Seafood Market Report: Insights, Trends, and Forecast (2023-2031)
The global seafood market has emerged as a dynamic sector driven by rising consumer demand, expanding culinary preferences, and evolving distribution channels. This report provides an in-depth analysis of the seafood market, including industry dimensions, key trends, market size, share, statistics, regional insights, and segmentations.
Industry Dimensions
The global seafood market size was valued at USD 169,063.06 million in 2022. It is projected to grow from USD XX million in 2023 to USD 202,046.01 million by 2031, registering a compound annual growth rate (CAGR) of 2.12% during the forecast period (2023–2031). This steady growth reflects the increasing global appetite for seafood, driven by health-conscious consumers and rising disposable incomes.
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Industry Key Trends
Health and Wellness Focus: Consumers are increasingly choosing seafood for its high nutritional value, including essential omega-3 fatty acids, vitamins, and proteins.
Technological Advancements: Innovations in aquaculture and fishing techniques enhance seafood production, ensuring sustainability and efficiency.
Rising Demand for Processed Seafood: Pre-packaged, ready-to-eat, and frozen seafood products are gaining popularity among urban consumers.
Sustainability Initiatives: Environmental concerns push companies to adopt sustainable fishing practices and eco-labeling.
Expansion of Distribution Channels: E-commerce platforms and home delivery services are reshaping the seafood retail landscape.
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Seafood Market Size and Share
The seafood market's robust growth is attributed to expanding consumption across key regions. Major players are actively enhancing their portfolios to capture significant market shares. In 2022, the seafood sector accounted for a substantial share in the global food industry, driven by the steady supply of fish, crustaceans, and mollusks.
Seafood Market Statistics
Market Size (2022): USD 169,063.06 million
Projected Market Size (2031): USD 202,046.01 million
CAGR (2023-2031): 2.12%
Key Market Players: Pacific Seafood, Kangamiut Seafood A/S, American Seafoods Company, Phillips Foods, Inc., Trident Seafoods Corporation, Marine Harvest ASA, Thai Union Group PCL, Lee Fishing Company, and Leigh Fisheries.
Regional Trends
1. North America
The North American seafood market is driven by high consumer awareness regarding the health benefits of seafood. The U.S. and Canada are key contributors, emphasizing sustainable seafood sourcing and certification programs.
2. Asia-Pacific (APAC)
APAC dominates the global seafood market due to high production and consumption in countries like China, Japan, India, and Indonesia. Rapid urbanization and expanding middle-class populations boost seafood demand in the region.
3. Europe
Europe's seafood market is characterized by a strong preference for premium and sustainably sourced products. Countries like Norway, Spain, and the UK are major consumers and exporters.
4. Latin America, Middle East & Africa (LAMEA)
The LAMEA region is witnessing growing seafood demand due to rising incomes and changing dietary preferences. Brazil and South Africa are emerging markets with expanding seafood processing industries.
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Seafood Market Segmentations
By Type:
Fish
Crustaceans
Mollusca
Others
By Applications:
Retail
Institutions
Food Services
Top Players in the Seafood Market
- Pacific Seafood
- Kangamiut Seafood A/S
- American Seafoods Company
- Phillips Foods, Inc.
- Trident Seafoods Corporation.
- Marine Harvest ASA
- Thai Union Group PCL
- Lee Fishing Company
- Leigh Fisheries
About Straits Research
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