Frozen Fish Market Research And Analysis 2024-2033

"The Business Research Company recently released a comprehensive report on the Global Frozen Fish Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The frozen fish market size has grown strongly in recent years. It will grow from $24.73 billion in 2023 to $26.76 billion in 2024 at a compound annual growth rate (CAGR) of 8.2%. The growth in the historic period can be attributed to increasing urbanization and busy lifestyles, increasing investment in cold chain logistics, increasing demand for protein-rich diets, increasing government support for sustainable fishing practices, and increasing awareness of the health benefits of fish consumption.

The frozen fish market size is expected to see strong growth in the next few years. It will grow to $37.19 billion in 2028 at a compound annual growth rate (CAGR) of 8.6%. The growth in the forecast period can be attributed to increasing production of fisheries and aquaculture, growing awareness regarding environmental issues, growing e-commerce and online retail channels, growing need for fish products, and growing popularity of premium products and exotic fish. Major trends in the forecast period include technological advancements, ready-to-eat products, packaging innovations to extend shelf life, exotic frozen fish varieties, and low-mercury and contaminant-free fish.

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Market Drivers and Trends:

The increasing production of fisheries and aquaculture is expected to propel the growth of the frozen fish market going forward. Fisheries refer to the industry or activity of catching, processing, and selling fish, while aquaculture involves the breeding, rearing, and harvesting fish and other aquatic organisms in controlled environments. The increasing production of fisheries and aquaculture can be attributed to technological advancements, improved breeding techniques, rising global seafood demand, supportive government policies, and enhanced sustainability practices. Modern freezing technologies and improved processing techniques in fisheries and aquaculture ensure that frozen fish retains its nutritional value, texture, and flavor. Quick freezing methods preserve freshness and minimize the degradation of fish quality during storage and transportation. For instance, in March 2024, according to the Department of Agriculture and Water Resources, an Australia-based government agency, Australia's fisheries and aquaculture sectors are projected to generate an average of $3.48 billion annually between 2024-25 and 2028-29. Further, the total output volume is forecasted to rise by 1%, reaching 296,000 tons by 2024-2025 compared to 2022-2023. Therefore, the increasing production of fisheries and aquaculture is driving the growth of the frozen fish market.

Major companies operating in the frozen fish market focus on developing innovative products, such as Asian-inspired frozen fish, to cater to evolving consumer tastes and expand their market share in the growing frozen fish industry. Asian-inspired frozen fish refers to frozen fish products that are seasoned, prepared, or styled to reflect flavors, ingredients, or cooking techniques commonly found in Asian cuisine. These products are designed to appeal to consumers seeking convenient yet flavorful options that capture the essence of Asian culinary traditions. For instance, in February 2024, Young's Seafood, a UK-based company specializing in producing and distributing frozen, fresh, and chilled seafood, launched a range of coated fish products inspired by Asian cuisine under its Gastro brand. The ""Taste of Asia"" range features four limited-edition products with flavors inspired by authentic Southeast Asian cuisines, including Korean, Thai, and Japanese. These new products aim to provide consumers an easy way to incorporate more seafood into their diets, offering diverse flavor profiles and exciting new mealtime options beyond traditional fish and chips.

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Major Key Players of the Market:

Maruha Nichiro Corporation, Mowi ASA, Nissui Corporation, Austevoll Seafood ASA, Nomad Foods Limited, SalMar ASA, Nueva Pescanova Group, Cooke Inc., High Liner Foods Inc., Camanchaca Inc, Clearwater Seafoods Incorporated, Tassal Group Limited, Iceland Seafood International hf, Dongwon Industries Co Ltd, Zhangzidao Group Co Ltd, Hansung Enterprise Co Ltd, Surapon Foods Public Company Limited, Lyons Seafoods Limited, FCF Fishery Company Ltd, Chicken of the Sea International, Lerøy Seafood Group ASA, AquaChile SA, Bright Star Group LLC, Marine Harvest Group

Frozen Fish Market 2024 Key Insights:

• The frozen fish market size is expected to see strong growth in the next few years. It will grow to $37.19 billion in 2028 at a compound annual growth rate (CAGR) of 8.6%.
• Increasing Fisheries And Aquaculture Production Fuels Market Expansion
• Innovative Asian-Inspired Offerings in the Frozen Fish Market
• North America was the largest region in the frozen fish market in 2023

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This release was published on openPR.