Frozen Seafood Market to Reach $74.34 Billion by 2029

Meticulous Research®-a leading global market research company, published a research report titled, 'Frozen Seafood Market by Category (Fish, Crustaceans, Shellfish, Molluscs) and Distribution Channel (B2B [Food Services, Food Manufacturers], B2C [Offline {Supermarkets & Hypermarkets, Convenience Stores}, Online])-Global Forecast to 2029'.

The Frozen Seafood Market is expected to reach $74.34 billion by 2029, at a CAGR of 5.6% from 2022 to 2029. This market is driven by the rising consumption of seafood, increased awareness of the health benefits of seafood, and the growing numbers of supermarkets & hypermarkets.

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Furthermore, the growing adoption of quick freezing technology to freeze seafood is expected to provide a significant opportunity for the growth of this market. However, overfishing and the availability of other meat alternatives hinder the growth of this market to a notable extent. In addition, the lack of cold chain infrastructure in developing economies poses a major challenge to players operating in this market.

The market is segmented by category, distribution channel, and geography. The study also evaluates industry competitors and analyses the market at the country and levels.

Based on category, the frozen seafood market is segmented into fish, crustaceans, shellfish, molluscs, and others. In 2022, the fish segment is expected to account for the largest share of the frozen seafood market. The large market share of this segment is attributed to the widescale consumption across the globe, increasing the health-conscious population, and the growing popularity of chemical-free fish with higher shelf life. Additionally, large-scale fishing and the growing fish farming trend have their fair share in driving the demand.

This segment is also expected to witness significant growth during the forecast period. The rapid growth of this segment is attributed to the health benefits accompanied by fish consumption, as they are home to omega-3-fatty acids and riboflavin. It reduces the risk of heart attacks and strokes, treats depression, improves eyesight, improves brain health, improves skin and hair texture, and improves the immune system. American Heart Association recommends people fish twice a week to keep their hearts healthy due to their minerals, vitamins, calcium, and phosphorous-rich nature.

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Based on distribution channel, the frozen seafood market is segmented into business-to-business (B2B) and business-to-consumer (B2C). In 2022, the business-to-business segment is expected to account for the largest share of the frozen seafood market. The large market share of this segment is attributed to the growing B2B frozen seafood trading, the growing number of Quick Service Restaurants (QSRs), and the rising demand from hotels, restaurants, food chains, and the food service sector.

However, the business-to-consumer segment is expected to witness significant growth during the forecast period. The rapid growth of this segment is attributed to the rising population density in urban areas, the increasing trend of online shopping, the growing popularity of ready-to-cook meals, the rising number of supermarkets & hypermarkets in developing countries, the increasing popularity of franchising concepts, the growing preference for personalization, consumer convenience, and greater product selection.

Based on geography, in 2022, Asia-Pacific is expected to account for the largest share of the frozen seafood market. The major market share of Asia-Pacific is attributed to the increasing urbanization, health awareness, and disposable incomes, the rising number of fast food restaurants that serve fish, the increasing awareness regarding the importance of protein-rich diets, increase in the number of refrigerated warehouses, technological progress in refrigerated transport and storage, and continuous shift in consumer habits to buy frozen seafood products from organized retail channels such as supermarkets & hypermarkets. Additionally, the nutritional benefits of frozen seafood are also driving the market growth in this region.

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The key players operating in the frozen seafood market are Sirena Group A/S (Denmark), M&J Seafood (U.K.), Beaver Street Fisheries, Inc. (U.S.), Mazzetta Company, LLC (U.S.), Castlerock Fisheries Private Limited (India), Lerøy Seafood Group ASA (Norway), IFC Seafood Inc. (Canada), Thai Union Group PCL (Thailand), Clifton Seafood Company Limited (U.K.), American Seafoods Company LLC (U.S.), Forstar Frozen Foods Pvt. Ltd. (India), Nomad Foods Limited (U.K.), Apex Frozen Foods Limited (India), Viet Asia Foods (Vietnam), Kangamiut Seafood A/S (Denmark), and Marine Foods B.V. (Netherlands), among others.

Key Questions Answered in the Report-

Which are the high-growth market segments in terms of category, distribution channel, and geography?
What is the historical market size for frozen seafood across the globe?
What are the market forecasts and estimates for the period 2022-2029?
What are the major drivers, restraints, opportunities, and challenges in the frozen seafood market?
Who are the major players in the market, and what are their market shares?
Who are the major players in various countries, and what are their market shares?
How is the competitive landscape for the frozen seafood market?
What are the recent developments in the frozen seafood market?
What are the different strategies adopted by the major players in the market?
What are the key geographic trends, and which are the high-growth countries?
Who are the local emerging players in the frozen seafood market, and how do they compete with other players?

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This release was published on openPR.