Global market Conditions

Market Conditions 2023-2030

Seafood Market size was valued at USD 310.75 billion in 2019 and is poised to grow from USD 338.47 billion in 2023 to USD 730.28 billion by 2031, growing at a CAGR of 8.92% in the forecast period (2024-2031).

Seafood generally consists of the food that is derived from the sea and these are categorized as fish, crustaceans, and molluscs seafood. Increasing awareness and changing lifestyles have forced people to focus on their decorating health and seafood provides a variety of health benefits which attributes to the growth of the seafood market worldwide. The lifestyle of the customer is slowly changing towards non-vegetarian food and a combination of seafood with vegetarian food excluding beef, poultry, pork, and others which are known as pescetarianism. Beef and pork contain harmful substances and a variety of anabolic to treat the meat and grow it, which could affect the health of people consuming it. These are some of the reasons the consumer nowadays prefers seafood as no anabolics and harmful chemicals are used to rear these creatures. The growing awareness of people regarding the living conditions of farmed animals such as poultry, beef cattle, and pork at farms has also made people change their eating preferences from non-vegetarian to pescetarianism. Which in turn will increase the demand for seafood in the coming years.

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Global Seafood Market Segmental Analysis

The Global Seafood Market is segmented on the basis of Type, Category, Distribution Channel, and Region. Based on Type, the Seafood Market is segmented into Fish (Salmon, Tuna, Pollock), Crustaceans (Crabs, Shrimps, Prawns), Molluscs (Scallops, Oysters), and Others. Based on category, the Seafood Market is segmented into Dried Seafood, Salted Seafood, Smoked Seafood, Frozen Seafood, and others. Based on the Distribution channel, the Seafood Market is segmented into Supermarkets & Hypermarkets, Convenience Stores, Speciality Stores, Online Retail, and Others. Based on region, the global Seafood market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.

Seafood Market Analysis by Type

In 2021, based on the type of seafood the Fish (Salmon, Tuna, Pollock) segment has captured the major market share and is expected to grow at a CAGR of 2.9% by 2028 in the global seafood industry. The other types of seafood markets can be categorized into Crustaceans (Crabs, Shrimps, Prawns), Molluscs (Scallops, Oysters), and Others. The high protein content and presence of plenty of fatty acid chains in the fatty fish have contributed to the growth of the sea fish segment in recent years and is expected to grow at the same pace in the coming years too. However, the Molluscs segment is also growing at a decent rate and is expected to grow at a 2.3 % CAGR during the analysis period.

Seafood Market Analysis by Category

Based on the category the seafood market is segmented into Dried Seafood, Salted Seafood, Smoked Seafood, Frozen Seafood, and others. The frozen and fresh seafood segment accounts for the highest market share in 2021. These developments in the sector are one of the reasons driving the seafood industry worldwide.