The global seafood market is witnessing a steady growth trajectory, driven by increased consumer awareness of health and nutrition. With a value of USD 110.2 billion in 2022, the market is forecasted to grow at a CAGR of 3.1% from 2024 to 2034, reaching USD 149 billion by 2034. A combination of rising demand for protein-rich diets, innovations in food processing, and the expansion of the tourism and hospitality sector is boosting global seafood consumption.

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Market Trends Highlighted:

• Health & Wellness Trends Drive Consumption:
  Consumers are increasingly turning toward seafood due to its rich nutrient profile, including omega-3 fatty acids, vitamins, and high-quality proteins. Health-conscious eating habits are fueling demand for seafood as a lean, low-fat protein source.
• Rise in Value-Added Products:
  The perishable nature of seafood has led to a growing focus on value-added and processed seafood products. These are enriched with additional nutrients and have an extended shelf life, addressing both consumer convenience and food safety.
• Influence of Tourism & Hospitality:
  The global expansion of the tourism and hospitality industry is directly influencing the growth of the seafood sector. Seafood continues to be a staple offering in hotels, resorts, cruise ships, and restaurants, adding a cultural and experiential dimension to its demand.
• Sustainable Fishing and Aquaculture on the Rise:
  With increasing environmental awareness, sustainable fishing practices and aquaculture are gaining importance. Governments and private stakeholders are investing in responsible sourcing to maintain marine biodiversity and meet ethical consumer demands.
• Innovations in Cold Chain and Distribution:
  Technological advancements in cold storage, packaging, and logistics are improving the shelf life and reach of seafood products, helping suppliers serve global markets efficiently.

Key Takeaways of the Report:

• The global seafood market is projected to grow from USD 110 billion in 2024 to USD 149 billion by 2034, marking a CAGR of 3.1% over the forecast period.
• Value-added seafood products with extended shelf life are in high demand, driven by consumer preferences for nutrition and convenience.
• Tourism and hospitality industries are playing a crucial role in expanding the global reach and visibility of seafood-based cuisines.
• Increasing consumer awareness of the health benefits of seafood is positively influencing purchasing patterns worldwide.
• Seafood’s high perishability remains a challenge, encouraging investments in innovative preservation and packaging solutions.
• Sustainability initiatives in fishing and aquaculture are expected to shape future market dynamics and consumer trust.

Regional Market Outlook:

• Asia Pacific dominates the global seafood market, driven by high consumption rates in countries like China, Japan, and India. The region benefits from strong aquaculture industries and large coastal populations.
• North America and Europe are also key markets, bolstered by a surge in demand for ready-to-eat seafood meals and increasing awareness of sustainable sourcing practices.

Competition Outlook:

The global seafood market is highly competitive and fragmented, featuring a mix of multinational corporations, regional players, and local vendors. Major players are focusing on innovations, sustainable practices, and expanding their distribution networks to stay ahead. Strategic mergers, acquisitions, and partnerships are also being pursued to tap into new markets and boost production capabilities.

Leading Seafood Producers by Market Share

·         Amalgam Frozen Foods Pvt. Ltd. (AFFL)

·         American Seafoods Company

·         Austevoll Seafood ASA

·         Cooke Inc.

·         Dongwon F&B

·         Faroe Seafood

·         Handy Seafood Inc.

·         Hansung Enterprise Co. Ltd.

·         High Liner Food Incorporated

·         Kangamiut Seafood A/S

·         Lee Fishing Company

·         Leroy Seafood Group

·         Lyons Seafoods Limited

·         Mowi ASA

·         Pacific Seafood

·         Phillips Foods Inc.

·         Princes Ltd.

·         Sajo Group

·         Shanghai Fisheries Group Co. Ltd.

·         Stolt Sea Farm

·         Surapon Foods Public Company Limited

·         Tassal Group Limited

·         Thai Union Limited PCL

·         Tri Marine International Inc.

·         Trident Seafoods Corporation

·         Young’s Seafood Limited

·         Zhangjiang Guolin Aquatic Products Co. Ltd.

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