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Asia-Pacific Seafood Market Size

The Asia-Pacific seafood market is experiencing growth, with the market size expected to expand over the forecast period. The fish type segment holds a significant portion of the market share, driven by consumer preferences for affordable protein sources. Shrimp is anticipated to be the fastest-growing seafood type, particularly in China, which dominates shrimp sales in the region. The market's expansion is supported by the increasing number of food establishments offering diverse seafood menus, despite previous disruptions in supply chains due to the COVID-19 pandemic. Investments in logistics and technology have been made to enhance efficiency and traceability. China leads in market share, followed by Indonesia and Japan, where government initiatives are aimed at sustainable fishery practices and increased self-sufficiency.

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Market Size of asia-pacific seafood Industry

Asia-Pacific Seafood Market Summary
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svg icon Study Period 2017 - 2029
svg icon Market Size (2024) USD 497.78 Billion
svg icon Market Size (2029) USD 527.34 Billion
svg icon Largest Share by Type Fish
svg icon CAGR (2024 - 2029) 1.16 %
svg icon Largest Share by Country China
svg icon Market Concentration Low

Major Players
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*Disclaimer: Major Players sorted in no particular order

Key Players

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Asia-Pacific Seafood Market Analysis

The Asia-Pacific Seafood Market size is estimated at 497.78 billion USD in 2024, and is expected to reach 527.34 billion USD by 2029, growing at a CAGR of 1.16% during the forecast period (2024-2029).

497.78 Billion

Market Size in 2024 (USD)

527.34 Billion

Market Size in 2029 (USD)

2.41 %

CAGR (2017-2023)

1.16 %

CAGR (2024-2029)

Largest Segment by Type

67.04 %

value share, Fish, 2023

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Fish consumption rose in response to the rapid increase in disposable income, as Asian consumers increased their spending on high-quality, value-added fish products.

Largest Segment by Country

49.44 %

value share, China, 2023

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Fish was the most-consumed type of seafood in the country, which is dominated by freshwater fish and farmed shrimp, representing 80% of the total consumption value.

Fastest-growing Segment by Type

1.18 %

Projected CAGR, Fish, 2024-2029

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The growth of the aquaculture sector supports the progress of the fish market in the region, with farmed fish dominating the on-trade and off-trade distribution channels.

Fastest-growing Segment by Country

2.30 %

Projected CAGR, India, 2024-2029

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The rising demand for fresh/chilled seafood like fish and shrimp is expected to drive the growth of the market as India attempts to be self-sufficient with its seafood supply.

Leading Market Player

0.85 %

market share, Maruha Nichiro Corporation, 2022

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Maruha Nichiro is known for products like canned seafood and fish sausages for both retail and foodservice, with operations in China, Japan, Thailand, and South Korea.

Increasing in food establishments in the region is boosting the market's growth

  • In 2022, the fish type segment occupied a 61% higher market share than the other seafood type segment and a 68.4% higher market share than the shrimp segment. The fish type segment registered a growth of 21.2% by value from 2016 to 2021, mainly due to an increase in the population, which led to an increase in consumer preference for fish due to its affordable cost compared to shrimp and other seafood. In 2022, each person consumed twice as much fish as 50 years ago on average.
  • Shrimp is expected to be the fastest-growing seafood type consumed in Asia-Pacific, registering a CAGR of 2.07% by value during the forecast period (2022-2028). China accounts for around 60% of total shrimp sales in the Asia-Pacific region. The increase in HRI players like food establishments rose to 1.2% from 2021, reaching 9.7 million restaurants by 2022 after the COVID-19 pandemic. Food establishments are attracting customers through the change in menus, such as the addition of seafood menus like shrimps and varied tastes of seafood across the Asia Pacific region, which is expected to drive sales and increase market share.
  • The COVID-19 pandemic disrupted seafood supply chains through factors such as a shortage of workers and lack of automation, which impacted all stakeholders from 2020 to 2021. To mitigate the risk associated with this type of outbreak, the industry saw increased investments in logistics, packaging, and automation of seafood in countries like China and India. Big companies like Thai Union started using satellite technology for advanced traceability and increased their online presence through food and home deliveries, which further boosted company sales. The industry witnessed around 70 million people shopping online in Southeast Asia from 2019 to 2021.
Asia-Pacific Seafood Market

The market is primarily driven by rising health awareness

  • In the Asia-Pacific market, seafood sales increased by 12.99% by value from 2017 to 2022. Non-vegetarian consumers in the region are gradually adopting a more pescatarian lifestyle. Due to customers' growing inclination toward a healthy diet, this movement has been noticed. Asia accounted for 73% of the seafood sales worldwide in 2022 and consumed more than two-thirds of the available seafood supply.
  • In 2022, China accounted for a significant share of 49.64% by value in the Asia-Pacific seafood market. The high domestic demand for seafood in China is because of growing consumer perceptions that seafood is a healthy source of protein, along with a rising preference for seafood products among middle-class consumers owing to increasing disposable incomes. With growing spending on seafood in the country, the market is anticipated to experience a growth in demand for high-quality, value-added fish and seafood products.
  • Indonesia accounted for the second-highest share in the Asia-Pacific fish market, with 10.44% by value in 2022. The country's government is taking initiatives to protect local fisheries as most of Indonesia’s fisheries are over-exploited or fully exploited, with illegal fishing practices being common. Organizations such as The Nature Conservancy are transforming fishery practices in Indonesia by monitoring fish stocks, tracking fishing vessels, developing species identification technology, promoting rights-based management in small near-shore fisheries, and other initiatives. Japan is one of the other major markets where the government’s Fisheries Agency is working to increase the number of fish caught by improving resource management policies. Such initiatives are increasing the food self-sufficiency rate across Asia-Pacific countries.

Asia-Pacific Seafood Industry Segmentation

Fish, Shrimp are covered as segments by Type. Canned, Fresh / Chilled, Frozen, Processed are covered as segments by Form. Off-Trade, On-Trade are covered as segments by Distribution Channel. Australia, China, India, Indonesia, Japan, Malaysia, South Korea are covered as segments by Country.

  • In 2022, the fish type segment occupied a 61% higher market share than the other seafood type segment and a 68.4% higher market share than the shrimp segment. The fish type segment registered a growth of 21.2% by value from 2016 to 2021, mainly due to an increase in the population, which led to an increase in consumer preference for fish due to its affordable cost compared to shrimp and other seafood. In 2022, each person consumed twice as much fish as 50 years ago on average.
  • Shrimp is expected to be the fastest-growing seafood type consumed in Asia-Pacific, registering a CAGR of 2.07% by value during the forecast period (2022-2028). China accounts for around 60% of total shrimp sales in the Asia-Pacific region. The increase in HRI players like food establishments rose to 1.2% from 2021, reaching 9.7 million restaurants by 2022 after the COVID-19 pandemic. Food establishments are attracting customers through the change in menus, such as the addition of seafood menus like shrimps and varied tastes of seafood across the Asia Pacific region, which is expected to drive sales and increase market share.
  • The COVID-19 pandemic disrupted seafood supply chains through factors such as a shortage of workers and lack of automation, which impacted all stakeholders from 2020 to 2021. To mitigate the risk associated with this type of outbreak, the industry saw increased investments in logistics, packaging, and automation of seafood in countries like China and India. Big companies like Thai Union started using satellite technology for advanced traceability and increased their online presence through food and home deliveries, which further boosted company sales. The industry witnessed around 70 million people shopping online in Southeast Asia from 2019 to 2021.
Type
Fish
Shrimp
Other Seafood
Form
Canned
Fresh / Chilled
Frozen
Processed
Distribution Channel
Off-Trade
Convenience Stores
Online Channel
Supermarkets and Hypermarkets
Others
On-Trade
Country
Australia
China
India
Indonesia
Japan
Malaysia
South Korea
Rest of Asia-Pacific
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Asia-Pacific Seafood Market Size Summary

The Asia-Pacific seafood market is experiencing a steady expansion, driven by increasing consumer demand for seafood, particularly fish and shrimp. The fish segment holds a dominant position in the market, attributed to its affordability and growing consumer preference for healthier protein sources. Shrimp is anticipated to be the fastest-growing seafood type, with significant contributions from China, which accounts for a substantial portion of the region's shrimp sales. The market is also witnessing a shift towards a more pescatarian lifestyle among non-vegetarian consumers, further boosting seafood consumption. The COVID-19 pandemic disrupted supply chains, prompting investments in logistics and automation to enhance efficiency and resilience. Major companies are leveraging technology for better traceability and expanding their online presence to cater to the evolving consumer preferences.

China plays a pivotal role in the Asia-Pacific seafood market, with a significant share by value, driven by rising disposable incomes and a preference for high-quality seafood products. Indonesia and Japan are also key players, with initiatives aimed at sustainable fishery practices and resource management. The region leads in aquaculture production, with Southeast Asia, particularly Indonesia, at the forefront. The market is characterized by price fluctuations due to supply chain challenges and environmental factors, impacting both premium and common species. The fragmented market landscape sees major companies like Thai Union and Nippon Suisan Kaisha Ltd. actively engaging in sustainability and expansion efforts. Despite the challenges, the market is poised for growth, supported by government initiatives and increasing consumer inclination towards seafood as a healthy dietary choice.

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Asia-Pacific Seafood Market Size - Table of Contents

  1. 1. MARKET SEGMENTATION (includes market size in Value in USD, Forecasts up to 2029 and analysis of growth prospects)

    1. 1.1 Type

      1. 1.1.1 Fish

      2. 1.1.2 Shrimp

      3. 1.1.3 Other Seafood

    2. 1.2 Form

      1. 1.2.1 Canned

      2. 1.2.2 Fresh / Chilled

      3. 1.2.3 Frozen

      4. 1.2.4 Processed

    3. 1.3 Distribution Channel

      1. 1.3.1 Off-Trade

        1. 1.3.1.1 Convenience Stores

        2. 1.3.1.2 Online Channel

        3. 1.3.1.3 Supermarkets and Hypermarkets

        4. 1.3.1.4 Others

      2. 1.3.2 On-Trade

    4. 1.4 Country

      1. 1.4.1 Australia

      2. 1.4.2 China

      3. 1.4.3 India

      4. 1.4.4 Indonesia

      5. 1.4.5 Japan

      6. 1.4.6 Malaysia

      7. 1.4.7 South Korea

      8. 1.4.8 Rest of Asia-Pacific

Asia-Pacific Seafood Market Size FAQs

The Asia-Pacific Seafood Market size is expected to reach USD 497.78 billion in 2024 and grow at a CAGR of 1.16% to reach USD 527.34 billion by 2029.

In 2024, the Asia-Pacific Seafood Market size is expected to reach USD 497.78 billion.

Asia Pacific Seafood Market Report Snapshots

Asia-Pacific Seafood Market SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS UP TO 2029