Fish and Seafood Market Size, Share & Growth 2024-2032

The fish and seafood market has become a pivotal part of the food industry, catering to rising consumer demand for nutritious and sustainable protein sources. With growing health awareness and the increasing popularity of seafood in various cuisines, the market for fish and seafood is projected to expand significantly. From 2025 to 2034, the market is expected to grow at a CAGR of 7.40%, driven by changing consumer preferences, innovations in seafood processing, and the demand for sustainable sourcing. This blog will explore the fish and seafood market overview, market size, trends, growth, and forecast, along with a competitor analysis of key players. Additionally, we’ll answer some frequently asked questions to provide deeper insight into this expanding market.

Fish and Seafood Market Overview

The fish and seafood market encompasses a wide range of products derived from marine and freshwater sources, including fish, shellfish, and other seafood varieties. As one of the most important sources of protein worldwide, seafood is consumed across the globe in various forms, including fresh, frozen, canned, and smoked. The market includes both wild-caught and farmed seafood, and with growing concerns around food security, sustainability, and environmental impact, more consumers are gravitating toward responsibly sourced products.

This market benefits from increasing consumer awareness regarding the health benefits of seafood, which is rich in omega-3 fatty acids, vitamins, and minerals. Additionally, the popularity of plant-based diets and clean-label foods has propelled the demand for natural and minimally processed seafood options. The fish and seafood market is diverse, catering to both high-end restaurants and mass-market retail, further expanding its reach.

Fish and Seafood Market Size

In 2023, the fish and seafood market was valued at approximately USD X billion. With growing global demand for sustainable seafood, the market is set to grow at a CAGR of 7.40% from 2025 to 2034. By the end of the forecast period, the market size is projected to reach USD X billion, driven by significant growth in both emerging and developed markets.

The growth is supported by the increasing awareness of the nutritional value of seafood, which is gaining popularity as a healthy protein alternative. Additionally, the rise of health-conscious consumers and changing dietary habits, especially in developed economies, are contributing to the expanding market. This is especially true in regions like North America, Europe, and parts of Asia, where seafood consumption is rising.

Fish and Seafood Market Trends

The fish and seafood market is shaped by several key trends, each influencing its growth trajectory:

Sustainability and Eco-Friendly Sourcing: Consumers and regulators are increasingly demanding sustainably sourced seafood. As concerns over overfishing and environmental degradation grow, companies are investing in sustainable fishing practices and certifications such as MSC (Marine Stewardship Council) to meet the demand for eco-friendly products.

Growth of Aquaculture: With wild fish populations declining in some areas, aquaculture is becoming an increasingly important segment in the market. Sustainable fish farming practices, such as integrated multi-trophic aquaculture (IMTA), are gaining traction to meet growing demand while minimizing environmental impact.

Health and Wellness Trends: Seafood is perceived as a healthier alternative to red meat due to its high protein content and beneficial fats. The growing awareness of omega-3 fatty acids’ health benefits has boosted the demand for fish like salmon, mackerel, and sardines. This trend is expected to continue as consumers prioritize nutrient-dense, heart-healthy foods.

Convenience and Ready-to-Eat Products: Convenience is a major driver in the fish and seafood market, with consumers opting for frozen, pre-packaged, or ready-to-cook products. Busy lifestyles and the increasing popularity of online grocery shopping have encouraged the demand for these easy-to-prepare seafood options.

Globalization of Seafood Consumption: Seafood consumption is becoming increasingly global, with diverse culinary cultures adopting fish and seafood as staple ingredients. This globalization is leading to growth in both traditional seafood markets and emerging markets in Asia-Pacific, Latin America, and Africa.

Plant-Based and Alternative Seafood: With the rise of plant-based diets, there is also a growing interest in plant-based seafood alternatives. Companies are innovating by offering plant-based shrimp, fish fillets, and other seafood products made from seaweed, algae, and other plant-derived ingredients.

Fish and Seafood Market Segmentation

Type
Molluscs
Crustaceans
Fishes
Others

Product
Fresh Fish and Seafood
Canned Fish and Seafood
Frozen Fish and Seafood
Other Fish and Seafood

Region
North America
Europe
Asia-Pacific
Latin America
Middle East and Africa

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Fish and Seafood Market Growth

The fish and seafood market is experiencing significant growth across various regions due to several factors:

Rising Global Population: As the world population grows, so does the demand for food, including seafood. Increased urbanization and the growing middle-class population in developing economies are contributing to higher consumption rates of seafood.

Shift in Dietary Preferences: With the increasing awareness of the health benefits of seafood, consumers are shifting towards a protein-rich, low-fat diet. This dietary shift is helping drive the demand for seafood, particularly in health-conscious markets.

Technological Advancements: Innovations in seafood preservation and processing technologies, such as vacuum sealing, freezing, and high-pressure processing (HPP), are enhancing the shelf life and quality of seafood products, making them more accessible to consumers globally.

E-commerce Growth: The rise of online food delivery services and the increased adoption of e-commerce platforms for purchasing seafood is expanding the market. Consumers are increasingly purchasing seafood online due to the convenience and wider selection available.

Fish and Seafood Market Forecast

The fish and seafood market is forecast to experience robust growth over the next decade, with a projected CAGR of 7.40% from 2025 to 2034. This growth will be fueled by continued demand for healthy and sustainable food options, the expansion of aquaculture, and increased consumption in emerging markets.

Competitor Analysis

High Liner Foods Incorporated: Known for its wide range of frozen and processed seafood products, High Liner Foods is a leading global player in the market.

Leroy Seafood Group: Based in Norway, Leroy Seafood Group is a key player in sustainable seafood, focusing on salmon farming and processing.

Lyons Seafoods Co.: Lyons is a major supplier of frozen seafood products, catering to both retail and foodservice markets.

Maruha Nichiro Corporation: A Japanese company involved in seafood production, distribution, and processing, with a focus on sustainability.

Thai Union Group PCL: One of the largest seafood producers in the world, Thai Union is involved in tuna, shrimp, and other seafood products, with a strong focus on sustainability and innovation.

Others: Other significant players include Mowi ASA, Cargill Inc., and Dongwon Industries Co., all of which contribute to the global supply chain of seafood.