Global Freezing Fishing Vessels Market Projected to Grow at 6.1% CAGR, Reaching $2.22 Billion by 2029

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What Will the Freezing Fishing Vessels Industry Market Size Be by 2025?
The sector of fishing vessels with freezing capabilities has seen considerable growth in recent times. The market size is expected to surge from $1.65 billion in 2024 to $1.75 billion in 2025, highlighting a promising compound annual growth rate (CAGR) of 6.5%. Factors contributing to this remarkable growth during the historical period include rising consciousness about the health perks of seafood, an augmented demand for sustainable advancements, a deepening emphasis on food safety and excellence, a burgeoning demand for frozen seafood, along with a heightened consumer desire for enhanced value sea products.

What's the Long-Term Growth Forecast for the Freezing Fishing Vessels Market Size Through 2029?
The market size for freezing fishing vessels is predicted to experience robust growth in the coming years. It is expected to reach a value of $2.22 billion by 2029 with a compound annual growth rate (CAGR) of 6.1%. The expansion during this forecast timeframe can be linked to increasing worries about overfishing, conserving the quality of the catch, prolonging the lifespan of seafood products, regulatory adherence, and the enhancement of economic performance. The forecast period will be characterised by major developments such as technological progress, innovative freezing techniques, smart technologies, improvements in the efficiency and design of vessels, and industrial innovations.

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What Are the Key Growth Drivers Fueling the Freezing Fishing Vessels Market Expansion?
The growing fondness for seafood is anticipated to fuel the expansion of the freezing fishing vessels market in the future. The term 'seafood' denotes any marine life that is consumed as food by humans, encompassing a wide variety of marine species enjoyed globally. Several factors are behind the increasing appeal of seafood, such as rising population and income levels, a trend towards seafood consumption, and the expansion of aquaculture. Freezing fishing vessels play an essential role in the delivery chain for seafood, ensuring the product stays fresh and safe, retains its quality and freshness, avoids decay, and upholds its taste and texture. For instance, as reported in July 2024 by The State of World Fisheries and Aquaculture (SOFIA) report from the Food and Agriculture Organization (FAO) - an international agency based in the United States spearheading initiatives to combat hunger - global fisheries and aquaculture production hit 223.2 million tons in 2022, which marked a 4.4% upsurge from the year 2020. Furthermore, a 10% rise in global aquatic animal production is projected by 2032, reaching 205 million tons. Hence, the escalating favor for seafood is stimulating the expansion of the freezing fishing vessels market.

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What Are the Key Trends Driving Freezing Fishing Vessels Market Growth?
Key players in the freezing fishing vessels industry are concentrating their efforts on the production of innovative products such as the freezer stern factory trawler. The goal is to advance their deep-sea fishing abilities, gain better efficiency in onboard processing, and satisfy the growing demand for high-quality, frozen seafood. The freezer stern factory trawler is a distinct kind of fishing vessel that combines the functions of freezing and factory processing, designed for optimal capturing, processing, and preserving fish offshore. For example, Tersan Shipyard, a freezing company based in Turkey, unveiled a freezer stern factory trawler named Jan Maria in January 2023. It comes equipped with fully integrated systems for onboard grading, filleting, processing, and freezing. The vessel boasts a shrimp factory, a state-of-the-art fillet factory, and a fish oil and fishmeal plant. Its dimensions are 88.10 meters by length, 18.30 meters by width, a gross tonnage of 5,997, and it is propelled by a 7,000 kW Wärtsilä propulsion system. It is capable of accommodating a crew of up to 43 members.

How Is the Freezing Fishing Vessels Market Segmented?
The freezing fishing vessels market covered in this report is segmented -

1) By Type: Commercial Fishing Vessels, Artisanal Fishing Vessels, Recreational Fishing Vessels
2) By System: Air Blast Freezing, Plate Freezing, Brine, Individual Quick Frozen (IQF)
3) By Freezing Capacity: 50 Tons To 150 Tons, 150 Tons To 300 Tons, Less Than 50 Tons, More Than 300 Tons
4) By Vessel Length: Less Than 20M, 21-30M, 31-40M, More Than 40M

Subsegments:
1) By Commercial Fishing Vessels: Trawlers, Longliners, Purse Seiners, Factory Ships, Freezer Trawlers, Freezer Longliners
2) By Artisanal Fishing Vessels: Small-Scale Freezing Vessels, Traditional Fishing Boats With Freezing Capabilities, Coastal Fishing Vessels, Handline And Gillnet Freezing Boats
3) By Recreational Fishing Vessels: Sport Fishing Boats With Freezing Facilities, Charter Fishing Boats With Freezer Storage, Private Yacht-Style Fishing Vessels With Freezing Options, High-End Luxury Recreational Freezing Vessels

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Which Companies Are Leading the Charge in Freezing Fishing Vessels Market Innovation?
Major companies operating in the freezing fishing vessels market are Rolls-Royce PLC, Wärtsilä Oyj Abp, Green Yard Kleven AS, Ulstein Group ASA, Kongsberg Gruppen ASA, The Damen Group, Lerøy Havfisk AS, Sanford Limited, Talley's Limited, Heinen & Hopman Engineering BV, Master Boat Builders Inc., Elliott Bay Design Group, Karstensens Skibsvaerft A/S, Teknotherm Inc., Aresa Shipyard Inc., MMC FIRST PROCESS AS, Astilleros Armon S.A., Nordic Wildfish AS, Integrated Marine Systems Inc., Marefsol B.V.

Which Regions Are Leading the Global Freezing Fishing Vessels Market in Revenue?
North America was the largest region in the freezing fishing vessels market in 2023. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the freezing fishing vessels market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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