Sustainable Seafood Market

Sustainable Seafood Market Market Size

Sustainable Seafood Market, valued at USD 17.8 billion in 2023, is expected to experience steady growth over the next decade. With a projected Compound Annual Growth Rate (CAGR) of 5.5%, the market is forecasted to reach USD 32.1 billion by 2034.

Product Overview

Sustainable seafood is catching or farming fish and shellfish in ways that protect ocean ecosystem and secure future seafood availability. This method seeks to reduce environmental harm, protect marine biodiversity, and aid local fishing communities. Important methods involve the use of specific fishing equipment to accidental catch, preventing excessive fishing by adhering to catch restrictions, and advocating for responsible aquaculture techniques that reduce habitat damage and antibiotic usage. Certification programs such as the Marine Stewardship Council (MSC) and Aquaculture Stewardship Council (ASC) are vital in confirming sustainable practices and giving consumers confidence in the origin and sustainability of their seafood selections. As consumer awareness about environmental concerns increases, the demand for sustainably sourced seafood also rises, prompting industry stakeholders to implement more responsible practices in the seafood supply chain. 

Market Highlights

Sustainable Seafood Market is expected to exhibit a CAGR of 5.5% during the forecast period, 2024-2034

Sustainable Seafood Market is projected to reach USD 32.1 billion, growing at a CAGR of 5.5% during the forecast period, influenced by rising consumer awareness of environmental concerns and the consequences of overfishing on marine ecosystems. The increasing demand for environmentally conscious and ethically sourced items has resulted in greater acceptance of certifications such as MSC and ASC. Government regulations and international treaties that support sustainable fishing methods are also important factors. Developments in aquaculture and sustainable farming techniques contributes to the growth of the market by offering alternative seafood options. Moreover, the market's growth is expected to be supported and enhanced in the future by the health benefits associated with seafood consumption and increasing interest in traceability and transparency.

Source: Fatpos Global

Sustainable Seafood Market Segmentation

Salmonids holds the dominating market position owing to higher demand and successful aquaculture practices

Sustainable Seafood Market is categorized based on Type into Bivalves, Molluscs & Aquatic Invertebrates, Cephalopods, Crustaceans, Salmonids, Tuna and Tuna-like Species, and Others. Salmonids are currently leading the sustainable seafood market for various notable reasons. The strong need for salmon is driven by its global appeal in terms of flavor, adaptability, and health advantages, notably its plentiful omega-3 fatty acids. Technological advancements in aquaculture have boosted sustainable salmon output through programs like the Aquaculture Stewardship Council (ASC) certifying responsible practices. A rise in consumer awarness concerning sustainability is fueling the need for MSC-certified wild-caught salmon and responsibly farmed ASC salmon. Moreover, the marketing and presence in the market are key factors as retailers and restaurants find it easier to promote and sell sustainable salmon due to its established market presence, offering consumers more choices to choose for sustainable salmon instead of lesser-known species.

Retail segments provide better accessibility and cost-effective options for sustainable seafood, solidifying their market dominance

Sustainable seafood market is categorized based on Distribution Channel into Retail, Food Service, Online, and Speciality Stores. In the sustainable seafood market, Retail segment is the leading distribution channel. Several factors contribute to this dominance. Supermarkets provide a range of sustainable seafood options alongside the traditional ones, making it convenient for consumers to choose sustainable products while shopping. Retailers play a key role in promoting sustainable seafood by educating consumers and dedicating space to showcase informative labels and materials, as well as collaborating with certification bodies like MSC and ASC to establish credibility. Consumer choice is expanded in retail through the flexibility of price points, enabling selection among different species, product forms (fresh, frozen, canned), and brands to match individual budgets. Moreover, the retail industry's logistics and infrastructure help distribute fresh, frozen, and packaged seafood efficiently, while also seamlessly incorporating sustainable choices into current supply chains.

Market Dynamics

Growth Drivers

Increasing Consumer Awareness Regarding Sustainability in Seafood Consumption to Provide Significant Growth Opportunities

Increasing consumer awareness regarding sustainable seafood is significantly rising. The demand for food that is healthy (high in omega-3s) and ethically sourced is on the rise. Concerns regarding overfishing and habitat destruction are on the rise, making sustainable seafood more appealing. Media and influencer efforts, such as documentaries and social media campaigns, are emphasizing the significance of sustainable seafood and influencing consumer behavior. Eco-labels like MSC and ASC are directly encouraging consumers to make informed decisions in support of responsible fishing and aquaculture. This increased awarness leads to a higher demand for sustainable seafood, pushing retailers, eateries, and suppliers to provide more choices, motivating the fishing sector to embrace sustainable methods, and urging customers to pay extra for these items, continuing to drive market expansion.

Government Regulations Promoting Sustainable Fishing Practices Have Assisted in Keeping Market at the Forefront

Government regulations play a crucial role in driving the sustainable seafood market by encouraging sustainable fishing practices. Safeguarding fish stocks with catch quotas, gear restrictions, and marine protected areas helps prevent overfishing and allows fish populations to recover, ensuring the industry's long-term sustainability. Regulation and action efforts against illegal fishing help eliminate unreported and unregulated fishing activities, protecting marine ecosystems and promoting fair competition. Mandating transparency and traceability throughout the supply chain enables consumers to track the origins of their seafood and make informed sustainability decisions. Government-developed fisheries management plans prioritize harvest limits, habitat protection, and bycatch reduction to ensure responsible practices in specific ecosystems. These rules ensure fair competition, promoting eco-friendly methods, and encouraging the sector to adjust.

Restraints

High Costs Associated with Sustainable Seafood Production May Restrict Growth Opportunities

Significant restraint to market expansion braches out from the expensive nature of sustainable seafood production. High costs are influenced by various factors such as gear adjustments to limit bycatch, implementing catch quotas, and avoiding overfished regions, which result in increased operational expenses. Responsible aquaculture involves investing in fishmeal substitutes, ensuring water quality, and complying with animal welfare standards. Obtaining MSC and ASC certifications involves audit and compliance charges, adding to production costs. Implementing traceability measures to monitor seafood from harvest to consumption also raise expenses. These factors result in higher retail prices restricting consumer accessibility, particularly for cost-conscious shoppers. Frequently, this results in a specialized market, making widespread acceptance difficult. Methods to address this issue consist of technological advancements, funding from the government, educating consumers, and reaching economies of scale to lower expenses and improve availability.

Recent Developments

• In 2023, Thai Union Group, introduced a new line of sustainably sourced canned tuna under the “SeaChange” brand, certified by the Marine Stewardship Council (MSC). The company partnered with global retail giant Carrefour to develop and promote sustainable seafood products across various European markets.
• In 2023, Marine Harvest launched a premium line of organic salmon, adhering to strict sustainability and welfare standards. They invested in advanced aquaculture technologies to improve sustainability and reduce environmental impact, including closed containment systems.
• In 2023, Cermaq (Mitsubishi Corporation), acquired a sustainable fish feed company to ensure the use of environmentally friendly feed in its aquaculture operations. The company implemented blockchain technology to enhance traceability and transparency in its seafood supply chain.
• In 2023, Nippon Susian Kaisha (Nissui), introduced a new range of MSC-certified frozen seafood products aimed at the Asian market. The company formed a partnership with a leading research institute to develop sustainable aquaculture practices for shellfish farming.

Sustainable Seafood Market

Key Players:

• Thai Union Group
• Marine Harvest (Mowi ASA)
• Maruha Nichiro Corporation
• Nippon Suisan Kaisha (Nissui)
• Cermaq (Mitsubishi Corporation)
• M.F Foley Company
• Lerøy Seafood Group
• Trident Seafoods Corporation
• High Liner Foods
• Grupo Nueva Pescanova
• Cooke Aquaculture Inc.
• Clearwater Seafoods
• Pacific Andes Group
• Kyokuyo Co., Ltd.
• Australis Aquaculture
• Other Prominent Players (Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis)

Regional Analysis

Sustainable Seafood Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. At present, North America is the leading region in the sustainable seafood industry owing to various reasons. Increased consumer knowledge about environmental concerns and sustainable practices fuels the desire for sustainable seafood choices. A robust set of regulations helps the sector by enforcing stricter rules that encourage sustainable fishing practices. Effective distribution of sustainable seafood is guaranteed through established channels and a developed retail infrastructure. Furthermore, the market dominance is also supported by the significant presence of major players based in North America.

However, the market landscape is evolving. Europe is expected to see the fastest market growth in the rising consumer awareness and strict regulations. Asia-Pacific, a large region that both produces and consumes a lot of seafood, is dealing with issues related to regulations and awareness, but has a lot of room for growth. Latin America and the Middle East & Africa are just beginning to embrace sustainable seafood, with developing economies, rising awareness, and the growth of aquaculture leading towards potential future opportunities.

Source: Fatpos Global

Impact of Covid-19 on Sustainable Seafood Market

Sustainable seafood market was greatly affected by the COVID-19 pandemic, creating challenges and opportunities. Lockdowns and travel restrictions caused disruptions in supply chains, leading to a significant reduction in the availability of fresh and frozen sustainable seafood in certain areas. An overall drop in demand was seen after restaurants closed and people started cooking at home more, leading to less spending on fresh seafood and affecting producers and distributors. Labour shortages made things even more difficult, as safety worries and mobility restrictions impeded fisheries and aquaculture activities. Nevertheless, the pandemic also presented some opportunities. Growing knowledge about health and wellness is leading to a possible lasting shift towards healthy foods such as seafood, especially sustainable choices seen as good for the environment. The rise of online shopping and e-commerce made it easier for consumers to buy sustainable seafood directly, while the transition to retail increased supermarket sales during restaurant shutdowns.

Sustainable Seafood Market is further segmented by region into:

• North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
• Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil, and Rest of Latin America
• Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey, and Rest of Europe
• Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC
• Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa, and Rest of MENA

Sustainable Seafood Market Scope and Segments:

Frequently Asked Questions (FAQ):