Fresh Seafood - Northern Europe

Northern Europe

Highlights

Revenue in the Fresh Seafood market amounts to US$654.50m in 2024. The market is expected to grow annually by 4.09% (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$19.32 are generated in 2024.
In the Fresh Seafood market, volume is expected to amount to 16.81m kg by 2029. The Fresh Seafood market is expected to show a volume growth of 2.6% in 2025.0.
The average volume per person in the Fresh Seafood market is expected to amount to 0.5kg in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Fresh Seafood Market in Northern Europe is experiencing negligible growth, influenced by factors such as changing consumer preferences and increasing competition. Despite this, online sales and health consciousness are driving some growth.

Customer preferences: As consumers become more health-conscious, there is a growing demand for sustainable and ethically-sourced seafood in the Northern European market. This trend is driven by a greater awareness of the impact of overfishing on the environment and a desire for healthier, cleaner eating options. Additionally, with the rise of e-commerce and online grocery shopping, consumers are increasingly turning to online platforms to purchase fresh seafood, making convenience a key factor in purchasing decisions. Moreover, the demand for locally-sourced seafood continues to grow, as consumers prioritize supporting their local economies and reducing their carbon footprint.

Trends in the market: In Northern Europe, the Fresh Seafood market is experiencing a rise in demand for sustainably sourced seafood. This trend is driven by consumer awareness and concern for the environment, as well as government regulations promoting sustainable fishing practices. As a result, seafood companies are investing in sustainable sourcing and certification programs. This trend is expected to continue, with consumers increasingly prioritizing sustainability in their purchasing decisions. For industry stakeholders, this presents opportunities to differentiate and add value to their products, but also challenges to meet the growing demand for sustainable seafood.

Local special circumstances: In Northern Europe, the Fresh Seafood Market of the Fish & Seafood Market within The Food market is heavily influenced by the region's strong fishing and aquaculture industries. These industries are supported by favorable environmental conditions and strict regulatory standards for sustainable fishing practices. Additionally, the cultural preference for fresh and high-quality seafood has led to a thriving local market for premium and specialty seafood products. This demand is further fueled by the region's affluent population and increasing health consciousness, driving the popularity of sustainable and organic seafood options.

Underlying macroeconomic factors: The Fresh Seafood Market of the Fish & Seafood Market within The Food market is significantly influenced by macroeconomic factors in Northern Europe. One major factor is the strong economic growth and stability in the region, which has led to higher disposable income and increased consumer spending on premium and high-quality seafood products. Furthermore, favorable government policies and investments in sustainable fishing practices and aquaculture have positively impacted the supply and demand dynamics in the market. Additionally, the growing trend of health-conscious consumers and the increasing awareness about the health benefits of consuming seafood have also contributed to the market growth. However, factors such as fluctuating exchange rates, trade policies, and geopolitical tensions can pose challenges for the market's performance in the region. Overall, the economic health and policies of Northern European countries play a crucial role in shaping the growth trajectory of the Fresh Seafood Market in the Fish & Seafood Market within The Food market.

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.