Rockville , Dec. 12, 2023 (GLOBE NEWSWIRE) -- As per a new study published by Fact.MR, a market research and competitive intelligence provider, the global Frozen Seafood Market, valued at US$ 28 billion in 2023, is anticipated to witness substantial growth, reaching US$ 48 billion by the end of 2033, with a compound annual growth rate (CAGR) of 5.5%.
The surge in demand for convenient food products worldwide has created opportunities for top frozen food manufacturing companies to invest in prepared frozen fish production, projected to grow at a CAGR of 5.7% through 2033.
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Key Segments of Frozen Seafood Industry Research Report
| By Nature | By Form | By Product | By End Use | By Distribution Channel |
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Frozen seafood, stored at freezing temperatures to extend shelf life, experiences high demand in regions distant from water bodies. The market is expected to rise further due to ongoing developments in cold-chain transportation. Manufacturers utilize cryogenic technology to prevent bacterial growth on frozen seafood, ensuring extended shelf life.
Market Expansion Drivers
The growing demand for ready-to-cook meals, the popularity of weight-loss programs like ketogenic diets, and the rising demand for premium and exotic fish in the food service industry drive market expansion.
- Consumer Preferences and Health Trends
Shifting consumer preferences towards frozen foods, driven by health consciousness and the substitution of seafood for red meat, contribute to global market growth. Manufacturers emphasize the availability of healthier products, utilizing cryogenic technology to prevent bacterial growth on frozen seafood.
- Cryogenic Freezing Technology
Cryogenic freezing technology, employing solid carbon dioxide or liquid nitrogen, is widely used in frozen seafood factories globally, ensuring the extended shelf life of frozen fish products. The worldwide fish market expands as consumers seek essential fatty acids and proteins, favoring chemical-free fish with prolonged shelf life.
- Environmental Impact and Sustainability
Consumers' growing preference for frozen seafood is influenced by the environmental benefits, as frozen seafood has a lower carbon footprint compared to fresh seafood. The efficiency of energy-saving transportation methods for frozen fish contributes to this advantage. Flash-freezing also reduces waste during processing, aligning with sustainable food movements.
Insights by Category
Unveiling a deeper understanding of the global frozen seafood market through distinct categories.
Product Preference and Clean-Label Trends
The market's expansion is driven by the increasing demand for fish products that offer quick preparation and longer shelf life, aligning with the rising trend of clean-label products and the preference for packaged food without preservatives.
Dominant Product Category
Frozen fish, holding a 50% share of the global market, gained popularity for its nutritive value, essential nutrients, and valuable food source.
Distribution Channels
In terms of distribution channels, supermarkets/hypermarkets dominate with a 40% share, offering a wide range of frozen seafood products and convenient access under one roof. The frozen seafood department in supermarkets features fish fillets and other products commonly used in prepared dishes and single servings of ready-to-eat foods.
Dynamic Industry Competition
Leading frozen seafood manufacturers consistently innovate to align with evolving consumer tastes. Introducing products with enhanced flavors and health benefits is a common strategy to attract a wide customer base.
For example:
In 2021, Dutch frozen food provider J.P. Verwijs pioneered a new biodegradable packaging solution for its assortment of fish and seafood products. This environmentally friendly packaging option minimizes plastic usage, reflecting a commitment to sustainability.
Key Companies Profiled
- SalMar
- Coast Seafood
- Maruha Nichiro
- Trident Seafoods
- Thai Union Group
- Sterling Seafood Corp.
- Clifton Seafood Company
- Marine Harvest ASA
- Austevoll Seafood ASA
- Charoen Pokphand Foods
- Fortune Fish & Gourmet
- Norway Royal Salmon
- Mitsubishi Corporation
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| Report Attribute | Details |
| Value Projection (2033) | USD 48 Billion |
| Growth Rate (2023-2033) | 5.5% CAGR |
| No. of pages | 170 Pages |
| No. of Tables | 160 Tables |
| No. of Figures | 152 Figures |
Insights by Geography
Driving Forces Behind the Surge in Frozen Seafood Demand in the U.S.
The robust growth of the food and dietary supplement industry in the U.S. anticipates heightened demand for frozen seafood, presenting lucrative opportunities for manufacturers. Consumers in the U.S. seek convenient, multi-component products that align with their fast-paced lifestyles and a rising preference for nutrient-rich health foods.
Continuous advancements in refrigeration technology for transport and storage, coupled with a persistent shift toward purchasing frozen seafood from organized retail channels such as supermarkets and hypermarkets, are shaping the market landscape.
Is South Korea a Viable Investment Hub for Frozen Seafood Producers?
South Korea stands as a lucrative market for frozen seafood, driven by soaring demand. The influx of new businesses into the protein processing sector showcases a keen interest in capturing a significant market share. The market's expansion is further fueled by the rise in urbanization, a proliferation of fast-food establishments focusing on fish offerings, and an upswing in the number of refrigerated warehouses.
Why is Japan a Key Driver of Market Growth in Asia Pacific?
Japan plays a pivotal role in propelling market expansion in the Asia Pacific region. The substantial demand for seafood powders, substantial research investments, rapid technological advancements, innovative packaging techniques, and the swift expansion of the frozen seafood packaging industry contribute significantly to market growth.
Checkout More Related Studies Published by Fact.MR Research:
Frozen Shrimp Market: Worldwide sales for frozen shrimp market is estimated at a market valuation of US$ 25.51 billion in 2023 and is predicted to climb to US$ 57.15 billion by 2033-end.
Frozen Meat Market: The global frozen meat market analysed by Fact.MR estimates that the market enjoyed year-on-year (YoY) growth of 5.5% in 2021 to total 8,284,722 MT.
Frozen Egg Market: The global frozen egg market is valued at US$ 3.67 billion in 2023. Worldwide sales of frozen eggs are forecasted to increase at a CAGR of 6.2% and reach US$ 6.69 billion by the end of the projected period (2023 to 2033).
About Us:
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