Seafood Market to Grow by USD 150.04 Billion (2024-2028) with Rising Consumer Awareness of Healthy Nutrition Boosting the Market, Report on Market Evolution Powered by AI - Technavio

NEW YORK, Feb. 6, 2025 /PRNewswire/ -- Report on how AI is driving market transformation - The global Seafood market size is estimated to grow by USD 150.04 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  13.55%  during the forecast period. Rising consumer awareness about healthy nutrition is driving market growth, with a trend towards growth of online retailing in seafood industry. However, depletion of sea species  poses a challenge. Key market players include Nippon Suisan Kaisha Ltd., Maruha Nichiro, Mowi ASA, Charoen Pokphand Foods Group, Dongwon Group, Marubeni Corporation, Mitsubishi Corporation, OUG Holdings, Thai Union Group Public Company Limited, Trident Seafoods Corporation, Austevoll Seafood ASA, Clifton Sea Food Co., Cooke Aquaculture Inc., Djibah Seafood SARL, Grayton Seafood Co. LLC, Kangamiut Seafood AS, Kings Seafood Group, Lee Fish, Lee Fishing Company, and Marel Group.

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Market Driver

The seafood industry is a significant source of protein for consumers worldwide. With increasing awareness of health benefits, per capita consumption of seafood, including fish, crustaceans, and molluscs, continues to rise. Price remains a key trend, with consumers seeking value-added fish products and convenience items. Sustainability is a major concern, with certifications from organizations like the Aquaculture Stewardship Council and Marine Stewardship Council ensuring ethical and environmentally responsible practices. Technological innovations, such as 3D printing technology and culinary experimentation, are driving product innovation and personalization. Lean seafood options, like cod and tilapia, offer health advantages, while fatty fish like salmon, tuna, and shrimps provide essential omega-3 fatty acids, vitamins, and minerals for a balanced diet. Tourism and hospitality industries heavily rely on fresh and frozen seafood, with culinary applications spanning various cuisines and seafood restaurants. Brexit and the EU transition period may impact seafood imports and exports. Alternative protein sources and seafood substitutes are emerging, addressing ethical concerns and environmental impact. Administrative authorities and seafood farmers work together to address environmental issues and fishing activity sustainably. Consumers increasingly demand traceability initiatives and certifications, ensuring the absence of anabolic steroids and toxic chemicals in their seafood. Pescetarian foods and vegetarian diets offer lean and ethical alternatives to pork-based foods. Overall, the seafood market is a dynamic and evolving industry, driven by consumer preferences, health consciousness, and technological advancements. 

E-commerce has experienced significant growth due to increasing Internet access, with the US Department of Commerce reporting that online sales accounted for 21.3% of total retail sales in the US in 2020, up from 15.8% in 2019. This trend is driven by the convenience of shopping online, ease of product discovery, and attractive pricing and personalized offers. For seafood suppliers, e-commerce provides new opportunities to expand sales, reach broader markets, and enhance customer relationships and profitability. Manufacturers and distributors can increase their product visibility across regions by establishing an online presence. 

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Market Challenges

• The seafood industry faces several challenges in providing high-quality, sustainable, and affordable protein sources for consumers. Price volatility, driven by factors like tourism and hospitality trends, consumer preferences, and environmental impact, can make it difficult for businesses to maintain profitability. The industry is exploring innovations like 3D printing technology and culinary experimentation to create value-added fish products and seafood substitutes. Consumers seek personalized experiences, focusing on texture, flavor, and appearance. Alternative protein sources and seafood substitutes, like plant-based options, are gaining popularity due to ethical concerns and environmental impact. Lean fish like cod, salmon, tuna, tilapia, lobster, and crab offer health advantages with omega-3 fatty acids, vitamins, and minerals, making them essential components of a balanced diet. Regulations, such as certifications from the Aquaculture Stewardship Council and Marine Stewardship Council, ensure sustainability through responsible aquaculture techniques. Brexit and the EU transition period pose challenges for importing and exporting seafood. The industry must adapt to changing consumer lifestyles, with an increasing focus on pescetarian foods and vegetarian diets. Administrative authorities and seafood farmers must address environmental issues related to fishing activity and per capita consumption. Organized retail operators and food businesses must ensure traceability initiatives and convenience seafood items cater to evolving consumer needs. The seafood industry's future lies in balancing health benefits, awareness, and ethical concerns while maintaining affordability and sustainability.
• The depletion of fish stocks due to overfishing is a significant concern for the seafood industry. Overfishing occurs when the rate of fish harvest exceeds their natural reproduction rate, leading to a decrease in the exploitable portion of the stock. This not only negatively impacts the ocean ecosystem but also the livelihoods of millions of people who depend on fishing as their primary source of income and billions more who rely on fish as their primary protein source. Overfishing can temporarily boost profits, but the long-term consequences are detrimental. Sustainable fishing practices are essential to ensure the continued availability of seafood and the economic and social well-being of coastal communities.

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Segment Overview 

This seafood market report extensively covers market segmentation by  

• Type
• Fish
• Crustacean
• Mollusca
• Others
• Distribution Channel
• Offline
• Online
• Geography
• APAC
• North America
• South America
• Europe
• Middle East And Africa
• Form
• Fresh
• Processed

1.1 Fish-  The global seafood market experienced significant growth in 2023, with the fish segment leading the way. The expansion of fish as a high-protein alternative to meat is a key factor driving market growth. The increasing number of meat eaters and growing awareness of the health benefits of fish, including omega-3 fatty acids and vitamins D and B2 (riboflavin), further boosted demand. According to the American Heart Association, a healthy diet includes fish consumption at least twice a week. Consequently, fish is the preferred choice among consumers in the seafood market, fueling the growth of the fish segment and the market as a whole.

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Research Analysis

The seafood industry is a significant source of protein for consumers worldwide, providing a wide range of flavors, textures, and appearances. Prices for seafood vary based on market demand, with popular choices like shrimp, salmon, tuna, cod, and tilapia often in high demand. The industry is also embracing innovation through culinary experimentation, 3D printing technology, and personalized offerings. Seafood's environmental impact and ethical concerns are increasingly important, leading to the adoption of sustainable practices such as aquaculture techniques and certifications from organizations like the Aquaculture Stewardship Council and Marine Stewardship Council. Alternative protein sources and seafood substitutes are also gaining popularity. Seafood offers numerous health advantages, including omega-3 fatty acids, vitamins, and minerals, making it a valuable addition to a balanced diet. Lean and nutritious, seafood is a favorite in the tourism and hospitality industries for its versatility in various culinary applications. Sustainability remains a priority, with a focus on reducing waste and promoting responsible fishing practices. The seafood industry continues to innovate, with value-added fish products and new aquaculture techniques offering consumers a diverse and delicious selection. The future of seafood promises to be an exciting blend of tradition and technology, as the industry adapts to changing consumer preferences and sustainability concerns.

Market Research Overview

The seafood industry is a significant source of protein for consumers around the world, providing a variety of textures, flavors, and appearances that cater to diverse culinary experimentation. Seafood is a staple in tourism and hospitality industries, adding value to menus and enhancing the dining experience. Innovation in seafood production includes the use of 3D printing technology and alternative protein sources, such as plant-based or lab-grown seafood substitutes. Price, sustainability, and ethical concerns are key factors influencing consumer choices. Lean and omega-3 rich seafood, like salmon, tuna, cod, tilapia, lobster, and crab, offer health advantages as part of a balanced diet. Certifications from organizations like the Aquaculture Stewardship Council and Marine Stewardship Council ensure sustainable and traceable seafood. Seafood is also impacted by global events, such as Brexit and the EU transition period, affecting import and export regulations. Fresh and frozen seafood items, including shrimp, fish, crustaceans, and molluscs, cater to various culinary applications and convenience-focused consumers. Environmental impact and ethical concerns, such as the use of anabolic steroids and toxic chemicals, are under increasing scrutiny. Administrative authorities and seafood farmers work towards addressing these issues through sustainable aquaculture techniques. Seafood's health benefits, including its role in heart health and the presence of DHA, make it a popular choice for pescetarians and those following a vegetarian diet. Awareness and lifestyle trends continue to shape the seafood market, with a growing preference for value-added fish products and seafood cuisines over pork-based foods.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Type
• Fish
• Crustacean
• Mollusca
• Others
• Distribution Channel
• Offline
• Online
• Geography
• APAC
• North America
• South America
• Europe
• Middle East And Africa
• Form
• Fresh
• Processed

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

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