Frozen Hake Market Estimated to Reach USD 3.1 Billion by 2034, Growing at a CAGR of 7.3%

Allied Market Research published a report, titled, "Frozen Hake Market by Species (Atlantic Hake, Pacific Hake and Others), Form (Frozen Whole Hake, Frozen Hake Fillets and Others), and Distribution Channel (Local Distributors, Supermarkets/Hypermarkets and Online Channels): Global Opportunity Analysis and Industry Forecast, 2024-2034". According to the report, the frozen hake market was valued at $1.4 billion in 2023, and is estimated to reach $3.1 billion by 2034, growing at a CAGR of 7.3% from 2024 to 2034.

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Prime determinants of growth

The growth of the frozen hake market is fueled by an increase in consumer awareness of the health benefits associated with seafood consumption, such as omega-3 fatty acids and lean protein, drives demand for frozen hake. Secondly, advancements in freezing and packaging technologies ensure product quality, extend shelf life, and enhance convenience for consumers. In addition, globalization and expanding distribution networks enable wider market reach, particularly in emerging economies. Moreover, the affordability of frozen hake compared to other seafood options makes it accessible to budget-conscious consumers. Lastly, the versatility of frozen hake for various culinary applications appeals to a wide range of consumers, further stimulating market growth.

The demand for Atlantic hake is driven by several factors. Atlantic Hake, scientifically known as Merluccius, is abundantly found in the cold waters of the North Atlantic Ocean, making it readily available for fishing and processing. Its availability ensures a consistent supply, meeting the demand from consumers and industries worldwide. Moreover, Atlantic Hake is highly valued for its delicate flavor and versatile texture, making it suitable for various culinary applications. Whether grilled, baked, or fried, Atlantic Hake maintains its quality and taste, appealing to a broad spectrum of consumers with diverse culinary preferences. Furthermore, Atlantic Hake fisheries often adhere to strict sustainability practices, ensuring the long-term viability of the species and resonating with environmentally conscious consumers.

The demand for frozen whole hake is influenced by multiple factors. It offers convenience and versatility to consumers and foodservice providers. Being sold in its entirety, it allows for various cooking methods, including baking, grilling, frying, and steaming, catering to diverse culinary preferences and applications. Frozen whole hake retains its natural flavor, texture, and nutritional value, appealing to consumers seeking authentic seafood experiences. Its intact form also allows for easy inspection of freshness and quality, instilling confidence in buyers. Moreover, frozen whole hake typically comes at a competitive price point compared to processed or portioned hake products, making it accessible to a wider consumer base, including budget-conscious shoppers and bulk buyers.

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The local distributors dominated the distribution channel segment. local distributors often have established networks and relationships within their communities, allowing them to effectively meet the specific needs and preferences of local consumers. Moreover, local distributors can offer a more personalized and responsive service, including tailored product assortments, flexible delivery schedules, and attentive customer support, enhancing customer satisfaction and loyalty. Local distributors may have a better understanding of regional regulations, market trends, and consumer preferences, enabling them to adapt quickly to changing market dynamics and seize emerging opportunities. Furthermore, by sourcing hake from local fisheries or suppliers, local distributors can offer fresher products with reduced transportation costs and environmental impact, appealing to environmentally conscious consumers and supporting local economies.

Regional Outlook

Asia-Pacific region has vast and diverse consumer base, which includes countries such as China, Japan, and South Korea, presents substantial opportunities for market expansion. These countries have a rich tradition of seafood consumption and a growing demand for imported frozen seafood products. Moreover, the strategic geographical location of many Asia-Pacific nations provides access to key fishing grounds, facilitating the sourcing and processing of hake. In addition, advancements in cold chain logistics and infrastructure have improved the distribution and availability of frozen hake products across the region, further driving market growth. Furthermore, the dynamic economic growth in many Asia-Pacific countries has led to rising disposable incomes and changing consumer preferences, with a growing inclination towards Western dietary habits and convenience foods. This shift in consumer behavior has contributed to increased demand for frozen hake as a convenient and versatile seafood option.

Players: -

Pacific Seafood
High Liner Foods
Iglo Group
Trident Seafoods
Nomad Foods
Cooke Aquaculture
Thai Union Group
Pescanova
Maruha Nichiro
Oceana Group

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The report provides a detailed analysis of these key players in the global frozen hake market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to highlight the competitive scenario.

Report Review :

Definition

The frozen hake market involves the trade and distribution of hake fish that have been frozen to preserve freshness and extend shelf life. Hake, a member of the cod family, is valued for its mild flavor, white flesh, and versatile culinary applications. This market caters to both commercial and household consumers, providing a reliable source of protein through various frozen hake products such as fillets, steaks, and processed fish items.

Key Driver: Rising Health Awareness

One of the primary drivers of the frozen hake market is the increasing awareness of the health benefits associated with fish consumption. Hake is low in fat and high in protein, making it a desirable option for health-conscious consumers. The growing trend towards healthy eating and balanced diets is encouraging more people to include fish like hake in their meals. Additionally, hake's relatively low levels of mercury compared to other fish make it a safer choice for regular consumption. This health-driven demand is expected to continue driving market growth, as consumers seek nutritious and convenient food options​.

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Opportunity: Expansion in Emerging Markets

An important opportunity for the frozen hake market lies in its expansion into emerging markets. Countries in Asia, Africa, and Latin America are showing increasing interest in seafood, driven by rising incomes, urbanization, and changing dietary preferences. For instance, Madagascar's frozen hake market is projected to grow significantly, bolstered by improvements in local processing facilities and supportive trade policies. These regions offer substantial growth potential for exporters and processors who can navigate the logistical challenges and tailor their products to meet local tastes and preferences​

Future Growth Prospects

The future of the frozen hake market appears promising, with several factors contributing to its anticipated growth. Technological advancements in freezing and transportation are enhancing the quality and availability of frozen hake products globally. This is crucial for maintaining product integrity during long-distance shipping, making hake more accessible to a wider audience.

Moreover, the increasing popularity of online food retail is transforming how consumers purchase frozen fish. The convenience of online shopping and home delivery services is expected to boost sales, particularly in urban areas. Furthermore, sustainability practices in fishing are becoming more important, with consumers and regulators pushing for responsible sourcing. Companies that adopt sustainable fishing methods are likely to gain a competitive edge in the market.

Overall, the frozen hake market is set to experience robust growth, driven by health-conscious consumers, expanding opportunities in emerging markets, and advancements in technology and sustainability. As the global appetite for healthy and convenient seafood continues to rise, the frozen hake market is well-positioned for a prosperous future.

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