting task for many countries in the region.

Market Trends

• Diversification into Value-Added Products: The South American seafood market is increasingly focusing on diversifying into value-added products to enhance profitability and market reach. Companies are investing in processing technologies to create products such as canned fish, ready-to-eat meals, and seafood-based snacks. This trend is driven by the growing demand for convenience foods and the need to differentiate products in a competitive global market. Export-oriented countries in the region are also tapping into niche markets by offering specialty seafood products, such as organic or sustainably sourced options. This shift towards value-added processing is expected to boost the region's seafood industry's resilience and economic growth.

Processed seafood is gaining prominence in the South American seafood market, primarily due to the increasing demand for convenience foods and the growth of the regional seafood processing industry.

While fresh seafood remains popular, the shift in consumer preferences towards ready-to-eat and easy-to-prepare products is driving the growth of the processed seafood sector. South America has a rich marine biodiversity, with extensive coastlines along the Atlantic and Pacific Oceans, providing a wide variety of seafood species. Traditionally, seafood consumption in the region has been centered around fresh and frozen products. However, as urbanization and modern lifestyles become more prevalent, consumers are seeking convenient seafood options that fit their busy schedules. The South American seafood processing industry is expanding to meet this growing demand.

Countries like Chile, Peru, and Ecuador have well-established processing sectors that produce a range of value-added seafood products. These include canned seafood, frozen ready meals, smoked fish, and breaded and battered items. For instance, Chile is a significant producer of canned mussels and frozen salmon products, while Peru is known for its canned anchovies and tuna. The growth of supermarkets and modern retail formats in South America has facilitated the distribution and availability of processed seafood products. Urban consumers increasingly prefer shopping at supermarkets, which offer a wide variety of processed seafood options, contributing to the growth of the sector.

Aquaculture is also playing a crucial role in the development of the processed seafood market in South America. The region has seen significant growth in farmed seafood species like salmon, shrimp, and tilapia. Aquaculture provides a consistent and sustainable supply of seafood for processing, enabling the industry to meet the growing demand for value-added products.The South American processed seafood market faces challenges related to infrastructure, regulation, and sustainability. Inadequate processing facilities and cold chain infrastructure in some countries can hinder the growth of the sector. Additionally, ensuring food safety, quality, and regulatory compliance is essential for building consumer trust and expanding export opportunities.

Fish is leading the South American seafood market primarily due to increasing consumer awareness of health benefits and a growing demand for convenient, ready-to-eat seafood products.

In South America, fish consumption has traditionally lagged behind other regions, with an average per capita consumption of approximately 9.8 kilograms, significantly lower than in Europe or Asia. However, recent trends indicate a shift in consumer behavior as awareness of the health benefits associated with fish, such as high-quality protein and omega-3 fatty acids, continues to rise. Countries like Guyana and Peru are leading in seafood consumption, with averages of 25 kilograms per capita, reflecting a cultural preference for fish and seafood in their diets.

The demand for fish is expected to grow substantially, with projections indicating an increase to around 15 kilograms per capita by 2030, driven by health-conscious consumers seeking nutritious alternatives to red meat and poultry. The fast-paced lifestyles of many South Americans have led to a growing reliance on convenience foods, including processed seafood products. As consumers seek quick meal solutions, the availability of ready-to-eat fish products has become increasingly appealing. This trend is particularly evident in Brazil, where the rise in fish consumption is supported by a significant increase in farmed fish production, which rose from 578,800 metric tons in 2014 to 860,350 tons in 2022.

Popular fish varieties in Brazil include tilapia, salmon, and sardines, while Peruvians favor shrimp, mussels, and sea bass, showcasing the diversity of seafood preferences across the region. The seafood market in South America is poised for rapid growth, with the Food and Agriculture Organization (FAO) predicting an 18% increase in seafood consumption over the next few years. This growth is further fueled by improvements in distribution infrastructure and the increasing affordability of seafood products. As the market evolves, there is a notable shift toward sustainable fishing practices, with consumers becoming more discerning about the origins of their seafood.

Frozen seafood is leading in the South America Sea Food Market due to its increasing popularity among consumers, driven by the growing demand for convenient, affordable, and sustainable seafood products, which aligns with the changing consumer preferences and lifestyles in the region.

The popularity of frozen seafood in South America can be attributed to its increasing popularity among consumers, driven by the growing demand for convenient, affordable, and sustainable seafood products. Consumers in countries such as Brazil, Argentina, and Chile are seeking out easy-to-prepare and affordable seafood options that can be easily incorporated into their diets. The growing demand for convenient and affordable protein sources is another key driver of the frozen seafood market in South America. As incomes rise and lifestyles become busier, consumers in the region 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 increasing investment in modern retail channels, such as supermarkets and hypermarkets, has also played a significant role in the growth of the frozen seafood market in South America. 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 South America has also driven demand for frozen seafood products, with online retailers such as Mercado Libre and Amazon offering a wide range of frozen seafood products to consumers. The South America region is also home to some of the world's largest seafood producers, such as Chile and Peru, 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 export high-quality frozen seafood products to markets around the world.

The South America region's growing demand for sustainable and eco-friendly seafood products has also driven the growth of the frozen seafood market. Many consumers in the region are seeking out seafood products that are certified as sustainable and eco-friendly, and frozen seafood products have been able to capitalize on this trend, offering consumers a range of sustainable and eco-friendly options.

Brazil leads South America's seafood market primarily due to its extensive coastline and diverse marine ecosystems.

Stretching over 7,400 kilometers along the Atlantic Ocean, Brazil's coastline is the longest in South America, providing ample access to a wide variety of marine species. This geographical advantage supports a robust fishing industry, with both wild-caught and farmed seafood contributing significantly to the market. Brazil's marine biodiversity is exceptionally rich, encompassing various ecosystems such as mangroves, coral reefs, and deep-sea habitats. This diversity allows for the harvesting of a broad range of seafood, including fish, shrimp, lobster, and mollusks. The country's tropical and subtropical waters are particularly favorable for aquaculture, which has seen substantial growth in recent years.

Farmed species like tilapia and shrimp have become major contributors to Brazil's seafood production, meeting both domestic demand and export requirements. Brazil's economic and technological advancements have facilitated the development of a modern and efficient seafood industry. Improved fishing techniques, advanced processing facilities, and strong logistical networks enable the country to maintain high standards of quality and freshness in its seafood products. Additionally, Brazil's strategic location and trade agreements with other South American countries and international markets further bolster its position as a leading seafood exporter.

The government's supportive policies and investments in the fisheries sector have also played a crucial role. Initiatives aimed at sustainable fishing practices, marine conservation, and the promotion of aquaculture have helped to ensure the long-term viability of the industry. These efforts not only protect marine resources but also enhance the competitiveness of Brazilian seafood in the global 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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