Seafood Market, 38% of Growth to Originate from APAC, Technavio
PR Newswire
6 min read
NEW YORK, Jan. 17, 2025 /PRNewswire/ -- The global seafood market size is estimated to grow by USD 150.04 billion from 2024 to 2028, according to Technavio. The market is estimated to grow at a CAGR of 13.55% during the forecast period.
Technavio has announced its latest market research report titled Global Seafood Market 2024-2028
Type (Fish, Crustacean, Mollusca, and Others), Distribution Channel (Offline and Online), Geography (APAC, North America, South America, Europe, and Middle East and Africa), and Form ()
Key Companies Covered
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
Regions Covered
APAC, North America, South America, Europe, and Middle East and Africa
Region Outlook
North America
Europe
Asia
Rest of World
1. APAC - APAC is estimated to contribute 38%. To the growth of the global market. The Seafood Market report forecasts market growth by revenue at global, regional & country levels from 2017 to 2027.
In 2023, the Asia-Pacific (APAC) region holds a substantial market share in the global seafood industry. With APAC being the world's largest producer of seafood, China leads the way as the largest producer and consumer of fishery products, accounting for approximately half of all fish produced globally. The region's growing population of young, affluent, and discerning consumers is driving the demand for a diverse range of high-quality seafood. Key markets in APAC include China, Japan, South Korea, Taiwan, India, and Australia, as major trade flows pass through these countries. Popular seafood products in Japan are fresh shrimp and prawns, and fresh skipjack or stripe-bellied bonito tuna fillets.
For more insights on APAC's significant contribution along with the market share of rest of the regions and countries - Download a FREE Sample
Segmentation Overview
Type
1.1 Fish
1.2 Crustacean
1.3 Mollusca
1.4 Others
Distribution Channel
2.1 Offline
2.2 Online
Geography
3.1 APAC
3.2 North America
3.3 South America
3.4 Europe
3.5 Middle East and Africa
Country US, Canada, China, Japan, and FranceForm
1.1 Fastest growing segment:
The global seafood market experienced significant growth in 2023, with the fish segment leading the way. The expanding preference for fish as a high-protein alternative to meat is a key factor fueling this growth. The number of meat eaters is on the rise, and consumers are increasingly aware of the health benefits of fish, which includes omega-3 fatty acids and vitamins like D and B2 (riboflavin). The American Heart Association recommends incorporating fish into one's diet at least twice a week. Consequently, fish is the most preferred type of seafood, driving the growth of the fish segment and the global seafood market as a whole.
The seafood industry is a significant source of protein for consumers worldwide, providing a wide range of flavors, textures, and appearances. Seafood is a staple in tourism and hospitality industries, enhancing culinary experimentation and product innovation. The price of seafood can vary greatly depending on the species, availability, and location. 3D printing technology is being explored to create seafood substitutes, offering alternative protein sources for ethical and environmental concerns. Lean fish like cod, salmon, and tuna are rich in omega-3 fatty acids, vitamins, minerals, and offer health advantages for a balanced diet. Sustainability is a priority in the seafood industry, with organizations like the Aquaculture Stewardship Council and Marine Stewardship Council promoting sustainable aquaculture techniques. Shrimps and other seafood items have numerous culinary applications, and value-added fish products cater to personalized preferences. The industry continues to innovate, addressing concerns of ethical sourcing, environmental impact, and consumer demand for new and exciting flavors.
Market Overview
The seafood industry is a significant source of protein for consumers around the world. With the growing awareness of health benefits associated with a balanced diet, the demand for seafood continues to rise. Seafood offers unique textures, flavors, and appearances that make it a popular choice for culinary experimentation and product innovation. However, the industry faces challenges such as price volatility, ethical concerns, and environmental impact. The use of 3D printing technology and alternative protein sources like plant-based seafood substitutes is gaining popularity to address these challenges. Sustainability is a key focus area, with certifications from organizations like the Aquaculture Stewardship Council and Marine Stewardship Council ensuring responsible farming practices. Seafood is a staple in tourism and hospitality industries, with shrimps, salmon, tuna, cod, tilapia, lobster, and crab being popular choices. Fresh and frozen seafood items are available, catering to different consumer preferences and convenience. Brexit and the transition period of the European Union (EU) have impacted the seafood industry, with administrative authorities and organized retail operators implementing traceability initiatives to maintain transparency. Seafood cuisines and restaurants offer a wide range of dishes, from traditional pescetarian foods to vegetarian diet options. However, concerns over anabolic steroids and toxic chemicals in seafood production persist, highlighting the need for stricter regulations. Lean fish like cod and salmon are rich in omega-3 fatty acids, vitamins, and minerals, making them a healthy addition to a balanced diet. Fatty fish like tuna are also known for their heart benefits, particularly DHA, which is essential for brain health. Aquaculture techniques have evolved to ensure sustainable farming practices, with a focus on reducing the environmental impact of fishing activity. Per capita consumption of seafood varies globally, with some countries consuming more than others. In conclusion, the seafood industry offers a rich source of protein and unique culinary experiences. However, it faces challenges related to price, ethics, and sustainability. Innovations in technology, product development, and farming practices are essential to meet the evolving demands of consumers while minimizing the impact on the environment.
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
