Wilmington, Delaware, United States, Jan. 17, 2024 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The frozen seafood market was valued at US$ 375.5 million in 2022. A CAGR of 6.4% is expected from 2023 to 2031, resulting in an industry value of US$ 560.1 million at the end of 2031. As freezing technologies advance, frozen seafood products may get even better in texture and quality. Improved packaging and freezing methods could enhance the consumer experience.
Consumers increasingly seek sustainably sourced seafood as they become more aware of environmental concerns. An eco-friendly certification and clear traceability may give frozen seafood products a competitive edge. To meet consumer preferences, frozen seafood companies continuously introduce new products. As a result, new customers will be attracted to products with distinctive flavors, packaging, and cooking methods, thereby creating growth opportunities.
Alternative protein sources, such as plant-based proteins, may impact frozen seafood sales. Companies could develop plant-based seafood alternatives in response to changing dietary preferences and concerns over sustainability. It is crucial to have strict food safety regulations and standards to shape the frozen seafood market. Frozen seafood products are more trustworthy when they comply with these regulations.
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The food industry is facing increasing scrutiny over its products' origins and production processes. Enhanced traceability and transparency will be crucial for consumer trust in frozen seafood. To appeal to a larger audience, frozen seafood manufacturers might introduce innovative flavors, cooking methods, and product combinations.
Key Findings of the Market Report
- North America dominated the majority of the global landscape in 2022.
- Frozen seafood revenues increase due to the increase in demand for convenient food products
- Growing focus on sustainable fishing practices augments market growth
- Based on end-use, the frozen seafood market will likely be driven by the food processing industry.
- In terms of distribution channels, the business-to-consumer segment is expected to create significant demand in the future.
Global Frozen Seafood Market: Key Players
Companies operating on the global stage to ensure their products’ quality and nutritional value increasingly use sustainable processing methods. The company is also expanding its global distribution network.
- Austevoll Seafood ASA
- Leroy Seafood Group
- Grieg Seafood
- Marine Harvest ASA
- SalMar
- Norway Royal Salmon
- Coast Seafood
- Charoen Pokphand Foods
- Fortune Fish & Gourmet
- Mitsubishi Corporation
- SeaPak Shrimp & Seafood Co
- Inland Seafood
- East Coast Seafood
- Chicken of the Sea
- High Liner Foods
- Tri Marine International
- Bumble Bee Seafoods
- Maruha Nichiro Corp
- Nippon Suisan USA
- Cooke Aquaculture
- Others (on additional request)
Global Frozen Seafood Market: Growth Drivers
- A long storage period without compromising quality makes frozen seafood convenient for consumers. Freezing seafood preserves its freshness while giving consumers access to various options year-round. Nutritious food options are becoming increasingly popular among consumers. Omega-3 fatty acids are commonly found in seafood, making it an important source of protein. Frozen seafood provides consumers with the opportunity to take advantage of these health benefits in a convenient manner.
- Modern freezers help maintain seafood's taste, texture, and nutritional value by quick-freezing it. Because of these technological advancements, the frozen seafood market has grown. Food options that are convenient and easy to prepare are increasingly in demand due to the busy lifestyles of consumers. Frozen seafood products that have been pre-marinated or pre-cooked meet consumer demands for ready-to-cook or ready-to-eat seafood.
- In recent years, seafood demand has increased due to increasing awareness of the health benefits of seafood consumption. Consumers can conveniently access various seafood products through the frozen seafood market. Retailers have expanded the reach of the frozen seafood market by offering frozen seafood through hypermarkets, supermarkets, and online platforms. The availability of frozen seafood products to consumers has increased, contributing to the market's growth.
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Global Frozen Seafood Market: Regional Landscape
- The frozen seafood market was dominated largely by North America. Regardless of the season, consumers in North America have access to a wide selection of seafood products, both fresh and frozen. Consumers in North America have a busy lifestyle, creating a high demand for convenient, easy-to-prepare meals. A lifestyle that emphasizes convenience fits well with frozen seafood.
- In North America, seafood consumption has become increasingly popular since it benefits health. Seafood that has been frozen provides individuals with an easy way to include seafood in their diets. Frozen seafood products are more accessible to consumers during grocery shopping. Frozen seafood companies constantly introduce innovative frozen seafood products to meet the changing preferences of consumers.
Global Frozen Seafood Market: Segmentation
By Type
- Fish
- Marine Pelagic
- Marine Demersal
- Diadromous
- Others
- Crustacean
- Shrimps
- Crabs
- Lobsters
- Krill
- Others
- Mollusk
- Others
By End Use
- Food Processing Industry
- Foodservice
- Retail/Household
By Distribution Channel
- Business to Business
- Business to Consumer
- Hypermarkets/Supermarkets
- Convenience Stores
- Specialty Stores
- Online Retail
By Region
- North America
- Latin America
- Western Europe
- Eastern Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa (MEA)
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