Seafood Market Trends Forecast 2025-2033

Global Seafood Market Size and Share Analysis: Forecast 2024–2032

Market Overview

The Global Seafood Market was valued at US$ 181.13 Billion in 2023 and is projected to reach US$ 243.17 Billion by 2032, expanding at a CAGR of 3.33% during the forecast period 2024–2032. This robust growth is fueled by rising disposable incomes, evolving dietary habits, and an increasing global shift toward healthier, protein-rich diets, including pescetarianism.

1. Introduction to the Global Seafood Market

Seafood includes a diverse range of aquatic organisms consumed worldwide—ranging from fish, crustaceans (like shrimp and crab), mollusks (like octopus and squid), to seaweed and algae. Rich in high-quality protein, Omega-3 fatty acids, and essential vitamins and minerals, seafood plays a crucial role in heart health, brain function, and overall wellness. The market is influenced by cultural, economic, environmental, and technological factors and represents a vital segment of the global food supply chain.

2. Key Growth Drivers of the Seafood Industry

2.1 Health and Nutrition Awareness

With consumers becoming more health-conscious, the demand for nutrient-rich and low-fat protein sources like seafood is soaring. Omega-3 fatty acids, found in fatty fish like salmon and mackerel, are linked to reduced inflammation, improved heart function, and cognitive health. This health trend is prompting both developed and emerging economies to increase seafood intake.
Example: The Dietary Guidelines for Americans (2024) recommend at least two servings of seafood per week.

2.2 Expansion of Aquaculture

Aquaculture is bridging the supply-demand gap caused by overfishing. Advanced technologies in fish farming ensure better yield, reduced ecological impact, and cost-efficiency. Innovations like Innovasea’s Realfish Pro (Oct 2022) are optimizing aquaculture productivity and remote facility monitoring.

2.3 Population Growth and Urbanization

A growing global population—expected to hit 10 billion by 2050 (UN, 2023)—is increasing protein demand, especially in urban settings where seafood is preferred for its nutritional value and versatility.
Urbanization also increases cold-chain logistics and modern retail, supporting seafood market expansion.

3. Market Challenges

3.1 Overfishing and Sustainability Concerns

Overexploitation of marine resources threatens biodiversity and the long-term viability of fisheries. Regulatory bodies, such as MSC and ASC, are enforcing sustainability certifications. However, small-scale fishers often face financial constraints in adapting to these standards.

3.2 Supply Chain Disruptions

Global seafood logistics are vulnerable to climate change, geopolitical tensions, pandemics, and rising fuel costs, all contributing to unstable supply, increased prices, and margin pressures.

Saudi Arabia Seafood Market

United States Seafood Market

4. Market Trends and Opportunities

4.1 Frozen Seafood Market

Frozen seafood, preferred for convenience and shelf-life, is gaining popularity. Advanced freezing techniques like flash freezing and IQF help retain quality. Ready-to-cook seafood is becoming increasingly prevalent.
Notable Deal: Brasmar Group acquired Holmes Seafood (Jan 2023) to enhance frozen seafood distribution in the UK.

4.2 Rise of E-commerce and Online Retail

Digital platforms and cold-chain advancements are revolutionizing seafood distribution. Online seafood delivery services are becoming mainstream in markets like the U.S., China, and South Korea.

4.3 Sustainable and Alternative Seafood

Innovations in cell-based seafood (e.g., Umami Bioworks’ partnership in Korea, Oct 2024) and plant-based alternatives are transforming the industry. Companies are investing in eco-friendly packaging and green aquaculture techniques to appeal to environmentally conscious consumers.

5. Regional Insights

5.1 United States

The U.S. market is driven by increased consumption, imports, and rising sushi demand. Initiatives like Sojitz’s acquisition of Sushi Avenue (Jul 2024) exemplify this trend.

5.2 China

As the largest producer and consumer of seafood, China's market is driven by urbanization and high aquaculture production. E-commerce and premium seafood trends dominate, with companies like Meichu Foods launching innovative products like Salmon Cheese Rolls (Oct 2024).

5.3 South Korea

High per capita seafood consumption and imports from Norway, U.S., and China drive the market. Sustainability-focused collaborations like FnF’s cell-cultivated fish treats signal a shift toward innovation.

5.4 Brazil

The country’s vast freshwater resources support a growing seafood sector. However, logistic inefficiencies and reliance on imports challenge scalability. The Norway-Brazil salmon trade deal (Sep 2024) indicates rising cross-border opportunities.

5.5 Saudi Arabia

Government-led initiatives under Vision 2030 aim to boost domestic aquaculture. Saudi Fisheries Company’s planned aquaculture facility in Riyadh (Nov 2024) underlines the nation's strategic seafood development agenda.

5.6 Norway & Spain

Norway remains a global leader in sustainable seafood, especially salmon. Spain’s Mediterranean and Atlantic access make it a major processor and exporter of seafood within Europe.

6. Competitive Landscape: Global Players

Major Companies Covered

Agrosuper S.A.
Asian Sea Corporation Public Company Limited
Austevoll Seafood ASA
Bolton Group SRL
Grieg Seafood ASA
Maruha Nichiro Corporation
Sysco Corporation
Thai Union Group PCL

Company analysis includes:
✔ Overview
✔ Key Executives
✔ Product Portfolio
✔ Strategic Developments
✔ Financial Insights

Recent Developments:

Mowi ASA’s new seafood facility in Hitra, Norway (Mar 2023)
Thai Union’s ocean plastic cleanup drive (Apr 2023)
Nueva Pescanova’s octopus farming innovation (May 2022)

7. Market Segmentation

By Form

Fresh
Frozen
Ambient
Canned & Processed Seafood

By Type

Fish
Crustaceans
Molluscs
Others

By Application

Retail
Institutions
Food Service

8. Countries Covered (25+)

North America

United States
Canada

Europe

France, Germany, Italy, Spain, UK, Belgium, Netherlands, Turkey

Asia Pacific

China, Japan, India, Australia, South Korea, Thailand, Malaysia, Indonesia, New Zealand

Latin America

Brazil, Mexico, Argentina

Middle East & Africa

South Africa, Saudi Arabia, UAE

9. Report Scope and Deliverables

Feature	Details
Base Year	2023
Forecast Period	2024–2032
Historical Data	2019–2023
Market Units	USD Billion
Format Available	PDF, Excel (PPT/Word on request)
Customization	Up to 20% Free
Post-Sale Support	1-Year Analyst Access