Global Fish Market Growth Analysis - Market Size, Share, Forecast Trends and Outlook Report (2024-2032)

Global Fish Market Outlook

The global fish market size was valued at USD 732.87 billion in 2023. The market is further projected to grow at a CAGR of 3.4% between 2024 and 2032, reaching a value of USD 985.17 billion by 2032.

Key Takeaways

• As per industry reports, the global fish production is projected to reach 200 million tonnes by 2029, an increase of 14% from the 2017-2019 average. 

• In 2022, Thai Union Group, one of the world's largest seafood producers, partnered with Bumble Bee Foods to expand their presence in the North American market.

• Nippon Suisan Kaisha, a major Japanese seafood company, launched a new line of frozen seafood products to cater to the growing demand for ready-to-eat options.

• The proportion of marine fish stocks fished at biologically sustainable levels has improved slightly in recent years, from 66.9% in 2017 to 64.6% in 2020.

There is a growing awareness and interest in sustainable fishing practices and responsible aquaculture. This trend is shaping the seafood industry by encouraging businesses and consumers to seek seafood from sources that do not over-exploit marine resources or harm the environment. The Global Aquaculture Alliance (GAA) has developed the Best Aquaculture Practices (BAP) certification program, which sets standards for responsible aquaculture practices.

As per industry reports, global aquaculture production has increased by 250% between 2000 and 2015, while the use of wild fish for feed has declined. Moreover, aquaculture's reliance on wild fish has been weakening due to improvements in feed conversion efficiency and the use of plant-based ingredients in fish feed. This has resulted in fish market development.

The introduction of advanced tools and technologies, such as drone technology, precision fishing, and big data analytics, is enhancing the efficiency of the fishing industry. This trend is reducing waste, improving product quality, and making fishing practices more environment friendly. The impact is increased productivity and better resource management in the fishing sector.

Among regions, Asia Pacific dominates the fish market share as China is the world's largest producer of seafood, accounting for a significant portion of both wild catch and aquaculture production.

Seafood producers are increasingly recognising the importance of mitigating climate change and adapting to its impacts, such as ocean acidification and rising sea temperatures. This trend is driving research and innovation in more resilient species, investment in developing plant-based and cell-based seafood production methods, and the development of alternative feed sources.

The Intergovernmental Panel on Climate Change (IPCC) has recommended the development of climate-resilient aquaculture species, such as tilapia and catfish, which can better withstand changes in water temperature and pH levels.

Market Segmentation

Global Fish Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:

Market Breakup by Type

• Freshwater Fish

• Marine Water Fish

Market Breakup by Form

• Fresh 

• Processed

Market Breakup by Distribution Channel

• Hypermarkets/Supermarkets

• Specialty Stores

• Online Channels

• Others

Market Breakup by Region

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East and Africa

Competitive Landscape

Market players are actively engaging in partnerships, product innovation, and strategic acquisitions to drive growth, and meet the evolving demands of consumers in the seafood industry.

• Maruha Nichiro Corporation 

• Nissui Corporation 

• Thai Union Group PCL. 

• Mowi ASA  

• Cermaq Group AS 

• Dongwon Group 

• Trident Seafoods 

• The Pacific Seafood Group  

• Others

Key Highlights of the Report