Global Frozen Seafood Market Size (2023 - 2030)

According to our research report, in 2022, the Global Frozen Seafood Market was valued at $12.55 billion, and is projected to reach a market size of $20 billion by 2030. The market is projected to grow with a CAGR of 6% per annum during the period of analysis 2023 - 2030.

Industry Overview

Seafood is advised as part of a well-balanced diet. Because frozen seafood has a longer shelf life, it is available all year. Furthermore, this makes fish more inexpensive without sacrificing quality or nutrients. The demand for ready-to-eat food items has increased in recent years owing to a variety of factors such as convenience, affordability, high nutritional content, and others. Because of its comparable features, this has raised the demand for frozen marine food.

Because of their hectic lifestyles, the growth in disposable money and inclination for food that enables convenience in preparing and consumption has gained significant relevance, particularly among the urban population. Furthermore, there is a growing awareness of the health advantages of seafood. This increases the demand for frozen seafood. The simple accessibility and availability of many species of seafood under one roof through the construction of major retail chains, particularly in developing countries, aids market expansion. Overfishing, on the other hand, has become a major source of worry not just for fisheries but also for the ecosystem. Overfishing may reduce the supply of fish, raising the prices of frozen seafood and, as a result, impeding the market growth.

Because of their hectic lifestyles, the growth in disposable money and inclination for food that enables convenience in preparing and consumption has gained significant relevance, particularly among the urban population. Furthermore, there is a growing awareness of the health advantages of seafood. This increases the demand for frozen seafood. The simple accessibility and availability of many species of seafood under one roof through the construction of major retail chains, particularly in developing countries, aids market expansion. Overfishing, on the other hand, has become a major source of worry not just for fisheries but also for the ecosystem. Overfishing may reduce the supply of fish, raising the prices of frozen seafood and, as a result, impeding the market growth.

Market Drivers

Rising demand for seafood all around the world will drive the market growth

Global demand for frozen seafood products is expanding as a result of the global frozen seafood industry’s driving forces. Manufacturers are emphasizing healthier product offers. Frozen seafood goods are frozen using cryogenic technology, which aids in the inhibition of bacterial development in frozen seafood products. Many frozen seafood factories across the world use cryogenic freezing technology to assist maintain low temperatures by employing solid carbon dioxide or liquid nitrogen that is directly sprayed on the frozen seafood items. Frozen seafood items may be kept for an extended amount of time using contemporary freezing techniques.

Consumer preference is shifting towards frozen food from canned food

Many people prefer frozen foods to canned foods since the nutrients in frozen foods are not damaged, and hence the food items are consumed globally. Such frozen fish items preserve product quality and are thus widely consumed worldwide. As a result, the worldwide Frozen Seafood market is predicted to expand rapidly over the forecast period.

Market Restraints

Freezing the seafood can affect the quality of the food

If fish is not properly preserved, quality might suffer. Because of the power or fuel required to operate the freezer, it can be costly. Customers frequently have a low opinion of frozen fish. It may be difficult to determine whether the fish has been harmed until it has thawed.

Small changes in the temperature can affect the quality of seafood

A specialized chest or upright freezer, on the other hand, is required for huge volumes of food or extended storage durations. Your refrigerator's freezer section is large enough to keep goods frozen for a few days or weeks. Because the freezer door is regularly opened, the temperature changes. This can cause the food to deteriorate more quickly. To achieve decent results from home freezing, you'll need three things: high-quality fresh food, trustworthy knowledge, and the right equipment.

GLOBAL FROZEN SEAFOOD MARKET REPORT COVERAGE:

Segmentation Analysis

Global Frozen Seafood Market- By Type:

• Frozen Shrimps

• Frozen Fish

• Frozen Shellfish

• Frozen Mollusks

• Others

Changing lifestyles (less cooking time, more snack intake, etc.) and improved health has led to an increase in demand for frozen fish and seafood, such as frozen prawns, squid, and fillets. Frozen shrimp, in particular, is growing popularity due to the rapid development of shrimp farming, increased activities by shrimp producers, and increased frozen shrimp internet presence, among other aspects.

In 2021, the frozen shrimp market grew 8.6 percent year on year (YoY), reaching 2,627,511 MT. Frozen shrimp sales account for 43.7 percent of the frozen seafood market share, and the industry is predicted to grow at an 8.4 percent CAGR to reach US$ 48.8 billion by 2031.

Global Frozen Seafood Market- By Distribution Channels:

• Online Retail

• Supermarket/Hypermarket

• Convenience Stores

• Specialty Stores

• Others

E-commerce/online shop sales are predicted to account for more than 19.6 percent in 2021, with a 5.3 percent CAGR throughout the projection period. Frozen fish sales in supermarkets are predicted to grow at a CAGR of 6.1 percent.

Global Frozen Seafood Market- By Region:

• North America

• Europe

• Asia-Pacific

• Latin America

• The Middle East and Africa

The Asia Pacific has the largest market share, followed by Europe and North America. Exports are dominated by the Asia Pacific and Europe. Because of expanded urbanization, countries such as Russia (North Asia) and China will see tremendous development. Countries such as the United States, Brazil, and certain European countries will have low growth since the market in these countries has reached saturation. Furthermore, nations have high-rate urbanization and a stable economy. There is a need for innovation in the frozen fish and seafood supply chain management without compromisflavorvour. Innovation will assist to reduce waste while also increasing the availability and affordability of fish and seafood meat.

According to Fact.MR, North America is one of the leading areas in the worldwide frozen seafood market, and it is expected to grow at a healthy rate during the projected period. According to the most current estimate, the frozen seafood industry in the United States is predicted to account for 82.6 percent of the North American market in 2021, while the frozen seafood products market in Canada accounts for 17.4 percent of the market. Consumers in the United States want multi-component items that are easily available on the market while also accommodating their fast-paced lifestyle. With the rising demand for nutrient-rich health foods, there is a greater need for the production of foods with better components.

Global Frozen Seafood Market- By Companies:

1. Seven Seas

2. IFC Frozen Seafood

3. Sterling Seafood

4. Clifton Seafood Company

5. Lotus Seafood Inc.

6. Kangamiut Seafood

7. Marine Foods

8. Viet Asia Foods

9. American Seafoods Company LLC

10. Apex Frozen Foods Ltd.

Impact of Covid-19 on the Industry

Following a considerable dip in sales, revenue from frozen fish and seafood items is increasing. Several people who previously worried about contracting coronavirus (COVID-19) from fresh fish are now purchasing frozen fish and seafood goods online as a result of complete and partial relaxation of lockdown laws in certain countries. During January and February, the Chile frozen fish and seafood market saw consistent shipments of frozen salmon to the United States, Brazil, China, Russia, and Japan. However, once the COVID-19 shutdown rules were implemented, shipments began to fall by the end of March and early April.

NOTABLE HAPPENINGS IN THE GLOBAL PERSONAL PROTECTIVE EQUIPMENT MARKET IN THE RECENT PAST:

• Merger & Acquisition: - In 2020, Eight Fifty Food Group, the parent company of Young's Seafood, bought Germany's Alisa International, doing business as Greenland Seafood.

• Merger & Acquisition: - In 2021, Sofina Foods, a Canadian corporation, agreed to buy Young's Seafood parent company Eight Fifty on Monday, placing the UK's largest seafood producer under Canadian hands.