New statistics from Future Market Insights (FMI) show that the seafood market is growing, with the market in the U.S. totaling $28.5 billion in 2022 and accounting for 25.9% of the global seafood industry.
The global seafood market is expected to be worth $110.2 billion by 2022, growing at a CAGR of 3.6% between 2022 and 2032. The report follows data that showed that seafood sales rose in 2021 by 1% compared to 2020.
The report analyzed several segments, including organic and conventional seafood, farm raised and wild caught, as well as fish type, region and sales channel, giving insight to private label retailers interested in expanding their seafood offerings. A recent study from Research Dive found that the market for meat is also growing.
“While COVID-19 presented challenges to many small-scale fisherfolk and aquaculture providers, it also revealed areas where the seafood industry may improve its supply chains to become more robust and sustainable." said a lead analyst at FMI. “In the coming years, digital technology will continue to be a major source of industry evolution and innovation, particularly when it comes to sustainable seafood trends.”
The full report on seafood from FMI can be found here.