NEW YORK, United States, April 04, 2022 (GLOBE NEWSWIRE) -- Facts and Factors has published a new research report titled “Frozen Seafood Market By Product (Frozen Mollusks, Frozen Shellfish, Frozen Fish, Frozen Shrimps, and Others), By Channel of Distribution (Specialty Stores, Convenience Stores, Hypermarket/Supermarket, Online Retail, and Others), and By Region-Global and Regional Industry Outline, Market Insights, Inclusive Analysis, Statistical Data, and Forecast 2022–2028” in its research database.
“According to the latest research study, the demand for global Frozen Seafood Market size & share was estimated at USD 38.82 billion in 2021 and it will expand by USD 68.37 billion between 2022 and 2028. The market's growth pace is predicted to rise at a CAGR of 7.5% during the forecast period 2022 to 2028.” The report analyzes various factors and their implications on the frozen seafood market’s growth.
What is Frozen Seafood? How big is the Frozen Seafood Market?
Market Overview:
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.
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Our Free Sample Report Consists of the Following:
- Introduction, Overview, and in-depth industry analysis are all included in the 2022 updated report.
- The COVID-19 Pandemic Outbreak Impact Analysis is included in the package
- About 215+ Pages Research Report (Including Recent Research)
- Provide detailed chapter-by-chapter guidance on Request
- Updated Regional Analysis with Graphical Representation of Size, Share, and Trends for the Year 2022
- Includes Tables and figures have been updated
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- Facts and Factors research methodology
(Please note that the sample of this report has been modified to include the COVID-19 impact study prior to delivery.)
Report Scope
| Report Attribute | Details |
| Market Size in 2021 | USD 38.82 Billion |
| Projected Market Size in 2028 | USD 68.37 Billion |
| CAGR Growth Rate | 7.5% CAGR |
| Base Year | 2021 |
| Forecast Years | 2022-2028 |
| Key Market Players | Shanghai Kaichuang, Tassal Group, Leroy Seafood, Austevoll Seafood, Clearwater Seafood, AquaChile, Nippon Suisan Kaisha, Lyons Seafoods, Surapon Foods Public, Sajo Industries, Marine International, Hansung Enterprise, Toyo Suisan Kaisha, AquaChile, Marine Harvest, High Liner Foods, Tri Marine International, Iglo Group., and among others |
| Key Segment | By Product, By Channel of Distribution, and By Region |
| Major Regions Covered | North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
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Global Frozen Seafood Market: Growth Factors
- Rising popularity of seafood expected to boost market growth
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.
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Segmentation Analysis
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.
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Competitive Landscape
Some of the main competitors dominating the global frozen seafood market are -
- Shanghai Kaichuang
- Tassal Group
- Leroy Seafood
- Austevoll Seafood
- Clearwater Seafood
- AquaChile
- Nippon Suisan Kaisha
- Lyons Seafoods
- Surapon Foods Public
- Sajo Industries
- Marine International
- Hansung Enterprise
- Toyo Suisan Kaisha
- AquaChile
- Marine Harvest
- High Liner Foods
- Tri Marine International
- Iglo Group
Key Insights from Primary Research:
- As per the analysis shared by our research analyst, the Frozen Seafood market is estimated to grow at a CAGR of around 7.5% between 2022 and 2028.
- The Frozen Seafood market was valued at around USD 38.82 billion in 2021 and is projected to reach USD 68.37 billion, by 2028.
- By product, the frozen fish segment contributes to a major portion of the market.
- By channel of distribution, online platforms are seeing a 15% increase in revenue.
- On the basis of region, the North America is a prominent region in the global frozen seafood market, and it is expected to grow at a healthy rate over the projected period. Asia Pacific region is also projected to witness substantial growth in the coming period.
Key questions answered in this report:
- What is the market size and growth rate forecast for Frozen Seafood industry?
- What are the main driving factors propelling the Frozen Seafood Market forward?
- What are the leading companies in the Frozen Seafood Industry?
- What segments does the Frozen Seafood Market cover?
- How can I receive a free copy of the Frozen Seafood Market sample report and company profiles?
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COVID-19 Impact on Frozen Seafood Market:
The global pandemic has caused enormous upheaval in the seafood business. Governments have closed fish markets and put a halt to processing operations. Several virus-affected regions have prohibited the trade of frozen fish and seafood, resulting in significant losses for seafood manufacturers. Local sourcing and online presence appear to be among the most effective ways to create cash in the sector. Furthermore, the global frozen seafood market grew during the lockdown since it has a longer shelf life than fresh fish and is anticipated to flourish post-Covid as well.
Regional Dominance:
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.
Recent Developments:
- August 2021: Avanti Frozen Foods Pvt. Ltd. announced the growth of a few of its shipments of frozen prepared, skinned, and deveined shrimps in various unit sizes.
- January 2019: SeaShare, a non-profit organization, recently established a strategic alliance with Hook Line and Savor, a novel frozen seafood start-up located in Massachusetts.
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The global frozen seafood market is segmented as follows:
By Product
- Frozen Mollusks
- Frozen Shellfish
- Frozen Fish
- Frozen Shrimps
- Others
By Channel of Distribution
- Specialty Stores
- Convenience Stores
- Hypermarket/Supermarket
- Online Retail
- Others
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