New York, USA, May 02, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), Frozen Seafood Market Research Report Information, By Product Type, By Distribution Channel, And By Region– Market Forecast Till 2030, the market is projected to acquire a value of USD 22.71 billion by 2030, exhibiting a CAGR of 5.70% during the forecast period (2022 - 2030).
Market Scope:
Due to the freezing technique used to produce frozen seafood, the food products have a longer shelf life and are less likely to develop germs. By converting the residual moisture in the frozen seafood items into ice and preventing the majority of the bacterial species found in food goods from growing, the freezing process lowers the rate of decomposition.
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Report Scope:
| Report Attribute | Details |
| 2030 Market Size | 2030: 22.71 Billion |
| CAGR | 5.70% (2022–2030) |
| Base Year | 2021 |
| Forecast Period | 2022–2030 |
| Historical Data | 2018 & 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Product Type, Distribution Channel, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Growing demand for seasonal fish products |
Competitive Dynamics
Market participants are also implementing a variety of strategic strategies to broaden their global reach in response to significant market changes. Manufacturing locally to cut operating costs is one of the main business methods used by producers in the frozen seafood industry to benefit customers and develop the market sector. The market for frozen seafood has delivered some of the most significant benefits.
Key Companies in the Frozen Seafood market includes
- Premium Seafood Company Inc. (US)
- The Sirena Group (Denmark)
- M&J Seafood Ltd. (UK)
- Beaver Street Fisheries (US)
- Mazetta Company LLC (US)
- High Liner Foods Inc (Canada)
- Mowi ASA (Norway)
- Forster Frozen Foods Pvt Ltd. (India)
- IFC Frozen Seafoods (Canada)
- Castlerock Inc. (India)
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Market USP:
Market Drivers
The primary market factors boosting the growth of the frozen seafood market are an increase in consumer health consciousness and rising demand for seasonal fish items. Seafood appeals to consumers who are concerned about their health, including whole and filleted salmon, tuna, halibut, anchovies, and herring as well as lobster, scallops, shrimp, crab, clams, and oysters. Because of a thriving fish industry and growing aquaculture, it is inexpensive. Packaging that may extend shelf life by limiting microbiological development, avoiding freezer burn, permitting quick freezing, and decreasing drip loss is necessary to maintain seafood quality for these expanding markets. As a result, the demand for frozen seafood is influenced by the rising consumption of packaged seafood products.
Furthermore, the protection of atmospheric oxygen, moisture loss, taste contamination, microbial invasion, mechanical damage, and light exposure must all be taken into account when choosing a container for frozen foods. The films are non-toxic, heat sealable, transparent, light weight, puncture resistant, flexible at low temperatures, free from offensive aromas and tastes, and have a low moisture vapor transfer rate. Therefore, another element boosting the growth of the frozen seafood market revenue is the creation of novel packaging techniques for seafood.
COVID-19 Analysis:
Due of the COVID-19 outbreak's rapid spread to more than 150 nations, there is now a serious public health emergency on a worldwide scale. To combat and control the spread of this disease, a number of nations around the world declared emergencies and announced complete nationwide, statewide, or citywide lockdowns. This had a significant impact on many industries globally and stopped all travel, manufacturing, educational institutions, and non-essential trade. Governments all across the world also shut down fish markets and stopped processing. The trading of frozen fish was forbidden in some virus-affected areas, which caused substantial losses for seafood producers. One of the most efficient strategies to generate revenue in the industry during the epidemic seems to be local sourcing and internet presence.
However, because frozen seafood has a longer shelf life than fresh fish and is expected to do well after COVID, the market for it expanded during the lockdown. Additionally, as consumers got more health aware and prioritized goods that gave their bodies critical nutrients, seafood became a top choice, which had a favorable effect on the frozen seafood industry. The shift in customer purchasing preferences at retail, which has seen a growth in the sales of all types of seafood in grocery stores and through e-commerce channels, is one of the most important factors that has sustained the seafood sector through the upheaval of 2020.
Market Segmentation:
Product Type Insights
Fish, crustaceans, shellfish, mollusks, and other species are included in the segmentation of the frozen seafood market depending on product type. In 2021, the fish sector accounted for the bulk of market revenue for frozen seafood. This is mostly due to widespread consumption, rising public awareness of health risks, and increased demand for chemical-free fish with longer shelf lives. The expanding trend in fish farming and industrial-scale fishing also contribute significantly to the need.
Distribution Channel Insights
Store-based and non-store-based distribution channels are used to segment the frozen seafood business. In 2021, the store-based category led the market, and it is anticipated that throughout the projection period, 2022–2030, it would grow more quickly than any other segment. The performance of the particular market sectors is driven by the increased demand for frozen seafood. Additionally, during the anticipated time, convenience shops, supermarkets, and hypermarkets are predicted to have a significant impact on the market's success. As a result, the above attributes have a beneficial effect on the market's growth.
Browse In-depth Market Research Report (110 Pages) on Frozen Seafood Market: https://www.marketresearchfuture.com/reports/frozen-sea-food-market-2708
Regional Analysis:
The market for frozen seafood in North America had revenues of USD 6254.6055 million in 2021 and is anticipated to increase at a CAGR of 42.90% during the research period. The availability of cutting-edge and creative cold chain infrastructure facilities is only one of many variables that may affect how well the North American area performs. Future performance of the region is also anticipated to be driven by the spike in seafood consumption relative to red meat. The booming ready-to-cook food industry has spurred the expansion of the frozen fish market. Additionally, the US frozen seafood industry had the greatest market share because consumers are searching for quick and easy meal choices, such as frozen meals, to get around the time restrictions of work and childcare. The market would be driven by consumers' increasing reliance on ready-to-cook items as a result of their busy schedules, particularly millennials. The North American region's market with the fastest growth rate was Canada's frozen seafood industry.
The market for frozen seafood in Europe is anticipated to see the greatest CAGR between 2022 and 2030. The consumption of fish is expected to rise throughout Europe as a result of efforts to lower the risk of heart disease. The market for sustainable frozen fish is anticipated to increase due to the rising popularity of sustainable fish products in France, the UK, and Germany. Additionally, the highest market share belonged to the German frozen seafood industry.
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