Fish & Seafood - G7

Highlights

Revenue in the Fish & Seafood market amounts to US$139.10bn in 2024. The market is expected to grow annually by 2.86% (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$178.80 are generated in 2024.
In the Fish & Seafood market, volume is expected to amount to 7.24bn kg by 2029. The Fish & Seafood market is expected to show a volume growth of 1.3% in 2025.0.
The average volume per person in the Fish & Seafood market is expected to amount to 8.8kg in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Fish & Seafood Market in the G7 countries is seeing minimal growth due to factors such as changing consumer preferences, strict regulations, and declining fish stocks. Despite the convenience of online seafood shopping, the market is facing challenges in terms of sustainability and overfishing, leading to its slow growth rate. Additionally, the Fresh Fish and Seafood sub-markets are also impacted by supply chain disruptions and rising competition from processed alternatives.

Customer preferences: In the Fish & Seafood Market within The Food market, consumers are gravitating towards sustainable and ethically sourced seafood options. This trend is driven by growing awareness of the environmental impact of traditional fishing practices and the desire to support companies that prioritize sustainable sourcing. Additionally, there is a growing demand for seafood products that are free from antibiotics and additives, as consumers become more health-conscious and prioritize natural and clean-label ingredients. This has led to an increase in the availability of certified organic and wild-caught seafood, catering to the preferences of eco-conscious and health-conscious consumers.

Trends in the market: In the Fish & Seafood Market within The Food market, there is a growing trend of sustainable and eco-friendly seafood production. This is driven by increasing consumer awareness and demand for ethically sourced seafood, as well as government regulations promoting sustainable fishing practices. In addition, there is a rise in plant-based seafood alternatives, catering to the growing number of consumers adopting a flexitarian or vegetarian diet. These trends have significant implications for industry stakeholders, as they must adapt to changing consumer preferences and regulations to remain competitive in the market. Furthermore, these trends highlight the importance of sustainability and ethical practices in the seafood industry, driving a shift towards more environmentally friendly and socially responsible production methods. This presents opportunities for companies to differentiate themselves and appeal to conscious consumers, but also poses challenges in terms of cost and operational changes. Overall, the trajectory of these trends suggests that sustainability and ethical considerations will continue to be important factors shaping the Fish & Seafood Market in the future.

Local special circumstances: In the Fish & Seafood Market within The Food market, unique local factors play a crucial role in market dynamics. For example, in Japan, the market is heavily influenced by the country's rich seafood culture and strict regulations on fisheries. This has led to a strong demand for sustainably caught and high-quality seafood. In Norway, the industry is driven by the country's cold and pristine waters, resulting in premium and sought-after seafood products. These local factors not only shape consumer preferences but also drive innovation and sustainability in the market.

Underlying macroeconomic factors: The Fish & Seafood Market within The Food market is influenced by macroeconomic factors such as global economic trends, national economic health, and fiscal policies. For instance, countries with favorable economic conditions and strong investment in the food industry are experiencing faster market growth compared to regions with economic challenges and limited funding for food production. Additionally, the increasing demand for healthy and sustainable food options, coupled with the growing population worldwide, is driving the demand for fish and seafood products. Moreover, government initiatives to promote sustainable fishing practices and reduce overfishing are also impacting 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.