Frozen Seafood Market Outlook: 5 Critical Approaches to Gain Competitive Edge (2023–2033)
Frozen Seafood Market Outlook: 5 Critical Approaches to Gain Competitive Edge (2023–2033)
According to a research report published by Spherical Insights & Consulting, The Global Frozen Seafood Market Size Expected to Grow from USD 36.89 Billion in 2023 to USD 57.67 Billion by 2033, at a CAGR of 4.57% during the forecast period 2023-2033.
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Frozen seafood products refer to seafood items such as fish, shellfish, and other aquatic delicacies that have been meticulously cleaned, processed, and then deep frozen for storage to maintain freshness and quality. By reducing temperature levels in fish and lowering the temperature below freezing, typically -18 degrees Celsius or lower, its freezing technique is successful in preventing the growth of microorganisms and extending its quality over put-on time. This guarantees that most of the flavor, texture, and nutrients remain in the seafood. It is stored so it can be utilized later in many cooking applications. Frozen seafood is best known for fulfilling these demands that form an easy and rapid meal option. People tend to go for frozen fish rather than other seafood since it is usually fast in traveling and uses less energy. Reduces processing waste, which is another advantage of frozen seafood. Increasing consumer cognizance about the environmental impact of almost all foods as well as the further growth of the sustainable food movement is harnessing the frozen seafood market to itself. Long shelf life, affordability as compared to fresh fish, and being more nutritious than fresh fish are some of the benefits associated with frozen seafood. Consequently, the global market for refrigerated seafood is likely to witness robust growth during the study period. However, the vast amount of energy needed for storing and freezing seafood surrounded a whole lot of operating costs, making it one of the most difficult hurdles for small and medium-scale industries.
Browse key industry insights spread across 230 pages with 150 Market data tables and figures & charts from the report on the Global Frozen Seafood Market Size, Share, and COVID-19 Impact Analysis, By Product Type (Fish, Crustaceans, Shellfish, Mollusks, and Others), By Distribution Channel (Store-based, and Non-Store-based), By End-User (Food Processing, Food Service, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033.
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The fish segment is expected to hold the largest share of the global Frozen Seafood market during the projected timeframe.
Based on product type, the global frozen seafood market is classified into fish, crustaceans, shellfish, mollusks, and others. Among these, the fish segment is expected to hold the largest share of the global frozen seafood market during the projected timeframe. The growth is attributed to the major drivers accruing to the fish segment, which are widespread consumption and a growing demand for chemical-free fish with a longer shelf life. The use of the fish segment mostly comes from the economic affluence of emerging economies. Major contributors to the awareness of frozen fish in these developing nations are its affordability and easy availability.
The stored-based segment is expected to dominate the global frozen seafood market during the projected timeframe.
Based on the distribution channel, the global frozen seafood market is classified into store-based and non-store-based. Among these, the store-based segment is expected to dominate the global frozen seafood market during the projected timeframe. The segmental growth is due to a category that includes supermarkets, hypermarkets, and convenience stores, as they render frozen fish products easily available to customers. Emerging economies are important, just like fish markets, concerning frozen seafood selling through stores. The retail sector thus grows exponentially with the economy’s continuous ongoing development. This emerging economy exposes supermarkets and hypermarkets to consumers’ eyes.
The food processing segment is anticipated to dominate the global frozen seafood market during the projected timeframe.
Based on end-users, the global frozen seafood market is classified into food processing, food service, and others. Among these, the food processing segment is anticipated to dominate the global frozen seafood market during the projected timeframe. The growth is driven by the requirements of the frozen fish products in the food processing industry, which are influenced by many factors. As is the case with fish and store-based segments, the food processing industry uses frozen seafood mainly as a result of growing economies. As frozen seafood is much easier to store and carry longer shelf life than fresh products so the demand for this type of seafood is increasing with time. Economic development, therefore, increases the activity of the food processing sector significantly.
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Europe is projected to hold the largest share of the global frozen seafood market over the forecast period.
Europe is projected to hold the largest share of the global frozen seafood market over the forecast period. Europe will experience growth in the future owing to the rising consumption of fish in order to lessen the risk of heart and other diseases. Fish and other fishes, being rich in polyunsaturated fatty acids, have become a more fruitful demand for consumers. The rising popularity of sustainable fish products in Germany, the UK, and France is most likely to provide an impetus for sustainable frozen fish demand.
North America is expected to grow at the fastest CAGR of the global frozen seafood market during the forecast period. The entire frozen seafood market in North America is primarily driven by the US and Canada. Increasing awareness of health and the requirement for fast meal solutions contribute to the ever-increasing consumption of frozen seafood. The North American consumer demonstrates a growing proclivity towards more high-end, organic, and sustainably sourced products and would much rather have this than consume cheaper fish.
Major vendors in the global frozen seafood market are Premium Seafood Company Inc., The Sirena Group, M&J Seafood Ltd, Beaver Street Fisheries, Mazetta Company LLC, High Liner Foods Inc., Mowi ASA, Forster Frozen Foods Pvt Ltd., IFC Frozen Seafoods, Castlerock Inc., Sterling Seafood Corp., Clifton Seafood Company, Marine Harvest ASA, Austevoll Seafood ASA, Charoen Pokphand Foods, Others.
Key Target Audience
- Market Players
- Investors
- End-users
- Government Authorities
- Consulting and Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
Key Market Development
- In January 2024, New microwavable salmon bowls were launched by Scott & Jon. According to the firm, it provides easy preparation for a source of lean protein and omega-3 fatty acids.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global frozen seafood market based on the below-mentioned segments:
Global Frozen Seafood Market, By Product Type
- Fish
- Crustaceans
- Shellfish
- Mollusks
- Others
Global Frozen Seafood Market, By Distribution Channels
- Stored-Based
- Non-Stored-Based
Global Frozen Seafood Market, By End Users
Food Processing
- Food Service
- Others
Global Frozen Seafood Market, By Regional
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company’s mission is to work with businesses to achieve business objectives and maintain strategic improvements.
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