Major Market Shift in Frozen Fish Industry: Innovative Asian-Inspired Offerings in the Frozen Fish Market

What Is the Forecasted Market Size and Growth Rate for the Frozen Fish Market?
The size of the frozen fish market has been on a steady growth trajectory in the past few years. Its value is expected to swell from $26.76 billion in 2024 to $29.13 billion in 2025, registering a compound annual growth rate (CAGR) of 8.8%. Several factors have spurred growth during the historic period, including increased urbanization and hectic life patterns, augmented investment in cold chain logistics, a rising demand for protein-laden diets, escalated government backing for sustainable fishing methods, and enhanced knowledge regarding the health advantages of eating fish.

The market for frozen fish is projected to witness a substantial increase in the upcoming years, escalating to a whopping $40.33 billion in 2029 with a compound annual growth rate (CAGR) of 8.5%. Factors contributing to growth in the forecast period include expansion in the fisheries and aquaculture industry, heightened sensitivity towards environmental concerns, a surge in e-commerce and digital retail platforms, increasing demand for fish items, and a rise in the preference for premium and rare fish species. Going forward, key trends in the forecast period will include advancement in technology, ready-to-consume products, packaging enhancements for extended longevity, exotic varieties of frozen fish and low-mercury, contaminant-free fish products.

What Are the Forces Behind the Rapid Growth of the Frozen Fish Market?
The growth of the frozen fish market is poised to be fuelled by the escalating production of fisheries and aquaculture. The terms "fisheries" pertain to the field or practice of capturing, processing, and peddling fish, whereas "aquaculture" focuses on the cultivation, nurturing, and harvesting of fish as well as other aquatic creatures within restricted environments. The surge in fisheries and aquaculture operations can be credited to technological evolution, refined breeding methods, a rise in international seafood demand, favorable governmental regulations, and amplified sustainability measures. The use of contemporary freezing methods and enhanced processing strategies in fisheries and aquaculture make sure the frozen fish maintains its dietary content, texture, and taste. Fast freezing procedures keep freshness intact and reduce the attrition of fish quality during storage and transit. For example, in March 2024, the Department of Agriculture and Water Resources, an agency of the Australian government, estimated that the fisheries and aquaculture industries in Australia are set to produce an average revenue of $3.48 billion per year from 2024-25 to 2028-29. Furthermore, the total production volume is projected to increase by 1%, reaching 296,000 tons by 2024-2025 compared to 2022-2023. Hence, the escalating production of fisheries and aquaculture is acting as a catalyst for the frozen fish market growth.

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Which Businesses Are at the Forefront of Frozen Fish Market Development?
Major companies operating in the frozen fish market are 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

What Are the Latest Innovations in the Frozen Fish Market?
Leading players in the frozen fish market are focusing on product innovation like Asian-inspired frozen fish to cater to changing consumer preferences and increase their market foothold in this industry. Asian-inspired frozen fish encompasses frozen fish offerings that are seasoned, prepared or styled to mirror common flavor profiles, ingredients or cooking techniques of Asian cuisine. These products are targeted towards consumers looking for expedient yet tasty food options that encapsulate the variety of Asian culinary traditions. For example, in February 2024, Young's Seafood, a company headquartered in the UK known for producing and distributing frozen, fresh, and chilled seafood, introduced a range of fish products coated with Asian-inspired flavors under its Gastro brand. The 'Taste of Asia' collection introduces four limited-edition items featuring flavors reminiscent of authentic Southeast Asian kitchens, including Korean, Thai, and Japanese. The goal of these innovative items is to provide an easy method for consumers to add more seafood in their meals, thereby providing a range of interesting flavors and novel meal solutions beyond the typical fish and chips.

How Is the Frozen Fish Market Segmented?
The frozen fish market covered in this report is segmented -

1) By Type: Salmon, Tuna, Cod, Tilapia, Shrimp, Other Types
2) By Distribution Channel: Supermarkets And Hypermarkets, Convenience Stores, Specialty Stores, Online Retail
3) By End Use: Food Processing Industry, Food Service Provider, Retail Or Household

Subsegments:
1) By Salmon: Atlantic Salmon, Pacific Salmon
2) By Tuna: Yellowfin Tuna, Skipjack Tuna, Bluefin Tuna
3) By Cod: Atlantic Cod, Pacific Cod
4) By Tilapia: Farmed Tilapia, Wild-Caught Tilapia
5) By Shrimp: White Shrimp, Black Tiger Shrimp, Vannamei Shrimp, Other Shrimp Varieties
6) By Other Types: Haddock, Mackerel, Sardines, Pollock, Other Fish Varieties

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Where Is the Frozen Fish Market Growth Most Prominent?
North America was the largest region in the frozen fish market in 2023. The regions covered in the frozen fish market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

What Is Covered In The Frozen Fish Global Market Report?

- Market Size Analysis: Analyze the Frozen Fish Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Frozen Fish Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Frozen Fish Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Frozen Fish Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.

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