Global Seafood Market Projected to Grow at 7.2% CAGR, Reaching $357.56 Billion by 2029

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What Will the Seafood Industry Market Size Be by 2025?
In the past few years, the seafood market has seen robust growth. By the end of 2025, the market is predicted to rise from $252.67 billion in 2024 to $270.43 billion, marking a compound annual growth rate (CAGR) of 7.0%. Factors contributing to this growth during the historical period include the diversity in culinary preferences and globalization, improvements in cold chain logistics, a rise in consumer demand for convenience, trends in seasonal and cultural consumption, along with health and safety standards.

What's the Long-Term Growth Forecast for the Seafood Market Size Through 2029?
The future of the seafood market appears promising, with expectations of robust growth in the coming years, expected to reach a value of $357.56 billion in 2029, at a CAGR of 7.2%. The growth anticipated during this forecast period can be owed to a multitude of factors such as the emergence of plant-based seafood alternatives, the blending of global cuisines, trends in health and nutrition, the surge in online seafood retail, government measures to support aquaculture, and the emphasis on crisis readiness and resilience. Key trends to observe during this forecast period would be the advent of innovative seafood products, the variety in seafood species, the influence of global flavors, cooperative efforts towards conservation, and the application of technology to ensure traceability and transparency.

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What Are the Key Growth Drivers Fueling the Seafood Market Expansion?
The global population is on an upward trajectory, with a projected estimate of 10 billion people by 2050. This population surge will inevitably lead to an escalated demand for food. As highlighted in "The Agricultural Outlook" report by the OECD and FAO, a 13% rise in worldwide cereal production is anticipated by 2027. To cater to the growing populace, there will be a requirement for increased crop production, farming endeavors, and trade volumes. Consequently, this scenario is likely to spell opportunities for companies in this market. They are set to cash in on a growing demand for food and beverage items, inclusive of the seafood manufacturing market, driven by the population increase within the forecasted time frame.

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What Are the Key Trends Driving Seafood Market Growth?
To boost the allure of the seafood market and attract a broader consumer base, leading companies are coming up with creative culinary innovations such as fish-infused churros. The concept of fish-flavored churros involves giving the conventional sweet fried dough a savory touch of fish. For example, in April 2024, Profand, a renowned Spanish fishing firm, unveiled Snackish, a new range of fish-flavored churros at the Seafood Expo Global 2024 held in Barcelona. The churros, made from salmon and cod fish flour and flavored with fish fumet, are available in two varieties: salmon and cod. Each variety is served with accompanying sauces - sweet pepper or sweet red pepper for cod, and tartar sauce for salmon. With a focus on sustainability, Profand uses fish like tarpon, permit, and bonefish to reduce food wastage. The initial feedback has been favorable with aspirations to conduct wider testing beyond Spain in the forthcoming period.

How Is the Seafood Market Segmented?
The seafood market covered in this report is segmented -

1) By Type: Crustaceans, Fish, Other Seafood
2) By Product Type: Frozen, Dried, Smoked, Canned, Other Product Types
3) By Nature: Organic, Conventional
4) By Distribution Channel: Super markets/Hyper markets, Convenience Stores, E-Commerce, Other Distribution Channels

Subsegments:
1) By Crustaceans: Shrimp, Crab, Lobster, Crawfish
2) By Fish: Salmon, Tuna, Cod, Sardines
3) By Other Seafood: Mollusks, Seaweed, Caviar, Anchovies

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Which Companies Are Leading the Charge in Seafood Market Innovation?
Major companies operating in the seafood market include Marubeni America Corporation, Sysco Corporation, Bumble Bee Foods, The Kraft Heinz Company, Charoen Pokphand Foods PCL, Coastal Corp. Ltd., Maruha Nichiro Corporation, Nippon Suisan Kaisha Ltd., Nichirei Corporation, Thai Union Group PCL, Trident Seafoods Corporation, Lerøy Seafood Group ASA, Bolton Group Srl, High Liner Foods Inc., Nichimo Co. Ltd., Young's Seafood Ltd., Oceana Group Ltd., Grieg Seafood ASA, Austevoll Seafood ASA, Inland Seafood Inc., Beaver Street Fisheries, Cooke Aquaculture Inc., American Seafoods, Handy Seafood Inc., Pacific Seafood, Phillips Foods Inc.

Which Regions Are Leading the Global Seafood Market in Revenue?
Asia-Pacific was the largest region in the seafood market in 2024. Western Europe was the second-largest region in the seafood market. The regions covered in the seafood market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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