The global seafood market is expected to be worth USD110.2bn by 2022, growing at a CAGR of 3.6% between 2022 and 2032. Between 2017 and 2022, seafood sales grew at a CAGR of 3.3%, and between 2022 and 2032, it will grow at a similar rate, according to a new study by FMI.
US seafood market totalled USD28.5bn 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.
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. 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.