Frozen Seafood Market Expands at 5.3% CAGR, Driven by Demand for Convenience Foods - Analysis by TMR

The global frozen seafood market continues its upward trajectory, driven by increasing consumer demand for convenient and nutritious food options. In 2022, the market was valued at US$ 27.3 billion and is projected to reach US$ 42.9 billion by 2031, growing at a CAGR of 5.3% from 2023 to 2031. The industry is witnessing significant advancements in freezing technologies and sustainable fishing practices, enhancing product quality and longevity.

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Market Size and Growth

The frozen seafood industry is expanding rapidly, fueled by urbanization, a growing working population, and the rising preference for ready-to-eat meals. The prolonged shelf life, cost-effectiveness, and retention of nutritional value are major advantages contributing to the market's growth. Additionally, continuous improvements in freezing techniques, such as Individual Quick Freezing (IQF) and flash freezing, are driving consumer confidence and industry expansion.

Market Segmentation

The frozen seafood market is segmented based on type, end-use, and distribution channel:

• Type: Fish (Marine Pelagic, Marine Demersal, Diadromous, Others), Crustaceans (Shrimp, Crab, Lobster, Krill, Others), Mollusks, and Other seafood.

• End-use: Food Processing Industry, Foodservice, Retail/Household.

• Distribution Channel: Business to Business (B2B), Business to Consumer (B2C), including Hypermarkets/Supermarkets, Convenience Stores, Specialty Stores, and Online Retail.

Regional Analysis

North America held the largest market share in 2022, driven by high consumer awareness of seafood's health benefits, a rising number of seafood-serving restaurants, and the expansion of large-scale retail chains. The United States leads the region's growth, with increasing adoption of frozen food options. Meanwhile, Asia-Pacific is emerging as a key growth region, propelled by growing seafood consumption in China, Japan, and India, along with expanding e-commerce channels.

Market Drivers and Challenges

Drivers:

• Rising demand for convenient and healthy food options.

• Advancements in freezing technologies ensuring superior product quality.

• Growth in sustainable fishing initiatives reducing environmental impact.

Challenges:

• Fluctuations in seafood supply due to climate change and overfishing concerns.

• High initial investment in advanced freezing infrastructure.

• Stringent regulations governing seafood quality and sustainability practices.

Market Trends

The industry is seeing a surge in sustainable seafood practices, as consumers become more environmentally conscious. Companies are investing in eco-friendly packaging solutions and innovative freezing methods to minimize waste and carbon footprints. The rising trend of e-commerce and direct-to-consumer seafood delivery services is also reshaping the market landscape, providing consumers with fresh, high-quality frozen seafood at their convenience.

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Competitive Landscape

Leading market players are actively investing in R&D and expansion strategies to strengthen their market position. Major industry participants include Austevoll Seafood ASA, Leroy Seafood Group, Grieg Seafood, Marine Harvest ASA, SalMar, Charoen Pokphand Foods, Mitsubishi Corporation, SeaPak Shrimp & Seafood Co, High Liner Foods, and Cooke Aquaculture. These companies are focusing on strategic partnerships, product innovation, and sustainable seafood processing to gain a competitive edge.

Future Outlook

The frozen seafood market is poised for substantial growth in the coming years, driven by increasing demand for sustainable and high-quality seafood products. Technological advancements in freezing and packaging, along with the continued expansion of retail and online distribution channels, will further fuel market expansion. Companies investing in eco-friendly processing and distribution strategies will likely emerge as key industry leaders.

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Key Market Study Points

• Market valuation and forecast from 2022 to 2031.

• Analysis of market drivers, challenges, and trends shaping the industry.

• Regional and country-level insights into market growth patterns.

• Competitive landscape with company profiles and strategic developments.

• Opportunities in sustainable fishing and advanced freezing technologies.

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