Seafood Market Growth Trajectory Through 2024-2033

The Seafood Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Seafood Global Market Report 2024, The seafood market size has grown strongly in recent years. It will grow from $236.61 billion in 2023 to $254.2 billion in 2024 at a compound annual growth rate (CAGR) of 7.4%. The growth in the historic period can be attributed to culinary diversity and globalization, advancements in cold chain logistics, consumer demand for convenience, seasonal and cultural consumption patterns, health and safety standards.

The seafood market size is expected to see strong growth in the next few years. It will grow to $331.64 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%. The growth in the forecast period can be attributed to rise of plant-based seafood alternatives, global culinary fusion, health and nutritional trends, e-commerce growth in seafood retail, government initiatives for aquaculture, crisis preparedness and resilience. Major trends in the forecast period include innovation in seafood products, diverse seafood species, global flavor influences, collaboration for conservation, technology in traceability and transparency.

The world’s population is growing and is expected to reach 10 billion by 2050. An increase in the population creates more demand for food. According to “The Agricultural Outlook” by the OECD and FAO, global cereal production is projected to increase by 13% by 2027. Crop production, farming activities, and trade volumes will have to increase in order to meet the increased population. Therefore, companies in this market are expected to benefit from rising demand for food and beverage products, including the seafood manufacturing market, due to the rising population during the forecast period.

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The seafood market covered in this report is segmented –

1) By Type: Crustaceans, Fish, Other Seafood

2) By Product Type: Frozen, Dried, Smoked, Canned, Other Product Types

3) By Nature: Organic, Conventional

4) By Distribution Channel: Supermarkets/Hypermarkets, Convenience Stores, E-Commerce, Other Distribution Channels

Subsegments Covere: Marine, Inland

Fish processing establishments are using high-pressure processing (HPP) technology to improve operational efficiency. HPP is a non-thermal technology in which the fish is submerged in a liquid placed in a pressure vessel and uses pressures of about 6000 times the average air pressure at sea level to pasteurise fish meat. High-pressure processing replaces the need for heating fish produce and chemicals are used for fish preservation. It increases yield by 20–50% and saves processing time and costs. HPP effectively kills microbes and extends the shelf life of the processed fish by 2 to 4 times without adversely affecting its freshness, flavor, color, texture, and nutritional value. HPP technologies developed by Avure Technologies and Food Science Australia are being widely used in fish processing. The Seafood Company, a Singapore-based company, is using HPP technology for seafood processing.

The seafood market report table of contents includes: