Global Seafood Market Forecast Report by Form (Fresh, Frozen, Ambient, Canned & Processed Seafood), Type (Fish, Crustaceans, Molluscs, Others), Application (Retail, Institutions, Food Service) Countries and Company Analysis 2024-2032

Global Seafood Market Size

Seafood market Overview

Seafood is a broad term that describes many types of marine life eaten by humans such as fishes, shrimps, crabs and others. Seafood is a food that is loaded with nutrients that human beings need in their diet. It is rich in proteins, omega 3 fatty acid, vitamin D and B12 and minerals including zinc and iodine. It is important to note that these nutrients help to boost our health, boost the function of the brain and improve our heart’s health.

The consumption of seafood has several advantages that are evident across the world. Seafood is conventional in Asian and European diets and the consumption of such diets has been related to the low prevalence of cardiovascular diseases due to the presence of omega-3. For instance, salmon, mackerel and such other fishes are known to possess resounding health benefits for the heart such as decrease in inflammation and cholesterol. Besides, seafood has social economic significance; it creates employment opportunities especially among fishermen communities. It is also important considering that the global seafood market creates many millions of fishing, processing and distribution employment opportunities around the world.

Growth Drivers for the Global Seafood Market

Rising Health Consciousness

Rising consumer consciousness concerning the nutritional value of foods containing seafood propels the worldwide market. There is a growing trend of consumers wanting to make healthier purchases and healthy foods such as seafood contains, omega-3 fatty acids, lean proteins and essential vitamins. This is in light of a gradually increasing understanding of how seafood helps to enhance heart health, cognitive functioning as well as reduce inflammation in the body. Increasing consumer interest in the adoption of a healthier diet pattern, and therefore consumption of seafood, drives the global demand for assorted seafood products, including fresh fish and seafood convenience food. February, 2024, the The Dietary Guidelines for Americans suggest that one takes at least two weekly servings, or 8 ounces of seafood.

Expansion of Aquaculture

Aquaculture or fish farming in particular is rising rapidly and thus affecting the global seafood demand in a positive way. Aquaculture plays a crucial role of meeting the growing demand of fish in the market, hence reducing the have an effect of fishing practices on the supply of fish stock. They assist in fulfilling demand from the consumers as they reduce extra burden to exploited marine species. Flavor and texture of farmed seafood are higher as the technology in aquaculture has made products from animals to be better and more affordable. Increasing complexity observed in aqua industry is complementing supply to different markets leading to the growth of the market as it feeds the global population’s desire for seafood. In October 2022, Innovasea launched Realfish Pro, as an enhanced cloud-based aquaculture solution that helps fish farmers to remotely view, control, and track facility operations.

Increasing Population Worldwide

The increase in peoples demand for food is another factor that has a pull towards the growth of the seafood market. It is clear that as the globe’s population increases, the desire to feed people with proteins raises, and this includes seafood. Other factors which include urbanization and growth in per capita income in the developing world add to the increased levels of consumption. They are well liked in various population groups and cultures because seafood is tasty, healthy and varied. The growth of this demand has also led the seafood industry to direct more efforts in increasing production capacity and logistic systems so that seafood would remain as an essential food product to be consumed by many. According to the United Nations estimates made in November 2023, the world’s population will be 10 billion by 2050, and as such, people are going to be in dire need of food in general, fishing in particular. From “The Agricultural Outlook” which is a combined work of OECD and FAO, world cereal production is expected to rise by 13% by 2027 which will stimulate expansion of the seafood market containing. This has been found to be increasing and is expected to be beneficial to the business that deals with seafood manufacture.

Europe Seafood Industry

The Europe seafood constitutes a large share in the global market and is recognized for the varied variety of products that people consume. The stakeholders normally involved in this industry are various countries such as Norway and Spain; all with their own flavor when it comes to the sea food industry in Europe.

Norway Seafood Industry

Seafood is Norway main export product and it is well known and valued all over the world for its environmentally friendly fishing methods and its high standard products. Salmon stands as one of the most consumed fish across the globe and Norway is among the biggest suppliers of this fish. When it comes to sustainability the country is very vocally engaged and discerning with fish stock management and also invests significantly in the development of technology in the aquaculture sector. Research and development in sustainable fishing is supported by the Norwegian government with an aim of increasing the durability of the company alongside embracing environmental conservation. June 2024, seafood firm from Norway, Mathias Bjørge, is venturing into farmed Norwegian salmon market and building a new factory with a salmon processing line.

Spain Seafood Industry

Spain is another country where seafood is popular and consumed in diverse ways because of its rich culinary culture in Europe. Seafood is a part of Spanish cuisine and Spain’s seafood industry comprises of products like shellfish, sardines and anchovies. On the aspects of the country location, it strategically located along the Mediterranean and the Atlantic coasts which enable it to have a close access to the natural resources such as the seafood. Further, consumption, and exports also depend on Spain’s positive seafood processing and distribution base. As Spain continues to make its seafood dishes accessible to the global market, this also increases the country’s global standing in the industry and in the consumption sector. In February 2022, a new plant totaling 9,000 square meters in size in the Madrid area will introduce a range of new goods and enhance Lerøy’s market presence in Spain and Portugal.

Global Seafood Company Analysis

The global seafood market involves significant companies such as Agrosuper S.A., Asian Sea Corporation Public Company Limited, Austevoll Seafood ASA, Bolton Group SRL, Grieg Seafood ASA, Maruha Nichiro Corporation, Sysco Corporation, and Thai Union Group PCL. These companies are key players in producing, distributing, and marketing various seafood products.

Global Seafood Company News

In October 2023, With the goal of producing 100 tonnes of white-leg shrimp annually by the end of 2023, Nippon Suisan Kaisha Ltd. announced the launch of their land-based enterprise.

In April 2023, Thai Union joins Samut Sakhon City Development's marine garbage cleanup campaign in an effort to safeguard the local ecosystem.

In March 2023, Mowi ASA has constructed a brand-new, cutting-edge facility for the production of seafood in Hitra, Norway.

In May 2022, In Puerto Las Palmas, Spain, Nueva Pescanova announced the filing of their project to construct a new commercial octopus. The company has been working hard to create a technique for farming octopuses, and it recently declared that it had successfully raised, hatched, and incubated five generations of O. vulgaris octopuses in a test facility.

In March 2022, During Seafood Expo in North America, Del Pacifico Seafoods, a well-known specialty supplier of wild-caught Mexican shrimp, introduced a new range of farmed shrimp and oysters. The company's primary focus is on growing its aquaculture business in response to the increasing demand for shrimp in the food service and retail sectors. Del Pacifico is also attempting to produce oysters and shrimp using environmentally friendly harvesting and processing techniques.

Form- Industry is divided into 4 viewpoints:

1. Fresh
2. Frozen
3. Ambient
4. Canned & Processed Seafood

Type- Industry is divided into 4 viewpoints:

1. Fish
2. Crustaceans
3. Molluscs
4. Others

Application- Industry is divided into 3 viewpoints:

1. Retail
2. Institutions
3. Food Service

Country: Industry is divided into 25 Countries

North America

• United States
• Canada

Europe

• France
• Germany
• Italy
• Spain
• United Kingdom
• Belgium
• Netherlands
• Turkey

Asia Pacific

• China
• Japan
• India
• Australia
• South Korea
• Thailand
• Malaysia
• Indonesia
• New Zealand

Latin America

• Brazil
• Mexico
• Argentina

Middle East & Africa

• South Africa
• Saudi Arabia
• UAE

All companies have been covered with 5 Viewpoints

1. Overview
2. Key Persons
3. Recent Development & Strategies
4. Product Portfolio
5. Financial Insight

Company Analysis

1. Agrosuper S.A.
2. Asian Sea Corporation Public Company Limited
3. Austevoll Seafood ASA
4. Bolton Group SRL
5. Grieg Seafood ASA
6. Maruha Nichiro Corporation
7. Sysco Corporation
8. Thai Union Group PCL

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