Frozen Seafood Global Market Analysis, Trends, Growth, Research And Forecast 2033

The Business Research Company recently released a comprehensive report on the Global Frozen Seafood 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 seafood market size has grown strongly in recent years. It will grow from $22.12 billion in 2023 to $23.53 billion in 2024 at a compound annual growth rate (CAGR) of 6.4%. The growth in the historic period can be attributed to rise in demand for convenience foods, globalization and trade expansion, health and nutrition trends, improved packaging solutions, evolving consumer preferences.

The frozen seafood market size is expected to see strong growth in the next few years. It will grow to $29.6 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%. The growth in the forecast period can be attributed to premiumization and ready-to-cook trends, culinary exploration and consumer education, global trade and market expansion, quality assurance and food safety standards, product innovation and diversification. Major trends in the forecast period include health and nutrition awareness, convenience and time-saving solutions, sustainability and responsible sourcing, variety and innovation in product offerings, educational campaigns and culinary exploration.

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Market Drivers and Trends:

The rising consumption of seafood is expected to propel the growth of the frozen seafood market going forward. Seafood is any sort of sea life that is considered edible by humans. Consumers are preferring seafood as it provides various health benefits, and freezing seafood helps to maintain its color, texture, shape, and flavor. As a result, the rising consumption of seafood increases the demand for the frozen seafood market. For instance, in July 2023, according to the report published by the Food and Agriculture Organization (FAO), an Italy-based specialized agency of the United Nations, projections indicate a rise in apparent food fish consumption to 21.2 kg per capita globally by 2032, up from the base period average of 20.4 kg (2020-2022). The forecast suggests that 90% of fish production will be utilized for human consumption in 2032, compared to 88% in the base period (2020-22 average). Fish consumption for human use is expected to see a 14% increase, reaching 182 million tons by 2032. Therefore, rising consumption of seafood drives the frozen seafood market.

Technological advancements are the key trend gaining popularity in the frozen seafood market. Major companies operating in the frozen seafood market are focusing on applying new technologies to preserve frozen seafood in better ways to increase longevity and preserve freshness. For instance, in July 2021, Båtsfjordbruket, a Norway-based seafood company installed a spiral freezer with sanitizing technology. The seafood company would be able to boost product output and fully automate freezing procedures with a spiral freezer equipped with sanitizing technology. The small spiral freezer uses horizontal airflow technology for uniform, controlled freezing and can treat 5,500 lb (2,500 kilograms) of fish fillets per hour. The Helix contains about 1,830 ft2 (170 m2) of stainless-steel belt, allowing for the freezing of huge quantities of seafood products in a compact production space.

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Major Key Players of the Market:

Toyo Suisan Kaisha Ltd., Maruha Nichiro Corporation, Mowi ASA, Nippon Suisan Kaisha Ltd., Thai Union Group Public Company Limited, Nomad Foods Limited, Findus Group Limited, Lerøy Seafood Group ASA, AquaChile S.A., Empresas AquaChile S.A., Royal Greenland A/S, High Liner Foods Inc., Ocean Beauty Seafoods LLC, Tassal Group Limited, Pacific Seafood, Clearwater Seafoods Incorporated, Trident Seafoods Corporation, Bumble Bee Foods LLC, Surapon Foods Public Company Limited, Apex Frozen Foods Limited, Beaver Street Fisheries Inc., Mazetta Company LLC, Cooke Aquaculture Inc., Alliance Select Foods International Inc., Siam Canadian Group Limited, J. Sykes & Sons, Castlerock Inc., Tri Marine International Inc., Friosur S.A., Europêche

Frozen Seafood Market 2024 Key Insights:

• The frozen seafood market size is expected to see strong growth in the next few years. It will grow to $29.6 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%.
• Growing Appetite For Seafood Boosts Demand For Frozen Seafood Market
• Technological Advancements Drive Innovation In Frozen Seafood Preservation
• Asia-Pacific was the largest region in the frozen seafood market share in 2023

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