The global processed fish & seafood market size was valued at USD 99.09 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 4.1% from 2021 to 2028. This can be credited to the growing consumption of processed seafood and fish products in developed and developing nations. Moreover, the rising awareness about various health benefits of consuming these foods has led to significant market growth over the last few years. In addition, fish products are a rich source of high amounts of nutritional components like high-quality protein, minerals, healthful polyunsaturated fatty acids, and essential vitamins, which, in turn, will propel the product demand. The increasing per capita consumption coupled with the growing consumer expenditure on processed seafood and fish products is also projected to drive the growth of this market.
Furthermore, the growing contract farming and various government policies across the globe are propelling the market growth. On the other hand, changing climatic conditions like increased acidity of water of oceans, oxygen level, and temperature could affect seafood cultivation, which may hinder the market growth.
An increasing trend in aquaculture production of various finish and shellfish is observed in these years, which may accelerate the production of the processed fish and seafood products across the globe. In addition, the growing demand for premium-quality processed food products is expected to boost the market growth during the forecast period. However, consumers’ food consumption pattern is shifting from home-cooked food to Ready-to-Eat (RTE) food, which has been restraining the market growth.
The lockdown announced across various regions during the COVID-19 pandemic had disturbed transportation and suspended the supply of fish and seafood products for a short duration. Processed seafood and fish products supply chains are susceptible to being interrupted or stopped by measures arising from such restrictions across the globe. These products are highly dependent on international trade, which is suffered quite early from the pandemic due to the limitations and closures of the global market.
The fish product segment contributed to the largest market share of more than 61% of the global market revenue in 2020 and is expected to grow with a steady CAGR of 4.0% from 2021 to 2028. The growing demand for protein-rich diets instead of high-calorie food products is accelerating the demand for processed fish products.
On the other hand, the seafood product segment is expected to register the fastest CAGR of 4.4% from 2021 to 2028. The growing health consciousness has increased the demand for nutritious processed seafood products as they reduce the risk of chronic diseases, which will support the growth of this segment. In addition, the rising production of value-added processed seafood products is boosting the growth of this segment.
The canned form segment contributed to the largest revenue share of more than 52% of the global market in 2020 and is expected to grow with a steady CAGR of 3.7% from 2021 to 2028. Increased availability and consumption of canned fish as a healthy alternative to poor-quality food is propelling the segment growth. In addition, the rising consumption of protein-rich seafoods that contain nutrients like omega-3 fatty acids is significantly accelerating the demand for canned products.
The cured form segment is anticipated to grow with the fastest CAGR of 4.6% from 2021 to 2028. The increasing preservation of fish and seafood to prevent excessive dehydration during storage as well as contamination with harmful bacteria is propelling the growth of this segment. Moreover, continuously changing lifestyles coupled with hectic schedules are expected to accelerate the demand for cured products.
The offline channels contributed the highest revenue share of more than 78% in the global market in 2020. The offline segment includes hypermarkets & supermarkets, convenience stores, specialty stores, retail stores, etc. Consumers are preferring offline channels for purchasing goods, grocery as well as processed food products, where they can physically verify product quality.
Suppliers in this market use the traditional retail channel to sell their products via word-of-mouth publicity, and marketing. In addition, the rapidly growing organized retail sector in developing economies, such as China, India, and Japan, is accelerating the product demand, thereby supporting the segment growth.
The online segment is expected to register the fastest growth with a CAGR of more than 4.8% from 2021 to 2028. The increased internet penetration over the past few years and rising usage of smart devices across the globe are accelerating the growth of this segment. A rise 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.
Asia Pacific accounted for the largest revenue share of more than 55% of the global market in 2020. The rising demand for protein-rich processed food products and growing awareness about the health benefits of consuming fish and seafood products are expected to accelerate the regional market growth. In addition, the increasing consumption of processed fish & seafood products in developing countries like China, India, and Indonesia, owing to the rising disposable income levels and consumer inclination towards following a healthy lifestyle is expected to augment the regional market growth.
Europe is estimated to be the fastest-growing regional market from 2021 to 2028. The increasing importance of preservation of fish and seafood products to prevent contamination with harmful bacteria as well as to avoid excessive dehydration during storage is boosting the market growth in this region. Moreover, the growing awareness about the health benefits of consuming fish and other seafoods and rising demand for premium-quality seafood products are expected to boost the regional market growth over the forecast period.
The market is fragmented with the presence of various global and regional producers and suppliers across the globe. 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 will boost the market competition. Some of the key players operating in the global processed fish and seafood market include:
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Report Attribute |
Details |
|
Market size value in 2021 |
USD 102.67 billion |
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Revenue forecast in 2028 |
USD 136.33 billion |
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Growth rate |
CAGR of 4.1% 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 million/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, and 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 Corp.; Charoen Pokphand PCL; Thai Union Group PCL; Mowi; Trident Seafoods; Tassal Group Ltd.; True World Foods; Acme Smoked Fish Corp.; Austevoll Seafood ASA; High Liner Foods Inc. |
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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 global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2028. For the purpose of this study, Million Insights has segmented the global processed fish & seafood market report on the basis of product, form, distribution channel, and region:
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