New York, Aug. 01, 2022 (GLOBE NEWSWIRE) -- The Insight Partners has published a new research report titled The Global Frozen Seafood Market is expanding at a steady pace. Increasing disposable income, rising preference for food that provides convenience in cooking and consumption, increasing consumer awareness regarding health benefits provided by seafood, busy urban lifestyle, and the growing demand for seasonal seafood products significantly contributed to the market. The product innovations with better health benefits further surge the frozen seafood market demand.
The market is witnessing high demand due to increasing consumer awareness about the health benefits of seafood and the increasing number of seafood product offerings in the market. As people have started adopting healthy eating habits, frozen seafood market demand is in surge. Frozen seafood has various nutrients, which are highly beneficial for the human body and brain, thereby boosting the market growth.
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Frozen Seafood Market - Strategic Insights
| Report Coverage | Details |
| Market Size Value in | US$ 16.27 Billion in 2022 |
| Market Size Value by | US$ 22.57 Billion by 2028 |
| Growth rate | CAGR of 5.6% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
| No. of Pages | 140 |
| No. Tables | 58 |
| No. of Charts & Figures | 73 |
| Historical data available | Yes |
| Segments covered | Type, Distribution Channel, and Geography |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Frozen Seafood Market: Competitive Landscape and Key Developments
Thai Union Group, Sterling Seafood Corp., Clifton Seafood Company, Marine Foods, Viet Asia Foods Company, American Seafoods, Mazetta Company LLC, High Liner Foods Inc, The Sirena Group, and Castlerock Fisheries Pvt. Ltd. are the prominent players operating in the global frozen seafood market.
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In 2021, Asia Pacific accounted for the largest share of the global market. Large population and the popular consumption of fish-based dishes in the cuisines in Asia Pacific such as Chinese, Thai, and Japanese cuisines are some of the major factors for the growth of the market in Asia Pacific. However, the market in North America is expected to grow at the highest rate during the forecast period. The US is one of the world's leading consumers of frozen seafood. According to the United Nations Food and Agriculture Organization (FAO), growth in aquaculture helped drive global per capita fish consumption above 20 kilograms a year. Moreover, the rising number of supermarkets and hypermarkets provided consumers with easy accessibility and availability of various varieties of seafood under one roof, which is further expected to boost the frozen seafood market growth over the forecast period.
The awareness of the benefits of consuming frozen seafood is increasing worldwide. Therefore, consumers increasingly prefer frozen seafood over fresh seafood, hence bolstering the market demand. Fresh seafood products are priced higher than frozen seafood products and cannot be stored for a longer period, whereas frozen seafood has a better shelf life and preserves the quality of the product. Seafood consumption provides essential nutrients to the human body; it lowers the risk of heart attacks and strokes, boosts brain health, reduces the risk of autoimmune diseases, and improves hair and skin health. These are some of the major the factors driving the frozen seafood market growth. Furthermore, a large variety of frozen seafood with different tastes and benefits are available in the market.
Frozen seafood manufacturers are constantly innovating to meet endlessly evolving consumer tastes and preferences. They are launching products with enhanced taste and health benefits to attract many consumers. For instance, SeaPak Shrimp Sea Pals, a product specially meant for chidren was launched by a frozen food company SeaPak Shrimp & Seafood Co. The SeaPak shrimp sea pals are whole grain-breaded, minced shrimp bites in the shape of sea turtles and starfish. Such innovative products are gaining immense popularity among consumers.
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Manufacturers are also innovating the packaging of frozen seafood products, keeping their consumers' convenience in mind. Packaged frozen seafood products are easy to use as they are packed in appropriate portions, easy to prepare, avoid wastage, and save time. Thus, the availability of innovative products significantly contributes to the market’s growth.
Based on product type, the global frozen seafood market is segmented into frozen fish, frozen crustaceans, frozen mollusks, and others. In 2021, the frozen fish segment accounted for the largest revenue share and is expected to account for the highest growth rate over the forecast period. Many manufacturers are offering various products under the frozen fish segments, which can be easily cooked.
Based on type, the global market is segmented into frozen fish, frozen crustaceans, frozen mollusks, and others. In 2021, the frozen fish segment accounted for the largest revenue share and is also expected to account for the highest growth rate over the forecast period. Based on the distribution channel, the global market is segmented into supermarkets and hypermarkets, specialty stores, online retail, and others. In 2021, the supermarkets and hypermarkets segment accounted for the largest revenue share.
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In 2021, Asia Pacific accounted for the largest share of the global frozen seafood market. The growth of the frozen seafood industry is also attributed to the rising awareness regarding health benefits offered by frozen seafood. People are trying to save time and effort and prefer to use packaged frozen seafood products as they are easy to cook and it also provides essential nutrients to the human body.
Growing demand for seasonal fish products and increasing health awareness among consumers are drivers of frozen seafood. Frozen seafoods provide seasonal fish products year-round. Increasing health awareness among consumers have fuelled the demand for frozen seafood as it is packed with many essential nutrients required by human body.
Based on the segment type, frozen fish is expected to be the fastest-growing segment during the forecast period. Frozen fish are ideal for vitamins, mineral, and omega – 3. Frozen fish products have various health benefits.
Based on the distribution channel, supermarkets and hypermarkets segment accounted for the highest share of the global market in 2021. The manufacturers of frozen seafood usually prefer selling their products through supermarkets and hypermarkets because of the heavy customer footfall at these outlets.
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Impact of COVID-19 Pandemic on Frozen Seafood Market
The COVID-19 pandemic affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The frozen seafood industry suffered serious disruptions in supply chains and shutdowns of many seafood processing, wholesale and smaller retail businesses in the initial phases of the COVID-19 pandemic. The COVID-19 pandemic hindered the supply chains, manufacturing, delivery schedules, and goods sales. But, after some relaxation during the lockdown, the frozen seafood product sales surged.
Due to the severe spread of the virus, consumers stayed inside their homes and chose to cook at home. This factor spurred the market demand. Moreover, people became more health conscious and preferred products that provide essential nutrients to the body, and seafood became a priority, positively impacting the frozen seafood market worldwide.
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