Fish & Seafood - EU-27

EU-27

Highlights

Revenue in the Fish & Seafood market amounts to US$79.96bn in 2024. The market is expected to grow annually by 3.28% (CAGR 2024-2029).
In global comparison, most revenue is generated China (US$97bn in 2024).
In relation to total population figures, per person revenues of US$178.70 are generated in 2024.
In the Fish & Seafood market, volume is expected to amount to 3.92bn kg by 2029. The Fish & Seafood market is expected to show a volume growth of 1.6% in 2025.0.
The average volume per person in the Fish & Seafood market is expected to amount to 8.2kg in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Fish & Seafood market in the EU-27 is experiencing slow growth due to factors such as declining consumer interest in processed products and a preference for fresh, sustainable options. Despite this, the market continues to expand due to increasing health consciousness and the convenience of online shopping for seafood. However, strict regulations and sustainability concerns may hinder future growth.

Customer preferences: In recent years, consumers in the EU-27 have shown a growing interest in sustainably sourced and ethically produced fish and seafood products. This trend is driven by a heightened awareness of environmental issues and a desire for transparency and accountability in food production. Additionally, there has been a shift towards plant-based and alternative protein options, as more individuals adopt flexitarian or vegetarian diets. This trend is expected to continue as consumers become more health-conscious and environmentally conscious.

Trends in the market: In the EU-27 Fish & Seafood Market, there is a growing trend towards sustainable fishing and aquaculture practices. This is driven by increasing consumer demand for ethically-sourced and environmentally-friendly seafood products. Additionally, there is a rise in the popularity of plant-based seafood alternatives, as consumers become more health-conscious and concerned about the impact of traditional fishing methods on marine ecosystems. These trends are significant for industry stakeholders, as they must adapt to changing consumer preferences and invest in sustainable practices to remain competitive in the market. This shift towards sustainability also has potential implications for the overall health of the ocean and the future availability of seafood products.

Local special circumstances: In the EU-27 Fish & Seafood Market, the demand for sustainably sourced and traceable seafood has been on the rise due to increasing consumer awareness and stringent regulations. This trend is further fueled by the region's proximity to the sea and its strong fishing industry. Additionally, cultural preferences for certain types of seafood, such as herring in the Nordic countries, play a significant role in shaping the market. Government initiatives promoting sustainable fishing practices, as well as rising health concerns, are also contributing factors to the market's growth.

Underlying macroeconomic factors: The Fish & Seafood Market within The Food market in EU-27 is heavily influenced by macroeconomic factors such as global trade policies, consumer preferences, and economic stability. The market is highly sensitive to changes in international trade agreements and tariffs, which can impact the availability and cost of seafood products. Moreover, consumer trends and purchasing power greatly affect the demand for fish and seafood. Economic downturns and fluctuations in disposable income can lead to a decline in demand, while a stable economy and growing middle-class population can drive market growth. Furthermore, government policies and investments in sustainable fishing practices and aquaculture can significantly impact the overall market performance.

Data coverage:

The data encompasses B2C enterprises. Figures are based on the total consumer spending on food, which comprises all private household spending on food that is meant for at-home consumption (out-of-home consumption is not accounted for).

Modeling approach:

Market sizes are determined through a top-down approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use resources from the Statista platform as well as in-house market research, national statistical offices, international institutions, trade associations, companies, the trade press, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, and consumer price index. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the exponential trend smoothing is well suited for forecasting the Food market with a projected steady growth. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.