Global Seafood Market Trends & Forecast (2024-2032)

The Global Seafood Market is currently valued at US$ 181.13 billion and is expected to reach US$ 243.17 billion by 2032, expanding at a CAGR of 3.33% from 2024 to 2032. This robust growth is fueled by rising disposable incomes, increasing per capita seafood consumption, and a shift towards pescetarian diets globally.

Renub Research’s report, "Global Seafood Market & Forecast 2024-2032," offers comprehensive insights, covering analysis by Form (Fresh, Frozen, Ambient, Canned & Processed Seafood), Type (Fish, Crustaceans, Molluscs, Others), Application (Retail, Institutions, Food Service), alongside Country and Company analysis.

Seafood Market Overview

Seafood encompasses a wide range of marine life, including fish, shrimp, crabs, mollusks, and more, consumed by humans globally. It is a powerhouse of essential nutrients such as omega-3 fatty acids, proteins, vitamin D, vitamin B12, zinc, and iodine — contributing to better heart health, brain function, and overall wellbeing.

Notably, countries with seafood-centric diets, especially across Asia and Europe, demonstrate lower cardiovascular disease prevalence thanks to omega-3-rich foods like salmon and mackerel. Besides its nutritional significance, the seafood sector is a vital global economic driver, generating millions of jobs in fishing, processing, and distribution.

Key Growth Drivers

1. Rising Health Consciousness

Growing awareness of the health benefits of seafood is a primary catalyst for market expansion. Consumers are increasingly opting for heart-healthy, anti-inflammatory, and cognitive-enhancing diets. According to the Dietary Guidelines for Americans (2024), individuals are encouraged to consume at least two seafood servings per week.

2. Expansion of Aquaculture

The rapid rise of aquaculture (fish farming) is bridging the gap between seafood supply and global demand. Modern aquaculture practices ensure better quality, higher affordability, and sustainable production. Innovations like Innovasea's Realfish Pro (October 2022) highlight the technological advancements transforming the industry.

3. Growing Global Population

With the world's population projected to reach 10 billion by 2050 (UN, 2023), the demand for high-protein foods such as seafood will rise sharply. Urbanization, rising incomes, and evolving dietary preferences are further boosting seafood consumption worldwide.

Major Challenges

1. Overfishing and Sustainability

Overfishing threatens marine ecosystems, leading to stringent regulations and increasing importance of sustainable fishing certifications like MSC and ASC. Small-scale fisheries struggle to adapt, presenting hurdles for market inclusivity.

2. Supply Chain Disruptions and Rising Costs

Climate change, geopolitical tensions, and economic volatility disrupt seafood supply chains. Rising fuel and transportation costs are pushing seafood prices higher, impacting market stability.

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Key Segments of the Global Seafood Market

By Form

• Fresh
• Frozen
• Ambient
• Canned & Processed Seafood

By Type

• Fish
• Crustaceans
• Molluscs
• Others

By Application

• Retail
• Institutions
• Food Service

Regional Insights

United States

The U.S. is a seafood powerhouse, driven by rising demand for healthy, protein-rich diets. Imports dominate the supply chain, primarily sourced from Canada, China, and Vietnam. Plant-based seafood alternatives are emerging competitors.

China

China remains the largest producer, consumer, and exporter of seafood globally, fueled by urbanization and rising disposable incomes. Sustainability challenges and government regulations will shape future growth.

South Korea

South Koreans have one of the highest per capita seafood consumption rates. Growing demand for premium and imported seafood, combined with a robust e-commerce sector, is driving the market forward.

Brazil

Brazil’s seafood market is expanding thanks to its vast coastal resources and health-conscious consumers. However, cold chain infrastructure challenges limit efficiency.

Saudi Arabia

Saudi Arabia’s seafood demand is growing under the government’s Vision 2030 plan to boost local aquaculture and ensure food security.

Norway

Norway excels in salmon exports and sustainable fishing practices, positioning itself as a global seafood leader with strong investments in aquaculture R&D.

Spain

Seafood is integral to Spanish cuisine. Spain’s seafood industry benefits from its Mediterranean and Atlantic coastlines and a vibrant processing sector.

Industry Developments

• Nippon Suisan Kaisha Ltd. launched a land-based shrimp enterprise (October 2023).
• Thai Union joined a marine waste cleanup initiative (April 2023).
• Mowi ASA opened a new seafood facility in Norway (March 2023).
• Nueva Pescanova filed plans for commercial octopus farming (May 2022).
• Del Pacifico Seafoods expanded its aquaculture segment with eco-friendly shrimp and oyster farming (March 2022).

Major Companies

• Agrosuper S.A.
• Asian Sea Corporation Public Company Limited
• Austevoll Seafood ASA
• Bolton Group SRL
• Grieg Seafood ASA
• Maruha Nichiro Corporation
• Sysco Corporation
• Thai Union Group PCL

Each company is profiled with:

• Overview
• Key Persons
• Recent Developments & Strategies
• Product Portfolio
• Financial Insights

Report Details