Fish and Seafood Market Size, Share | Global Forecast [2033]

FISH AND SEAFOOD MARKET OVERVIEW

The global Fish and Seafood Market size was valued approximately USD 42.57 Billion in 2024 and will touch USD 74.40 Billion by 2033, growing at a compound annual growth rate (CAGR) of 6.40% from 2024 to 2033.

Fish and Seafood are general terms for edible marine animals; most of their production is from saltwater and freshwater. Fish in this group include salmon, tuna, trout, and cod. Seafood includes a wide variety of marine animals including shellfish (lobsters, crabs, oysters, clams), mollusks-squid and octopus, and other fish including shrimp and scallops. The general classification of fish is into their nature, like marine or freshwater, or by their types, such as white fish and oily fish. On the other hand, seafood can be categorized into form types, such as whole, filleted, frozen, or canned forms. The products are highly regarded nutritionally for their quality proteins, omega-3 fatty acids, vitamins, and minerals, hence core dietary components across the world. They can be consumed raw, as observed in sushi, or cooked by grilling, baking, and frying and form main courses in a plethora of cuisines the world over. Consumer preferences, thus, the market dynamics too, vary with considerations over sustainability, method of fishing, and freshness among other factors.

COVID-19 IMPACT

“With Restaurant Closures and Increased Home Cooking, Demand for High-Quality Fish and Seafood Sees a Surge”

The COVID-19 pandemic brought a deluge of disruptions to the fish and seafood industry, particularly through supply chain breaks, altered consumer behavior, and fluctuating demand. With the lockdowns and restaurant closures, there was a steep drop in food service demand as restaurants and catering services were compelled to close down or cut back on operations. This, however, was balanced by the increase in retail demand as people started cooking more at home. Besides convenience foods suitable for home cooking, more frozen, canned, and packed fish and seafood had gained great sales. Health awareness heightened the demand for different seafood varieties that are both highly fresh and of high nutrient quality. Though the entire value chain suffers from labor shortages, disruption of logistics, among others, the seafood supply adjusted to e-commerce Websites offering full-service ordering directly with a seafood supplier.

LATEST TREND

”Changing Consumer Preferences Driven by the Rise of Sustainable and Eco-Friendly Seafood Sourcing Practices”

In recent times, it has come into the forefront in the category of fish and seafood-a demand for their sourcing practices being sustainable and eco-friendly. Issues like overfishing, degradation of the environment, and the requirement for responsible seafood procurement have made consumers aware. This has called for an increased demand for seafood products that are certified, for instance, by the MSC and ASC certification programs, which ensure their products come from well-managed fisheries and responsible aquaculture operations. Besides, the fishing methods are ecologically cleaner, abandoning the practices destructive to marine ecosystems like trawling and embracing pole-and-line fishing and trap fishing. Plant-based seafood alternatives and lab-cultured fish are increasingly being adopted by environmentally conscious consumers who look for alternatives to traditional fish products. This trend is setting a modern tone in the market, with consumers now considering the ethical and environmental aspect of seafood.

FISH AND SEAFOOD MARKET SEGMENTATION

By Type

Based on Type, the global market can be categorized into Fresh and Chilled Fish and Seafood, Canned Fish and Seafood, Frozen Fish and Seafood, Other Fish and Seafood,Other.

Fresh and Chilled Fish and Seafood:Fresh and chilled aquatic delicacies are raw products kept at low temperatures to preserve freshness. This category includes fish species such as salmon, tuna, cod, and crustaceans like shrimp, lobster, and oysters. Often considered luxury, because of their high demand for immediate consumption, fresh and chilled seafood varieties are demanded by consumers to satisfy high-end dining. The demand for these aquatic products comes from health-conscious people and those looking for quality and taste. Being highly perishable, they require efficient networks for distribution and strong cold chain logistics. Despite the high demand especially for coastal areas, there are instances when market performance may be affected by breakages in supply chains, environmental issues such as overfishing, and weather conditions such as climate change.
Canned Fish and Seafood:Aquatic products packaged in cans usually consist of tuna, sardines, mackerel, and clams. These products are widely applicable and in demand due to convenience, longer shelf life, and lower prices by households and foodservice operators. Viewed as a sustainable option, particularly if sourced from 'green' fisheries, the canned seafood market continues to grow but is especially strong in developing markets where affordable and available proteins are in demand. Canned seafood is also popular with busy consumers and finds its way into many ready-to-eat meals, salads, and sandwiches. The canned seafood market prospered from its durability and global access, not from any perceived high-value quality like fresh products.
Frozen Fish and Seafood:Frozen fish are those that are rapidly frozen with the aim of preserving their quality, texture, and nutritional profile, while seafood includes frozen shrimp, fish fillets such as cod or haddock, and frozen shellfish. Frozen seafood is convenient, affordable, and widely available, hence a staple in many households. It is preferred because it has a longer shelf life compared to fresh or chilled products, and the consumer can store it for longer. Frozen seafood is also gaining market share due to its affordability, ease in meal preparation, and flexibility in transportation. It is also forecasted that the demand for frozen fish and seafood products will keep rising, mainly in regions far away from the sea, as convenience and the possibility of storing them for longer makes these products more desirable to the consumers.
Other Fish and Seafood:This segment includes all other types of aquatic products which are difficult to categorize as fresh, frozen, or canned fish. This includes seafood that is dried, smoked, pickled, or salted, as well as specialty items such as roe, seafood paste, and seafood dishes. These products often appeal to niche markets or culinary traditions, such as Asian or Mediterranean cuisine. This alternative seafood product market is driven by cultural preference and the rise of gourmet and artisanal food items. Though this sector is not as common compared to fresh, frozen, or canned seafood, this section is growing due to an increasing interest in consumers that try new foods and new cuisines.
Other:This group includes those fish and seafood products not identified within the major classes of seafood. This classification can include seafood-based snack items, processed seafood like seafood sausages, seafood patties, value-added seafood including seafood spreads, seafood sauces, and other various miscellaneous products. Most value-added fish and seafood products are designed for convenience and thus appeal to consumers who seek convenience in meal or snack preparation. Increasing convenience and novelty in food preference is observed to continue driving the market for value-added fish and seafood products. The trend is also influenced by increasing seafood consumption in emerging non-traditional forms, such as plant-based seafood alternatives and lab-grown seafood, finding growth within the greater trend toward sustainable and healthy eating.

By Application

Based on application, the global market can be categorized into Direct Consumption, Processing Consumption.

Direct Consumption:The meaning of direct consumption is quite simple: fish and seafood are used in their ultimate form for immediate consumption mainly by households, restaurants, and foodservice outlets. Direct consumption products are fresh refrigerated, frozen, and preserved fish, shellfish, and other aquatic delicacies that are prepared for direct consumption without further modification. Most direct market customers had aspirations for higher quality, fresh seafood, or seafood that's more ecologically sourced. It is notably important in regions of rich seafood culture and/or proximity to coasts in Asia, Europe, and North America. Appetites have risen because of an increased awareness of the health benefits associated with seafood, namely the rich content of protein and omega-3 fatty acids. However, this market faces various challenges like disrupted supply chains, fluctuating prices due to overfishing, and seasonal availability, especially of fresh products. This does not discourage the segment to grow further with a developing demand for high-value, sustainable, and responsibly sourced seafood.
Processing Consumption:It refers to the fish and seafood consumed as raw material by the further manufacturing and processing industries into products such as ready-to-eat meals, fillets of fish, seafood-based snacks, sauces, or any value addition to seafood. This market provides to food manufacturers, restaurants, and large-scale foodservice operations. Catches of fish and seafood find their way into products, including frozen fish sticks, canned tuna, seafood soups, and gourmet dishes consisting of seafood. This upward trend in the processing consumption segment is a result of increased demand for convenience, easy-to-prepare meals, and a growing demand for ready-to-eat seafood products. In addition to these, seafood processing allows adding value through innovative flavorings, packaging, and convenient forms. For this reason, processed seafood products are in higher demand where people have busy lifestyles and are looking for quick but healthy meal solutions. This is not to say that challenges are not present within this segment, as sustainability pressures regarding the responsible sourcing of seafood and waste reduction increase, so too do the regulatory pressures on processing methods to maintain food safety and quality. In the wake of such challenges, therefore, the growth of the processing consumption segment would probably be driven by the rising demand for convenience, innovation, and healthy eating options.

MARKET DYNAMICS

Market dynamics include driving and restraining factors, opportunities and challenges stating the market conditions.

Driving Factors

”Increase in Demand with the Rise of Health-Conscious Consumer Trends”

Demands for fish and seafood have gone up quite steeply with the advancement of health-aware consumer trends, since these foods are considered high in protein, omega-3 fatty acids, and low in fat. The growth in this segment has been led by this trend of fish and seafood being thought of as healthier alternatives to red meat. Increasing awareness toward plant-based diets and clean eating habits has also shifted consumers to seafood-a more viable and healthy protein option. This trend is further supported by increased awareness of the environmental benefits of seafood consumption, particularly from fisheries with sound management practices, which is driving intense demand for fish and seafood in North America, Europe, and Asia. This shift in consumer preference towards healthier, low-calorie, and nutrient-dense foods is a key factor driving the expansion of the fish and seafood market.

Restraining Factor

”Safety Concerns Leading to Hesitance Among Consumers”

Safety, regarding contamination from mercury, heavy metals, or bacteria, is one of the major constraints for the fish and seafood market. These issues may serve to create some hesitation among buyers, especially for those having small children, pregnant women, or people with other certain conditions. This makes raw or undercooked seafood an increased risk of developing a foodborne illness, and thus these are grave issues. Besides, though sustainability is increasingly part of daily life, many customers still doubt the reality of statements from producers as regards the ethical sourcing of materials and therefore remain suspicious during their purchase. This is particularly true in markets where food safety regulations may be less stringent, reducing consumer confidence in fish and seafood products.

Opportunity

”Scope for Growth Through Technological Advancements in Seafood Processing”

Amongst the avenues of growth, technology in processing, preservation, and sustainability is probably one of the most promising avenues of growth in the fish and seafood market. Innovations such as eco-friendly aquaculture practices, lab-cultured seafood, and traceability technologies, including blockchain for supply chain transparency, are addressing consumer concerns related to sustainability, food safety, and environmental effects. Furthermore, advances in freezing and packaging technologies are also further extending the shelf life of seafood, thereby reducing waste and further increasing its global reach.New processing techniques that offer convenience, such as pre-cooked or ready-to-eat seafood products, also constitute a major growth opportunity. These innovations will help capture the increasing demand for healthier, quick, and convenient meal solutions among consumers, thereby further driving market expansion.

Challenge

”Navigating Regulatory Compliance and Quality Standards”

Ensuring that local and international food standards in quality are attained, this industry faces more significant difficulties: passing complex regulatory structures. As a result, consumers are also increasingly pressing concerns on governments and governments on regulatory authorities to place stricter rules over seafood productions, labeling, and tracing. For instance, compliance by producers with various international standards, such as food safety regulations like HACCP, sustainability certifications, and environmental regulations, is not easy, especially for small to mid-sized enterprises. International trade is complex in nature, and the differences in standards across regions further complicate the supply chain, limiting a company's ability to quickly adapt to changes in legislation. The challenge calls upon continuous investment by the industry for compliance measures, certifications, and quality control systems with considerable addition of cost and operational complexity.

FISH AND SEAFOOD MARKET REGIONAL INSIGHTS

North America

The North American market for fish and seafood is among the biggest in the world, characterized by an avid demand for fresh and processed products. The intake of seafood is extremely high, both in the United States and Canada, and continues to increase at the same time as heightened concerns regarding sustainable sourcing and traceability. High-value fish, mainly wild-caught salmon, tuna, and shellfish, have strong markets for fresh and frozen forms. Sustainability concerns are also driving changes in the industry as more consumers look for eco-certification-such as MSC or ASC-to help assure them of responsible sourcing. Plant-based seafood alternatives and clean seafood are competing with more traditional seafood products through their offer of healthier options and ways for consumers to eat in a more sustainable manner than with wild-caught fish. Growth in North America will be further facilitated by the emergence of e-commerce platforms able to provide direct access to seafood for consumers. This area of service has grown remarkably during the COVID-19 pandemic and continues up to date. On the other hand, it is faced by high operational costs, supply chain disruptions, and stringent food safety regulations.

Europe

The European market for fish and seafood is steadily improving, especially in traditionally strong seafood-consuming countries such as Spain, Portugal, France, and the UK. There is an increased demand for sustainable seafood in the region, mainly influenced by environmental concerns and a growing number of eco-conscious consumers. Sustainability continues to be one of the key drivers, with more interest in sustainable fishing practices, innovations in aquaculture, and certified seafood products. Frozen and canned seafood is in particular demand due to convenience, but fresh fish, such as cod, haddock, and mackerel, is still a staple. Besides, plant-based seafood alternatives have found their niche in the European market, with vegetarian and vegan dietary trends widely popular. Health-conscious consumers are increasingly attracted to seafood for its nutritional values, especially omega-3 fatty acids found in some species. Convenience is another increasing trend, where there is greater demand for ready-to-consume and value-added products of seafood. Supply issues still remain an issue throughout the region, due partly to labor shortages and unstable fish stocks attributed to climatic factors.

Asia

The Asia market represents the largest in seafood demand due to its high consumption rates across all major countries of the region such as China, Japan, India, and Southeast Asian countries. Both fresh, live, and chilled seafood along with processed products have a considerable demand in this region. Countries like China and Japan have a traditional attachment towards seafood, where fish forms part of everyday meals. The growing affluence of the middle class, especially in China and India, is pushing the demand toward higher-value seafood products such as lobster, crab, and premium fish like tuna and salmon. Besides the gradual urbanization of the region, there is a growing trend toward convenience, with more frozen, canned, and ready-to-eat seafood consumption. Seafood is part of everyday meals in Southeast Asia, and most people depend on it; additionally, it's also very significant in the economies of three leading exporters: Thailand, Vietnam, and Indonesia. In Asia, there is more awareness now regarding sustainable seafood to handle overfishing and overgrowth of aquaculture. Overfishing, environmental concerns, and labor practices are problematic in this industry. It is also an emerging market for plant-based seafood alternatives, impelled by global trends towards sustainability and veganism that influence consumer choices.

KEY INDUSTRY PLAYERS

”Key Industry Players Shaping the Fish and Seafood Market Through Innovation and Market Expansion”

Key players in the market, major ones in the realm of the fish and seafood marketplace, drive innovation and market enlargement and will continue to define the road map for the years to come. Companies are embracing advanced technological developments, such as aquaculture systems with a lower environmental impact, modern techniques of processing, and tracking, including blockchain solutions to enable supply chain visibility. Product innovation-from plant-based marine products to cultured fish-is opening new avenues for growth in a market with rapidly increasing consumer demand for green and healthy seafood alternatives.

Regarding market expansion, leading companies are focusing on entry to emerging markets in Asia, Africa, and Latin America, where the demand for fish and seafood is on a rise due to changing food behavior and economic growth. Furthermore, many stakeholders within the industry are leveraging the platform of e-commerce as an opportunity to increase their exposure toward pursuing better models for efficiency in direct-to-consumer distribution. The COVID-19 pandemic accelerated such growth. Active strategic collaborations, mergers and acquisitions, and aquaculture technology investments further facilitate scaling of operations of such companies, which would support acquisition of higher global shares within the seafood market. As consumer preference starts to tilt toward sustainability, health, and convenience, key industry players are better placed for growth through relentless innovation and geographic diversification.

List of Top Fish and Seafood Companies

High Liner Foods
Iglo Group
Leroy Seafood Group
Marine Harvest
Thai Union Frozen Products

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

Presently, the fish and seafood market is considered to be performing well due to high demand among consumers for nutritious and sustainable protein. In addition, increased awareness of the dietary benefits of seafood, especially its high omega-3 content, is driving consumption in North America, Europe, and Asia. The market is also witnessing a trend toward sustainable sourcing, with consumers showing a greater inclination toward responsible sourcing and eco-friendly products. This will continue to open new prospects as more plant-based seafood options and cultivated fish make it to the market. The future outlook appears very bright for the fish and seafood market, innovations in processing, packaging, and sustainable aquaculture driving its market growth. Nonetheless, disruptions to supply chains, overfishing, and regulatory compliance remain challenges that the industry has to keep working around with a view to environmental concerns and consumer preferences.