New York, United States, July 31, 2024 (GLOBE NEWSWIRE) -- The Global Frozen Seafood Market Size is to Grow from USD 36.89 Billion in 2023 to USD 57.67 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 4.57% during the projected period.
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Frozen seafood is seafood that has been carefully prepared, preserved, and stored at very low temperatures to maintain its freshness and quality. This includes fish, shrimp, and other aquatic delights. The freezing method successfully stops the formation of microorganisms and extends the shelf life of the meal by decreasing the temperature of the seafood to substantially below freezing, usually -18°C or below. This process ensures that the seafood retains a significant amount of its nutrients, flavor, and texture. It is readily available for many culinary applications and stores well for an extended period of time. In addition to reducing food waste, seafood can be frozen and shipped across long distances, making it a practical alternative for grocery shopping and meal planning. However, overly high energy expenses can prevent the market from growing.
Browse key industry insights spread across 230 pages with 90 Market data tables and figures & charts from the report on the "Global Frozen Seafood Market Size, Share, and COVID-19 Impact Analysis, By Product Type (Fish, Crustaceans, Shellfish, Molluscs, and Others), By Distribution Channel (Store-based, and Non-Store-based), By End-User (Food Processing, Food Service, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The fish segment is going to account for the greatest portion of the worldwide frozen seafood market.
Based on product type, the global frozen seafood market is divided into fish, crustaceans, shellfish, molluscs, and others. Among these, the fish segment is going to account for the greatest portion of the worldwide frozen seafood market. The broad consumption of fish and the growing desire for chemical-free seafood with longer shelf life are the main factors driving this market. The requirement is further exacerbated by the growing acceptance of large-scale fishing and fish aquaculture. The economic growth of emerging economies is a major factor driving the adoption of the fish segment. Due to the rapid economic expansion in these countries, people now have more spare income and are more likely to prefer ready-to-eat meals like frozen fish. One of the main reasons frozen fish is becoming more and more popular in these developing countries is that it is accessible and reasonably priced.
The store-based category is anticipated to lead the market during the forecast period.
Based on the distribution channel, the global frozen seafood market is classified into store-based, and non-store-based. Among these, the store-based category is anticipated to lead the market during the forecast period. This group includes supermarkets, hypermarkets, and convenience stores since they increase the accessibility of frozen fish items, which contributes to their allure. Like fish markets, emerging economies are essential to store-based sales of frozen seafood products. Along with the continued economic expansion of these economies, the retail sector experiences rapid growth. Supermarkets and hypermarkets make frozen seafood easily accessible to customers in these emerging countries, and the ease of one-stop shopping drives rising demand for frozen seafood products.
The food processing segment is anticipated to dominate the market.
Based on end-users, the global frozen seafood market is classified into food processing, food service, and others. Among these, the food processing segment is anticipated to dominate the market. The need for frozen fish products in the food processing industry is influenced by a number of factors. Growing economies have a big impact on the food processing industry's acceptance of frozen seafood products, just like they do with fish and store-based segments. Due to its economic expansion, frozen seafood is in high demand due to its convenience, longer shelf life, and ease of storage compared to fresh items. This has resulted in a major increase in the activity of the food processing sector. Businesses that produce food find frozen seafood to be even more appealing because of these features. In the food processing industry, customer trends and behaviour have a big impact on preferences for frozen fish products.
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Europe is expected to hold the largest share of the frozen seafood market over the forecast period.
The growing need for quick and easy meals has made frozen fish a more sensible choice. The nutritional benefits of seafood are becoming more widely known as consumers' awareness of health issues grows. Furthermore, there is a growing need for certified frozen seafood products that adhere to eco-friendly standards due to consumer focus on sustainability and ethical sourcing in the fish industry. Advances in freezing and packaging technologies have resulted in increased quality, texture, and flavor of frozen seafood, rendering it more appealing to consumers. Frozen fish helps restaurants and other food outlets buy in bulk and reduces food waste because it has a longer shelf life than fresh seafood.
North America is predicted to grow at the fastest pace in the frozen seafood market during the projected timeframe. The major forces behind North America's huge frozen seafood market are the US and Canada. High consumption rates are a result of both the desire for quick meal options and growing health consciousness. Premium, organic, and sustainably sourced products are clearly preferred by North American consumers, which is consistent with a broader trend towards better living. Key motivators include the ease of consuming seafood, its alleged health benefits, and the hurried lifestyle of contemporary living.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the frozen seafood market include Premium Seafood Company Inc, The Sirena Group, M&J Seafood Ltd, Beaver Street Fisheries, Mazetta Company LLC, High Liner Foods Inc, Mowi ASA, Forster Frozen Foods Pvt Ltd., IFC Frozen Seafoods, Castlerock Inc, Sterling Seafood Corp., Clifton Seafood Company, Marine Harvest ASA, Austevoll Seafood ASA, Charoen Pokphand Foods, and Other key companies.
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Recent Developments
- In February 2022, two seafood trading and processing businesses in the country have been successfully acquired by Oscealliance, a seafood distribution company based in Saint-Herblain, France. The acquisition has expanded the company's portfolio.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global frozen seafood market based on the below-mentioned segments:
Global Frozen Seafood Market, By Product Type
- Fish
- Crustaceans
- Shellfish
- Mollusks
- Others
Global Frozen Seafood Market, By Distribution Channels
- Store-based
- Non-Store-based
Global Frozen Seafood Market, By End-User
- Food Processing
- Food Service
- Others
Global Frozen Seafood Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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