Seafood Market Analysis, Share, Industry, Opportunities 2031

Report Description

Seafood Market Outlook 2031

The global seafood market size was valued at USD 114.40 Billion in 2022 and is projected to reach USD 162.83 Billion by 2031, expanding at a CAGR of around 4% during the forecast period, 2023 – 2031. The growth of the market is attributed to the increasing consumption of seafood across the globe.

Seafood consists of food, derived from the sea that is edible. It includes aquatic life such as crustaceans, mollusks, cephalopods, groundfish, flatfish, and others. Sea foods are a great source of proteins, minerals, vitamins, healthy fats, and fatty acids. Sea foods are highly nutritious and have many health benefits that reduce CHD, heart attacks and strokes depression, liver cancer, and improve brain function.

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Pescetarianism is becoming increasingly popular among non-vegetarian consumers, who are gradually modifying their lifestyles. Pescetarianism means consuming vegetarian meals and seafood avoiding all meat, including cattle, swine, poultry, and other types of meat.

The inclination towards a healthy diet among consumers has caused this transformation. Meat and meat products can be unhealthy if consumed in large quantities since they include harmful pesticides and chemicals. As a result, the demand for seafood is expected to increase during the forecast period.

Several restaurants all over the world serve the so-called poisonous puffer fish for which the customer needs to sign a waiver before ordering it. A food waiver from a restaurant is a formal document. Customers must sign it to attest that they are aware of the risks involved with consuming a specific dish. Before preparing and serving fugu to diners in Japan, chefs must hold a valid government license.

For instance, Fuku restaurant in Singapore offers a variety of fish-based dishes made from various fish organs. It also serves difficult-to-find fugu dishes such as hiresake and fugu shirako or milt. Reservation of a table needs to be done five days in advance.

Its location is Mohamed sultan road in Singapore. Fugu has become popular recently and people want to experience the thrill and desire to return and inform their friends that they have tried it.

Covid-19 Impact

The Covid-19 pandemic affected the demand and supply of the seafood market. Lockdown across the globe, supply chain disorders, and oscillating supply of raw materials forced manufacturers to shut down production leading to an unfortunate decline in market growth. The launch of vaccines to combat the COVID-19 pandemic is expected to contribute to the market growth over the forecast period.

Seafood Market Dynamics

The research report on the seafood market provides a complete market overview by focusing on major restraints, key drivers, and emerging trends that can shape the overall performance or outcome of the market during the forecast period, 2022 to 2030.

Key Drivers

The increasing popularity of seafood drives the market

Recently, seafood has become popular in famous cafés, and it is growing rapidly. Availability of different variants of seafood including crustaceans, mollusks, cephalopods, groundfish, flatfish, and others driving the market.

Rising health-conscious among people and an increasing number of seafood consumers are estimated to boost the global seafood market. Growing awareness about the benefits of eating seafood and the presence of healthy nutritious components including proteins, minerals, vitamins, healthy fats, and fatty acids are projected to boost the market.

Existing Restraints 

Changing climatic conditions hinder the market growth

Reduction in sea species is anticipated to hinder market growth. The production of fish and seafood items is impacted by changing climatic factors such as oxygen levels, water acidity, and temperature, which is expected to hamper the market growth.

Intense fishing disrupts marine life and this restricts the market growth. Lack of proper regulations on packaging and the short shelf life of the product is estimated to impede the market growth.

Market Opportunities

Availability of sustainable certified fish and seafood

Increasing trend of aquaculture production of various fish and seafood items is expected to drive the market in the coming years. Rising contract farming and government policies regarding the production of seafood are projected to create lucrative growth opportunities for the market players during the forecast period. Easy availability of sustainable certified fish and seafood provides several growth opportunities.

Scope of Seafood Market Report

The report on the global seafood market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Seafood Market Segment Insights

Types Segment Analysis

Based on types, the global seafood market is divided into shrimp, crabs, lobsters, crustaceans, molluscs, salmonids, tuna, pelagic, ground fish, and others. The fish segment accounted for a major market share in 2021 owing to increasing popularity of fish as a high protein-rich diet alternative to high-calorie meat.

The demand for fish is augmented by a growing population of non-vegetarians and increased knowledge of the health advantages of eating fish. The shrimp segment is expected to grow at a rapid pace during the forecast period.

Shrimp are the preferred seafood to prepare at home or order in restaurants, and their popularity has grown among customers due to their low cost and high nutritional value.

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Products Segment Analysis

On the basis of products, the global market is fragmented into fresh, frozen, smoked, dried, canned, and salted. The fresh seafood segment held around 45% of the total market share in 2021 and is projected to expand at a robust rate during the forecast period owing to increasing consumption of fresh seafood as they form healthy alternatives to poor-quality packed food. Rising consumers’ awareness and adoption of protein-rich food and other nutrients like omega-3 fatty acids significantly drive the demand for fresh seafood.

Distribution Channels Segment Analysis

In terms of distribution channels, the global market is segregated into offline and online. The offline segment accounted for a major market share in 2021. Supermarkets and hypermarkets are self-service stores with a wide range of goods for sale. As soon as seafood is taken out of the water, it needs to be treated carefully as it is highly perishable.

The super-fast freezing offered by supermarkets and hypermarkets keeps seafood fresh for a long duration. The online segment is projected to register a considerable CAGR during the forecast period with increasing internet access, smartphone users, and attractive discounts offered.

The covid scenario encouraged the consumers to adopt online shopping including food items from the safety point of view resulting in an upsurge in seafood product sales through various company-owned websites and e-commerce retails.

Regional Analysis

On the basis of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific dominated the market in 2021 and is projected to continue its dominance during the forecast period. The growth of the market is attributed to increasing number of fast-food restaurants serving fish and rising disposable income in the region.

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