The global squid market, valued at USD 12.7 billion in 2025, is projected to reach USD 18.4 billion by 2035, growing at a CAGR of 3.8%. The market has witnessed steady growth from USD 10.5 billion in 2021, with incremental gains year-on-year driven by increasing consumer demand for squid in both fresh and processed forms. Particularly strong growth has been observed in the Asia-Pacific and North America regions, where squid remains a staple in culinary traditions.
Increasing awareness of the nutritional benefits of squid, coupled with innovations in squid-based products within food processing industries, has further reinforced market growth. From ready-to-eat meals to frozen and canned formats, the versatility of squid as a protein-rich food is attracting both domestic and international consumers.
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Between 2026 and 2030, the market is expected to strengthen further, growing from USD 12.7 billion to USD 15.8 billion. Intermediate projections indicate values of USD 13.1 billion in 2026, USD 13.6 billion in 2027, USD 14.2 billion in 2028, and USD 14.7 billion in 2029. Growth during this phase is largely fueled by the expansion of frozen and ready-to-eat squid products in both retail and foodservice sectors. From 2031 to 2035, the market is projected to reach USD 18.4 billion, with incremental growth slowing slightly due to stabilization in market share and increased competition from alternative seafood sources.
Key Market Insights
- Leading Segment (2025): Cuttlefish accounts for 26.9% of the market by type.
- Top Growth Regions: North America, Asia-Pacific, and Europe.
- Major Players: Thai Union, Bigsams, Freshkatch, Holmes, Holt, Lee Fishing, Minh Khue, Pescanova, Qingdao Seaflying Food, Seafood Pride International, Seaquest, Xiamen Taiseng.
The seafood segment dominates the market, contributing approximately 45–50% of total revenue, followed by fisheries and aquaculture at 20–25%. The food processing industry accounts for 15–18%, while pet food and marine research segments contribute 8–10% and 5–7%, respectively. This diversified market participation highlights the broad application of squid, from culinary uses to scientific research and pet nutrition.
Drivers Fueling Market Growth
The primary growth drivers for the squid market include:
- Rising global seafood consumption and awareness of squid’s nutritional value.
- Efficient supply chains, cold storage facilities, and international seafood trade.
- Diversification of product formats, including fresh, frozen, and ready-to-eat options.
- Regulatory compliance and sustainability practices appealing to environmentally conscious consumers.
- Technological advances in processing and packaging, extending product shelf life and enhancing convenience.
Segment Analysis
- By Type: Cuttlefish, European Squid, Argentine Shortfin Squid, Jumbo Flying Squid, Japanese Flying Squid, Others.
- By Category: Frozen squid dominates at 39.2% of the market, benefiting from year-round availability and extended shelf life.
- By Packaging: Cans hold a 34.7% share, offering long shelf life and suitability for export and markets with limited cold storage.
- By Distribution Channel: Food retail and foodservice sectors drive market accessibility.
Regional Outlook
- China: Expected CAGR of 5.1%, supported by strong domestic demand and export growth.
- India: CAGR of 4.8%, driven by health-conscious consumers and expanding aquaculture.
- Germany: CAGR of 4.4%, fueled by rising seafood imports and growing foodservice demand.
- UK: CAGR of 3.6%, with increasing retail and restaurant consumption of squid.
- USA: CAGR of 3.2%, benefiting from the popularity of international cuisines and protein-rich diets.
Competitive Landscape
Key players in the squid market focus on sustainability, supply chain efficiency, and product quality:
- Thai Union: Offers wide-ranging frozen and processed squid products, including calamari and value-added items.
- Bigsams: Specializes in fresh and frozen squid, emphasizing traceable sourcing.
- Freshkatch: Targets premium culinary applications with high-quality squid products.
- Holmes & Holt: Provide bulk frozen squid for industrial and commercial use.
- Lee Fishing & Minh Khue: Focus on sustainable fisheries and competitive pricing.
- Pescanova: Known for processed squid products with sustainability certifications.
- Seaquest & Xiamen Taiseng: Offer cost-effective frozen squid for regional and international markets.
Market Trends and Opportunities
- Growth in value-added products like squid ink, dried squid, and ready-to-eat snacks.
- Increasing popularity of frozen and pre-cooked formats for convenience-driven consumers.
- Expansion of distribution networks ensuring global market penetration.
- Rising demand for sustainable and traceable seafood influencing product positioning.
The squid market is positioned for steady growth over the next decade, driven by expanding global seafood consumption, evolving consumer preferences, and technological innovations in processing and packaging. Companies that leverage these trends, focus on sustainability, and provide convenient, high-quality squid products are poised to capture significant market share.
