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Global Seafood Market to Reach $134 Billion by 2026

Seafood, referring to edible marine and aquatic creatures including finfish, molluscs and crustaceans, has been an integral part of food for mankind since the beginning of evolution. Right from hunter-gatherer period through to modern civilization, fish and seafood remained a part and part of human food, and importance of seafood remains pivotal especially among communities living in and around coastal areas and large riverine systems. Seafood is known for its role in reducing risk of cardiovascular disease, and for contributing to vision and brain developments. In addition to health benefits, seafood consumption is also favored by disposable incomes, employment levels, state of general economy, and consumers` dietary preferences. Demand for seafood also arises from the restaurant and food service sectors. In the coming years, retail sales of seafood will be impacted by consumers` demand for meal solutions, and the availability of wider product choices that are good for health and easy to prepare. Newly introduced seafood species such as kobia, tilapia and barramundi will continue to attract consumer attention, thus, spurring-up overall sales.

Amid the COVID-19 crisis, the global market for Seafood estimated at US$116.8 Billion in the year 2022, is projected to reach a revised size of US$134 Billion by 2026, growing at a CAGR of 2.9% over the analysis period. Ground Fish, one of the segments analyzed in the report, is projected to record a 2.6% CAGR and reach US$37.3 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Pelagics segment is readjusted to a revised 3.6% CAGR for the next 7-year period.

The U.S. Market is Estimated at $6.4 Billion in 2022, While China is Forecast to Reach $51.2 Billion by 2026

The Seafood market in the U.S. is estimated at US$6.4 Billion in the year 2022. China, the world`s second largest economy, is forecast to reach a projected market size of US$51.2 Billion by the year 2026 trailing a CAGR of 3.7% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 1.3% and 2.1% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 1.6% CAGR.

Technological advancements made in production, processing, packaging & distribution of fishery and seafood products are wielding a strong positive influence on seafood demand patterns across the world. Leveraging high-tech improvements in processing technologies, a range of products are being offered in primary and secondary versions such as whole gutted fish, fillets, loins, kebabs, steaks and cutlets; and value-added variants such as grilled, marinated, pre-fried, smoked, salted, seasoned, dusted, breaded, and stuffed fish etc., are attracting more number of consumers. Seafood consumption is also growing in developing and less developed countries in Asia-Pacific, Latin America, the Middle East and Africa. Rising per capita fish consumption in countries such as China, India and other East, South and Southeast Asian countries is driving overall seafood volume growth. Going forward, developing countries are poised to account for more than 80% of total new seafood consumption by 2030.

Tuna Segment to Reach $16.3 Billion by 2026

Tuna is considered to be the most favorite seafood in the west and accounts for nearly 25% of the total seafood consumption. Tunas are usually fast swimmers, covering thousands of miles in a few weeks. Tuna can be classified as white and light tuna. Out of the 12 different types of fishes that are sold as tuna only albacore is a white tuna. The remaining species such as yellowfin, bigeye, bluffing, and skipjack are classified as light tuna. In the global Tuna segment, USA, Canada, Japan, China and Europe will drive the 2% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$7.9 Billion will reach a projected size of US$9.5 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$5.1 Billion by the year 2026, while Latin America will expand at a 2.4% CAGR through the analysis period.