Overview and Scope
Seafood meat products are defined as food products that are slaughtered and used for human consumption by processing and preserving seafood meat by smoking, salting, fermenting, or adding any chemicals.
Sizing and Forecast
The seafood market size has grown strongly in recent years. It will grow from $236.61 billion in 2023 to $254.2 billion in 2024 at a compound annual growth rate (CAGR) of 7.4%. The growth in the historic period can be attributed to culinary diversity and globalization, advancements in cold chain logistics, consumer demand for convenience, seasonal and cultural consumption patterns, health and safety standards.
The seafood market size is expected to see strong growth in the next few years. It will grow to $331.64 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%. The growth in the forecast period can be attributed to rise of plant-based seafood alternatives, global culinary fusion, health and nutritional trends, e-commerce growth in seafood retail, government initiatives for aquaculture, crisis preparedness and resilience. Major trends in the forecast period include innovation in seafood products, diverse seafood species, global flavor influences, collaboration for conservation, technology in traceability and transparency.
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Segmentation & Regional Insights
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: Supermarkets/Hypermarkets, Convenience Stores, E-Commerce, Other Distribution Channels
Subsegments Covere: Marine, Inland
Asia-Pacific was the largest region in the seafood market in 2023. 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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Major Driver Impacting Market Growth
The world’s population is growing and is expected to reach 10 billion by 2050. An increase in the population creates more demand for food. According to “The Agricultural Outlook” by the OECD and FAO, global cereal production is projected to increase by 13% by 2027. Crop production, farming activities, and trade volumes will have to increase in order to meet the increased population. Therefore, companies in this market are expected to benefit from rising demand for food and beverage products, including the seafood manufacturing market, due to the rising population during the forecast period.
Key Industry Players
Major companies operating in the seafood market report are 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., Admiralty Island Fisheries Inc., Anna Maria Fish Co., Marine Harvest ASA, J.J. McDonnell & Co Inc., Pacific Seafood, Phillips Foods Inc., Dahu Aquaculture Co. Ltd., New Zealand King Salmon Investments Ltd., Oman Fisheries Co. SAOG
The seafood market report table of contents includes:
1. Executive Summary
2. Seafood Market Characteristics
3. Seafood Product/Service Analysis -Product/Service Examples
4. Seafood Market Trends And Strategies
5. Seafood Market – Macro Economic Scenario
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31. Belgium Seafood Market
32. Denmark Seafood Market
33. Finland Seafood Market
34. Ireland Seafood Market
35. Netherlands Seafood Market
36.Appendix
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