Processed Fish & Seafood - G20 | Statista Market Forecast

Revenue in the Processed Fish & Seafood market amounts to US$141.70bn in 2024. The market is expected to grow annually by 5.93% (CAGR 2024-2029).
In global comparison, most revenue is generated China (US$32bn in 2024).
In relation to total population figures, per person revenues of US$28.49 are generated in 2024.
In the Processed Fish & Seafood market, volume is expected to amount to 14.07bn kg by 2029. The Processed Fish & Seafood market is expected to show a volume growth of 4.7% in 2025.0.
The average volume per person in the Processed Fish & Seafood market is expected to amount to 2.4kg in 2024.

Definition:

The Processed Fish & Seafood market covers all types of fish and seafood that have either been smoked, dried, canned, salted or given chemical preservatives.

Additional Information:

The market comprises revenue and average revenue per capita, volume and average volume per capita, price per unit (unit refers to kilogram), sales channels. The market encompasses retail sales through both online and offline sales channels to private end customers (B2C). The market only covers at-home consumption; out-of-home consumption is not included.

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Canned, dried and smoked fish
Processed seafood
Surimi-based products
Fish sticks, Fish nuggets

Fresh and frozen fish
Fresh and frozen seafood
Ready-to-eat meals
Caviar and prepared and preserved shark fins
Out-of-home consumption

The Processed Fish & Seafood market in the G20 Food Market is experiencing minimal growth, influenced by factors such as increasing consumer awareness of health benefits, adoption of digital technologies, and convenience of online services. The sub-markets of Canned, Dried & Smoked Fish and Fish Fingers & Portions also play a role in shaping the overall market.

Customer preferences: Consumers in the Processed Fish & Seafood Market are increasingly prioritizing sustainable and ethically-sourced products, driving demand for eco-friendly packaging and responsible fishing practices. Additionally, the growing trend of flexitarian and plant-based diets has led to a rise in demand for plant-based fish and seafood alternatives, as consumers become more health and environmentally conscious. This shift towards sustainable and plant-based options is also influenced by cultural norms and evolving lifestyle preferences, as consumers seek to align their values with their purchasing decisions.

Trends in the market: In the G20 countries, there is a growing demand for processed fish and seafood as consumers increasingly prioritize convenience and healthy eating. This has led to the development of innovative processing techniques, such as high pressure processing, which helps to retain the nutritional value and flavor of seafood. Additionally, there is a trend towards sustainable and ethical sourcing of seafood, with consumers demanding transparency and traceability in the supply chain. This presents opportunities for industry stakeholders to differentiate their products and gain consumer trust. However, stricter regulations and rising production costs may pose challenges for smaller players in the market.

Local special circumstances: In G20 countries, the Processed Fish & Seafood market is heavily influenced by geographical factors such as proximity to coastlines and availability of fishing resources. Cultural preferences also play a significant role, with countries like Japan and South Korea having a strong demand for processed seafood products. Additionally, regulatory standards and policies differ among G20 countries, affecting import and export of processed fish and seafood products. For instance, the European Union has strict regulations on seafood imports, while China has a large domestic market for processed fish and seafood products due to its growing middle class and changing dietary habits.

Underlying macroeconomic factors: The Processed Fish & Seafood Market within The Food market is greatly impacted by macroeconomic factors such as global economic trends, national economic health, fiscal policies, and financial indicators. Countries with stable economies and favorable fiscal policies tend to experience higher market growth compared to regions with economic challenges and limited funding for the food industry. Furthermore, as the demand for healthy and convenient food options increases, the processed fish & seafood market is expected to grow due to its high nutritional value and ease of consumption. This trend is further accelerated by the growing awareness of sustainable seafood production, leading to increased investments in sustainable fishing practices by governments and private companies.

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.