Sustainable Seafood Market Size, Share, Growth, And Industry Analysis, By Type ( Bivalves, Molluscs & Aquatic Invertebrates, Cephalopods, Crustaceans, Salmonids, Tuna and Tuna-like Species, and Others), By Application (Supermarkets, Open Markets, Hypermarkets, Fish Shops, and Others) Regional Forecast to 2028

Updated On: 08 April 2024

sustainable seafood market Report Overview

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The global sustainable seafood market size was valued at USD 12080 million in 2022 and will reach USD 14260 million by 2028, at CAGR expansion of 2.8% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with the Sustainable seafood market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

Sustainable seafood refers to seafood products that are sourced and harvested in a manner that ensures the long-term health and viability of the marine ecosystem, while also considering the social and economic well-being of the communities involved in the seafood industry. The goal of sustainable seafood practices is to minimize negative impacts on the environment, protect vulnerable species, and support the livelihoods of fishermen and coastal communities.

The sustainable seafood market refers to the buying and selling of seafood products that are sourced and harvested in environmentally responsible and socially ethical ways. This market has been growing in response to concerns about overfishing, habitat destruction, and unsustainable fishing practices that have threatened the health of marine ecosystems and the availability of seafood resources.

COVID-19 Impact: Market Faced a Fall in Demand Due to Economic Challenges During the Pandemic

There was no single sector unaffected by COVID-19. The Sustainable seafood market was affected as well. Consumer preferences shifted during the pandemic. The economic downturn caused by the pandemic put financial pressure on various sectors of the seafood industry, including fishermen, aquaculture operators, and seafood processors. This financial strain made it more difficult for some businesses to invest in sustainability initiatives.

Latest Trends

"Inclusion of Advanced Technology and Traceability to Make Market More Efficient "

The Sustainable seafood market is as dynamic as any market. In the market, there are everyday developments in the market to add more benefits to it. The use of technology, including blockchain, IoT (Internet of Things), and mobile apps, continued to grow in the seafood industry. These technologies enhance traceability, allowing consumers to track the journey of their seafood from source to plate, ensuring transparency and authenticity.

sustainable seafood market Segmentation

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• By Type Analysis

According to type, the market can be segmented into Bivalves, Molluscs & Aquatic Invertebrates, Cephalopods, Crustaceans, Salmonids, Tuna and Tuna-like Species, and Others.

 In terms of services, Salmonids is the largest segment, as it holds the maximum share of the market.

• By Application Analysis

Based on application, the market can be divided into For Supermarkets, Open Markets, Hypermarkets, Fish Shops, andOthers.

Driving Factors

"Environmental Concerns Have Increased Demand in the Market"

Growing awareness of overfishing, habitat destruction, and the depletion of fish stocks has led to concerns about the long-term health of marine ecosystems. Consumers, governments, and organizations are increasingly focused on sustainable practices to mitigate these environmental impacts. Environmental concerns have a significant and direct impact on the sustainable seafood market. These concerns play a pivotal role in shaping consumer behavior, influencing government policies, and driving industry practices. Environmental concerns are a driving force behind market access requirements in many countries. In regions like North America and Europe, access to certain markets often requires compliance with sustainability standards. This incentivizes seafood producers to adopt more environmentally responsible practices to gain access to lucrative markets.

"Corporate Responsibility Has Influenced the Demand in the Market"

Many seafood companies, retailers, and restaurants have recognized the importance of sustainability in their supply chains. They are adopting responsible sourcing practices and setting sustainability goals to meet consumer expectations and corporate social responsibility commitments.  Governments worldwide are implementing regulations to promote sustainable fishing and aquaculture practices. These regulations often include catch limits, gear restrictions, and habitat protection measures to ensure the long-term viability of fisheries. This contributes to the Sustainable seafood market growth.  

Restraining Factors

"Cost of Certification and Compliance Could Lead to a Declining Trend in the Market "

Obtaining certifications for sustainable seafood practices, such as MSC or ASC, can be costly for fisheries and aquaculture operations. This expense can discourage some smaller-scale and less economically viable operations from pursuing sustainability certifications. As a consequence, there can be a declining trend in the market. 

sustainable seafood market Regional Insights

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"North America Region Dominates the Market Has Large Market Size "

North America has the largest Industrial Sustainable seafood market share as the countries in this region have shown a strong preference for sustainably sourced seafood products. There is a growing awareness of the environmental and social issues associated with the seafood industry, and consumers are willing to pay a premium for products that meet sustainability standards. This high demand for sustainable seafood encourages retailers and restaurants to offer such products. North America has a large and affluent consumer base, which makes it an attractive market for sustainable seafood.

The size of the market creates opportunities for businesses to invest in sustainable practices and certifications, as they can reach a broad customer base. Major retailers and restaurant chains in North America have made commitments to source sustainable seafood. These commitments have a significant impact on the market, as they drive the adoption of sustainability standards and practices throughout the supply chain. The Marine Stewardship Council (MSC) and other sustainability certification programs are widely recognized and utilized in North America. These certifications provide a trusted way for consumers to identify sustainable seafood products, further driving demand.

Key Industry Players

"Key Players Focus On Transparency and Collaborations For Global Expansion "

Implementing traceability systems to track the origin of seafood products from source to market, ensuring transparency and accountability. Sharing information about the sources of seafood with consumers, often through product labeling and online platforms. Collaborating with certification organizations to ensure compliance with sustainability standards and requirements. Participating in seafood certification programs and working with assessors to meet certification criteria. Regularly reviewing and assessing sustainability practices and making continuous improvements based on new information and industry best practices. Setting sustainability goals and benchmarks for the company's seafood sourcing. Various international and regional partnerships and collaborations, such as the Global Sustainable Seafood Initiative (GSSI) and the Seafood Task Force, facilitate cooperation among industry players to drive sustainability improvements.

List of Market Players Profile

• M.F. Foley Company, Inc.(U.S.)
• Walker Seafoods(Australia)
• Zoneco Group Co., Ltd(U.S.)
• Maruha Nichiro Corporation(Japan)
• Austral Fisheries(Australia)

Report Coverage

The report brings together extensive research on the qualitative and quantitative factors affecting the market. It gives an overall macro and micro view of the online reputation service industry. This research profiles a report with extensive studies on the online reputation management services market that describe the firms affecting the forecasting period. Detailed studies also offer a comprehensive analysis by inspecting factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, and others.

Furthermore, the post-COVID-19 pandemic’s effect on international market restrictions and a deep understanding of how the industry will recover and strategies are also stated in the report. Finally, the competitive landscape has also been examined in detail to provide clarification of the competitive landscape.