Seafood Market is expected to Reach a Market Valuation of US$ 110.2 Billion by 2022, With a CAGR of 3.6% from 2022 to 2032: FMI

U.S. Seafood market totalled USD 28.5 Bn in 2022 which is approximately 25.9% of the global Seafood Industry. The demand for Seafood is expected to grow at 3.6% CAGR between 2021 and 2031. Japan Seafood market will grow at 3.3% CAGR through the forecast period.

NEWARK, Del., June 6, 2022 /PRNewswire/ -- The global seafood market is expected to be worth US$ 110.2 billion by 2022, growing at a CAGR of 3.6 percent between 2022 and 2032. Between 2017 and 2022, seafood sales grew at a CAGR of 3.3 percent, and between 2022 and 2032, they will grow at a CAGR of 3.6 percent. According to FMI, the US seafood market will be worth USD 28.5 billion in 2022, accounting for approximately 25.9 percent of the global seafood market.

Digital technology offered new outlets for many fisherfolk and aquaculture suppliers when COVID-19 upended the import/export sector. Those that were quick enough to convert their products to a digital marketplace could sell and deliver straight to customers.

Fish Tiangge, a USAID Fish Right initiative in the Philippines, launched an online platform using Facebook in May 2020 to connect fishermen with local consumers. This single programme linked 6,000 fishermen with almost 300,000 households, boosting local food security and maintaining the livelihoods of thousands of fishermen. 

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Digital technology is also assisting in the modernization of fishing and aquaculture operations, as well as increasing earnings and raising awareness of sustainable seafood best practises. For example, in India, we're cooperating with AquaConnect to deliver digital solutions that assist shrimp farmers in identifying quality items and making farm-input purchases. Farmers also receive announcements and documents about growth and disease advisories, as well as advice and information on inexpensive financing and resources to connect to other Indian markets.

In the coming years, digital technology will continue to be a major source of industry evolution and innovation, particularly when it comes to sustainable seafood trends.

"While COVID-19 presented challenges to many small-scale fisherfolk and aquaculture providers, it also revealed areas where the seafood industry may improve its supply chains to become more robust and sustainable." said a lead analyst at FMI. 

Leading Companies Profiled in Seafood Market are

• Cooke, Inc.
• Dongwon F&B
• Faroe Seafood
• Handy Seafood, Inc.
• Hansung Enterprise Co. Ltd
• High Liner Foods Incorporated
• Kangamiut Seafood A/S
• Lee Fishing Company
• Leroy Seafood Group
• Lyons Seafoods Limited
• Mowi ASA
• Pacific Seafood
• Phillips Foods, Inc.
• And Others

Global Seafood Market Trends

High-pressure processing is a technology that improves operational efficiency by reducing time and cost for fish preservation. This process uses pressures about 6000 times higher than average air pressure at sea level, which pasteurizes foods without heat exposure as it replaces the need to reheat products or use chemicals in their place; increased yield due approximately 20%-50%. HPP effectively kills microbes and extends the shelf life of the processed fish by 2 to 4 times, without adversely affecting its freshness, flavor, color, texture, and nutritional value.

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Seafood Market by Category

By Nature, Seafood Market is Segmented as:

• Organic
• Conventional

By Source, Seafood Market is Segmented as:

• Farm Raised
• Wild Caught

By Product Type, Seafood Market is Segmented as:

• Ground Fish
• Pelagics
• Tuna
• Salmonids
• Molluscs
• Crustaceans
• Lobsters
• Crabs
• Shrimp
• Other Product Types (Prawns, Trouts, etc)

By Form, Seafood Market is Segmented as:

• Fresh
• Chilled
• Frozen
• Ambient

By End Use, Seafood Market is Segmented as:

• Food
• Pharmaceutical
• Cosmetics
• Industrial
• Biotechnology
• Household Retail

By Sales Channel, Seafood Market is Segmented as:

• Direct
• Indirect
• Modern Trade
• Convenience Stores
• Specialty Food Stores
• Wholesale Stores
• Discount Stores
• Online Retail
• Other Retail Formats

By Region, Seafood Market is Segmented as:

• North America
• Latin America
• Europe
• East Asia
• South Asia
• Oceania
• Middle east and Africa

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Get Valuable Insights into Seafood market 

Future Market Insights, in its new offering, provides an unbiased analysis of the Seafood market presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031.

The study divulges compelling insights on the Seafood market based on Seafood Market by nature (organic seafood and conventional seafood), by product type (ground fish, pelagics, tuna, salmonids, molluscs, crustaceans, lobsters, crabs, shrimp, and other product types (prawns, trouts, etc)), by form (fresh, chilled, frozen, and ambient), by source (farm-raised and wild-caught) by end-use (food, pharmaceutical, cosmetics, industrial, biotechnology, and household retail), by distribution channel (direct and indirect) and across seven major regions.

Explore wide-ranging Coverage of FMI's Food and Beverage Market Insights Landscape

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