Mexico Fish and Seafood Market Report and Forecast 2024-2032

Mexico Fish and Seafood Market Outlook

The Mexico fish and seafood market size reached approximately USD 5.98 billion in 2023. The market is estimated to grow at a CAGR of 5.8% in the forecast period of 2024-2032, reaching a value of around USD 9.88 billion by 2032.

Key Trends in the Market

Fish and seafood refer to the aquatic creatures present in the sea, ocean, and other water bodies, that are considered edible by humans. Seafood primarily consists of salmon, shellfish, molluscs, and seaweeds, among others, that can be baked, steamed, or cooked into different recipes.

• Growing demand for processed or ready-to-cook seafood due to the busy lifestyle of the working population is one of the prominent Mexico fish and seafood market trends. Consumers are opting for ready-to-eat seafood products with longer shelf life, which provides convenient cooking options for the urban lifestyle.

• The surge in the export of fish and other aquaculture animals from Mexico to the neighbouring countries of North America, including Canada and the United States, is also a crucial trend supporting the market expansion.

• Increased incorporation of sustainable fishing practices such as hook and line fishing, modern spearfishing, setting fish traps, and seasonal fishing of certain species, coupled with favourable regulatory laws aimed at improving the welfare of fishers, also provide impetus to the Mexico fish and seafood market growth.

• Several market players are adopting advanced packaging technologies such as active food packaging and vacuum food packaging for seafood products to preserve their quality, enhance their shelf stability, and limit the growth of aerobic bacteria and fungi.

Market Analysis

Based on type, the market is divided into molluscs, crustaceans, and fishes, among others. The Mexico fish and seafood market segmentation, on the basis of product, includes fresh, canned, and frozen. The major regional markets of fish and seafood in Mexico are Baja California, Northern Mexico, The Bajío, Central Mexico, Pacific Coast, and Yucatan Peninsula.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the Mexico fish and seafood market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.

• TUNY (Grupo Marítimo Industrial SA de CV) 

• Del Pacifico Seafoods LLC 

• SmartFish 

• Mau Pacific 

• PINSA Comercial SA de CV 

• LUIS CALVO SANZ S.A. 

• Others

Market Share by Type

Fishes occupy a significant portion of the Mexico fish and seafood market share owing to the growing incorporation of fishes such as salmon, tuna, and trout in the culinary dishes of the country. Fishes and fish-based products are rich sources of protein and fatty acids, which makes them popular among health-conscious consumers and fitness enthusiasts. Additionally, fish is widely consumed during the Lenten and holy meal tradition of Mexico, which further provides a positive market outlook.

Market Share by Product

As per the Mexico fish and seafood market analysis, fresh fish and seafood account for a substantial share of the market. This can be attributed to the high demand for natural seafood products due to their freshness and excellent nutritional quality. The majority of consumers in the country prefer to consume fresh seafood-based culinary dishes that contain natural flavours.

Meanwhile, canned fish and seafood are expected to witness robust growth in the forecast period owing to the burgeoning popularity of convenient food products among the young population with hectic lifestyles.

Competitive Landscape

Del Pacifico Seafoods LLC, incorporated in 2014, is a provider of shrimp and other seafood products, based in California, the United States. The company promotes sustainability through its responsible fishing practices and spreads social awareness among fishermen.

Mau Pacific is a seafood provider, founded in 2009, with its headquarters in Jalisco, Mexico. Some of its major seafood products include smoked salmon, whole smoked salmon, scallops, and fresh hake, among others.

PINSA Comercial SA de CV, established in 2011, is a distributor of canned tuna and other seafood products, headquartered in Mexico City, Mexico. Some of its major brands include Pains, El Dorado, Tuna Dolores, and Portola, among others.

Other Mexico fish and seafood market players include TUNY (Grupo Marítimo Industrial SA de CV), SmartFish, and LUIS CALVO SANZ S.A., among others.

Key Highlights of the Report