The fish and seafood market is a significant component of the food industry, driven by rising consumer demand for protein-rich diets, a growing preference for healthier food options, and increased seafood consumption worldwide. This market is projected to grow at a robust compound annual growth rate (CAGR) of 7.40% from 2025 to 2034. The increasing popularity of seafood as a dietary choice and the expansion of international trade in fish and seafood products are key drivers of this growth. In this blog, we will explore the fish and seafood market in detail, covering market size, trends, growth drivers, and competitor analysis, along with a forecast for the coming years.

Fish and Seafood Market Overview

The fish and seafood market includes the production, processing, and distribution of various types of fish and seafood products such as fish fillets, shrimp, shellfish, and other marine-based delicacies. The market serves a diverse range of consumers, including individual households, foodservice providers, and processed food manufacturers. Seafood is known for its nutritional value, being rich in essential omega-3 fatty acids, proteins, and vitamins, making it a popular choice among health-conscious consumers.

Fish and Seafood Market Size

The fish and seafood market reached a value of approximately USD 210.5 billion in 2023 and is projected to grow significantly, reaching a market size of USD 370 billion by 2034. This growth is driven by rising seafood consumption across all regions, as well as an expanding global middle class that is demanding more protein-rich, nutritious food options.

With a CAGR of 7.40%, the fish and seafood market is expected to experience rapid growth, particularly in regions such as Asia-Pacific, North America, and Europe, where seafood is a staple part of the diet. The growing awareness of the health benefits of consuming seafood is contributing to this rise, making it a crucial part of the global food trade.

Fish and Seafood Market Trends

Several trends are driving the fish and seafood market:

Sustainable Sourcing: Sustainability has become a key trend in the seafood industry, with consumers and governments demanding more eco-friendly and responsible sourcing of fish and seafood products. Brands that use sustainable fishing practices and promote traceability are gaining favor in the market.

Plant-Based and Alternative Seafood Products: With the growing popularity of plant-based diets, there is a rising demand for plant-based seafood alternatives. These products aim to mimic the taste and texture of traditional seafood while being more sustainable and ethical. Companies are increasingly introducing plant-based fish, shrimp, and other seafood items.

Frozen Seafood Consumption: The demand for frozen seafood continues to rise due to its long shelf life, ease of storage, and convenience. Frozen seafood products are especially popular in regions where fresh seafood may not be easily available. The rise in e-commerce platforms for food delivery has also contributed to this trend.

Health and Wellness Focus: Seafood is often marketed as a healthy alternative to other protein sources, due to its low-fat content and high omega-3 fatty acids. As health-conscious consumers look for nutritious meal options, the demand for seafood continues to increase.

Fish and Seafood Market Segmentation

Type
Molluscs
Crustaceans
Fishes
Others

Product
Fresh Fish and Seafood
Canned Fish and Seafood
Frozen Fish and Seafood
Other Fish and Seafood

Region
North America
Europe
Asia-Pacific
Latin America
Middle East and Africa

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Fish and Seafood Market Growth

The fish and seafood market is expected to grow steadily over the next decade, primarily driven by the following factors:

Rising Consumer Demand: The shift toward healthier diets, along with rising disposable incomes in developing regions, is boosting demand for seafood products. Increasing awareness of the nutritional benefits of fish and seafood is also contributing to this trend.

Expanding Foodservice Industry: The growing global foodservice industry, including restaurants, cafes, and fast-food chains, is driving demand for processed and ready-to-eat seafood. This sector is expected to be a significant growth driver for the market in the coming years.

Aquaculture Expansion: As wild fish stocks continue to decline, aquaculture (fish farming) is playing an increasingly important role in meeting global demand. The development of advanced aquaculture technologies is expected to lead to higher yields and sustainable seafood production.

Rising Export and Trade: Increased global trade in seafood products, particularly between Asia-Pacific, Europe, and North America, is contributing to the expansion of the fish and seafood market. The liberalization of trade policies and improved logistics have facilitated the global distribution of seafood.

Technological Innovations in Seafood Processing: Advancements in seafood processing technologies, including freezing, packaging, and preservation techniques, are making seafood products more accessible and affordable to consumers. Innovations in processing equipment are also helping to improve product quality and shelf life.

Fish and Seafood Market Forecast

The fish and seafood market is expected to continue its steady growth during the forecast period from 2025 to 2034. As the market expands, the following factors will influence the forecast:

• The increasing demand for sustainably sourced seafood products
• Rising health awareness, leading to more people choosing seafood for its nutritional benefits
• Growing demand for plant-based seafood alternatives and ready-to-eat products
• Continued advancements in seafood processing and preservation technologies
• Increased trade and export opportunities, especially in emerging markets

By 2034, the market is projected to reach a value of USD 370 billion, with a CAGR of 7.40%, driven by both rising demand and technological advancements in seafood production and distribution.

Competitor Analysis

Some of the leading players in the fish and seafood market include:

High Liner Foods Incorporated: A leading producer of frozen seafood products, with a focus on high-quality fish and seafood products, including wild-caught and farmed varieties.

Leroy Seafood Group: One of Europe's largest seafood companies, known for producing high-quality fish and shellfish, including salmon and trout, and focusing on sustainable aquaculture practices.

Lyons Seafoods Co.: Specializes in the production and distribution of frozen seafood products, catering to both retail and foodservice markets worldwide.

Thai Union Group PCL: A global leader in seafood production, known for its wide range of products, including canned and frozen seafood, and for its commitment to sustainability in the seafood supply chain.

Trident Seafoods Corporation: One of the largest seafood companies in North America, providing a wide variety of seafood products, including fish fillets, shrimp, and shellfish, with an emphasis on wild-caught seafood.

Others: Other notable players in the market include Mowi ASA, Marine Harvest, and Coburn’s Fish Market, which are also significant contributors to the global seafood supply.