Seafood is no longer just a dietary staple—it’s a booming global industry riding waves of health-conscious consumer demand, sustainable innovations, and changing eating habits. The global seafood market is undergoing significant transformation, poised to reach USD 840.2 billion by 2031, growing at a CAGR of 5.6% from 2024 to 2031.
So, what’s driving this impressive growth, and how are key players navigating this evolving space? Here’s everything you need to know.
Market Overview at a Glance
- Market Size (2023): USD 546.8 billion
- Forecast (2031): USD 840.2 billion
- CAGR (2024–2031): 5.6%
The seafood market includes a wide range of products—from fresh and frozen fish to crustaceans and mollusks. With increasing urbanization, rising disposable incomes, and growing awareness of the health benefits of seafood, demand has been steadily climbing across regions.
Key Growth Drivers
1. Health and Wellness Trends
As consumers become more health-conscious, seafood—rich in omega-3 fatty acids, lean protein, and essential nutrients—has become a go-to choice for balanced diets. The shift toward high-protein, low-fat foods is pushing fish and shellfish to the top of grocery lists worldwide.
2. Aquaculture Advancements
Wild-caught fisheries are struggling to meet rising demand, prompting the growth of aquaculture. Innovations in fish farming and sustainable seafood production are improving supply stability and driving down costs, making seafood more accessible to global markets.
3. Rising Demand in Asia-Pacific
Asia-Pacific remains the largest and fastest-growing market. Countries like China, India, Indonesia, and Vietnam not only consume large quantities of seafood but also dominate global aquaculture production. Improved cold chain logistics and growing middle-class spending are also fueling this trend.
Market Segmentation Breakdown
By Type:
- Fish (dominates the segment)
- Crustaceans
- Mollusks
- Others (e.g., cephalopods, echinoderms)
By Form:
- Fresh
- Frozen
- Canned
- Processed
Frozen and processed seafood are gaining popularity due to their longer shelf life and convenience, especially in urban households and foodservice sectors.
By Distribution Channel:
- Supermarkets/Hypermarkets
- Specialty Stores
- Online Retail
- Others
E-commerce has emerged as a key channel post-COVID, with consumers increasingly opting to order seafood online through apps and websites offering doorstep delivery and quality assurance.
The Push for Sustainability
With overfishing, habitat destruction, and climate change posing threats to marine ecosystems, sustainability has become central to the seafood industry’s evolution.
Major players are now investing in:
- Traceability technology to verify catch origin
- Eco-label certifications (like MSC, ASC)
- Alternative seafood (e.g., plant-based or lab-grown fish)
This shift is not just ethically driven—it’s a strategic move to align with consumer values and regulatory pressure.
Competitive Landscape: Who’s Leading the Way?
The market remains fragmented, with a mix of multinational giants and local fisheries. Key players include:
- Maruha Nichiro Corporation
- Thai Union Group
- Nippon Suisan Kaisha Ltd.
- Marine Harvest ASA
- Austevoll Seafood ASA
These companies are focused on product diversification, expansion into emerging markets, and investments in sustainable practices to maintain their competitive edge.
Market Challenges
Despite the growth, the seafood market faces several hurdles:
- Environmental degradation
- Illegal, unreported, and unregulated (IUU) fishing
- Price volatility
- Stringent food safety regulations
Overcoming these requires joint efforts between governments, producers, and international regulatory bodies to ensure long-term viability.
What’s Next for the Seafood Market?
Looking ahead, the seafood industry is expected to become more tech-driven, transparent, and consumer-focused. Innovations like blockchain for traceability, AI in supply chain optimization, and alt-proteins will redefine how seafood is sourced and consumed.
Key trends to watch:
- Smart aquaculture and IoT integration
- Growth of seafood-based convenience meals
- Rise of alternative (lab-grown) seafood
- Stronger global sustainability frameworks