Market Overview
As per the analysis shared by industry reports and research, the Frozen Seafood market is estimated to grow at a CAGR of around 5.70% between 2020 and 2027. The Frozen Seafood market was valued at around USD 38.82 billion in 2019 and is projected to reach USD 20.12 billion by 2027. By product, the frozen fish segment contributes to a major market portion.
Seafood is recommended to be a part of nutritionally balanced diets. Freezing the seafood creates year-round availability owing to the increased shelf life. Also, this makes the seafood available at affordable prices at various places without deteriorating the quality and nutrition. The demand for ready-to-cook or eat food products has been witnessing growth over the recent years due to various factors such as convenience, affordability, high nutritional value, and others. It has consequently increased the demand for frozen sea food owing to its similar characteristics.
There has been a rise in disposable income of the global target audience. The preference for food that provides convenience in cooking and consumption has gained profound importance, especially among the urban populace owing to the busy lifestyle. There has been an increase in awareness of the health benefits of seafood. It boosts the demand for frozen seafood. The easy accessibility and availability of various varieties of seafood under one roof through the establishment of large retail chains, especially in developing countries, help propel the market expansion. However, overfishing has become a great cause of concern to the fisheries and the environment. Overexploitation could lead to less availability of fish, which increases the prices of frozen seafood, ultimately hampering the global market growth.
Market Segmentation
The frozen seafood market has been segmented based on type, distribution channel, and region. The market is classified into frozen shrimps, frozen fish, frozen shellfish, frozen mollusks, and others. It is divided into online retail, supermarket/hypermarket, convenience stores, specialty stores, and others based on distribution channels.
Regional Analysis
Geographically, the global Frozen Seafood industry can be divided into major regions: North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Globally, among all regions, North America has developed as the dominant region in the global Frozen Seafood market, followed by Europe and the Asia Pacific.
The increasing demand for Frozen Seafood as a thickening agent in various end-use applications in the North American region has strengthened the growth of the global Frozen Seafood market. Hence, it is projected to significantly expand the revenue contribution of the market over the forecast period.
The key frozen seafood market players operating in the global market include the following:
- Seven Seas
- Apex Frozen Foods Ltd.
- IFC Frozen Seafood
- Kangamiut Seafood
- American Seafoods Company LLC
- Sterling Seafood
- Viet Asia Foods
- Clifton Seafood Company
- Marine Foods
- Lotus Seafood Inc.
Industry News
Many consumers are shifting their preference to frozen foods over canned foods because, in frozen foods, the nutrients do not get destroyed, and hence the food products are consumed worldwide. Such frozen seafood products maintain the quality of the products and are mostly consumed globally. Therefore, the global Frozen Seafood market is expected to observe robust growth over the forecast period.
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