Seafood Market

The seafood market size was valued at $159,311.9 million in 2019, and is projected to reach $193,913.6 million by 2027, registering a CAGR of 2.5% from 2020 to 2027. The fish segment was the highest contributor to the market, with $101,526.2 million in 2019, and is estimated to reach $125,914.3 million by 2027, at a CAGR of 2.7% during the forecast period.

The growth of the seafood market can be attributed to increase in awareness of the health benefits regarding seafood and change in lifestyle of the consumers. Non-vegetarian consumers are slowly changing their lifestyle and significantly following pescetarianism. Pescetarianism refers to vegetarian food along with seafood but does not include any meat such as beef, pork, poultry, and others. This shift is observed due to consumers’ preference for healthy diet. As meat & meat products often contain harmful pesticides and chemicals, their high consumption can be dangerous. Thus, consumers are in search for other alternatives. In addition, increase in awareness among consumers about the living conditions of the cattle in cattle farms has further changed preference of non-vegetarians to pescetarianism; thereby, boosting the market growth.

Improvement in economic condition and growth in disposable income propel the market growth. After the 2009 economic crisis in Europe and the economic crisis in China, the world economy witnessed a standstill. However, strong recovery from the crisis resulted in strong economic growth, especially in the developing economies, and has led to increase in disposable income among the middle-income groups, consequentially adding to the middle-class population. In addition, increase in disposable income of individuals in North America and the Asia-Pacific drives the market growth, as medium- and high-income consumers in urban areas are shifting their consumption trend from essential to premium goods & services. This trend favors seafood suppliers & institutions to enhance their product & service line in the seafood segment.

Depletion of sea species has restrained the market growth; however, sustainable fishing may increase the supply of seafood to meet the emerging demand. Collaboration of fishermen and fish farmers with processors, distributors, retailers, restaurants, and foodservice providers is expected to provide a solution to resolve the environmental issues and further help in making the market environmentally, economically, and socially sustainable. At present, numerous seafood restaurants have focused on offering merely sustainable seafood options such as Miya's in the U.S and Fisheries Innovation in Scotland. These restaurants & seafood service providers focus on sustainable seafood options such as catfish and tilapia. Thus, all these factors collectively contribute toward the growth of the global market.

The seafood market is segmented on the basis of type, application, and region. Based on type, it is divided into fish, crustaceans, mollusca, and others (roe, marine mammals, and medusozoa). On the basis of application, it is classified into retail, institutions, and food service. Based on region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Based on the Seafood market analysis, by type, the fish segment was the most prominent category in 2019 and is expected to remain dominant during the forecast period. The growth in this segment can be attributed to growing popularity of fish as a high protein alternative to meat. Moreover, the demand for fish is supplemented by growing number of meat eaters along with rise in awareness about the health benefits of eating fish. However, the mollusca segment is expected to grow at the highest CAGR of 2.3% throughout the forecast period.

Based on the seafood market forecast, by application, the retail segment was the highest contributor to the market in 2019, and is expected to remain dominant through 2020–2027. This can be attributed to growing popularity of meat and seafood products among consumer. Moreover, improving infrastructure of supply channels along with increasing affordability of seafood is expected to provide opportunities for growth for the global seafood market. However, the food service segment is expected to grow at a higher growth rate during the forecast period. The growth in this segment can be attributed to the convenience it provides over the cooking meal. Moreover, the option of home deliveries, rapidly increasing number of fast food restaurant & cafes along with growing trend of eating out boost the growth of the market.

By region, Asia-Pacific was the most prominent regional market in 2019. However, Asia-Pacific is expected to grow at a higher CAGR during the forecast period. The growth of this regional segment can be attributed to increase in disposable income and rise in number of fast food restaurants that serve fish.

The players in the seafood industry have adopted, acquisition, and collaboration as their key development strategies to increase profitability and improve stance in the seafood market share. The key players profiled in the report include Pacific Seafood, Kangamiut Seafood A/S, American Seafoods Company, Phillips Foods, Inc., Trident Seafoods Corporation., Marine Harvest ASA, Thai Union Group PCL, Lee Fishing Company, and Leigh Fisheries.

Key Benefits For Stakeholders

• The report provides a quantitative analysis of the current seafood market trends, estimations, and dynamics of the market size from 2019 to 2027 to identify the prevailing opportunities.

• Porter’s five forces analysis highlights the potency of the buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier–buyer network.

• In-depth analysis and the market size and segmentation assists in determining the prevailing Seafood market opportunities.

• The major countries in each region are mapped according to their revenue contribution to the market. 

• The market player positioning segment facilitates benchmarking and provides a clear understanding of the present position of the market players in the industry. 

 Seafood Market Report Highlights