REPORT DESCRIPTION

Market Size and Overview:

According to our research report, in 2023, the Global Frozen Seafood Market was valued at $13.3 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 2024 - 2030.

Key Market Insights:

Seafood is recommended as an integral component of a balanced diet. The availability of frozen seafood throughout the year, owing to its extended shelf life, renders fish more affordable without compromising quality or nutritional value. The surge in demand for ready-to-consume food items is attributable to factors such as convenience, affordability, and high nutritional content. This has, in turn, heightened the demand for frozen marine products.

The urban population, driven by hectic lifestyles and increased disposable income, shows a preference for food that offers convenience in both preparation and consumption. Moreover, there is a growing awareness of the health benefits associated with seafood consumption, contributing to the increased demand for frozen seafood. The establishment of major retail chains, particularly in developing nations, facilitating the accessibility of diverse seafood species under one roof, further propels market expansion. However, overfishing poses a significant concern for both fisheries and the ecosystem, potentially diminishing fish supplies and elevating the prices of frozen seafood, thereby impeding market growth.

Market Drivers

The global market is poised for growth due to the rising worldwide demand for seafood.

The driving forces of the global frozen seafood industry contribute to the expansion of the market. Manufacturers are placing emphasis on healthier product offerings, utilizing cryogenic technology in freezing processes to inhibit bacterial development in frozen seafood products. The application of contemporary freezing techniques involving solid carbon dioxide or liquid nitrogen aids in extending the shelf life of frozen seafood items.

Consumer preferences are shifting towards frozen food over canned alternatives, as frozen foods retain their nutrients, making them a popular choice globally.

The preservation of product quality in frozen fish items contributes to their widespread consumption, projecting a rapid expansion of the global Frozen Seafood market in the forecast period.

Market Restraints

Preserving seafood through freezing may impact its quality if not executed properly. The cost associated with the power or fuel required for freezer operation is a consideration, and frozen fish often faces negative perceptions from consumers. Evaluating potential harm to the fish becomes challenging until it has thawed.

The quality of seafood is sensitive to slight temperature fluctuations. Large volumes of food or extended storage durations necessitate specialized chest or upright freezers. Standard refrigerator freezers, due to frequent door openings, experience temperature variations that can accelerate food deterioration. Successful home freezing requires high-quality fresh food, reliable knowledge, and appropriate equipment.

Segmentation Analysis

Global Frozen Seafood Market - By Type:

1. Frozen Shrimps
2. Frozen Fish
3. Frozen Shellfish
4. Frozen Mollusks
5. Others

The surge in demand for frozen fish and seafood, including frozen prawns, squid, and fillets, is attributed to changing lifestyles, characterized by reduced cooking time and an increased focus on health. Notably, the popularity of frozen shrimp is on the rise due to the rapid growth of shrimp farming, increased activities by shrimp producers, and enhanced online presence. In 2021, the frozen shrimp market witnessed a YoY growth of 8.6 percent, reaching 2,627,511 MT. Frozen shrimp sales hold a substantial market share of 43.7 percent in the frozen seafood market, with an anticipated industry growth at an 8.4 percent CAGR, reaching US$ 48.8 billion by 2031.

Global Frozen Seafood Market - By Distribution Channels:

1. Online Retail
2. Supermarket/Hypermarket
3. Convenience Stores
4. Specialty Stores
5. Others

E-commerce and online shop sales are projected to constitute more than 19.6 percent in 2021, with an expected 5.3 percent CAGR throughout the forecast period. Frozen fish sales in supermarkets are anticipated to grow at a CAGR of 6.1 percent.

Global Frozen Seafood Market - By Region:

1. North America
2. Europe
3. Asia-Pacific
4. Latin America
5. The Middle East and Africa

The Asia Pacific commands the largest market share, trailed by Europe and North America. The Asia Pacific and Europe dominate exports, with countries like Russia and China experiencing substantial growth due to increased urbanization. Conversely, the United States, Brazil, and certain European nations exhibit slower growth due to market saturation, high urbanization rates, and stable economies. Innovation in the frozen fish and seafood supply chain management is crucial for reducing waste while maintaining flavor, thus enhancing availability and affordability.

According to Fact.MR, North America is a key player in the global frozen seafood market, with expected healthy growth. The United States is predicted to account for 82.6 percent of the North American market in 2021, while Canada holds 17.4 percent. Consumer preferences in the United States favor easily accessible multi-component items to accommodate their fast-paced lifestyles. The increasing demand for nutrient-rich health foods underscores the need for products with superior 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 notable decline in sales, revenue from frozen fish and seafood items is rebounding. Concerns about contracting COVID-19 from fresh fish have led consumers to increasingly purchase frozen fish and seafood online. The relaxation of lockdown laws in certain countries has contributed to this shift. The Chile frozen fish and seafood market experienced consistent shipments of frozen salmon in January and February, but shipments decreased following the implementation of COVID-19 shutdown rules in March and April.

Notable Happenings in the Global Personal Protective Equipment Market in the Recent Past:

• Merger & Acquisition (2020): Eight Fifty Food Group, Young's Seafood's parent company, acquired Germany's Alisa International, operating as Greenland Seafood.
• Merger & Acquisition (2021): Sofina Foods, a Canadian corporation, acquired Young's Seafood parent company Eight Fifty, making the UK's largest seafood producer part of Canadian ownership.