Seafood Market to Expand to US$ 173.8 Bn by 2030 - Persistence Market Research

The global seafood market is projected to grow at a compound annual growth rate (CAGR) of 3.4%, increasing from US$137.5 billion in 2023 to US$173.8 billion by the end of 2030. This expansion is driven by growing consumer preference for protein-rich diets, rising aquaculture investments, and innovations in seafood production and sustainability.

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Market Overview

Seafood comprises all edible aquatic life forms, including fish, shellfish, and other marine organisms. Recognized for its rich nutritional value, seafood is an excellent source of high-quality protein, Omega-3 fatty acids, vitamins, and minerals. The industry is witnessing significant growth due to increasing consumer awareness of health benefits and a shift towards natural and sustainable food choices.

Key Market Growth Drivers

1. Increased Awareness of Seafood's Health Benefits

The rising preference for healthy, high-protein diets is a major driver of the seafood market. Consumers are increasingly adopting pescetarian and flexitarian diets, prioritizing seafood over red meat due to concerns over hormones and additives in meat production.

According to the Food and Agriculture Organization (FAO) and the Organisation for Economic Co-operation and Development (OECD), global fish production is expected to grow at a rate of 1.2% per annum during the outlook period, reaching 203 million metric tons by 2031. This shift is fueling demand for sustainable seafood sources.

2. Growth in Aquaculture and Export Opportunities

Aquaculture is set to outpace traditional capture fishing, with projected production reaching 108 million metric tons by 2031. Increased global seafood exports, particularly to developing economies, is another factor propelling market expansion. The rising consumption of protein-rich diets across all age groups is boosting demand for seafood.

3. Fitness and Wellness Trends Driving Consumption

The pandemic-induced surge in fitness and wellness activities has heightened demand for nutrient-dense foods rich in protein, calcium, and Omega-3 fatty acids. As more individuals seek to maintain optimal health and physique, seafood consumption has increased significantly.

Market Restraints

1. Growing Popularity of Plant-Based Meat Alternatives

The vegan and plant-based food movement is a key challenge for the seafood market. Established seafood producers are responding to changing consumer preferences by investing in plant-based seafood alternatives. Celebrity endorsements-such as Virat Kohli and Anushka Sharma's investment in Blue Tribe Foods-are further driving interest in plant-based meat substitutes.

2. Depletion of Wild Fish Stocks

Over 90% of fish stocks are overexploited or fully exploited, according to a study by the European Commission's Joint Research Centre (JRC). This depletion is exacerbated by pollution, overfishing, and climate change, leading to a decline in wild fish populations. Conservation efforts by organizations such as PETA and the WWF are advocating for reduced seafood consumption and sustainable fishing practices.

Opportunities in the Seafood Market

1. Adoption of 3D-Printed Seafood

The emergence of 3D-printed seafood is transforming the industry, enabling the creation of seafood alternatives tailored to specific textures and flavors. This technology allows precise control over product characteristics while minimizing environmental impact, making it a viable alternative protein source.

Market Trends and Consumer Preferences

1. Dominance of Organic Seafood Sales

The shift towards sustainability and eco-certifications is driving the organic seafood segment. Certifications like Marine Stewardship Council (MSC) and Aquaculture Stewardship Council (ASC) assure consumers that products adhere to strict environmental and ethical standards. This trend is shaping the future of seafood sourcing and production.

2. Rising Demand for Ground Fish

The ground fish segment remains the most popular, with increasing demand across both developed and developing nations. Fish varieties such as cod, haddock, and flatfish are preferred due to their high protein content and low fat levels, making them ideal for health-conscious consumers.

3. Preference for Fresh Seafood

Consumers continue to favor fresh seafood due to its superior flavor and texture. Whole fish, fillets, and shellfish are widely sought after, while frozen seafood is valued for its convenience and extended shelf life.

Regional Market Insights

1. North America: A Key Seafood Market

North America is a leading producer and consumer of seafood, with major contributions from the United States and Canada. The region's fast-food industry and fitness-conscious consumers are key factors boosting seafood demand. Canada, one of the world's largest seafood exporters, recorded Can$9.0 billion in seafood exports in 2021.

2. Asia Pacific: A Growing Market for Seafood

Asia Pacific is one of the largest seafood-consuming regions, with China playing a pivotal role in seafood production and consumption. Investments in fish and shrimp farming have driven the region's seafood industry growth. State-owned enterprises in China are expanding offshore aquaculture operations, further strengthening the seafood supply chain.

Competitive Landscape and Business Strategies

Leading seafood companies are investing in innovation, sustainability, and strategic partnerships to maintain a competitive edge. Key players include:

Amalgam Frozen Foods Pvt. Ltd. (AFFL)
American Seafoods Company
Austevoll Seafood ASA
Cooke Inc.
Dongwon F&B
Faroe Seafood
High Liner Food Incorporated
Leroy Seafood Group

Companies are focusing on R&D for sustainable seafood production, improved processing techniques, and enhanced traceability measures to align with evolving consumer demands.

Recent Market Developments

1. Del Pacifico Seafoods Expands Aquaculture Operations

In March 2022, Del Pacifico Seafoods introduced a new range of farmed shrimp and oysters at the Seafood Expo in North America. The company is investing in sustainable harvesting techniques, responding to the growing demand for responsibly sourced seafood.

2. Pure Salmon Launches New Brand in France

In August 2021, Pure Salmon introduced La Petite Fabrique du Saumon Fume in French supermarkets. This move expands the company's sustainable salmon offerings, catering to health-conscious consumers looking for high-quality seafood options.

Seafood Market Segmentation

By Nature:

Organic
Natural

By Product Type:

Ground Fish
Pelagics
Tuna
Salmonids
Molluscs
Crustaceans (Lobsters, Crabs, Shrimp, etc.)

By Form:

Fresh
Chilled
Frozen
Ambient

By End-use:

Food
Pharmaceutical
Cosmetics
Industrial
Biotechnology
Household Retail

By Sales Channel:

Direct
Indirect (Modern Trade, Specialty Food Stores, Online Retail, etc.)

By Region:

North America
Europe
East Asia
South Asia & Oceania
Latin America
Middle East & Africa

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