Fish & Seafood - G20

G20

Highlights

Revenue in the Fish & Seafood market amounts to US$446.50bn in 2024. The market is expected to grow annually by 5.63% (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$89.78 are generated in 2024.
In the Fish & Seafood market, volume is expected to amount to 29.28bn kg by 2029. The Fish & Seafood market is expected to show a volume growth of 4.1% in 2025.0.
The average volume per person in the Fish & Seafood market is expected to amount to 5.1kg in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Fish & Seafood market in the G20 countries is experiencing minimal growth, influenced by factors such as increasing consumer demand for fresh and healthy options, the convenience of online purchasing, and the rising awareness of the benefits of seafood consumption. Sub-markets such as Fresh Fish, Fresh Seafood, and Processed Fish & Seafood contribute to this growth rate, with the latter being impacted by factors such as sustainability practices and changing consumer preferences.

Customer preferences: With the rise of health and wellness trends, consumers are becoming more conscious of their food choices and are gravitating towards sustainable and ethically sourced seafood options. This is particularly evident in the younger demographic, who prioritize environmentally friendly practices in their purchasing decisions. As a result, there is a growing demand for traceable and transparent seafood products, as well as a shift towards plant-based alternatives in the Fish & Seafood Market within The Food market. This change in consumer preferences is also influenced by cultural values and a desire for healthier and more diverse diets.

Trends in the market: In the G20 countries, the Fish & Seafood Market within The Food market is experiencing a shift towards sustainable and ethically sourced products. This trend is driven by increasing consumer demand for transparency and responsible sourcing practices. As a result, companies in this market are investing in sustainable fishing practices and certifications to meet these demands. This trend is expected to continue, with potential implications for industry stakeholders such as increased competition and the need for innovative solutions to meet sustainability standards. Additionally, government regulations and consumer preferences are likely to shape the trajectory of this trend in the coming years.

Local special circumstances: In Japan, the Fish & Seafood Market is heavily influenced by cultural traditions and regulations. The country's strong emphasis on fresh and high-quality seafood has led to strict regulations on fishing and aquaculture practices. Additionally, the popularity of sushi and other seafood dishes in Japanese cuisine has created a unique demand for specific types of fish and seafood, leading to a diverse market. Furthermore, Japan's geographical location as an island nation has also shaped the market, with a strong reliance on imports to meet the country's high seafood consumption.

Underlying macroeconomic factors: Another key macroeconomic factor impacting the Fish & Seafood Market within The Food market is the global demand for seafood. As the world's population continues to grow, the demand for protein-rich foods, such as fish and seafood, is also increasing. This, coupled with the rising popularity of healthy and sustainable diets, has led to a surge in demand for fish and seafood products. Additionally, as consumers become more aware of the environmental impact of their food choices, there is a growing demand for sustainably sourced seafood, which is also driving market growth. Government policies promoting sustainable fishing practices and certifications for sustainable seafood production are also influencing the 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.