Global Processed Seafood Market Size, Share, and COVID-19 Impact Analysis, By Product (Frozen Seafood, Canned Seafood, Smoked Seafood, Dried Products, and Others), By Distribution Channel (Supermarkets/Hypermarkets, Food Stores, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 - 2033

Global Processed Seafood Market Insights Forecasts to 2033

• The Global Processed Seafood Market Size was Valued at USD 239.20 Billion in 2023
• The Market Size is Growing at a CAGR of 5.10% from 2023 to 2033
• The Worldwide Processed Seafood Size is Expected to Reach USD 393.54 Billion by 2033
• Europe is Expected to Grow the fastest during the forecast period.

The Global Processed Seafood Market Size is Anticipated to Exceed USD 393.54 Billion by 2033, Growing at a CAGR of 5.10% from 2023 to 2033.

Market Overview:

Seafood processing is a procedure used to extend the shelf life of seafood items through freezing, salting, glazing, and packaging for human consumption. The increased raw seafood prices have changed customer preference towards processed seafood items which can lead to an increase in the growth of the processed seafood market. The advancement in processing technology and demand for healthy food items can significantly increase the growth of the processed seafood market. For instance, high hydrostatic pressure processing (HPP) has been applied in the processing of seafood products such as oysters to increase the high yield.

The worldwide acceptance of processed seafood which includes frozen and convenience seafood products has provided significant opportunity in the processed seafood market during the anticipated period. Processed seafood is rich in proteins, vitamins, and minerals so it is a popular choice for consumers with strenuous lifestyles. The increased worldwide population and growing demand for protein-rich food products have significantly boosted the growth of the processed seafood market. According to the press information bureau, the United States is the major importer of Indian seafood, followed by China, the EU, South East Asia, Japan, and the Middle East. During FY 2022-23, India sent 17,35,286 MT of seafood worth Rs. 63,969.14 crore (US$ 8.09 billion), setting a new record for seafood exports in terms of both volume and value.

In 2022, the biggest processed fish exporters were China ($3.71 billion), Thailand ($3.1 billion), Ecuador ($1.5 billion), Spain ($1.06 billion), and Vietnam ($801 million).

Report Coverage:

This research report categorizes the market for the global processed seafood market based on various segments and regions forecasts revenue growth and analyses trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the global processed seafood market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the global processed seafood market.

Driving Factors:

The growing consumer interest in food products that are easy to make and healthy as well as expected to drive the growth of the processed seafood market. The easy availability of processed seafood such as cans, frozen packs, and other forms can raise consumer demand for processed seafood throughout the forecast period. The accessibility of dependable and efficient shipping facilities with cold storage, as well as expanded import and export activities for processed seafood worldwide, are predicted to significantly contribute to the expansion of the worldwide processed seafood market.

Restraining Factors:

The lack of innovative seafood processing techniques and equipment could restrict market expansion. Furthermore, a lack of well-equipped cold storage networks, combined with tight government laws and policies for fishing, might hinder market expansion throughout the forecast period.

Market Segmentation:

The global processed seafood market share is classified into product and distribution channels.

• The frozen seafood segment has the largest share of the market during the forecast period.

Based on the product, the global processed seafood market is categorized into frozen seafood, canned seafood, smoked seafood, dried products, and others. Among these, the frozen seafood segment has the largest share of the market during the forecast period. The growing technological advancement and increased number of producers and suppliers are expected to boost the growth of the market. In 2022, the biggest exporters of non-fillet frozen fish were Russia ($3.76 billion), Chile ($2.12 billion), the United States ($2.08 billion), Norway ($1.9 billion), and China ($1.86 billion).

• The supermarkets/hypermarkets segment is expected to drive the growth of the processed seafood market.

Based on the distribution channel, the global processed seafood market is categorized into supermarkets/hypermarkets, food stores, and others. Among these, the supermarkets/hypermarkets segment is expected to drive the growth of the processed seafood market. Supermarkets will benefit from changing their attention away from fresh seafood cases and toward selling more deli-prepared fish and frozen options. Consumers rely heavily on supermarket items and processed foods, which is projected to drive demand.

Regional Segment Analysis of the Global Processed Seafood Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA) 

Asia-Pacific is projected to hold the largest share of the global processed seafood market over the forecast period.

The Asia-Pacific region is predicted to have a significant proportion of the worldwide processed seafood market due to the growing number of health-conscious people in India and China. China is the top exporter of seafood products. According to the Food and Agriculture Organization of the United Nations (FAO), Asian countries continue to be the largest exporters of fish for human consumption. The rising demand for frozen seafood is expected to drive the growth of processed seafood in this region.

Europe region is also expected to fastest CAGR growth during the forecast period. This can be attributable to the increasing demand from people of all ages. The growing working population and higher salaries have a further impact on product purchasing patterns. The busy lifestyle and growing customer knowledge of the benefits of fresh and high-quality products also contribute to the expansion of the seafood business.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global processed seafood market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies:

• Kyokuyo Co. Ltd.
• Loch Duart Ltd.
• Mitsubishi Corp.
• Mowi ASA
• Perdue Farms Inc.
• Premium Brands Holdings Corp.
• Thai Union Group PCL
• Trident Seafoods Corp.
• Universal Seafood-Inc.
• Agrosuper SA
• High Liner Foods Inc.
• Baader Global SE
• Bolton Group Srl
• China Aquatic Products Co. Ltd.
• Cooke Aquaculture Inc.
• Goya Foods Inc.
• KARRO FOOD GROUP
• Cite Marine
• Maruha Nichiro
• Others

Key Market Developments:

• In October 2024, Cite Marine, a subsidiary of Japanese seafood conglomerate Nissui Group, purchased a new processing factory in France in an effort to "expand its business scope" and enter the fast-growing tapas category, the firm revealed in a statement.

• In May 2024, Maruha Nichiro, Japan's seafood powerhouse, set a new record for consolidated revenue of JPY 1.03 trillion ($6.6 billion) for the fiscal year 2023, which ends March 2024.

• In May 2024, Nissui Group expanded its processed foods portfolio by acquiring Musashino Foods, situated in Rikuzentakata City, Iwate Prefecture, Japan.

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)  

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global processed seafood market based on the below-mentioned segments: 

Global Processed Seafood Market, By Product

• Frozen Seafood
• Canned Seafood
• Smoked Seafood
• Dried Products
• Others

Global Processed Seafood Market, By Application

• Supermarkets/Hypermarkets
• Food Stores
• Others

Global Processed Seafood Market, By Regional

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Uk
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa