Global Frozen Seafood Market Expected to Reach US$ 48 Billion by 2033

The global frozen seafood market is expected to grow significantly, with its valuation projected to rise from US$ 28 billion in 2023 to US$ 48 billion by the conclusion of 2033. This growth reflects a steady compound annual growth rate (CAGR) of 5.5% over the forecast period. The surge in demand for convenient food products worldwide has created opportunities for top frozen food manufacturing companies to invest in prepared frozen fish production, projected to grow at a CAGR of 5.7% through 2033.

Frozen seafood, stored at freezing temperatures to extend shelf life, experiences high demand in regions distant from water bodies. The market is expected to rise further due to ongoing developments in cold-chain transportation. Manufacturers utilize cryogenic technology to prevent bacterial growth on frozen seafood, ensuring extended shelf life.

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Market Expansion Drivers

The global frozen seafood market is experiencing growth driven by several key factors. Increasing demand for convenient ready-to-cook meals and the popularity of diets like k-etogenic diets are boosting market expansion. Moreover, there is a rising preference in the food service industry for premium and exotic fish varieties, further fueling market growth. Consumers are increasingly turning to frozen seafood as a healthier alternative to red meat, aligning with growing health consciousness trends. Manufacturers are responding by offering a variety of frozen seafood options that emphasize health benefits, utilizing advanced cryogenic freezing technology to ensure product safety and quality.

Cryogenic freezing, employing substances like solid carbon dioxide or liquid nitrogen, plays a crucial role in maintaining the freshness and nutritional integrity of frozen seafood products. This technology inhibits bacterial growth effectively, extending the shelf life of frozen fish while preserving essential fatty acids and proteins sought after by health-conscious consumers. Additionally, the environmental benefits of frozen seafood, including a reduced carbon footprint compared to fresh seafood and minimized waste through efficient processing methods, are contributing factors driving consumer preference towards frozen options. As sustainability continues to gain prominence in food choices, the adoption of cryogenic freezing techniques and the overall growth of the frozen seafood market are poised to meet the evolving demands of health-conscious consumers and environmentally aware practices in the global food industry.

List of Key Companies Profiled in The Report

SalMar
Coast Seafood
Maruha Nichiro
Trident Seafoods
Thai Union Group
Sterling Seafood Corp.
Clifton Seafood Company
Marine Harvest ASA
Austevoll Seafood ASA
Charoen Pokphand Foods
Others

Insights by Category

Unveiling a deeper understanding of the global frozen seafood market through distinct categories.

Product Preference and Clean-Label Trends

The market's expansion is driven by the increasing demand for fish products that offer quick preparation and longer shelf life, aligning with the rising trend of clean-label products and the preference for packaged food without preservatives.

Dominant Product Category

Frozen fish, holding a 50% share of the global market, gained popularity for its nutritive value, essential nutrients, and valuable food source.

Distribution Channels

In terms of distribution channels, supermarkets/hypermarkets dominate with a 40% share, offering a wide range of frozen seafood products and convenient access under one roof. The frozen seafood department in supermarkets features fish fillets and other products commonly used in prepared dishes and single servings of ready-to-eat foods.

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Competitive Landscape

In the competitive landscape of the frozen seafood industry, leading manufacturers continually innovate to align with evolving consumer preferences. They strive to attract a wide customer base by introducing products enhanced with improved flavors and health benefits.

For example, in 2021, Dutch frozen food provider J.P. Verwijs introduced a new biodegradable packaging solution for its assortment of fish and seafood products. This environmentally friendly packaging option minimizes plastic usage, reflecting the company's commitment to sustainability.

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This release was published on openPR.