The global seafood market size was valued at USD 160.2 billion in 2021 and is projected to reach USD 207.2 billion by 2030 at a CAGR of 2.9% from 2022 to 2030.
The seafood industry plays a significant role in the social and economic wellbeing of various nations, feeding a huge part of the world’s population. The seafood industry includes various species such as fishes, prawns, shrimps, and crabs, among others, of which fish accounts for more than 50% of the seafood market share. The seafood demand has been increasing at a significant pace in the specialty restaurants due to shifting customer preference towards exquisite seafood cuisines. In line with this, the coastal regions are continuously working to develop a robust supply chain for exporting seafood.
Debouching global food trends, coupled with rising spending power, are subsequently bolstering the use of seafood across several dishes. Today, customers are inclining towards consuming a wide variety of seafood, especially in western countries. In line with this, the food service providers and restaurants are actively working to introduce new seafood dishes and recipes to the customers living in non-coastal areas, providing an impetus to market growth. As per the Aboutseafood, in the U.S., about a billion pounds of canned and pouched tuna is consumed every year.
Increasing health consciousness, especially in Europe, has compelled customers to consume protein-rich food products such as fish. As per the data provided by the ‘CBI Ministry of Foreign Affairs, Europe,’ in 2017, the average per capita fish and seafood consumption was about 24.3 kilograms in Europe. In India and China, increasing western influence, rising spending power, and growing awareness regarding the health benefits of seafood provide an impetus to market growth. Seafood is also considered as a low-calorie protein source.
As per the Delaware Sea Grant (Seafood Health Facts Organization), seafood reduces the risk of cardiovascular disease, heart arrhythmias, and blood triglyceride levels, increases HDL (good) cholesterol, improves blood circulation, contributes to neurological development in infants, contributes to vision development and nerve growth in the retina, and builds muscles and tissues. Thus, the health benefits associated with seafood provide an impetus to market growth.
Growing health and fitness trends among youngsters and millennials is increasing the demand for dietary supplements and protein powder. Fish extracts are extensively used in protein powders and dietary supplements as fish is a low-calorie source of protein, vitamins, minerals, and promotes muscle building. In line with this, companies are launching new dietary supplements using fish extracts to increase the customer base. Seafood contains vitamins and minerals along with protein that help build muscle and tissues. For instance, Bio-marine Ingredients Ireland Ltd offers Fish Protein Hydrolysate with 90% of protein and less than 1% fat. Similarly, Green Marine Protein developed a Green Marine Protein Whole Fish Powder nutritional supplement to gain a competitive edge.
the seafood market is segmented into crustaceans, flatfish, cephalopods, ground fish, pelagids, molluscs, salmonids, and tuna. The most consumed seafood is Salmonids and Tuna. According to a study commissioned by National Fisheries Institute, U.S. consumers ate 16.1 pounds of seafood per capita in 2018. In which the highly consumed fish was Salmon followed by Tuna. The per capita consumption of Salmon in U.S. was 2.55 pounds in 2018, followed by Tuna 2.10 pounds.
The consumption of the seafood is gradually increasing each year in the U.S. owing to the health increasing health consciousness among the consumers, increasing incorporation of seafoods in the pharmaceutical and dietary supplements such as fish oil and krill oil. In 2016 the per capita consumption of seafood in U.S. was 14.9 pounds, in 2017 the consumption increased to 16 pounds, and in 2018 it was 16.1 pounds. The per capita consumption of Salmon in U.S. was 2.18 pounds in 2016, which was increased in 2017 as 2.41.
Among all demand for Salmon and Tuna is quite high and continuously increasing in U.S. In addition, Salmon and Tuna are also the most popular fish type in the world owing to their high omega-3 content. Due to high content of omega-3, salmon and tuna are extensively incorporated in the dietary supplements and to make fish oil. As per the National Academics of Sciences, Salmon and Tuna are the most consumed fishes on the basis of high content of Omega-3.
Europe: World’s Largest Importer of Fish and Seafood
Europe is one of the leading markets for seafood, and about 12.8 million tons of seafood was consumed across Europe in 2017. As per the ‘CBI Ministry of Foreign Affairs, Europe,’ the region is the second-largest fish and seafood importer in the world, with total imports worth USD 22.1 billion in 2017. As per the report published by the ‘European Market Observatory for Fisheries and Aquaculture (EUMOFA)’ in 2018, the average annual seafood consumption per person in Portugal, Hungary, Spain, and Germany was about 57 Kgs, 52 kgs, 47.5 kgs, and 13.9 kgs, respectively. Portugal registered the highest per capita household expenditure of USD 410 in 2017.
In 2016, the total European consumption of seafood was about 13 million tons, and the number is projected to double in the coming years. As per the European Market Observatory for Fisheries and Aquaculture (EUMOFA) report, in Europe, customers spent about USD 67.3 billion (USD 131 per person) on fish and seafood in 2017.
List of top key seafood market suppliers
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