- Asia Pacific leads global seafood market growth as Pakistan eyes GCC expansion through digitisation
International experts analysed that in the world seafood consumption has consistently increased over the past years. The improvement of living standards in developing countries like China, India, Brazil, and South Africa, and the health consciousness of some developed countries have contributed to this increase in consumption. The progress of globalisation and the increased interest in health consciousness in recent years can cause drastic changes in fish consumption.
Various consumers worldwide following pescatarian lifestyle, where they consume fish along with a vegetarian diet owing to health-related factors. The worldwide seafood market size was USD 358.68 billion in 2023 and is projected to grow from USD 386.73 billion in 2024 to USD 837.17 billion by 2032, exhibiting a CAGR of 10.14 per cent during the 2024-2032 period.
Asia Pacific dominated the seafood market with a market share of 43.66 per cent in 2023. Moreover, the seafood market size in the US is projected to grow significantly, reaching an estimated value of USD 112.34 billion by 2032, driven by rising inclination toward adoption of pescatarian diet among Americans. The global Covid-19 pandemic has been unprecedented and staggering, with seafood experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. It is also recorded that the seafood industry is reaching new heights in every part of the world in terms of production, supply, and consumption. The consumption of fish and other products is rapidly growing because of rising awareness about the importance of seafood-based products and changing lifestyle patterns. Since most countries experienced the lockdown effects, a shortage was observed in the production capacity because of the closure of production plants and reduced purchasing power of the consumers. However, the market found its pace in the latter half of the year 2020 as the consumers focused on seeking convenient and nutritionally rich products in their day-to-day diet more than ever.
Moreover, increase in home cooking in the pandemic phase facilitated the incorporation of such products in various cuisines, which further improved the growth potential. Over the years, a drastic shift has been observed in the consumption pattern of individuals toward a healthy diet, influencing the changes in consumer preferences. The seafood market share in the food industry is expected to rise in the upcoming years, as individuals mainly prefer seafood-based products over poultry and beef because of the equivalent amount of protein with lower calories.
Such shifting consumption patterns will fuel market growth. In the economy of Pakistan, the seafood industry plays a significant role, providing employment, foreign exchange earnings, and supporting livelihoods in coastal regions. With its 1,050 km coastline along the Arabian Sea and a vast network of rivers, lakes, and wetlands, Pakistan has a rich and diverse aquatic ecosystem that supports a wide variety of marine and freshwater seafood resources. No doubt, Seafood is a natural part of a balanced diet. It contains high levels of several important nutrients and thus assists sustain a good nutritional status, important for health. The World Health Organisation (WHO) has estimated that 80 percent of cardiac infarctions, 90 per cent of diabetes type 2 and 30 per cent of cancer occurrences could be prevented with better diets, regular physical activity and not smoking.
In Europe, more than 70 per cent of the most important risk factors associated with non-communicable diseases are related to diet. It is said that eating fresh seafood once or twice a week can provide great health benefits to human health. Pakistan has two fishing seasons. The August to November season is for shrimp, which are mainly caught for exports. Fish are caught from October to June. Fisheries contribute directly to food supplies, a source of livelihood for the coastal inhabitants, export earnings and boosting the economy. Fishery products are one of the most traded foods and feed commodities. A part from marine fisheries, inland fisheries is also an important activity throughout the country. Fisheries share in GDP although very little but it adds substantially to the national income through export earnings.
According to the Pakistan Bureau of Statistics (PBS), Pakistan earned $116.115 million by exporting 54,539 metric tons of fish and fish preparations during the first four months in FY2025. As compared to the exports of $123.965 million during FY2024, the fish exports during the period under review witnessed a fall of 6.33 per cent. In terms of quantity, the exports of fish and fish preparations declined by 0.04 percent during the period when compared to exports of 54,562 metric tons during the last fiscal year.
On a year-on-year basis, the seafood exports grew by 12.78 per cent to $46.009 million in October 2024 as against to the exports of $40.797 million in October 2023. In terms of quantity, the exports witnessed a 27.93 percent rise by going up from 16,724 metric tons last October to 21,395 metric tons during October 2024. Presently with the digitization and improved efficiency of its marine departments, the government of Pakistan is confident of boosting its exports, mainly of seafood, to the Gulf Cooperation Council (GCC). Saudi Arabia and other GCC countries are major recipients of Pakistani fish and fish products and the digitisation would further boost exports to these countries.
In the last I would like to mention here, with its vast resources and strategic location, Pakistan’s seafood industry has the potential to emerge as a major player in the worldwide market.