Seafood Market Size, Industry Share & Global Forecast 2027

 

Seafood Market

The Seafood Market was calculated around USD 159 billion in 2019 and is expected to grow at a CAGR of 2.5% over the forecast period (2020-2027).

The factors driving the growth of Seafood Market includes rising consciousness amongst consumers about adopting healthy diets, growing use of seafood items in Japanese and Hawaiian cuisine, increasing demand of marine products such as salmon, tuna, and lobsters. According to the report published by Statista, the Global Canned Tuna Market was estimated around USD 10.5 billion in 2017 and is expected to reach USD 14.13 billion by the end of 2025, which will accelerate the Seafood Market Size in the approaching years. Moreover, the availability of wide range of seafood products at online platforms, rising awareness about the harmful chemicals used in meat products, increase in the launch of innovative seafood items and growing emphasis by manufacturers on product safety, are some of the important factors supplementing the market growth. In addition, growing popularity of organic seafood products, increasing investments by major corporations on research and development, rising disposable incomes, rapid urbanization, and growing population growth rates, are further contributing towards the market growth.

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However, the growth of Seafood Market is hindered attributed to low shelf life of sea food products and Government regulations regarding packaging. 

The prominent players operating in the Seafood Market are Royal Greenland Seafood A/S, Thai Union Group PCL, LEE FISHING, Pacific American Fish Company, Inc., NISSUI, GRUPO NUEVA PESCANOVA, Trident Seafoods Corporation, Mowi, SeaPak Shrimp & Seafood Company, and The Phillips Family, among others.

Based on Product Type, the Fishes segment is predicted to capture the largest market share during the forecast period

As per the Seafood Market Analysis, raising awareness about the benefits of consuming fish and increase in the meat-eating population, are some of the factors responsible for the segment’s growth.

Based on Distribution Channel, the Supermarkets & Hypermarkets segment is projected to expand at a significant CAGR over the forecast period

Supermarket offers wide range of seafood products, provides attractive discounts with free delivery options, are propelling the growth of the segment.

Based on Region, the Asia-Pacific region is anticipated to grow at a remarkable CAGR during the forecast period

According to the Seafood Market Trends, rise in the number of quick service restaurants, increase in online food orders, rapid urbanization, improvements in the living standards, growing per capita income and high population growth rates, are some of the important factors augmenting the market growth in Asia-Pacific region.  

Key Development

  • In 2020, Nueva Pescanova USA launched a new Toss & Serve Shrimp line for retail. The new Toss & Serve Shrimp line includes exceptional white shrimp in three varieties of sauce pairings: citrus herb, chipotle sea salt, and salted butter with garlic.
  • In 2020, SeaPak launched breaded shrimp for kids. SeaPak Shrimp & Seafood Co. offers a new breaded shrimp specifically designed for children and are available in supermarket chains: publix and Food Lion. They are whole grain-breaded, minced shrimp bites in the shape of starfish and sea turtles. SeaPak director mentioned a requirement for a kid-centric product in the frozen seafood market.

Market Segmentation

Segmentation by Product Type

  • Fishes
    • Salmon
    • Tuna
    • Pollock
    • Others
  • Crustaceans
    • Crabs
    • Shrimps
    • Prawns
    • Others
  • Molluscs
    • Scallops
    • Oysters
    • Others
  • Others

Segmentation by Product Format

  • Fresh & Live
  • Frozen
  • Canned
  • Chilled

Segmentation by Distribution Channel

  • Supermarkets & Hypermarkets
  • Convenience Stores
  • Speciality Stores
  • Online Retail
  • Others

Segmentation by Region

  • Asia Pacific
    • China
    • Japan
    • India
    • Rest of APAC
  • North America
    • United States of America
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Spain
    • Rest of Europe
  • RoW
    • Brazil
    • South Africa
    • Saudi Arabia
    • UAE

About GMI Research

GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.

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