Report Overview

South Africa Seafood Market – Industry Trends & Forecast Report, 2031

South Africa Seafood Market size was estimated at USD 3.13 billion in 2024. During the forecast period between 2025 and 2031, South Africa Seafood Market size is projected to grow at a CAGR of 7.8% reaching a value of USD 5.29 billion by 2031. Prominent drivers of the market include increasing consumer preference for seafood as a primary protein source, diversification of seafood offerings across income groups, and rising exports of premium-quality fish products. A global shift in dietary habits, with seafood consumption steadily rising, has significantly contributed to this growth. While global beef consumption per capita has declined, seafood intake has more than doubled since the 1960s and is expected to increase by nearly 80% by 2050. In South Africa, the COVID-19 pandemic led to a renewed interest in cooking, spurring demand for both high-end seafood such as salmon, sole, and scallops among affluent consumers, and more affordable varieties like horse mackerel and snoek among lower-income groups. Key players like Atlantis Seafood Products (ASP) have expanded operations and adopted labor-intensive processing methods to enhance product quality, create jobs, and support the local economy. Despite disruptions during the pandemic, ASP has emerged as a leading exporter of premium hake, which is in high demand globally due to its superior quality. The country's hake trawl sector, certified by the Marine Stewardship Council, generates over ZAR4.5 billion annually, underscoring the importance of sustainability in maintaining international standards. While environmental concerns and the over-exploitation of marine resources persist, South Africa’s seafood industry continues to strike a balance between economic development, employment generation, and ocean conservation. From the pioneering research voyages of the Pieter Faure in the 1890s to today’s modern trawling fleet, South Africa’s fishing sector has evolved into a vital contributor to national food security and global seafood trade.

Seafood – Overview

Seafood refers to edible aquatic animals and plants harvested from oceans, rivers, and lakes. It includes a wide variety of species such as fish (salmon, tuna, cod), shellfish (shrimp, crab, lobster), and mollusks (clams, mussels, squid). Seaweed and other marine plants are also considered seafood in some cultures. Rich in essential nutrients like omega-3 fatty acids, protein, vitamins, and minerals, seafood is a staple in many global cuisines. It is consumed fresh, frozen, smoked, or canned. Sustainable fishing and aquaculture practices are essential to preserving marine ecosystems while meeting global seafood demand for health, culinary, and economic benefits.

South Africa Seafood Market

Growth Drivers

Growing Consumer Demand

South Africa Seafood Market is witnessing robust growth, largely driven by rising consumer demand. Post-pandemic shifts in dietary preferences have spurred increased seafood consumption, with both premium and affordable product lines gaining traction. Higher-income groups are gravitating toward upscale offerings such as salmon, kingklip, and ready-made gourmet seafood meals, while demand for cost-effective options like snoek and horse mackerel continues to rise among lower-income households. This broadening consumer base has encouraged processors like Atlantis Seafood Products to expand production capacity and invest in quality enhancements. As awareness around health, sustainability, and culinary diversity grows, consumer behavior is playing a pivotal role in shaping the future of the seafood industry in South Africa.

Challenges

High Operational Costs

The growth of South Africa’s seafood market is being challenged by rising operational costs across the value chain. Factors such as increased fuel prices, labor expenses, and the need for sustainable fishing practices contribute to mounting production costs. Companies have had to adopt more labor-intensive methods to maintain quality, further increasing overheads. Additionally, disruptions in global supply chains and fluctuating export demands have intensified financial pressure on processors and exporters. These high operational costs are limiting profit margins and slowing investment, thereby restraining the overall growth potential of the country’s seafood market.

Impact of Escalating Geopolitical Tensions on South Africa Seafood Market

Escalating geopolitical tensions could significantly impact the growth of South Africa Seafood Market. Trade disruptions, fluctuating currency exchange rates, and rising fuel costs resulting from global conflicts directly affect seafood production and export operations. Supply chain instability can delay shipments, increase logistics costs, and reduce access to international markets, especially for key exports like hake. Additionally, sanctions or shifting trade alliances may limit South Africa’s ability to import essential fishing equipment or access certain markets. These uncertainties create operational and financial challenges for stakeholders, ultimately slowing market growth and threatening the sector’s long-term stability and global competitiveness.

South Africa Seafood Market

Segmental Coverage

South Africa Seafood Market – By Type

Based on type, South Africa Seafood Market is divided into Fish, Crustaceans, Mollusks, and other seafood products segments. The fish segment holds the highest share in South Africa Seafood Market by type. Fish plays a central role in South Africa's seafood market, with hake being the most commercially significant species. It is a versatile favorite featured in a range of dishes, from fried hake to spiced hake curry. Snoek, native to the Western Cape, is a key part of South Africa’s braai culture, often enjoyed smoked or grilled. Other commonly consumed species include yellowtail, kingklip, and pilchards, frequently prepared in traditional meals such as fish stews, snoek and jam sandwiches, and grilled fish paired with maize-based pap or rice—highlighting the strong culinary heritage tied to local seafood.

South Africa Seafood Market – By Source

On the basis of source, South Africa Seafood Market is bifurcated into Wild-Caught and Aquaculture segments.

South Africa Seafood Market – By Distribution Channel

South Africa Seafood Market by distribution channel is segmented into Supermarkets & Hypermarkets, Specialty Stores, Convenience Stores, Online Retail, and Foodservice Outlets.

Competitive Landscape

Major players operating in South Africa Seafood Market include Oceana Group Limited, Sea Harvest Group Ltd, AVI Ltd (I&J), Premier Fishing and Brands Ltd, Rhodes Food Group, and Woodstock Canning Company. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Scope of the Report

By Type

• Fish

• Crustaceans

• Mollusks

• Other Seafood Products

By Source

• Wild-Caught

• Aquaculture

By Distribution Channel

• Supermarkets & Hypermarkets

• Specialty Stores

• Convenience Stores

• Online Retail

• Foodservice Outlets

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Executive Summary
3. South Africa Seafood Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
         1. Growing Consumer Demand
         2. Thriving Tourism Industry
         3. Government’s Increasing Support for Seafood Industry
      2. Restraints
         1. High Operational Costs
      3. Opportunities
         1. Expanding Export Markets
         2. Sustainable Seafood
      4. Challenges
         1. Economic Challenges
         2. Intense Competition
   3. Technological Advancements/Recent Developments
   4. Regulatory Framework
   5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
4. South Africa Seafood Market: Marketing Strategies
5. South Africa Seafood Market: Pricing Analysis
6. South Africa Seafood Market Overview
   1. Market Size & Forecast, 2019–2031
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Type
         1. Fish
         2. Crustaceans
         3. Mollusks
         4. Other Seafood Products
      2. By Source
         1. Wild-Caught
         2. Aquaculture
      3. By Distribution Channel
         1. Supermarkets & Hypermarkets
         2. Specialty Stores
         3. Convenience Stores
         4. Online Retail
         5. Foodservice Outlets
7. Competitive Landscape
   1. List of Key Players and Their End Users
   2. SAUDI ARABIA Bottled Water Company Market Share Analysis, 2024
   3. Competitive Benchmarking, By Oping Parameters
   4. Key Strategic Development (Mergers, Acquisitions, Partnerships, etc.)
8. Impact of Geopolitical Tensions in South Africa Seafood Market
9. Company Profiles (Company Overview, Financial Matrix, Competitive landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, and SWOT Analysis)
   1. Oceana Group Limited  
   2. Sea Harvest Group Ltd  
   3. AVI Ltd (I&J)  
   4. Premier Fishing and Brands Ltd  
   5. Rhodes Food Group  
   6. Woodstock Canning Company
   7. Other Prominent Players
10. Key Strategic Recommendations
11. Research Methodology
    1. Qualitative Research
       1. Primary & Secondary Research
    2. Quantitative Research
    3. Market Breakdown & Data Triangulation
       1. Secondary Research
       2. Primary Research
    4. Breakdown of Primary Research Respondents
    5. Assumption & Limitation

*Financial information of non-listed companies will be provided as per availability

**The segmentation and the companies are subjected to modifications based on in-depth secondary for the final deliverable

List of Figures

Figure 1   South Africa Seafood Market Segmentation

Figure 2   South Africa Seafood Market Value Chain Analysis

Figure 3   Company Market Share Analysis, 2024

Figure 4   South Africa Seafood Market Size, By Value (USD Billion), 2019–2031

Figure 5   South Africa Seafood Market Share, By Type, By Value (USD Billion) 2019–2031

Figure 6   South Africa Seafood Market Share, By Source, By Value (USD Billion) 2019–2031

Figure 7   South Africa Seafood Market Share, By Distribution Channel, By Value (USD Billion) 2019–2031

List of Tables

Table 1      South Africa Seafood Market Share, By Type, By Value (USD Billion) 2019–2031

Table 2      South Africa Seafood Market Share, By Source, By Value (USD Billion) 2019–2031

Table 3      South Africa Seafood Market Share, By Distribution Channel, By Value (USD Billion) 2019–2031

Table 4      Oceana Group Limited Company Overview

Table 5      Oceana Group Limited Financial Overview

Table 6      Sea Harvest Group Ltd Company Overview

Table 7      Sea Harvest Group Ltd Financial Overview

Table 8      AVI Ltd (I&J) Company Overview

Table 9      AVI Ltd (I&J) Financial Overview

Table 10    Premier Fishing and Brands Ltd Company Overview

Table 11    Premier Fishing and Brands Ltd Financial Overview

Table 12    Rhodes Food Group Company Overview

Table 13    Rhodes Food Group Financial Overview

Table 14    Woodstock Canning Company: Company Overview

Table 15    Woodstock Canning Company Financial Overview