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

The global seafood market has steadily grown, driven by rising health consciousness and shifting dietary preferences. With a market value of US$137.5 billion in 2023, it is projected to reach US$173.8 billion by 2030, expanding at a CAGR of 3.4% from 2023 to 2030. Seafood-comprising fish, mollusks, and crustaceans-is widely embraced for its rich nutritional content, including omega-3 fatty acids, lean protein, and essential minerals and vitamins. This nutritional appeal has established seafood as a staple in both traditional cuisines and modern diets worldwide.

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The rising demand for seafood is influenced by multiple factors, including the adoption of pescetarian diets, concerns about the ethical and environmental implications of red meat consumption, and the desire for low-fat, high-protein meals. Among product segments, ground fish leads the pack due to its versatile applications and rich nutritional profile. Regionally, North America dominates the global seafood market due to a well-established cold chain infrastructure and fast-growing fast-food and restaurant sectors.

Key Highlights from the Report

➤ Global seafood market expected to reach US$173.8 billion by 2030, growing at 3.4% CAGR.
➤ Ground fish segment leads due to consumer preference for omega-3-rich, low-fat protein.
➤ Organic seafood demand surges amid sustainability and eco-labeling awareness.
➤ Fresh seafood remains top consumer choice due to flavor and texture preferences.
➤ North America leads in seafood consumption and export, with Asia Pacific catching up fast.
➤ 3D-printed seafood creates future-ready opportunities with tailored taste and ethical appeal.

Market Segmentation

The seafood market is segmented based on nature, product type, form, end-use, and sales channel.

By Nature: Organic and natural seafood are the two key categories. The organic segment is witnessing higher traction due to rising sustainability consciousness and demand for traceable seafood.

By Product Type: Ground fish is the leading product, followed by pelagics, tuna, salmonids, mollusks, and crustaceans like shrimp, lobsters, and crabs.

By Form: Fresh seafood is preferred over frozen, chilled, and ambient forms due to its unmatched taste and texture.

By End Use: Food industry is the primary end user, followed by pharmaceutical, cosmetics, industrial, and biotechnology applications.

By Sales Channel: The market is distributed through wholesale stores, direct sales, online platforms, specialty food stores, and supermarkets.

Regional Insights

North America dominates the seafood market, driven by robust fishing activity, high disposable income, and expanding quick-service restaurants (QSRs). States like Alaska and Washington lead in wild-caught seafood production. Moreover, a surge in health-conscious consumers has increased demand for omega-3-rich fish.

Asia Pacific is rapidly gaining momentum as one of the largest seafood consumers, backed by booming aquaculture, rising incomes, and increasing demand in urban fast-food chains. China's investment in large-scale offshore aquaculture is poised to strengthen its leading position in seafood production.

Europe, with its strict sustainability regulations and eco-label preferences, is another critical market. Countries like Spain and France are notable for both consumption and exports of high-value seafood.

Market Drivers

Growing awareness of seafood's health benefits is a primary growth engine. With rising interest in lean protein diets, fish consumption has surged globally. Organizations like the FAO project a 14% increase in fish production by 2031, especially from the aquaculture sector. Additionally, societal trends toward fitness and well-being, combined with nutrient-rich seafood offerings, continue to elevate market demand.

Market Restraints

The shift toward plant-based diets has posed a significant challenge to seafood sales. Veganism and flexitarian lifestyles are reducing reliance on animal-based proteins. Additionally, environmental concerns surrounding overfishing and industrial pollution have led to declining wild fish stocks. Reports show over 90% of marine stocks are overexploited, with some species nearing extinction, raising red flags for long-term sustainability.

Market Opportunities

Technological advancements like 3D printing of seafood are opening new avenues. Producers can now create customized, plant- or cell-based seafood products mimicking traditional seafood in texture and flavor. This innovation supports sustainable production and caters to evolving dietary needs and ethical concerns, potentially transforming the future of seafood consumption.

Reasons to Buy the Report

✔ Understand evolving consumer preferences and how they impact the seafood market.
✔ Gain insights into key product and form segments driving current and future demand.
✔ Identify high-growth regions and their specific market dynamics.
✔ Explore innovation trends like 3D-printed and organic seafood.
✔ Make informed investment decisions with strategic recommendations and forecasts.

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Company Insights

• Amalgam Frozen Foods Pvt. Ltd. (AFFL)
• American Seafoods Company
• Austevoll Seafood ASA
• Cooke Inc.
• Dongwon F&B
• Faroe Seafood
• Handy Seafood Inc.
• Hansung Enterprise Co. Ltd.
• High Liner Food Incorporated
• Kangamiut Seafood A/S
• Lee Fishing Company
• Leroy Seafood Group

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This release was published on openPR.