The global frozen seafood is poised to reach US$ 19.4 billion by 2023, growing at 6.8% annually till 2033, hitting US$ 37.4 billion. Increased consumption, especially in developing regions like Latin America and Asia-Pacific due to rising living standards, and heightened awareness among millennials about seafood’s health benefits are driving this growth. Seafood, rich in vital nutrients like protein, zinc, selenium, and vitamin B1, plays a crucial role in diets worldwide.
The market for frozen seafood is anticipated to be worth US$ 19,382.3 million by the end of 2023. It is set to expand at a CAGR of 6.8% between 2023 and 2033. By 2033, the market is projected to contribute a value of US$ 37,398.5 million.
Global seafood consumption has increased significantly during the last few decades. Seafood consumption is expected to increase in rising economies such as those in Latin America and the Asia-Pacific area as living standards grow. It will also be impacted by the growing awareness among millennials of the benefits of eating seafood.
Seafood protein is a staple of many diets, particularly in those with inadequate diets overall. Seafood is an important source of not only protein but also other essential nutrients. Fish and shellfish, including salmon, prawns, and clams, are particularly rich sources of zinc, selenium, and vitamin B1.
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Omega-3 fatty acids, particularly eicosapentaenoic acid (EPA) and docosahexaenoic acid (DHA), are mostly found in seafood. Because of its high nutritional content, seafood provides protection against a variety of health issues.
Consumption of seafood has increased as a result of the idea that eating seafood is healthy, and output is predicted to rise steadily as a result. Less waste, better utilisation, and improved distribution techniques would all be advantageous.
In locations where fresh seafood is more difficult to find, frozen seafood is more prevalent because it can be stored for a long period. This suggests that even those who live far from the coast or in an area with few transportation options can enjoy seafood all year round. Additionally, frozen seafood is simpler to transport than fresh seafood, which can be highly delicate and require special treatment.
Due to high demand and the scarcity of some species, fresh seafood can be pricey; nevertheless, frozen seafood is typically less expensive. Bulk frozen fish purchases provide for even greater cost reductions and more economical meal preparation.
Due to improvements in freezing technology, sales of frozen seafood are anticipated to increase drastically worldwide. Thanks to contemporary technology, it tastes almost as fresh as its unfrozen counterpart. As a result, frozen seafood is now more widely accepted and has less of a stigma connected to it.
Key Takeaways from Frozen Seafood Market Study
- The global frozen seafood industry expanded at a CAGR of 4.9% from 2018 to 2022.
- The USA frozen seafood industry is anticipated to reach a valuation of US$ 9,217.8 million by 2033.
- A CAGR of 6.4% is expected from India’s frozen seafood industry from 2023 to 2033.
- In 2033, China frozen seafood industry is expected to contribute a value share of 49.4%.
- Based on product type, the frozen crab segment is estimated to hold a global market share of 27% in the forecast period.
“It is projected that advancements in refrigeration would propel the market in both commercial and industrial settings. Growth is also connected to ongoing advancements in sophisticated distribution systems. Technological advancements in seafood product storage, processing, and packaging have further contributed to the expansion of the global frozen seafood industry.” – Says a lead analyst.
Competitive Landscape: Frozen Seafood Market
As the need for novel formulations from the food & beverage industry increases, leading frozen seafood manufacturers are concentrating on products delivering a wide range of health advantages. Consumption of frozen fish has grown over time among all populations.
Leading producers of frozen fish are working to gain a high market share through partnerships, mergers, and acquisitions while continuing to develop new product lines. Due to the increased need for innovative formulations from the food & beverage industry, top frozen seafood manufacturers are likewise concentrating on releasing upgraded and modified items.
For instance,
- In August 2021, Frozen Fish Direct introduced its latest user-friendly e-commerce site. While numerous individuals enjoy eating fish, Frozen Fish Direct is aware that they might not always be able to find fresh kinds at their neighborhood grocery. This information motivated Frozen Fish Direct to develop and launch their brand-new online store, providing its devoted clients with a convenient and stress-free option to buy for a large selection of fish and seafood.
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Get Valuable Insights on Frozen Seafood Market
Future Market Insights (FMI), in its new offering, provides an unbiased analysis of the frozen seafood market presenting historical demand data (2018 to 2022) and forecast statistics for the period from (2023 to 2033). The study divulges compelling insights on the demand for frozen seafood based on frozen seafood market by product type (tuna, rainbow trout, sardines, mackerel, herrings, salmon, shrimp, crab, lobster, krill), nature (organic, conventional), form (whole, fillet), end use (food processing industry, food service industry, retail/household), distribution channel (B2B, B2C, online retailers), and regions.
Frozen Seafood Market Outlook by Category
By Product Type:
- Tuna
- Rainbow Trout
- Sardines
- Mackerel
- Herrings
- Salmon
- Shrimp
- Crab
- Lobster
- Krill
By Nature:
- Organic
- Conventional
By Form:
- Whole
- Fillet
By End Use:
- Food Processing Industry
- Food Service Industry
- Retail/Household
By Distribution Channel:
- B2B
- B2C
- Online Retailers
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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