Frozen Seafood Market

Frozen Seafood Market Size, Growth, Forecast (2023-2028)

The Global Frozen Seafood Market size is valued at US$ 38.82 Billion in 2022 and is anticipated to increase at US$ 67.37 Billion by 2028, with a growing CAGR 7.50% of in the next six years. Frozen seafood does not affect nutritional values like A and D, fats and proteins. Market growth increases as it is not affected by the freeze.

Market Overview:

Seafood is one of the most perishable foods, so special attention should be paid to freezing until it reaches the consumer. Seafood contains high-quality protein and other essential nutrients. Shellfish protein is simpler to process since shellfish have less connective tissue than red meat and poultry. Fish contains polyunsaturated fats like omega-3 unsaturated fats that are not delivered by the human body. It is gainful for human coronary illness and is basic for the improvement of the mind and vision in babies. Fish is a characteristic wellspring of nutrients D and A, and the B complex is valuable for the best possible improvement of the sensory system and bones and for sound vision and skin. Fish gives minerals, for example, calcium and iron, selenium, iodine, and zinc. Selenium goes about as a cancer prevention agent and ensures against cell harm. Zinc assists with cell development and improves the safe framework. Iron is important for the production of red blood cells. Therefore, seafood is an important part of a healthy and balanced diet. Frozen seafood is processed by two processes like rapid freezing and cryogenics known as machines. Frozen seafood products are mainly frozen using the most popular refrigeration techniques due to the presence of ultra-low liquid nitrogen at -196 degrees Celsius. The odorless stabilizer, carboxymethyl cellulose, is mainly used for frozen seafood products that do not harm the quality of frozen seafood products. Many frozen seafood manufacturers are implementing cryogenic freezing to keep temperatures low, including carbon dioxide or liquid nitrogen, which is used to freeze seafood. Using modern refrigeration technology, frozen seafood products can be stored for a long time.

Frozen Seafood Market Growth:

Frozen seafood products are processed to suppress the formation of bacteria in food and extend the shelf life of food, which is likely to improve its demand in the coming years.

REPORT COVERAGE:

Drivers:

The demand for frozen seafood products is increasing worldwide as leading manufacturers are focusing on providing healthier products. Frozen seafood products are chilled with cryogenic technology to inhibit bacterial growth in products. Using modern refrigeration technology, frozen seafood products can be stored for a long time. Many consumers are changing their preference for frozen foods over canned foods because nutrients are not destroyed in frozen foods, and foods are consumed worldwide. These frozen seafood products are consumed worldwide as they maintain the quality of the product. Therefore, the global frozen seafood market is expected to experience strong growth during the forecast period. Expanded interest for fishery items in remote regions has quickened the creation of solidified fishery items.

Companies that produce frozen fish products actively depend on cold storage areas, which is a major obstacle to the market. A solid cold chain infrastructure has become essential for the distribution of frozen fish products, but the shortage of such services may cause some problems for the company. The world leader for frozen seafood is adopting advanced processing technology to increase product durability against external factors such as weather changes, mechanical damage, and freezing temperature fluctuations. Multinational retail food chains like Red Lobster make up a significant part of the frozen seafood market. This large chain continues to demand frozen food instead of fresh seafood. Therefore, despite the growing demand for fresh produce, the frozen seafood market is expected to grow. Additionally, fresh seafood can open up new opportunities as advanced storage facilities can hold a wide variety of fresh and seafood for a long time. Growth in disposable income in developing countries, increased awareness of the health benefits of shellfish, and the development of processing and storage capacities are supposed to help cultivate fresh shellfish products in the near future. Furthermore, since the large retail seafood chains represent a significant part of the overall market share, a strategic collaboration in the frozen seafood market is expected during the forecast period.

Restraints:

The main challenge for the frozen seafood market is the limited storage options of the new market. To overcome these challenges, the company is investing in processing to improve the life cycle of its products and maintain its flavor. Advances toward this path are relied upon to see sound development for the solidified fish advertise soon.

Frozen Seafood Market Segmentation Analysis:

By Distribution Channel:

• Supermarkets and hypermarkets
• Independent retailers      
• Convenience stores          
• Speciality retailers
• Others

Impact of Covid-19 on the Global Frozen Seafood Market:

The Covid-19 pandemic has encouraged consumers to prefer fresh foods over refrigerated products to improve immunity and disease resistance. This aspect is touted to have an adverse effect on the global frozen seafood market in the coming years. However, the companies’ interest to develop alternative products is determined to create new opportunities.

Geographical Segmentation Analysis:

• North America - the United States and Canada
• Europe - United Kingdom, Spain, Germany, Italy, and France
• The Asia Pacific - India, Japan, China, Australia, Singapore, Malaysia, South Korea, New Zealand, and Southeast Asia
• Latin America  - Brazil, Argentina, Mexico, and Rest of LATAM
• The Middle East and Africa - Africa and Middle East (Saudi Arabia, UAE, Lebanon, Jordan, Cyprus)

Regional Analysis:

The market frozen seafood industry is geographically segmented as North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa. Of all the regions in the world, North America has become a dominant locale followed by Europe and Asia Pacific in the global market. As the demand for frozen seafood as a variety of end-use thickeners increases, the global frozen seafood market is supposed to intensify its growth, greatly increasing the contribution of market revenue during the outlook period. Europe had the largest share based on sales in 2017. The industry is supposed to lead due to the rising call for seafood and the increase in refrigeration chains in the region. Europe was followed by North America and Asia Pacific in terms of imports. The Asia Pacific region is determined to grow significantly in the coming years mainly due to regional population growth, urbanization, and cold chain networks.

Key Players in the Market:

Major Key Players in the Global Frozen Seafood Market are

• Clearwater Seafood              
• AquaChile                 
• Leroy Seafood                         
• High Liner Foods                     
• Marine Harvest                       
• Iglo Group                 
• Beijing Princess Seafood International Trading               
• Austevoll Seafood                 
• Fishery Products International                         
• Sajo Industries