Global Seafood Market Analysis

The global seafood market is valued at US$ 181.13 billion in 2023 and is projected to grow to US$ 243.17 billion by 2032, registering a compound annual growth rate (CAGR) of 3.33% from 2024 to 2032. This growth is being driven by increasing disposable incomes, rising per capita consumption of seafood, and shifts in dietary preferences toward pescetarianism—a diet that includes fish and seafood but excludes other meats.

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Global Seafood Market Overview

Seafood encompasses a wide range of edible marine species, including fish, shrimp, crabs, shellfish, and cephalopods like squid and octopus. Known for its high nutritional value, seafood is an excellent source of proteins, omega-3 fatty acids, vitamins (especially D and B12), and minerals like zinc and iodine. These nutrients offer significant health benefits, from boosting brain function to improving heart health.

Research suggests that regular seafood consumption is linked to a lower incidence of cardiovascular diseases, particularly in countries where seafood is a staple, such as those in Asia and Europe. In fact, omega-3 fatty acids found in fatty fish like salmon, mackerel, and sardines have been shown to reduce inflammation, lower cholesterol, and improve overall heart health.

Beyond health benefits, seafood holds significant socioeconomic importance, creating millions of jobs globally, particularly in fishing communities. The seafood industry supports a vast network of jobs, including in fishing, processing, distribution, and retail.

Key Drivers of Growth in the Global Seafood Market

1. Rising Health Consciousness

Consumers are becoming more health-conscious, seeking out foods that are not only nutritious but also have proven benefits for longevity and overall wellness. Seafood, with its high content of omega-3 fatty acids and lean proteins, fits perfectly into this growing demand for heart-healthy and brain-boosting foods. As dietary awareness increases, more consumers are turning to seafood as a key component of their health-focused diets. In fact, dietary guidelines such as the Dietary Guidelines for Americans (February 2024) recommend consuming at least two servings of seafood (about 8 ounces) each week.

2. Growth of Aquaculture

Aquaculture, or fish farming, has become a crucial method of producing seafood to meet growing global demand. As wild fish populations face pressure from overfishing, aquaculture helps alleviate some of the strain by providing a controlled environment for farming fish and other seafood. This industry has seen significant advancements in farming technology, improving both the quality and affordability of farmed seafood. Aquaculture not only meets consumer demand but also reduces the environmental impact of traditional fishing methods, promoting more sustainable seafood sourcing. For instance, in October 2022, Innovasea launched Realfish Pro, a cloud-based platform that helps aquaculture operators remotely manage their farms, improving productivity and sustainability.

3. Increasing Global Population

As the world’s population continues to grow—expected to reach 10 billion by 2050—the need for food, including protein-rich seafood, will escalate. This demographic shift is coupled with rising urbanization and income levels, especially in developing economies, further boosting demand for seafood. Seafood is already favored in many cultures for its taste, health benefits, and versatility, and as more people enter the middle class, access to high-quality seafood is likely to expand. According to the UN and OECD-FAO Agricultural Outlook (November 2023), global food production will need to scale up to meet the demand of an expanding population. This will likely drive further investment in the seafood industry to ensure a steady and reliable supply.

Regional Insights

Europe: A Seafood Powerhouse

Europe has long been a significant player in the global seafood market, known for its diverse seafood products and consumption patterns. Countries like Norway and Spain are key contributors to Europe’s seafood industry, both in terms of production and export.

Norway: Leading the Way in Sustainable Seafood

Norway is one of the largest exporters of seafood, especially salmon, which is widely recognized for its quality and environmental sustainability. The Norwegian seafood industry has made significant strides in sustainable fishing practices and innovative aquaculture technologies. In June 2024, Norwegian company Mathias Bjørge is set to launch a new salmon processing line to cater to growing demand. The country’s commitment to sustainable fishing is reflected in its stringent fish stock management policies and ongoing investments in R&D aimed at improving aquaculture technology.

Spain: A Hub for Mediterranean Seafood

Spain’s seafood culture is deeply embedded in its cuisine, with products like shellfish, sardines, and anchovies playing a central role in Mediterranean diets. Spain’s proximity to both the Atlantic and Mediterranean coasts gives it direct access to abundant seafood resources. The country’s seafood processing and distribution capabilities have made it a central player in both European and global seafood markets. In February 2022, Lerøy, a leading seafood firm, opened a new plant in the Madrid area to enhance its presence in Spain and Portugal, introducing new products and expanding its market reach.

Key Companies in the Global Seafood Market

The global seafood industry includes numerous players across different regions, focusing on the production, processing, and distribution of a wide variety of seafood products. Key companies include:

• Agrosuper S.A.
• Asian Sea Corporation Public Company Limited
• Austevoll Seafood ASA
• Bolton Group SRL
• Grieg Seafood ASA
• Maruha Nichiro Corporation
• Sysco Corporation
• Thai Union Group PCL

These companies are playing an integral role in driving innovation, sustainability, and expansion across the industry.

Recent Developments in the Global Seafood Industry

• Nippon Suisan Kaisha Ltd. (October 2023) launched a land-based seafood production venture aimed at producing 100 tonnes of white-leg shrimp annually by the end of 2023, marking a step toward more sustainable shrimp farming practices.
• Thai Union Group (April 2023) participated in a marine garbage cleanup campaign in Samut Sakhon City, Thailand, underscoring its commitment to protecting marine ecosystems and ensuring the sustainability of seafood resources.
• Mowi ASA (March 2023) unveiled a state-of-the-art seafood production facility in Hitra, Norway, designed to meet increasing demand for sustainable farmed fish, particularly salmon.
• Nueva Pescanova (May 2022) in Puerto Las Palmas, Spain filed plans for a commercial octopus farming project. This ambitious venture focuses on developing new farming techniques for octopuses, which are in high demand in various global markets.
• Del Pacifico Seafoods (March 2022) introduced new farm-raised shrimp and oysters at the Seafood Expo North America, aligning with increasing consumer preference for environmentally friendly and sustainably harvested seafood.

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