Global Frozen Seafood Market Displays Remarkable Expansion Based on Market Size, Shares, Demand and Revenue Forecasts, 2022-2028
The report provides a comprehensive segmentation of the Global frozen seafood market by product type, distribution channel, and geographic region. Fish, crustaceans, shellfish, mollusks, and other species comprise the majority of frozen seafood products.
The market can be segmented by distribution channel into supermarkets and hypermarkets, convenience stores, and online retailers. Major regional segments analysed in this report include North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa, with further segmentation into major countries, such as the United States, Germany, France, the United Kingdom, China, Japan, India, and Brazil.
Seafood is perishable and requires extra care before reaching the consumer. It is abundant in protein, vitamins, and minerals. The consumption of seafood is essential for proper human development. Additionally, seafood is beneficial for various heart and eye diseases.
The report provides a comprehensive analysis of the competitive landscape, including market share and company profiles of the major players in the global market.
AquaChile, Austevoll Seafood, Collins Seafoods, High Liner Foods, Clearwater Seafood, Surapon Foods Public, Leroy Seafood, Iglo Group, Lyons Seafoods, Marine International, Tri Marine International, Marine Harvest, Tassal Group, Toyo Suisan Kaisha, and Sajo Industries are among the key players in the frozen seafood market.
Get a FREE PDF Report Sample copy for Research from Zion Market Research Website
To preserve the quality of seafood, it must be frozen below 200 degrees Celsius. Cryofreezing and other modern freezing techniques are used to preserve seafood. Freezing the seafood preserves its vitamins, minerals, and other nutrients. The market for frozen seafood is anticipated to expand significantly over the forecast period.
The market for frozen seafood is primarily driven by rising consumer awareness of seafood's health benefits. Changing lifestyles and the health benefits of seafood associated with the heart and eyes, among others, are increasing the global demand for frozen seafood.
The market can be divided into shrimp, crustaceans, shellfish, mollusks, and others based on the type of product. The dominance of crustaceans in this market segment can be attributed to their high profit margin and the rising demand for exotic and premium seafood products.
On the basis of distribution channel, the market can be segmented into supermarkets and hypermarkets, convenience stores, and online retailers, among others. In comparison to other channels, the supermarket and hypermarket segment is expanding at a faster rate due to the increasing acceptance of consumers as a result of the availability of various types of fish and other seafood as well as a vast selection of discounted products.
In 2017, North America appeared to have the highest demand for frozen seafood. The increasing use of frozen seafood as a thickening agent in a variety of foods has boosted the growth of the frozen seafood market. Innovative techniques, such as cryofreezing, for preserving the nutritional value of frozen seafood are anticipated to drive the market for frozen seafood.
In addition, shifting consumer preferences from canned food to frozen products due to concerns about chemical preservatives added to canned food products, such as sodium, increases the demand for frozen seafood in the region. Europe is another important region, second only to North America, and is anticipated to experience substantial growth in the near future due to high consumption of fish and other seafood, high import and export of fish-based products, and rising disposable income.
The Asia-Pacific region is anticipated to experience significant growth in the near future due to the urbanization of developing nations such as China and India. The rapid expansion of the aquaculture industry in developing economies and the growth of the middle class are additional factors driving the market's expansion. The Middle East and Africa will likely experience substantial growth due to the expanding middle class and rising disposable income.
Impact of the COVID-19 Pandemic on the Market for Frozen Seafood
Prior to the COVID-19 pandemic, the growth of the frozen seafood market was primarily driven by the increasing demand for foods with high nutritional value. Nonetheless, the market encountered obstacles during the first quarter of 2020 due to business closures and shortages of raw materials and labour. In the initial months of 2020, the COVID-19 pandemic triggered a recession, which caused financial difficulties for low- and middle-income consumers.
In addition, due to restrictions, people stayed at home and cooked at home, creating a demand for quality, easy-to-cook packaged food products. During the COVID-19 pandemic, consumers also became health-conscious and favoured food products with essential nutrients, which contributed to market expansion.
Market Perceptions
Advantages of Eating Frozen Seafood
Consuming frozen seafood is associated with numerous health benefits. Minerals, vitamins, and omega-3 fatty acids, among others, are essential for the human body and brain. It reduces the risk of heart attacks and strokes, improves eyesight, treats depression, boosts brain health, enhances skin and hair texture, and strengthens the immune system. Freezing seafood products extends the seafood's shelf life and preserves its quality for a longer period of time.
Individuals are able to select the frozen seafood that best suits their preferences from a large portfolio. Additionally, it is easy to cook and prevents food waste.
The growth of the market is anticipated to be driven by a number of factors, including the increasing health consciousness of consumers and their shift from canned to frozen food. Generally, frozen seafood is served in locations far from water bodies. Due to the absence of coastlines, residents of such areas lack access to fresh seafood. The availability of frozen seafood allows them to experiment with other types of food besides meat and their staple diet. According to the U.S. Food and Drug Administration (FDA), seafood must be refrigerated at 40 degrees Fahrenheit or below if it is to be consumed within two days of purchase. The proper freezing of seafood affects both its quality and flavour.
The market for frozen seafood has been thoroughly evaluated. Several factors, including drivers, opportunities, obstacles, and constraints, have been identified and analysed. Each of these market factors has the potential to impact the size of the frozen seafood market during the forecast period.
Market's most significant variables
Key market drivers
Increasing consumer health consciousness is one of the most important demand drivers for frozen seafood. Increasing the shelf life of frozen seafood by inhibiting the growth of microorganisms has also boosted the market's performance. During the predicted period, businesses must capitalise on these drivers to increase their market share.
Market challenges
The risk of food spoilage as a result of thawing is one of the most significant obstacles to the frozen seafood industry. The need for a highly developed and fully functional cold chain infrastructure is also a significant obstacle for market-active businesses. Companies must invest in their infrastructure so that the quality of their frozen seafood is not compromised in any way in order to conduct business operations on a continuous basis.
Possibilities on the international market
Future opportunities exist in the frozen seafood market that could be exploited. Businesses have the opportunity to integrate cutting-edge technologies into their cold chain infrastructure so that seafood can be frozen and stored properly. There is also an opportunity for businesses to collaborate with fishermen and fisheries so that the quality of the seafood remains intact throughout the entire transportation process. In a competitive market environment, companies would gain a competitive advantage by capitalising on new market opportunities.
Restraints
There are a number of restraining factors in the global frozen food market that inhibit its expansion. One of the most significant constraints is the depletion of diverse marine species. It restricts the assortment of frozen seafood that businesses can offer to consumers. The availability of other alternatives, such as meat, dairy products, etc., is also a major restraint. These factors may inhibit the market's growth during the forecast period.
