Market Size of seafood Industry
| Icons | Lable | Value |
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Study Period | 2017 - 2029 |
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Market Size (2024) | USD 720.76 Billion |
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Market Size (2029) | USD 771.17 Billion |
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Largest Share by Type | Fish |
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CAGR (2024 - 2029) | 1.36 % |
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Largest Share by Region | Asia-Pacific |
Major Players |
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*Disclaimer: Major Players sorted in no particular order |
Seafood Market Analysis
The Seafood Market size is estimated at 720.76 billion USD in 2024, and is expected to reach 771.17 billion USD by 2029, growing at a CAGR of 1.36% during the forecast period (2024-2029).
720.76 Billion
Market Size in 2024 (USD)
771.17 Billion
Market Size in 2029 (USD)
2.59 %
CAGR (2017-2023)
1.36 %
CAGR (2024-2029)
Largest Segment by Type
67.14 %
value share, Fish, 2023
The demand for fish is fueled by a range of factors, including fish's lower price, greater nutritional value, and ease of availability due to increased production.
Largest Segment by Region
68.88 %
value share, Asia-Pacific, 2023
The hike in the regional aquaculture sector, aided by large-scale investments is driving the market. Also, the adoption of the pescetarian lifestyle further booms the market.
Fastest-growing Segment by Type
1.46 %
Projected CAGR, Shrimp, 2024-2029
The growth of the aquaculture sector supports the progress of the shrimp market globally, with farmed shrimp dominating the on-trade and off-trade distribution channels.
Fastest-growing Segment by Region
2.84 %
Projected CAGR, Africa, 2024-2029
The growth in the per capita income, population growth in Sub-Saharan Africa and rise in seafood production, are all projected to drive the African seafood market.
Leading Market Player
0.92 %
market share, Maruha Nichiro Corporation, 2022
The company offers a vast range of frozen, canned, and processed seafood for on-trade as well as off-trade channels. Fish sausage and canned salmon are it's hit products.
The inclination toward healthy diets is expected to boost growth
- The global seafood market is expected to record a positive growth rate throughout the study period, and it is anticipated to register a 1.13% growth by value from 2023 to 2029. The rising public awareness about the vital role of fish as a food group in healthy and diversified diets has driven the growth of seafood consumption over the past five decades. The expansion of aquaculture in recent decades has boosted the overall growth of seafood production in inland waters. Globally, the highest per capita consumption of seafood is in Iceland, with an average consumption of 91 kg of seafood per capita annually.
- Among all the seafood types, fish has largely dominated global consumption. Tuna and Salmon were the most consumed fish in 2022. Moreover, fish is a good source of protein and vitamins and is a primary dietary source of heart-healthy omega-3 fatty acids.
- The consumption of shrimp is projected to grow globally, and it is expected to register a CAGR of 1.21%, by value, during the forecast period. Although quite small, the increase in the consumption of organic shrimp is predicted to pick up in the near future as a result of consumers becoming more socially and ecologically conscious. For instance, in 2023, 94% of people in all EU member states felt that environmental protection was essential to them. This factor is expected to result in growth in the per capita consumption of shrimp in the region during the forecast period.
- Asia-Pacific occupies the largest share of the global seafood market, around 69.36% by value. In Asia-Pacific, the sales of seafood in China accounted for about 49.64% of the total seafood sales in the region in 2022. China, Indonesia, Japan, India, Vietnam, and Myanmar are the major countries contributing to the marine captured seafood production.
Understand The Key Trends Shaping This Market
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Large investments in the expansion of the aquaculture system are driving the market
- The region with the most consumption of seafood in 2022 was Asia-Pacific. The seafood market in the region is driven by the growing aquaculture sector. China is heavily dependent on fish and shrimp farming and has made large-scale investments in the sector. In 2022, two Chinese state-owned corporations were set to complete the construction of an offshore aquaculture system with a 100,000-ton platform to be docked in the Yellow Sea.
- The fastest-growing region globally for seafood is Africa, which is projected to register a CAGR of 2.65% by value during the forecast period. Europe is another promising region to look out for and is projected to register a CAGR of 0.38% by value from 2023 to 2029. One of the largest imports of seafood in the region is tuna, more specifically, processed tuna. In 2021, processed and preserved seafood accounted for 32% of the total expenditure on seafood products in EU households, where 10% of the value came from dried, smoked, or salted seafood. On the other hand, fresh/chilled and frozen seafood amounted to roughly 48% and 20% by value, respectively, in the same year.
- Several countries in Asia-Pacific saw a drop in the consumption of shrimp during the study period. This was primarily due to the soaring prices of shrimp, which was a result of the low supply of shrimp in the region caused by the Early Mortality Syndrome (EMS) crisis. Countries affected by it included China, Japan, Vietnam, Thailand, Indonesia, Malaysia, and other Southeast Asian countries. As they relied primarily on imports of shrimp from other Asian countries, Japan and Indonesia saw significant drops in consumption, with declining CAGRs of 4.38% and 1.59% by value, respectively, from 2017 to 2022.
