04-Jun-2024 | Facts and Factors
According to Facts & Factors, the global frozen seafood market was estimated at USD 37.22 billion in 2023 and it will expand by USD 59.28 billion between 2024 and 2032. The market's growth pace is predicted to rise at a CAGR of 5.3%.
Seafood is advised as part of a well-balanced diet. Because frozen fish has a longer shelf life, it is available all year. Additionally, this makes the fish more inexpensive without compromising the quality or nutrition. The demand for ready-to-eat food products has increased in recent years due to a variety of factors such as ease, cost, high nutritional content, and others. As a result of its similar properties, this has raised the demand for frozen seafood food.
Browse the full “Frozen Seafood Market Size, Share, Growth Analysis Report By Form (Processed and Raw), By Product Type (Fish, Mollusks, Crustaceans, Shellfish, and Others), By Distribution Channel (Offline and Online), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2024 – 2032” report at https://www.fnfresearch.com/frozen-seafood-market-report
Because of hectic lifestyles, the growth in disposable income, and the inclination for food that enables convenience in making & consuming has gained significant relevance, particularly among the urban population. Furthermore, there is a greater awareness of the health advantages of seafood. This boosts the economy of the global frozen seafood market. The simple availability and accessibility of many species of seafood under one roof through the construction of major retail chains, particularly in developing nations, aids market expansion. On the other hand, overfishing has become a major area of concern, not just for fisheries but also for the ecosystem. Overfishing may reduce the availability of fish, increasing the price of frozen seafood and, as a result, stifling market growth.
The global frozen seafood market is segregated on the basis of product, the channel of distribution, and region. By product, the market is divided into frozen mollusks, frozen shellfish, frozen fish, frozen shrimps, and others. The frozen fish segment contributes to a major portion of the market. By channel of distribution, the market is classified into specialty stores, convenience stores, hypermarkets/supermarkets, online retail, and others. The majority of individuals prefer to buy frozen seafood from a specialty store. People who live in metropolitan regions, on the other hand, prefer hypermarkets and supermarkets since freshness and shelf life are important factors in sales. Because of features such as delivering fresh food to the customer's door, online platforms are seeing a 15% increase in revenue.
North America has the largest market for frozen seafood products. It has been discovered that more than 55% of individuals in this region like frozen fish and seafood as food products or in therapeutic or cosmetic form. This region contributes more than 30% of total revenue and more than 45% of total revenue generated by the global frozen seafood market. Increased demand for aquatic packaged foods, as well as marine-based medications and cosmetics, has resulted in a 5.5% increase in the Asia Pacific’s use of frozen seafood products. This region consumes the most fish-based oils and canned goods.
Report Scope
Report Attribute |
Details |
Market Size in 2023 |
USD 37.22 Billion |
Projected Market Size in 2032 |
USD 59.28 Billion |
CAGR Growth Rate |
5.3% CAGR |
Base Year |
2023 |
Forecast Years |
2024-2032 |
Key Market Players |
AquaChile, Austevoll Seafood, Beaver Street Fisheries, Castlerock Inc., Clearwater Seafood, High Liner Foods, Iglo Group, Leroy Seafood, Lyons Seafoods, M&J Seafood Ltd., Marine Harvest, Marine International, Maruha Nichiro Corporation, Nippon Suisan Kaisha, Pacific Seafood Group, Premium Seafood Company Inc., Sykes Seafood, Tassal Group, Toyo Suisan Kaisha, Tri Marine International, and Others. |
Key Segment |
By Form, By Product Type, By Distribution Channel, and By Region |
Major Regions Covered |
North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa |
Purchase Options |
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Some of the main competitors dominating the global frozen seafood market are AquaChile, Austevoll Seafood, Beaver Street Fisheries, Castlerock Inc., Clearwater Seafood, High Liner Foods, Iglo Group, Leroy Seafood, Lyons Seafoods, M&J Seafood Ltd., Marine Harvest, Marine International, Maruha Nichiro Corporation, Nippon Suisan Kaisha, Pacific Seafood Group, Premium Seafood Company Inc., Sykes Seafood, Tassal Group, Toyo Suisan Kaisha, Tri Marine International, and others.
Recent Developments:
- In November 2022, Beaver Street Fisheries, known for its Sea Best brand, launched new additions to their popular Sea Best Seafood Festival line. This convenient, one-pot seafood boil concept was first introduced in 2018.
- In May 2022, saw a shakeup in the salmon industry with the merging of SalMar ASA and Norway Royal Salmon ASA. SalMar emerged as the acquiring company in this strategic move.
The global frozen seafood market is segmented as follows:
By Form
By Product Type
- Fish
- Mollusks
- Crustaceans
- Shellfish
- Others
By Distribution Channel
- Offline
- Hypermarket/Supermarket
- Specialty Stores
- Convenience Stores
- Online
By Region
- North America
- The U.S.
- Canada
- Mexico
- Rest of North America
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic countries
- Denmark
- Finland
- Iceland
- Sweden
- Norway
- Benelux Reunion
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Southeast Asia
- Indonesia
- Thailand
- Malaysia
- Singapore
- Rest of Southeast Asia
- Rest of Southeast Asia
- The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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