Fresh Seafood - Eastern Asia

Eastern Asia

Highlights

Revenue in the Fresh Seafood market amounts to US$19.27bn in 2024. The market is expected to grow annually by 5.18% (CAGR 2024-2029).
In global comparison, most revenue is generated United States (US$12bn in 2024).
In relation to total population figures, per person revenues of US$11.79 are generated in 2024.
In the Fresh Seafood market, volume is expected to amount to 626.90m kg by 2029. The Fresh Seafood market is expected to show a volume growth of 4.3% in 2025.0.
The average volume per person in the Fresh Seafood market is expected to amount to 0.3kg in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Fresh Seafood Market in Eastern Asia is experiencing minimal growth due to factors such as fluctuating fish populations, increasing consumer demand for sustainable seafood, and stricter regulations on fishing practices. This has led to a slow growth rate, but the market still offers convenience and a variety of options for seafood lovers.

Customer preferences: As consumers in Eastern Asia become more health-conscious, there has been a growing demand for fresh, sustainable seafood options. In addition, there has been an increasing interest in online ordering and delivery of seafood, driven by the convenience and safety concerns amid the COVID-19 pandemic. This trend is expected to continue as consumers prioritize convenience and safety in their purchasing decisions. Moreover, there has been a shift towards locally-sourced seafood, reflecting a growing appreciation for supporting local businesses and reducing carbon emissions from transportation.

Trends in the market: In Eastern Asia, the Fresh Seafood Market of the Fish & Seafood Market within The Food market is experiencing a shift towards sustainable seafood practices. Consumers are becoming more conscious of the environmental impact of their food choices and are demanding sustainably sourced seafood. This trend is expected to continue, with government regulations and initiatives promoting sustainable fishing methods and labeling. For industry stakeholders, this trend presents an opportunity to differentiate themselves and cater to the growing demand for sustainable seafood. However, it also poses a challenge as it requires significant investments and changes in operations. Overall, this trend towards sustainability has the potential to positively impact the seafood industry by ensuring the long-term availability of seafood resources.

Local special circumstances: In Eastern Asia, the Fresh Seafood Market of the Fish & Seafood Market within The Food market is heavily influenced by the region's rich history and cultural traditions. The demand for fresh seafood is deeply rooted in the local cuisine, with many unique dishes and preparation methods. Additionally, strict regulations on fishing and harvesting practices have been implemented to protect the region's marine resources, shaping the market's supply and pricing. Furthermore, the rise of e-commerce and online platforms has made it easier for consumers to access a wider variety of fresh seafood options, catering to the busy lifestyles of the modern Asian population. These factors contribute to the dynamic and thriving Fresh Seafood Market in Eastern Asia.

Underlying macroeconomic factors: The Fresh Seafood Market of the Fish & Seafood Market within The Food market is heavily influenced by macroeconomic factors in Eastern Asia. The growing affluence and changing dietary preferences of consumers in the region are driving the demand for premium and sustainable seafood products. Additionally, favorable government policies, such as tax incentives and subsidies, are encouraging investment in the seafood industry. However, economic challenges, such as currency fluctuations and trade tensions, may negatively impact market growth. Furthermore, increasing concerns over food safety and sustainability are shaping consumer behavior and influencing market trends in the Fresh Seafood Market of Eastern Asia.

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.