The global fresh seafood market size was valued at USD 124.06 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 3.8% from 2021 to 2028. The market growth can be credited to the growing consumption of fresh seafood products in developing economies, like India and China. The rising strong inclination towards seafood products owing to the nutritional benefits associated with them is accelerating the market growth. Moreover, the increasing per capita consumption and the growing consumer expenditure on fresh seafood are some of the factors driving the market demand.
Technological development and advancement in the cold chain, shipping, and distribution channel have increased the demand for fresh seafood products across the globe. Moreover, the growing awareness about the health benefits of consuming fresh seafood and the rising adoption of protein-rich diets are accelerating the demand for the products. Federal dietary guidelines in the U.S. recommend that adults consume at least 227 g/week of seafood, which may accelerate the overall industry demand.
Moreover, the growing demand for premium quality seafood products due to the freshness and diversity of the products and changing dietary habits of the consumers are expected to boost the market growth over the forecast period. The market for fresh seafood has observed growth due to factors such as growing urbanization and increasing disposable income, which has led to a rise in the consumption of protein-rich seafood.
The lockdown announced during the COVID-19 pandemic had disturbed transportation and suspended the supply of seafood products for a short duration. The supply chain of seafood products is susceptible to being interrupted or stopped by measures arising from COVID-19 restrictions. These products are highly dependent on international trade and they suffered quite early in the pandemic due to the limitations and closures of the global market.
The fresh segment held the largest share of more than 50.0% in 2020. Increased consumers’ inclination toward eating protein-rich seafood is significantly accelerating the demand for fresh seafood products. Moreover, the rising consumption of seafood in developing economies, like China, India, and Indonesia, and changing dietary habits of the consumers are the major driving factors for this segment.
The frozen segment is anticipated to expand at the fastest growth rate of 3.9% from 2021 to 2028. Continuously changing lifestyles due to busy life schedules of consumers are demanding frozen products, thus gaining popularity, which, in turn, will boost the industry sales. Moreover, increasing demand for seafood, innovative chilling, packaging, and distribution technology has led to significant growth of this segment.
The offline channel accounted for the largest revenue share of more than 75.0% in 2020. The offline segment includes hypermarkets and supermarkets, convenience stores, specialty stores, retail stores. Suppliers of fresh seafood products use the traditional retail channel to sell using word of mouth publicity and marketing. Consumers are preferring offline channels for purchasing goods, groceries, and seafood products, where they can physically verify the product quality. The growing organized retail sector in developing economies, such as China, India, and Japan, is accelerating the demand for seafood products.
The online segment is expected to register the fastest CAGR of 4.6% from 2021 to 2028. The internet penetration rate has witnessed lucrative growth in recent years, which has led to the significant growth of the e-commerce sector across the globe, thereby accelerating the market demand. An upsurge in product sales through various company-owned websites and e-commerce platforms is expected to propel the growth of the online distribution channel segment during the forecast period.
The crustaceans segment held the largest share of more than 70.0% in 2020. The rising adoption of advanced production techniques that are environment-friendly is boosting the product demand. Moreover, the growing contract farming and various government policies are projected to fuel the market growth over the forecast period.
The mollusks segment is expected to expand at the fastest CAGR of 4.3% from 2021 to 2028. The growing health consciousness among consumers has increased the demand for nutritious seafood products. Moreover, the consumption of mollusks will reduce the risk of chronic diseases, which is expected to promote the market growth over the forecast period. Furthermore, increasing disposable income of the consumers and rising inclination towards a healthy lifestyle has led to a rise in the consumption of protein-rich food, which is the major growth factor for this segment.
Asia Pacific captured the largest share of over 65.0% in 2020 due to the rising demand for protein-rich seafood products and growing awareness about the health benefits of consuming seafood. Moreover, the growing consumption of fresh seafood products in countries, like China, India, and Indonesia, consumers’ inclination toward a healthy lifestyle, continuously changing dietary habits, and the increasing disposable income of the people are accelerating the regional market growth.
Europe is expected to exhibit the fastest CAGR of 4.9% from 2021 to 2028. The increasing awareness about the health benefits and rising popularity of frozen seafood are propelling the market growth in this region. Moreover, the growing demand for premium quality seafood products due to the freshness and diversity of the products is expected to boost the regional market growth over the forecast period.
The market is fragmented with the presence of various established players and suppliers of fresh seafood across the globe, coupled with numerous domestic players. Various manufacturers and suppliers are focusing on the development of innovative packaging, logistic development, and strengthening of the distribution channel to grow their business across the globe. Such initiatives have expected to boost the adoption rate of the product among consumers across the world. Some prominent players in the global fresh seafood market include: -
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Report Attribute |
Details |
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Market size value in 2021 |
USD 128.06 billion |
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Revenue forecast in 2028 |
USD 165.75 billion |
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Growth Rate |
CAGR of 3.8% from 2021 to 2028 |
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Base year for estimation |
2020 |
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Historical data |
2017 - 2019 |
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Forecast period |
2021 - 2028 |
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Quantitative units |
Revenue in USD billion and CAGR from 2021 to 2028 |
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Report coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
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Segments covered |
Product, form, distribution channel, region |
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Regional scope |
North America; Europe; Asia Pacific; Central & South America; Middle East & Africa |
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Country scope |
U.S.; Germany; U.K.; France; China; India; Indonesia; Brazil; South Africa |
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Key companies profiled |
Maruha Nichiro Corporation; Mowi; Thai Union Group PCL; Cooke Aquaculture Inc.; Tassal Group Ltd.; Trident Seafoods; Charoen Pokphand PCL; True World Foods; Ulka Seafoods Pvt. Ltd.; Avla Nettos Exports |
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Customization scope |
Free report customization (equivalent up to 8 analysts’ working days) with purchase. Addition or alteration to country, regional & segment scope. |
This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2017 to 2028. For the purpose of this study, Million Insights has segmented the global fresh seafood market report on the basis of product, form, distribution channel, and region:
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