GVR Report cover Seafood Market Size, Share & Trends Report

Seafood Market Size, Share & Trends Analysis Report By Type (Fish, Crustaceans, Mollusca, Lobsters, Crabs, Others), By Form (Fresh, Processed), By Distribution Channel, By Region, And Segment Forecasts, 2023 To 2030

  • Historical Data: ---
  • Forecast Period: 1 - 2030 
  • Industry: Consumer Goods

Seafood refers to any form of edible aquatic life, including fish, shellfish, and other sea creatures. It is a popular source of protein and nutrients in many cuisines around the world. Seafood can be found in various forms, such as fresh, frozen, canned, or dried. Factors such as the rise in health-conscious lifestyles and the increasing demand for ready-to-eat and processed seafood are expected to drive market growth. Moreover, the growing adoption of online seafood retail presents a significant growth opportunity for the market.

Seafood is recognized for its nutritional benefits, including being a good source of protein, omega-3 fatty acids, and various vitamins and minerals. Consumers are increasingly seeking healthier food options, leading to an increased demand for seafood as part of a balanced diet. Seafood dishes that blend different culinary traditions and flavors have gained popularity. Fusion cuisine incorporating seafood from different regions and cultures allows for creative and diverse seafood dining experiences. Busy lifestyles and the desire for quick and easy meals have contributed to the popularity of ready-to-eat seafood products, such as pre-cooked shrimp, canned fish, and seafood salads. These products cater to the demand for convenient and time-saving options.

There is a growing emphasis on sustainable seafood practices to protect marine ecosystems and ensure the long-term viability of fish stocks. Consumers are increasingly concerned about the environmental impact of their seafood choices and are seeking sustainably sourced seafood options. Technologies such as blockchain and QR codes are being used to provide traceability and verify the origin of seafood products. Certification programs, such as the Marine Stewardship Council (MSC) and Aquaculture Stewardship Council (ASC), play a significant role in providing assurance to consumers that seafood products meet specific sustainability and traceability criteria. These programs are increasingly adopted by seafood producers and retailers.

According to the Food and Agriculture Organization of the United Nations, the global production of aquatic animals reached an estimated 178 million tons in 2020, experiencing a slight decline from the previous record of 179 million tons set in 2018. The seafood industry is embracing technology to enhance various aspects of the supply chain. This includes the use of advanced tracking and tracing systems, remote sensing, data analytics, and robotics to improve inventory management, reduce waste, optimize production, and ensure product quality and safety. The online seafood market continues to expand, with e-commerce platforms offering a wide range of seafood products for direct-to-consumer sales. Online retailers and seafood delivery services provide convenience and access to a broader selection of seafood options.

By type, the market is segmented into fish, crustaceans, mollusca, lobsters, crabs, and others. Crustaceans are a diverse group of arthropods belonging to the subphylum Crustacea. They include a wide range of species that live in aquatic environments, both marine and freshwater. Mollusca is a phylum of invertebrate animals that includes a diverse group of organisms known as mollusks. Mollusks are characterized by their soft bodies, typically covered by a protective shell.

In May 2023, Nissui invested in the Immersion Group, an Australian startup specializing in the cultivation of Asparagopsis, a red seaweed known for its potential to reduce methane emissions from ruminant animals. Asparagopsis is a type of red algae found in tropical and subtropical waters of Asia and Oceania. It has been discovered that Asparagopsis can significantly reduce methane emissions from cattle, up to 98 percent, by inhibiting methanogenic bacteria. Furthermore, studies have shown that Asparagopsis can enhance animal growth by up to 26 percent by improving metabolism. This makes Asparagopsis an attractive solution in combating global warming in the livestock industry.

Seafood Market Segmentation

  • By Type

    • Fish

    • Crustaceans

    • Mollusca

    • Lobsters

    • Crabs

    • Others

  • By Form

    • Fresh

    • Processed

  • By Distribution Channel

    • Supermarkets and Hypermarkets

    • Convenience & Specialty Stores

    • Online Retail

    • Others

  • Key players

    • Maruha Nichiro Corporation

    • Nissui

    • Mowi

    • Thai Union Group PCL.

    • Dongwon Group

    • Pacific Seafood

    • Charoen Pokphand Foods PCL.

    • High Liner Foods

    • American Seafoods Company LLC.

    • Trident Seafoods Corporation

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