Fish and Seafood Market Size, Share, Growth, and Industry Analysis, By Type (Frozen Fish, Frozen Shrimp, Frozen Shellfish, Other), By Application (Supermarkets and Hypermarkets, Independent Retailers, Convenience Stores, Specialty Stores, Other), and Regional Forecast to 2033

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FISH AND SEAFOOD MARKET OVERVIEW

The global Fish and Seafood Market was valued at USD 358.68 Billion in 2024 and is expected to grow to USD 922.06 Billion by 2033, with a projected CAGR of 10.14% during the forecast period 2024 to 2033.

It provides the user with a lot of features that make this particular product service work efficiently and effectively. Fundamentally, Fish are aquatic vertebrate animals with gills but no digits such as fingers or toes. Vertebrates are any animals that have a backbone running through their bodies. Most fish's bodies are engineered to be as aerodynamic as possible. When we utilize specific technologies, they have a significant impact on our visual experience. This factor has augmented the Fish and Seafood Market growth.

The anticipated rate of growth for this particular product service is due to quality level of assurance. Prosperity has been observed for this particular product market with amusing numbers. Rising use of canned seafood owing to longer shelf life to fuel market growth during forecast period.  Because of the growing cost of living, canned seafood's affordability plays a major role in the market's expansion.  Additionally, fish's salinity makes it suitable for usage as a main protein, side dish, or appetizer. It is anticipated that the growing number of health-conscious consumers would drive market expansion. This has ultimately outraged the sales and demand for this particular market growth and prosperity.

COVID-19 IMPACT

Market Growth Obstructed by Pandemic due to Lockdown

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.

Government has put restrictions on social gatherings, events and moving out from home which make the people homesick. Numerous companies are encountering hurdles due to covid pandemic as the outbreak situation has curtailed production and supply chain which has hindered the market switched to treating covid patients as priority over the other procedures which led the Fish and Seafood Market growth. Additionally, manpower shortages affected manufacturing plants and slowed production due to movement restrictions and lockdowns in several regions. Stopped providing on-site maintenance and installations market growth sputtered amid the pandemic.

LATEST TRENDS

Spike In E-Commerce Operations Will Create New Growth Potential For The Global Market

A latest trend has been witnessed to proliferate the market growth. This particular trend has been recorded to be the most profiting trends that have been upgraded to augment the overall market growth. Growing technological developments in the aquaculture sector will drive canned seafood market growth during forecast period.  Manufacturers are unable to increase the catch rate because to government-imposed fishing quotas and climate change. These measures aim to prevent the negative effects of overfishing. As a result, significant players have increased their investments in aquaculture output. For example, Morocco declared in July 2023 that work on the nation's new aquaculture hatchery had begun. The new effort is expected to yield up to 30 million high-quality species, according to the nation. A lot of specifications have been made to this particular product which has benefited the market growth. This specific trend has influenced the market growth so much so that the revenue and share numbers of this particular product is touching the skies and soaring over. An increase in online seafood retail operations, combined with an increase in direct-to-consumer sales, will help the seafood sector grow. Furthermore, new product offerings and strategic collaborations are expected to provide new growth opportunities for the global market. Aquaculture innovations, as well as significant expenditures in technologies targeted at preserving seafood quality and taste, will drive global market growth.

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FISH AND SEAFOOD MARKET SEGMENTATION

By Type

Based on Type, the global market can be categorized into Frozen Fish, Frozen Shrimp, Frozen Shellfish, Other.

• Frozen Fish:  fish is a high source of vitamins, minerals and proteins and offers many health benefits. Fish contains fatty acids that help reduce the risk of cardiovascular disease and promote brain and vision development.

• Frozen Shrimp: According to data from the aquaculture market, the Frozen Shrimp category will grow significantly during the forecast period due to high demand, especially in food and feed applications.

• Frozen Shellfish: Frozen Shellfish-based fish species make up most of the ocean aquatic life. Frozen Shellfish are considered an important food source.

By Application

Based on application, the global market can be categorized into Supermarkets and Hypermarkets, Independent Retailers, Convenience Stores, Specialty Stores, Other.

• Supermarkets and Hypermarkets: This segment includes supermarket/hypermarket holds the major market share during projected period. The availability of durian fruit at supermarket/hypermarket gaining consumers attention.

• Independent Retailers: This segment includes online retailers through which local vendors and consumers can purchase fruits on a suitable price.

• Convenience Stores: This segment includes convenience stores from where durian fruit can be purchased.

• Specialty Stores: This segment includes specialist stores which sale durian fruit on consumer’s demand. Such stores keep stock of specific goods only.

MARKET DYNAMICS

Market dynamics include driving and restraining factors, opportunities and challenges stating the market conditions.

Driving Factors

Raising Awareness Of The Health And Wellbeing Benefits To Boost the Market

This is the major factor attributing the growth of this particular market. This factor is majorly involved in taking the revenue numbers above the skies and soaring greater heights and also the sales and demands have been proliferation and increased its value to greater extent. Raising awareness of the health and wellbeing benefits of eating marine fish, as well as an increase in disposable cash, has aided the seafood market's rise. Because fatty fish contain a high concentration of the Omega 3 fatty acid chain, which includes EPA and DHA, they are an excellent choice for patients with heart problems. Some studies have found a clear link between fatty fish consumption and heart disease. These health benefits are propelling the global fish sector. This might propel market expansion. This particular product has recorded to be profiting for the market growth. This particular factor has been proved to a boon for this particular product market. These factors are anticipated to drive the Fish and Seafood Market growth during the forecast period.

Increased Demand From Both Established And Developing Economies to Expand the Market

This is the second major factor attributing the growth of this particular market and has resulted in the hike of revenue numbers so much so that they are touching the skies. Clients benefit from it. This particular product market has touched new levels of lucrative revenue numbers and has also recorded to be the boon for this particular product Fish and Seafood Market growth. The market would be driven by increased demand and consumption of fresh fish-based products in both developed and emerging economies. According to data from the Food and Agriculture Organization (FAO), human fish consumption has increased at a rate more than twice that of world population growth. The key driver of industry growth is rapidly expanding fish output in developing economies such as India and Indonesia. The market for fresh fish has been developing due to a number of factors, including increased urbanization and rising disposable income levels among the general public. Both have led to a rise in the intake of protein-rich fish meals. For the duration of the projection, all of these aspects are probably going to provide good chances for market expansion. The market may also be increased by significant expenditures made by major companies in the upcoming years for the introduction of novel products and updated features. Furthermore, the growing demand for high-quality food products due to their freshness and diversity is expected to boost market growth throughout the forecast period. This factor has attributed the overall growth of this market and helped with the hike of revenue numbers as well. These factors are anticipated to drive the market growth in the present times and also during the forecast period.

Restraining Factor

Government Regulations On Fishing Will Impede Market Growth

These particular solutions have been very helpful yet extremely costly as well. This particular restraining factor has caused the revenue numbers to impede with extremely low yields and declining the sales and demand for this market. The main thing holding back market expansion, particularly in nations with inadequate reimbursement arrangements, is the high cost of display devices and their high implementation. The "long-term preservation" and "responsible and rational exploitation" of fisheries resources are emphasized in the North and South provinces' fishing regulations. Recreational fishing is governed, and both professional and artisanal fishermen must get licenses. For a few marine species, fishing tactics, gear, and size limits are regulated, and conservation measures are in place. Individual quotas, seasonal restrictions, regional closures, and gear limits are some other management techniques. It is expected that these rules will limit market expansion. It is anticipated that these elements will lower market demand for the goods. This particular factor is anticipated to restrain the market growth and drastically reduce the sales and demands of this particular product market. 

Opportunity

Growing Knowledge Of The Health Benefits To Create Opportunity for the Product in the Market

This particular opportunity has been attributing the market growth immensely. The health benefits of fish are becoming more well acknowledged. Growing knowledge of the health benefits of fresh fish, such as lowering the risk of chronic diseases and restoring hormone levels, is expected to result in significant growth potential throughout the projected period. It is one of the variables that will drive the market forward. The business's demand is developing faster as there is a growing interest in protein-rich diets as an alternative to high-calorie diets. Fish meal contains low-fat protein that is used to build muscle. In addition, fish food contains iron and numerous vitamins, such as omega-3 fatty acids, which help to expand the market.

Challenge

High Initial Investment Could Be a Potential Challenge for Consumers

This particular factor has been drastically challenging for the market growth and has become another major restraining factor. High initial investment costs to hamper the market growth. Maintaining the freshness and quality of seafood is projected to pose a significant challenge to the growth of the global seafood sector. Furthermore, shorter product shelf lives, which increases the likelihood of product spoiling, can stymie the worldwide industry's growth. An increase in food-related disorders, as well as seafood sensitivities among some customers, may limit worldwide business growth.

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FISH AND SEAFOOD MARKET REGIONAL INSIGHTS

• Asia

The Asia-Pacific region has augmented a lot in the past few years in this particular product market. The Asia-Pacific Fish and Seafood Market has anticipated to augment immensely over the forecast period. Almost all of the worldwide revenue share came from Asia-Pacific. Asia-Pacific, which accounted for the majority of global seafood market revenue in 2023, is expected to develop a strong position in the worldwide market during the next eight years. Furthermore, the projected regional market expansion can be ascribed to an increase in seafood sector revenues in nations such as India, Thailand, Indonesia, and China. Changing tastes and food choices, influenced by cultures and customs, will drive market expansion in the region. Flourishing aquaculture businesses will help to boost the regional market.

• Europe

The European market for this particular market has been accounted for attributing the overall global shares for this particular product service market. During the forecast period, Europe is expected to have the greatest CAGR. This region's market expansion is being driven by the growing popularity of ecologically friendly products as well as increased knowledge of their positive health impacts. Furthermore, growing concerns about premature skin aging, bone health, and the high prevalence of cardiovascular disease are driving up demand for fish-derived products in Europe. Furthermore, increased demand for premium quality fish products due to its freshness, diversity, and convenience for food safety is expected to drive market expansion over the forecast period. This demand is expected to be the key driving force for the industry.

• North America

North America is anticipated to expand at the fastest rate during the projection period due to a rise in the demand for cutting-edge technologies. This particular region has experienced immense proliferation in the market shares and has attributed to the global market revenue. North America holds the third highest share of the market. The growing millennial population and increased preference for convenient food have contributed to regional growth. Manufacturers are expanding their production units in industrialized countries like the United States and Canada, which provide attractive chances for domestic players to collaborate.

KEY INDUSTRY PLAYERS

Leading Players adopt Acquisition Strategies to Stay Competitive

Several players in the market are using acquisition strategies to build their business portfolio and strengthen their market position. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions to the market.

List of Top Fish and Seafood Companies

• AquaChile (U.S.)
• Clearwater (U.S.)
• High Liner Foods (Canada)
• Nomad Foods Europe (U.K.)
• Austevoll Seafood (Norway)
• Hansung Enterprise (South Korea)
• Leroy Seafood Group (Norway)
• Lyons Seafoods (U.K.)

KEY INDUSTRY DEVELOPMENT

June 2022: This particular company has attributed the market growth in terms of revenue and shares system. This particular development and investment the global market has been recorded to be a boon for the market growth. Mitsubishi, which owns the salmon farming behemoth Cermaq, has formed a joint venture with fishing and aquaculture company Maruha Nichiro to develop an on-land salmon farm in Japan. The introduction provided remarkable market purity and added a new medical item to the repertoire.

REPORT COVERAGE

This research profiles a report with extensive studies that take into description the firms that exist in the analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change market affecting the forecasting period. With detailed studies done, it also offers a comprehensive.