Seafood Market Share Set to Reach USD 171.54 Bn by 2030 – Key Trends & Insights

The Seafood Market Share was valued at USD 37.84 Bn in 2023 and is expected to reach USD 171.54 Bn by 2030, at a CAGR of 24.10 %, as consumers become more aware of the health benefits and the demand for sustainable seafood products are rising.



Focusing on the Drivers and Opportunities for Market Growth

A rising trend in seafood consumption is most likely due to increased awareness of the health benefits of seafood, in particular, the omega-3 fatty acids found in seafood which have been linked to cardiovascular health benefits. Consumers are looking for a natural source of nutrients, and seafood is becoming a common dietary choice. The growing focus on sustainability has also led to a rise in demand for sustainably-sourced seafood, getting players in the industry to scale back on harmful practices. This movement is a response to environmental issues but it also presents an opportunity for market positioning and the creation of consumer trust.

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Segmentation Analysis

Segmented the seafood market over what basis–Product type, distribution channel & end-user applications.

Application: The market is segmented into fish, crustaceans, mollusks, and others. Due to the availability of a variety of seafood and the popularity of fish as a versatile food ingredient, the greatest segment continues to be fish. Uniqueness and nutritional value are one of the leading factors for the rising demand of Crustaceans including Shrimp and Lobsters.

Distribution Channel: Seafood products are distributed through various channels, including supermarket & hypermarket, specialty stores, online, and others. Supermarkets & hypermarkets are the major shares as they include convenience and large number of selections for every consumer. But online is fast catching up, particularly with more discerning customers looking for home delivery.

End Use: Seafood is mainly used in-house holds, hotels and restaurants and food processing industries. Household segment leads the market due to increased popularity of home cooking and health-conscious eating habits. The food processing industry also plays a significant role by employing seafood in the formulation of convenience and ready-to-serve food items.

Country-Level Analysis

America: The U.S. seafood market continues to grow steadily, valued at USD 25.46 billion in 2024 and forecast to USD 33.52 billion in 2032. The larger catalyst for this growth is attributed to a changing consumer, shifting to healthier protein sources naturally and a rise in demand from eaters globally who want more diverse culinary experiences.

China: The biggest seafood consumer and producer on - and the driver of seafood market dynamics around the globe. The national emphasis on growing aquaculture and addressing supply chain efficiencies, expecting to aid the sustainable development of its seafood industry.

Japan: Japan has been fighting trade disputes in recent years and looking for new export destinations for their seafood. These initiatives involve focusing on emerging markets including of Southeast Asia, the US, and Europe to diversify away from reliance on traditional markets while also strengthening export resilience.

Australia The Australian seafood market is adjusting to new realities, especially the lobster export business. Within the last year and a half, new restrictions and new normal may provide a necessary adjustment or fine tuning to reflect current market and pricing conditions.

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Competitor Analysis

The global seafood market is a highly fragmented market, with a major market share held by the players in the region. Notable companies include:

Thai Union Group PCL: Thai Union is among the largest seafood producers in the world and its keen focus on sustainability and innovation offers a diverse portfolio for various consumer tastes.

Maruha Nichiro Corporation: Maruha Nichiro, with its seafood products, is one of Japan's leading seafood companies, is increasingly pursuing acquisitions that expand its reach and has a good balance of quality and sustainability world-wide.

Mowi ASA: Based in Norway and one of the largest seafood producers in the world, Mowi focuses on sustainable aquaculture practices and is a major player in the global salmon market.

Nissui: A diverse product line of seafood products, will continue to benefit from its large supply chain and innovation (Nippon Suisan Kaisha, Ltd.)

Cermaq Group AS: A producer of salmon and trout with a focus on sustainable aquaculture, Cermaq works on a number of initiatives to minimize environmental impact and enhance fish welfare.

New trends in the industry emphasize sustainability and diversification of markets. Japanese trading house Marubeni Corporation, for example, just started selling salmon from its land-based aquaculture facility near Mount Fuji, to cut back on imports and push domestic goods. Meanwhile, Australian seafood exporters are adapting themselves to new market realities after the disruptions to trade, moving towards different market destinations and products to maintain buoyancy.

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Conclusion

The worldwide seafood market is prepared to witness remarkable advancement among health-conscious consumers and a collective transition from food security to nature sustainability. With environmental concerns, market fluctuations and other challenges underway for industry players, those focusing on innovation, sustainability and strategic market expansion will be primed to take advantage of emerging opportunities. In the years to come consumer preferences and international trade dynamics will continue to play a role in the direction of the seafood sector.

For additional reports on related topics, visit our website:

Canned Seafood Market : https://www.maximizemarketresearch.com/market-report/canned-seafood-market/145875/

Frozen Fish & Seafood Market : https://www.maximizemarketresearch.com/market-report/global-frozen-fish-seafood-market/103758/

Seafood Packaging Market : https://www.maximizemarketresearch.com/market-report/global-seafood-packaging-market/54412/

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