Frozen Fish & Seafood Market: Analyzing the Future of Global Demand and Supply

The global frozen fish & seafood market was valued at US$ 36 billion in 2020 and is projected to reach US$ 73 billion by 2030, growing at a CAGR of 7.3%. The market growth is driven by changing consumer lifestyles, increasing health awareness, and the rising demand for convenience food, especially in emerging economies.

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Key Trends

Wild-Caught and Alaska Seafood:

Consumers are increasingly attracted to wild-caught seafood, associating it with better taste, health benefits, and freshness. In particular, seafood labeled "Alaska" is highly popular due to its association with premium quality and freshness. This trend is driving growth, as marketers capitalize on these associations to promote the products.

Health-Conscious Offerings:

The market is seeing a rise in healthy seafood options. For example, SeaPak Shrimp & Seafood Co. launched SeaPak Shrimp Sea Pals, a children-friendly product high in protein and free of artificial preservatives and colors. This is expanding the market by targeting families and children, promoting the nutritional benefits of seafood.

Fresh vs. Frozen:

Despite the misconception that fresh is always better, surveys have shown that frozen fish can retain its nutritional value and is often preferred due to its longer shelf life. The frozen seafood market is investing in research to improve the perception of frozen fish as fresh, using technologies like bioelectrical impedance analysis (BIA) to measure freshness.

Impact of COVID-19:

The COVID-19 pandemic caused significant disruptions in the seafood industry, including the closure of fish markets and restrictions on imports and exports. However, the demand for frozen seafood increased during the lockdowns due to its longer shelf life compared to fresh seafood. The trend toward online retailing has accelerated, as consumers turn to e-commerce platforms to buy frozen seafood.

Key Market Dynamics

Rising Demand for Organic and Premium Seafood:

Consumers are becoming more conscious of the health and environmental impacts of their food choices, leading to an increased demand for organic and premium seafood products. The aquaculture industry is responding by offering healthier, sustainable products, further driving market growth.

Online Sales Growth:

The e-commerce segment has seen a significant rise, as people continue to shop for frozen seafood products online. Platforms like Walmart, Big Basket, and D-Mart are increasingly attracting consumers, especially during periods of lockdown.

Market Competition:

The market is highly competitive, with a mix of global giants and regional players vying for market share. Companies are focusing on strategic mergers, acquisitions, and expanding their global footprint to remain competitive.

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Regional Insights

Asia Pacific holds the largest market share (over 40%) due to its high demand for convenience food and nutritional benefits.

North America is expected to grow at the highest CAGR during the forecast period, driven by rising income levels, health-conscious consumers, and government regulations supporting the seafood industry.

Europe and Latin America also hold significant shares, with Europe focusing on product safety and sourcing transparency.

Market Segmentation

Product Type:

Shrimps
Crustaceans
Shellfish
Molluscs
Sea Bream
Other Fish

Nature:
Organic
Conventional

End Use:
Food Processing Industry
Food Service Provider (HoReCa)
Retail/Household

Distribution Channel:
B2B
B2C
Supermarkets/Hypermarkets
Fishmongers
Convenience Stores
Specialty Stores
Online Retailing

Region:
North America
Latin America
Europe
Asia Pacific
Japan
Oceania
Middle East & Africa

Competitive Landscape

Key players in the frozen fish & seafood market include:

Tri Marine International
Clearwater Seafood
Marine Harvest
Iglo Group
AquaChile
High Liner Foods
Austevoll Seafood
Toyo Suisan Kaisha

Strategies for Growth

Mergers & Acquisitions:

Companies are acquiring regional players to expand their market reach and product offerings. This allows them to tap into local preferences and enhance their global footprint.

Improving Supply Chains:

To address disruptions caused by the pandemic, manufacturers are investing in improving their supply chains and leveraging online retail platforms to ensure product availability globally.

Focus on Packaging:

Vacuum-sealed packaging is becoming more prevalent, helping to preserve freshness and shift consumer perceptions about frozen seafood being as fresh as non-frozen alternatives.

Analyst's Viewpoint

The frozen fish & seafood market will continue to grow, driven by increasing consumer health consciousness, a preference for convenience, and innovations in packaging and online sales. Companies should focus on enhancing product quality, educating consumers about the benefits of frozen seafood, and capitalizing on the growing demand for organic and premium offerings.

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