Global Seafood Market: Trends, Challenges, and Opportunities
The global seafood market is experiencing significant growth, driven by rising consumer demand for healthy and sustainable protein options. According to Kings Research, the market was valued at USD 127.79 billion in 2023 and is projected to reach USD 178.37 billion by 2031, growing at a CAGR of 4.3% from 2024 to 2031.
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Market Segmentation
The seafood market is segmented based on the form of seafood, type of seafood, end use, and geographical regions.
1. By Seafood Form:
Fresh Seafood: Offers high nutritional value and is preferred for its taste and quality.
Frozen Seafood: Dominates the market with a 38.66% share in 2023 due to its convenience, prolonged shelf life, and advancements in freezing technology.
Ambient Seafood: Includes products that can be stored at room temperature.
Canned & Processed Seafood: Provides a cost-effective alternative with extended shelf life.
2. By Seafood Type:
Salmonoids
Tuna
Cod
Molluscs
Crustaceans: The largest segment with a 25.78% share in 2023, favored for their versatility, flavor, and nutritional benefits.
