Market Overview

The global seafood market is experiencing significant growth, driven by increasing consumer awareness of health benefits, changing dietary habits, and rising demand for protein-rich food sources. 

The seafood market was valued at USD 165.44 billion in 2023 and is projected to grow from USD 167.40 billion in 2024 to USD 201.49 billion by 2032, with a CAGR of 2.34%. This growth is driven by rising global demand, increasing health awareness, and expanding aquaculture practices.

Key Players in the Seafood Market

The seafood market is highly competitive, with key players like Thai Union Group, Mowi ASA, Nissui Corporation, and Sysco Corporation dominating global supply chains. These companies focus on sustainability, innovation, and acquisitions to expand their market presence. Investments in sustainable fishing, plant-based seafood alternatives, and expansion into emerging markets are driving growth and industry evolution.

Market Segmentation

The seafood market is categorized by type, including fish, crustaceans, mollusks, and aquatic plants, with shrimp, salmon, and tuna leading in demand. Retail formats include fresh, frozen, canned, and dried seafood, with frozen seafood growing due to advanced freezing technologies. Distribution channels range from supermarkets and specialty stores to convenience stores and online retail, with e-commerce expanding rapidly for its convenience and variety.

Regional Analysis

The Asia-Pacific region dominates the seafood market, driven by high consumption in China, Japan, and India, along with large-scale aquaculture in Thailand, Vietnam, and Indonesia. North America is expanding due to rising demand for ready-to-eat seafood and sustainable options. Europe prioritizes sustainability, with growing interest in eco-friendly packaging and plant-based seafood. The Middle East & Africa is an emerging market, fueled by rising seafood imports and increasing disposable incomes. South America is strengthening its aquaculture industry, with Chile and Brazil investing in sustainable seafood production.

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