The global seafood market is on track to expand significantly, with an estimated increase of USD150.04bn between 2024 and 2028, according to a report by Technavio.
During this period, the market is expected to grow at a compound annual growth rate of 13.55%. Rising consumer awareness about the health benefits of seafood, coupled with the rapid expansion of online retailing, is driving this growth.
Seafood plays an essential role in global nutrition, serving as a primary source of protein for millions of consumers. The increasing recognition of its health benefits has led to a steady rise in per capita consumption worldwide. Price remains a critical factor, with both fresh and frozen options available to meet diverse consumer budgets.
In parallel, the tourism and hospitality industries are leveraging seafood’s culinary versatility to experiment with innovative dishes and value-added products. Emerging technologies such as 3D printing are further transforming the industry, enabling personalized textures, flavors, and appearances for seafood products.
At the same time, alternative protein sources and seafood substitutes are gaining traction, driven by growing ethical and environmental concerns. Consumers are increasingly drawn to lean seafood options, such as cod, salmon, tuna, tilapia, shrimp, lobster, and crab.
Certifications from organizations like the Aquaculture Stewardship Council and Marine Stewardship Council are becoming vital markers of sustainability and traceability. However, external factors, such as the potential trade disruptions associated with Brexit and changes to European Union regulations, could have implications for seafood imports and exports.
The health benefits of seafood remain a powerful driver of demand. Rich in omega-3 fatty acids, essential vitamins, and minerals, seafood is widely regarded as an integral part of a balanced diet.
However, concerns over environmental and ethical issues in seafood production, including the use of anabolic steroids and toxic chemicals, have prompted administrative authorities and producers to adopt more sustainable practices. Certified, ethically sourced seafood is increasingly preferred by health-conscious consumers, further shaping market trends.
The global rise of e-commerce is also reshaping the seafood industry. In the US, e-commerce sales surged to 21.3% of total retail sales in 2020, up from 15.8% in 2019, driven by convenience, product discovery, and competitive pricing.
This trend presents new opportunities for seafood suppliers to expand their reach and improve profitability by engaging directly with consumers online. By establishing a robust digital presence, manufacturers and distributors can increase product visibility and tap into broader markets.
Despite these promising developments, the industry faces significant challenges, particularly the depletion of fish stocks due to overfishing. Overfishing, which occurs when the rate of fish extraction exceeds their reproductive capacity, has far-reaching consequences. It not only reduces the stock’s ability to sustain itself but also disrupts ocean ecosystems.
For coastal communities that depend on seafood for both protein and income, overfishing poses a severe threat to livelihoods. With billions of people relying on fishing for sustenance and economic stability, adopting sustainable fishing practices has become imperative to ensure the long-term health of marine ecosystems.
As the seafood industry navigates these opportunities and challenges, the emphasis on sustainability, health benefits, and innovative technologies will likely define its trajectory. With consumers increasingly prioritizing traceable and ethically sourced options, the market is poised for a dynamic transformation that balances profitability with environmental responsibility.
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