Press release
Frozen Seafood Market To Witness Significant Incremental Opportunity During 2022 - 2031 : Fact.MR
Global demand for frozen seafood is rising due to increasing preference for easy cooking and food products with high protein and nutritional content. According to a recent report by Fact.MR - a market research and competitive intelligence provider, demand for frozen seafood has closed in on a valuation of US$ 27 Bn, and is projected to rise at a CAGR of around 5% through 2031.Frozen fish has a longer shelf life and is available all year round. This also allows fish to be purchased at a lower cost without sacrificing quality or nutrition. Due to many considerations such as convenience, affordability, high nutritional content, and others, demand for ready-to-cook/eat food products has increased in recent years. As a result of the similarities in qualities, demand for frozen seafood has also skyrocketed.
Moreover, availability of diverse types of seafood under one roof, especially in emerging nations, with the emergence of huge retail chains, has aided market expansion.
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Market Segments Covered in Frozen Seafood Industry Research
By Nature
Organic Frozen Seafood
Conventional Frozen Seafood
By Form
Raw Frozen Seafood
Processed Frozen Seafood
By End Use
Food Processing Industry
Food Service Industry
Retail/Household
By Product Type
Frozen Fish
Marine Pelagic
Marine Demersal
Diadromous
Others
Frozen Molluscs
Bivalves
Gastropods
Cephalopods
Others
Frozen Crustaceans
Shrimps
Crabs
Lobsters
Krill
Others
Distribution Channel
Business to Business (Manufacturers and Distributors)
Business to Consumer
Modern Trade (Hypermarkets & Supermarkets)
Convenience Stores
Traditional Grocery Stores
Specialist Food Stores
Wholesale Stores
Discount Stores
e-Commerce/Online Stores
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Key Takeaways from Market Study
The U.S. is estimated to account for 82.6% share of the North American market in 2021, supported by rising preference for processed food with high nutritional content.
Japan is estimated to account for more than 35% share of the East Asian market, supported by increase in new players and advanced technology in the market.
Germany is a high potential market in Europe, accounting for 23.8% value share, supported by popularity of the seafood-based protein trend.
Crustaceans hold nearly 34.4% market share, on the back of their health benefits and taste.
Business to business (manufacturers and distributors) reflect around 46.7% of the market share, owing to high demand from the foodservice and processed food industry.
Who is Winning?
Consumers' hectic schedules have increased demand for ready-to-consume food incorporating proteins. Manufacturers are focusing on product innovation to keep up with increased competition in the frozen seafood sector. Key global market players are also focusing on incorporating cutting-edge technologies that will enable them to maintain high-quality standards and differentiation.
Some of the leading companies offering frozen seafood are Marine Harvest ASA, Austevoll Seafood ASA, SalMar, Coast Seafood, Charoen Pokphand Foods, Fortune Fish & Gourmet, Maruha Nichiro, Norway Royal Salmon, Mitsubishi Corporation, and Trident Seafood.
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