NEWARK, Del, April 27, 2023 (GLOBE NEWSWIRE) -- The market for frozen seafood is anticipated to be worth US$ 19,382.3 million by the end of 2023. It is set to expand at a CAGR of 6.8% between 2023 and 2033. By 2033, the market is projected to contribute a value of US$ 37,398.5 million.
Seafood consumption has increased significantly worldwide over the last few decades. As living standards rise in developing nations such as Latin America and Asia Pacific, there is likely be an increasing seafood consumption. It will also be driven by millennial consumers' growing knowledge of the benefits of consuming seafood.
Seafood protein is a significant nutritional component in several countries, particularly those with low overall protein intakes. Apart from protein, seafood is a substantial provider of other essential nutrients. Fish and shellfish such as salmon, prawns, and clams, are particularly high in vitamins and minerals such as zinc, selenium, and vitamin B1.
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Seafood is the main source of omega-3 fatty acids, particularly eicosapentaenoic acid (EPA) and docosahexaenoic acid (DHA). Seafood offers defense against a lot of health problems owing to its high nutritious content.
The notion that seafood is a healthful diet has led to increasing consumption, and output is expected to climb steadily as a result. It would benefit from less waste, better use, and enhanced distribution methods.
Since frozen seafood can be kept for a long time, it is more widely available in areas where fresh seafood is more difficult to come by. This implies that consumers can enjoy seafood throughout the year even if they live a long way from the shore or in a region with few transit choices. Frozen seafood is also easier to carry than fresh seafood, which can be quite fragile and call for particular handling.
Fresh seafood can be expensive due to strong demand and the rarity of a few species, while frozen seafood is frequently less expensive. Buying frozen fish in bulk further enables bigger savings and more frugal meal preparation.
Sales of frozen seafood are expected to soar globally due to advancements in freezing technology. It tastes virtually as fresh as its unfrozen version thanks to modern technologies. This has contributed to lowering any stigma attached to frozen seafood and raising global acceptance of it.
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Key Takeaways from Frozen Seafood Market Study
- The global frozen seafood industry expanded at a CAGR of 4.9% from 2018 to 2022.
- The USA frozen seafood industry is anticipated to reach a valuation of US$ 9,217.8 million by 2033.
- A CAGR of 6.4% is expected from India's frozen seafood industry from 2023 to 2033.
- In 2033, China frozen seafood industry is expected to contribute a value share of 49.4%.
- Based on product type, the frozen crab segment is estimated to hold a global market share of 27% in the forecast period.
“It is projected that advancements in refrigeration would propel the market in both commercial and industrial settings. Growth is also connected to ongoing advancements in sophisticated distribution systems. Technological advancements in seafood product storage, processing, and packaging have further contributed to the expansion of the global frozen seafood industry.” – Says a lead analyst.
Competitive Landscape: Frozen Seafood Market
As the need for novel formulations from the food & beverage industry increases, leading frozen seafood manufacturers are concentrating on products delivering a wide range of health advantages. Consumption of frozen fish has grown over time among all populations.
Leading producers of frozen fish are working to gain a high market share through partnerships, mergers, and acquisitions while continuing to develop new product lines. Due to the increased need for innovative formulations from the food & beverage industry, top frozen seafood manufacturers are likewise concentrating on releasing upgraded and modified items.
For instance,
- In August 2021, Frozen Fish Direct introduced its latest user-friendly e-commerce site. While numerous individuals enjoy eating fish, Frozen Fish Direct is aware that they might not always be able to find fresh kinds at their neighborhood grocery. This information motivated Frozen Fish Direct to develop and launch their brand-new online store, providing its devoted clients with a convenient and stress-free option to buy for a large selection of fish and seafood.
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Get Valuable Insights on Frozen Seafood Market
Future Market Insights (FMI), in its new offering, provides an unbiased analysis of the frozen seafood market presenting historical demand data (2018 to 2022) and forecast statistics for the period from (2023 to 2033). The study divulges compelling insights on the demand for frozen seafood based on frozen seafood market by product type (tuna, rainbow trout, sardines, mackerel, herrings, salmon, shrimp, crab, lobster, krill), nature (organic, conventional), form (whole, fillet), end use (food processing industry, food service industry, retail/household), distribution channel (B2B, B2C, online retailers), and regions.
Frozen Seafood Market Outlook by Category
By Product Type:
- Tuna
- Rainbow Trout
- Sardines
- Mackerel
- Herrings
- Salmon
- Shrimp
- Crab
- Lobster
- Krill
By Nature:
- Organic
- Conventional
By Form:
- Whole
- Fillet
By End Use:
- Food Processing Industry
- Food Service Industry
- Retail/Household
By Distribution Channel:
- B2B
- B2C
- Online Retailers
Table of Content
1. Executive Summary | Frozen Seafood Market
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Wheel Of Fortune
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition
3. Market Dynamics
3.1. Drivers
3.1.1. Supply Side Drivers
3.1.2. Demand Side drivers
3.1.3. Economic Side Drivers
3.2. Restraints
3.3. Opportunity
3.4. Market trends By Region
3.5. Forecast Factors - Relevance & Impact
3.6. Packaging & Labelling Regulations
3.7. Regulatory Landscape
4. Value Chain Analysis
4.1. Operating margins at each node of the supply chain
4.2. List of Active Market Participants
5. Global - Pricing Analysis
5.1. Price Point Assessment by Region
5.1.1. Manufacturer-Level Pricing
5.1.2. Distributor Level Pricing
5.2. Price Point Assessment By Product
5.3. Price Forecast till 2033
Explore FMI’s Extensive Coverage on Food & Beverage Domain:
Seafood Market Size: The global Seafood market is expected to reach a market valuation of US$ 110.2 Bn by the year 2022, accelerating with a CAGR of 3.6% by 2022 to 2032.
Seafood Takeout Market Share: The seafood takeout market is expected to expand from US$ 31.1 Billion in 2022 to US$ 51.3 Billion in 2032.
Seafood Flavors Trends: The seafood flavors market is estimated to secure a valuation of US$ 6.7 Billion in 2023 and is estimated to rise to US$ 9.4 Billion by 2033.
Shrimp Market Forecast: The global shrimp market is expected to reach a valuation of US$ 60.4 billion in 2023. It is anticipated to escalate at a CAGR of 7.4% between 2023 and 2033.
Fish Feed Market Value: The fish feed market is estimated to account for about USD 112 billion in 2022 and is projected to reach a value of about USD 158.5 billion by 2032.
Aquafeed Market Scope: According to Future Market Insights, the global aquafeed market is expected to increase at a CAGR of 6.1% through 2032.
Fishmeal Market Demand: The fish meal market is estimated to be valued at USD 8,000 Mn in the year 2022 and is estimated to grow at an unprecedented rate to achieve a value of USD 15,000 Mn by the year 2032.
Fish Protein Market Overview: The fish protein market is valued at USD 1 billion in 2023 and is projected to double and reach USD 2 billion by 2033.
Fish Collagen Market Outlook: The market value projected to increase is from USD 1,309.3 Million in 2022 to USD 1,994.7 Million by 2032.
Canned Seafood Market Growth: As per Future Market Insights (FMI) analysis, the canned seafood market size is expected to surpass US$ 48.2 billion in the next decade. Between 2023 and 2033.
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