PUBLISHER: The Business Research Company | PRODUCT CODE: 1436306
PUBLISHER: The Business Research Company | PRODUCT CODE: 1436306
Frozen seafood pertains to a category of seafood that undergoes freezing to preserve the natural quality of the fish. This preservation is achieved by reducing the average temperature to -18 &deC or below, maintaining the frozen state at -18 &deC or lower.
The primary types of frozen seafood encompass fish, crustaceans, shellfish, mollusks, and other variations. Crustaceans represent a group of marine arthropods, including shrimp, crabs, and lobsters. The nature of these seafood products can be organic or conventional. Distribution channels for frozen seafood include business-to-business and business-to-consumer, catering to various end-users such as the food processing industry, food service providers, as well as retail and household consumers.
The frozen seafood market research report is one of a series of new reports from The Business Research Company that provides frozen seafood market statistics, including frozen seafood industry global market size, regional shares, competitors with a frozen seafood market share, detailed frozen seafood market segments, market trends and opportunities, and any further data you may need to thrive in the frozen seafood industry. This frozen seafood market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The frozen seafood market size has grown strongly in recent years. It will grow from $22.12 billion in 2023 to $23.53 billion in 2024 at a compound annual growth rate (CAGR) of 6.4%. The expansion observed in the historical period can be attributed to the rise in demand for convenience foods, globalization and trade expansion, health and nutrition trends, improved packaging solutions, and evolving consumer preferences.
The frozen seafood market size is expected to see strong growth in the next few years. It will grow to $29.6 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%. The anticipated growth in the forecast period can be attributed to premiumization and the ready-to-cook trends, culinary exploration, and consumer education, global trade, and market expansion, as well as quality assurance and food safety standards, and product innovation and diversification. Major trends expected during the forecast period include health and nutrition awareness, convenience and time-saving solutions, sustainability and responsible sourcing, variety and innovation in product offerings, along with educational campaigns and culinary exploration.
The expected growth of the frozen seafood market in the future is anticipated to be propelled by the rising consumption of seafood. Seafood, comprising edible sea life, is increasingly preferred by consumers due to its various health benefits. Freezing seafood is a method that helps preserve its color, texture, shape, and flavor, contributing to its popularity among consumers. Consequently, the growing consumption of seafood translates into increased demand for the frozen seafood market. For example, a report published by the Food and Agriculture Organization (FAO) in July 2023 indicated projections for a rise in apparent food fish consumption to 21.2 kg per capita globally by 2032, up from the base period average of 20.4 kg (2020-2022). The forecast suggests that 90% of fish production will be utilized for human consumption in 2032, compared to 88% in the base period (2020-22 average). Fish consumption for human use is expected to see a 14% increase, reaching 182 million tons by 2032. Therefore, the increasing consumption of seafood serves as a driving force for the frozen seafood market.
The anticipated growth of the frozen seafood market in the future is expected to be propelled by the increasing demand for frozen food. Frozen food refers to food products that have undergone the preservation method of freezing, involving lowering the temperature of the food to below its freezing point, typically around -18 degrees Celsius (0 degrees Fahrenheit). Frozen seafood, a subset of frozen food, offers convenience by eliminating the need for frequent grocery shopping and providing a ready-to-cook or ready-to-eat option. This convenience is particularly attractive to busy individuals and families, saving time in meal preparation. For example, in February 2023, the American Frozen Food Institute (AFFI), a U.S.-based trade association, reported that frozen food sales in the United States witnessed a notable 8.6% increase in 2022, reaching a total of $72.2 billion. Furthermore, sales of frozen seafood experienced a significant surge, registering a notable 36.9% increase and reaching a total of 7.1 billion in 2022. Therefore, the increasing demand for frozen food is expected to drive the growth of the frozen seafood market going forward.
The prevailing trend in the frozen seafood market is the increasing adoption of technological advancements. Major companies within the frozen seafood industry are directing their efforts toward the application of new technologies aimed at enhancing the preservation of frozen seafood, thereby extending its longevity and maintaining freshness. A case in point is the July 2021 initiative by Batsfjordbruket, a seafood company based in Norway, which involved the installation of a spiral freezer incorporating sanitizing technology. This innovative approach allows the seafood company to elevate product output and fully automate freezing processes. The small spiral freezer, utilizing horizontal airflow technology for consistent and controlled freezing, has the capacity to process 5,500 lb (2,500 kilograms) of fish fillets per hour. The Helix, with approximately 1,830 ft2 (170 m2) of stainless-steel belt, enables the freezing of substantial quantities of seafood products within a compact production space.
Leading companies in the frozen seafood market are actively engaged in the development of innovative products, including frozen shrimp biscuits, to meet the changing preferences of consumers, enrich their product portfolios, and sustain a competitive advantage in the dynamic market environment. Frozen shrimp biscuits represent a seafood product that combines shrimp with biscuit dough, designed to be stored in a frozen state and easily prepared by consumers for a convenient and flavorful meal or snack. In February 2023, Red Lobster Hospitality LLC, a casual dining restaurant chain based in the United States, launched its inaugural line of retail seafood products, extending the flavors of its renowned dishes to the frozen aisle. The new retail offerings, such as Cheddar Bay Biscuit Shrimp (integrating the iconic biscuit with flavorful shrimp) and Coconut Shrimp Bites, present a convenient way for consumers to enjoy delicious seafood at their convenience. Whether for a quick and hassle-free dinner, a delightful party appetizer, or a late-night shrimp snack, this array of new seafood products builds upon the existing retail options, providing a diverse selection for seafood enthusiasts.
In May 2021, the Turkey-based seafood company, Dardanel, successfully acquired Kallimanis for an undisclosed sum. This strategic acquisition positions Dardanel to expand its global presence as a brand and aims to solidify its position as one of the world's largest fisheries producers. Kallimanis, the Greek-based company being acquired, specializes in frozen seafood.
Major companies operating in the frozen seafood market report are Toyo Suisan Kaisha Ltd., Maruha Nichiro Corporation, Mowi ASA, Nippon Suisan Kaisha Ltd., Thai Union Group Public Company Limited, Nomad Foods Limited, Findus Group Limited, Leroy Seafood Group ASA, AquaChile S.A., Empresas AquaChile S.A., Royal Greenland A/S, High Liner Foods Inc., Ocean Beauty Seafoods LLC, Tassal Group Limited, Pacific Seafood, Clearwater Seafoods Incorporated, Trident Seafoods Corporation, Bumble Bee Foods LLC, Surapon Foods Public Company Limited, Apex Frozen Foods Limited, Beaver Street Fisheries Inc., Mazetta Company LLC, Cooke Aquaculture Inc., Alliance Select Foods International Inc., Siam Canadian Group Limited, J. Sykes & Sons, Castlerock Inc., Tri Marine International Inc., Friosur S.A., Europeche
Asia-Pacific was the largest region in the frozen seafood market share in 2023. The regions covered in the frozen seafood market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the frozen seafood market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The frozen seafood market consists of sales of marine pelagic, marine demersal, and diadromous. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Frozen Seafood Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on frozen seafood market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for frozen seafood ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The frozen seafood market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.