Processed Fish & Seafood - NAFTA | Statista Market Forecast

Revenue in the Processed Fish & Seafood market amounts to US$8.99bn in 2024. The market is expected to grow annually by 5.10% (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$17.61 are generated in 2024.
In the Processed Fish & Seafood market, volume is expected to amount to 743.10m kg by 2029. The Processed Fish & Seafood market is expected to show a volume growth of 4.0% in 2025.0.
The average volume per person in the Processed Fish & Seafood market is expected to amount to 1.3kg 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 and seafood market in NAFTA is experiencing minimal growth due to factors such as increasing health consciousness, convenience of online services, and adoption of digital technologies. However, sub-markets such as canned and dried fish, as well as fish fingers and portions, may have different growth rates influenced by consumer preferences and market trends.

Customer preferences: Consumers are becoming more health-conscious and looking for convenient and healthy food options, leading to a growing demand for processed fish and seafood products. This trend is driven by an increasing focus on sustainable and ethical food choices, as well as the rising popularity of international cuisines. Furthermore, with the growing popularity of e-commerce and online shopping, consumers are also looking for convenient and time-saving ways to purchase their favorite seafood products.

Trends in the market: In the NAFTA region, the Processed Fish & Seafood Market within The Food market is experiencing a growing demand for sustainable and traceable seafood products. This trend is driven by consumers' increasing awareness of the environmental impact of seafood production and their preference for ethically-sourced products. Industry players are responding by implementing sustainable fishing practices and investing in technology for traceability and transparency in the supply chain. This trend is expected to continue, as consumers continue to prioritize sustainability and demand for ethically-sourced seafood products. This presents opportunities for industry stakeholders to differentiate themselves and gain a competitive edge by adopting sustainable and transparent practices.

Local special circumstances: In Canada, the Processed Fish & Seafood market is heavily influenced by the country's vast coastline and abundance of natural resources. This allows for a wide variety of locally sourced fish and seafood products to be processed and sold domestically and internationally. Additionally, the Canadian government has implemented strict regulations and standards for the fishing and seafood industries, ensuring high quality and sustainable practices. These factors contribute to the market's stability and strong reputation for premium products.

Underlying macroeconomic factors: The Processed Fish & Seafood Market of the Fish & Seafood Market within The Food market is greatly influenced by macroeconomic factors such as global economic trends, national economic health, fiscal policies, and other relevant financial indicators. Countries with strong economic growth and stable fiscal policies tend to have a higher demand for processed fish and seafood products. This is due to the increased disposable income of consumers and their willingness to spend on higher quality food products. On the other hand, countries with weaker economies and unstable fiscal policies may experience a decline in demand for processed fish and seafood products as consumers prioritize essential goods over luxury items. Additionally, fluctuations in currency exchange rates can also impact the market by affecting the cost of raw materials and the final price of processed fish and seafood products.

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.