Seafood Market Size, Share, Growth Analysis, By Type (Fish, Crustaceans), By Category (Dried Seafood, Frozen Seafood), By Distribution Channel (Supermarkets & Hypermarkets, Online Retail), By Region - Industry Forecast 2024-2031

Global seafood market was valued at USD 320 billion in 2022 and is expected to grow from USD 340.86 billion in 2023 to reach USD 564.98 billion by 2031, at a CAGR of 6.52% during the forecast period (2024-2031).

Seafood, encompassing fish, crustaceans, and mollusks, is derived from the sea and offers a variety of health benefits that are driving its global market growth. As awareness about health and changing lifestyles continue to rise, more people are shifting towards diets that include seafood due to its perceived health advantages. Increasingly, consumers are adopting pescetarian diets, which emphasize seafood while excluding beef, poultry, and pork. This shift is partly because of concerns over the use of harmful substances and anabolic agents in raising beef and pork, which can adversely affect health. Additionally, growing awareness about the welfare of farmed animals, such as those in poultry and cattle operations, is influencing dietary choices and boosting the preference for seafood. As these trends continue, the demand for seafood is expected to increase in the coming years.

Top-down and bottom-up approaches were used to estimate and validate the size of the global Seafood market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Seafood Market Segmental Analysis

The global seafood market is segmented based on type, category, distribution channel, and region. Based on Type, the market is segmented into Fish (Salmon, Tuna, Pollock), Crustaceans (Crabs, Shrimps, Prawns), Molluscs (Scallops, Oysters), and Others. Based on category, the market is segmented into Dried Seafood, Salted Seafood, Smoked Seafood, Frozen Seafood, and others. Based on the Distribution channel, the market is segmented into Supermarkets & Hypermarkets, Convenience Stores, Speciality Stores, Online Retail, and Others. Based on End Use, the market is segmented into Food, Pharmaceutical, Cosmetics, Industrial, Biotechnology, and Household Retail. Based on Source, the market is segmented into Farm Raised, and Wild Caught. Based on Nature, the market is segmented into Organic, and Conventional. Based on region, the market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.

Drivers of the Global Seafood Market

Governments around the globe are increasingly acknowledging the strategic importance and potential of the fisheries and aquaculture sectors, leading to the introduction of initiatives that significantly influence the global seafood market. According to an in-depth study by SkyQuest, government actions are pivotal in shaping industry dynamics. For example, in May 2020, the Government of India (GOI) launched the Pradhan Mantri Matsya Sampada Yojana (PMMSY) to support the sustainable growth of the fisheries sector. This program aims to boost fish production, support the livelihoods of fishermen, and promote responsible fishing practices. The PMMSY is a comprehensive initiative focused on enhancing infrastructure, modernizing facilities, and building capacity within the fisheries and aquaculture sectors.

Restraints in the Global Seafood Market

Seafood-borne diseases present a major health risk and are a significant challenge for the global seafood market. Our research highlights that food poisoning linked to seafood, such as sushi, often stems from pathogens like parasites (e.g., anisakiasis) and bacteria (e.g., Vibrio or Listeria). These infections can cause symptoms that appear immediately or after several days, depending on the specific pathogen involved. The pathogens affecting seafood include bacteria, viruses, fungi, and algae, with their prevalence increasing in environments with high humidity, elevated temperatures, and substantial water content. These conditions, common in the seafood industry, increase the risk of contamination at various stages from harvesting to consumption.

Market Trends of the Global Seafood Market

Increased spending on diverse seafood dishes is driving the growth of the seafood market. The rising popularity of pescetarianism, where individuals prefer seafood over other meats due to health concerns, is also a significant factor contributing to market expansion. The shift away from meat and pork, driven by their negative health impacts, has further supported the growth of the seafood industry during the analysis period. Additionally, the well-documented heart health benefits of seafood, particularly fatty fish, have led to a surge in global demand, fueling further growth in the seafood market.