Seafood Market to Grow by USD 150.04 Billion (2024-2028), Report on AI's Impact on Market Trends and Rising Nutrition Awareness - Technavio

NEW YORK, Dec. 13, 2024 /PRNewswire/ -- Report on how AI is redefining market landscape - The global seafood market size is estimated to grow by USD 150.04 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 13.55% during the forecast period. Rising consumer awareness about healthy nutrition is driving market growth, with a trend towards growth of online retailing in seafood industry. However, depletion of sea species poses a challenge. Key market players include Aker BioMarine ASA, Austevoll Seafood ASA, Clifton Sea Food Co., Cooke Aquaculture Inc., Djibah Seafood SARL, Grayton Seafood Co. LLC, Kangamiut Seafood AS, Kings Seafood Group, Lee Fish, Lee Fishing Company, Marel Group, Mida Food Distributors Inc., Motor City Seafood Co., Mowi ASA, Nueva Pescanova SL, Pacific Seafood Group, Phillips Foods Inc., Seattle Fish Co., The Deep Seafood Co., and Trident Seafoods Corp..

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Market Driver

The seafood industry is a significant source of protein for consumers worldwide. With increasing awareness of health benefits, per capita consumption of seafood continues to rise. Price remains a key factor, with fresh and frozen options available for various budgets. Tourism and hospitality sectors heavily rely on seafood for culinary experimentation and value-added fish products. 3D printing technology and product innovation are trends shaping the industry, offering personalized textures, flavors, and appearances. Alternative protein sources and seafood substitutes are gaining popularity due to ethical concerns and environmental impact. Lean fish like cod, salmon, tuna, tilapia, and crustaceans like shrimps, lobster, and crab, are popular choices. Certifications from organizations like the Aquaculture Stewardship Council and Marine Stewardship Council ensure sustainability and traceability. Brexit and the EU transition period may impact seafood imports and exports. Health advantages of seafood, including omega-3 fatty acids, vitamins, and minerals, make it a crucial component of a balanced diet. Administrative authorities and seafood farmers work towards addressing environmental issues and ethical concerns, such as the use of anabolic steroids and toxic chemicals. Consumers prefer lean, sustainable, and ethically sourced seafood, driving demand for certified products. Seafood cuisines and restaurants offer diverse culinary applications, with pork-based foods facing competition. 

The global growth of e-commerce has been driven by the widespread availability of the Internet and the convenience it offers. In 2020, e-commerce sales in the US accounted for 21.3% of total retail sales, up from 15.8% in 2019. This trend is fueled by the ease of shopping, product discovery, and attractive pricing and personalized offers. For seafood suppliers, online retailing presents new opportunities to expand sales, reach broader markets, and enhance customer relationships and profitability. Manufacturers and distributors can increase their product visibility across regions by establishing an online presence. 

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Market Challenges

• The seafood industry faces several challenges in providing high-quality, sustainable, and affordable protein sources for consumers. Price volatility, driven by factors like tourism and hospitality trends, impacts the industry. Innovation through 3D printing technology and culinary experimentation offers solutions. Product personalization, focusing on texture, flavor, and appearance, is a growing trend. Alternative protein sources and seafood substitutes, like plant-based options, address ethical concerns and environmental impact. Lean fish like cod, salmon, tuna, tilapia, shrimps, lobster, and crab offer health advantages with omega-3 fatty acids, vitamins, and minerals. Sustainability through aquaculture techniques, certifications, and traceability initiatives is crucial. Brexit and the EU transition period impact seafood imports and exports. Organized retailers and food businesses cater to diverse diets, including pescetarian foods and vegetarian alternatives. Ensuring a balanced diet, seafood cuisines, and restaurants continue to innovate, while addressing concerns over anabolic steroids and toxic chemicals in fish. Administrative authorities and seafood farmers work together to address environmental issues and fishing activity. Per capita consumption remains high, with convenience seafood items gaining popularity. Pork-based foods face competition as heart benefits of fish are increasingly recognized.
• The depletion of fish stocks due to overfishing is a significant concern for both the ocean ecosystem and the livelihoods of millions of people. Overfishing occurs when the number of fish taken exceeds their ability to reproduce, leading to a decrease in the exploitable portion of the stock. This not only hinders the stock's maximal productive capability but also negatively impacts the ocean ecosystem. Furthermore, overfishing affects the social and economic well-being of coastal communities who depend on seafood as their primary source of protein and income. With billions of people relying on fishing for their livelihoods, it is crucial to address this issue and ensure sustainable fishing practices to maintain a healthy and productive ocean ecosystem.

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Segment Overview

This seafood market report extensively covers market segmentation by

1. Type 
• 1.1 Fish
• 1.2 Crustacean
• 1.3 Mollusca
• 1.4 Others
2. Distribution Channel
• 2.1 Offline
• 2.2 Online
3. Geography 
• 3.1 APAC
• 3.2 North America
• 3.3 South America
• 3.4 Europe
• 3.5 Middle East and Africa

1.1 Fish- The global seafood market experienced significant growth in 2023, with the fish segment leading the way. The expanding preference for fish as a high-protein alternative to meat is a key factor fueling this growth. The number of meat eaters is on the rise, and consumers are increasingly aware of the health benefits of fish, which includes omega-3 fatty acids and vitamins like D and B2 (riboflavin). The American Heart Association recommends incorporating fish into one's diet at least twice a week. Consequently, fish is the most preferred type of seafood, driving the growth of the fish segment and the global seafood market as a whole.

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Research Analysis

The seafood industry is a significant source of protein for consumers worldwide, providing a wide range of flavors, textures, and appearances. Seafood is a staple in tourism and hospitality industries, enhancing culinary experimentation and product innovation. The price of seafood can vary greatly depending on the species, availability, and location. 3D printing technology is being explored to create seafood substitutes, offering alternative protein sources for ethical and environmental concerns. Lean fish like cod, salmon, and tuna are rich in omega-3 fatty acids, vitamins, minerals, and offer health advantages for a balanced diet. Sustainability is a priority in the seafood industry, with organizations like the Aquaculture Stewardship Council and Marine Stewardship Council promoting sustainable aquaculture techniques. Shrimps and other seafood items have numerous culinary applications, and value-added fish products cater to personalized preferences. The industry continues to innovate, addressing concerns of ethical sourcing, environmental impact, and consumer demand for new and exciting flavors.

Market Research Overview

The seafood industry is a significant source of protein for consumers around the world. With the growing awareness of health benefits associated with a balanced diet, the demand for seafood continues to rise. Seafood offers unique textures, flavors, and appearances that make it a popular choice for culinary experimentation and product innovation. However, the industry faces challenges such as price volatility, ethical concerns, and environmental impact. The use of 3D printing technology and alternative protein sources like plant-based seafood substitutes is gaining popularity to address these challenges. Sustainability is a key focus area, with certifications from organizations like the Aquaculture Stewardship Council and Marine Stewardship Council ensuring responsible farming practices. Seafood is a staple in tourism and hospitality industries, with shrimps, salmon, tuna, cod, tilapia, lobster, and crab being popular choices. Fresh and frozen seafood items are available, catering to different consumer preferences and convenience. Brexit and the transition period of the European Union (EU) have impacted the seafood industry, with administrative authorities and organized retail operators implementing traceability initiatives to maintain transparency. Seafood cuisines and restaurants offer a wide range of dishes, from traditional pescetarian foods to vegetarian diet options. However, concerns over anabolic steroids and toxic chemicals in seafood production persist, highlighting the need for stricter regulations. Lean fish like cod and salmon are rich in omega-3 fatty acids, vitamins, and minerals, making them a healthy addition to a balanced diet. Fatty fish like tuna are also known for their heart benefits, particularly DHA, which is essential for brain health. Aquaculture techniques have evolved to ensure sustainable farming practices, with a focus on reducing the environmental impact of fishing activity. Per capita consumption of seafood varies globally, with some countries consuming more than others. In conclusion, the seafood industry offers a rich source of protein and unique culinary experiences. However, it faces challenges related to price, ethics, and sustainability. Innovations in technology, product development, and farming practices are essential to meet the evolving demands of consumers while minimizing the impact on the environment.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Type
• Fish
• Crustacean
• Mollusca
• Others
• Distribution Channel
• Offline
• Online
• Geography
• APAC
• North America
• South America
• Europe
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

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