PUBLISHER: The Business Research Company | PRODUCT CODE: 1531963
PUBLISHER: The Business Research Company | PRODUCT CODE: 1531963
Frozen fish refers to fish that have undergone preservation by freezing shortly after capture or processing. This method involves reducing the fish's temperature to below its freezing point, typically around -18 degrees Celsius (0 degrees Fahrenheit) or lower. Frozen fish remains in frozen storage and transportation until it is thawed and prepared for consumption.
The primary types of frozen fish include salmon, tuna, cod, tilapia, shrimp, and others. Salmon, for instance, encompasses various species such as Atlantic, Pacific, and sockeye, which are caught, processed, and frozen to maintain their quality. These products are distributed through supermarkets, hypermarkets, convenience stores, specialty stores, and online retail platforms, catering to diverse end-users including the food processing industry, food service providers, and retail or household consumers.
The frozen fish market research report is one of a series of new reports from The Business Research Company that provides frozen fish market statistics, including frozen fish industry global market size, regional shares, competitors with a frozen fish market share, detailed frozen fish market segments, market trends, and opportunities, and any further data you may need to thrive in the frozen fish industry. This frozen fish research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The frozen fish market size has grown strongly in recent years. It will grow from $24.73 billion in 2023 to $26.76 billion in 2024 at a compound annual growth rate (CAGR) of 8.2%. The growth observed in the historical period can be attributed to several factors, rising urbanization and busy lifestyles, greater investment in cold chain logistics, growing demand for protein-rich diets, increased governmental backing for sustainable fishing practices, and heightened awareness regarding the health benefits associated with consuming fish.
The frozen fish market size is expected to see strong growth in the next few years. It will grow to $37.19 billion in 2028 at a compound annual growth rate (CAGR) of 8.6%. The projected growth in the forecast period can be attributed to several factors, increasing production in fisheries and aquaculture, heightened awareness of environmental concerns, expanding e-commerce and online retail channels, growing demand for fish products, and rising popularity of premium and exotic fish varieties. Key trends expected in this period include advancements in technology, the rise of ready-to-eat fish products, innovations in packaging to prolong shelf life, availability of exotic frozen fish options, and the demand for low-mercury and contaminant-free fish products.
The frozen fish market is set to grow due to increasing production in fisheries and aquaculture. Fisheries involve catching, processing, and selling fish, while aquaculture focuses on breeding and harvesting aquatic organisms in controlled environments. This growth is driven by advancements in technology, improved breeding methods, rising global demand for seafood, supportive government policies, and sustainable practices. Modern freezing technologies and processing techniques ensure that frozen fish retains its nutritional value, texture, and flavor. Quick freezing methods are employed to maintain freshness and minimize quality degradation during storage and transport. For example, the Department of Agriculture and Water Resources reported in March 2024 that Australia's fisheries and aquaculture sectors are expected to generate an average of $3.48 billion annually from 2024-25 to 2028-29. Production volume is projected to increase by 1% to 296,000 tons by 2024-2025 compared to 2022-2023. This highlights how the growing production in fisheries and aquaculture is boosting the frozen fish market.
Leading companies in the frozen fish market are focusing on innovation by introducing products such as Asian-inspired frozen fish to cater to evolving consumer preferences and expand market share. Asian-inspired frozen fish refers to products seasoned, prepared, or styled to reflect flavors, ingredients, or cooking techniques commonly found in Asian cuisine. These products appeal to consumers seeking convenient and flavorful options that embody Asian culinary traditions. For instance, Young's Seafood, a UK-based company known for its seafood products, launched a "Taste of Asia" range under its Gastro brand in February 2024. This limited-edition range includes four products with flavors inspired by Korean, Thai, and Japanese cuisines, providing consumers with diverse meal options that go beyond traditional offerings.
In January 2023, Brasmar Group, a Portugal-based supplier of frozen and refrigerated seafood, acquired Holmes Seafood to strengthen its position in the seafood market. This acquisition enhances Brasmar's product range and distribution capabilities by leveraging Holmes Seafood's established presence in Billingsgate, UK. Holmes Seafood Ltd. specializes in importing and distributing frozen seafood products.
Major companies operating in the frozen fish market are Maruha Nichiro Corporation, Mowi ASA, Nissui Corporation, Austevoll Seafood ASA, Nomad Foods Limited, SalMar ASA, Nueva Pescanova Group, Cooke Inc., High Liner Foods Inc., Camanchaca Inc, Clearwater Seafoods Incorporated, Tassal Group Limited, Iceland Seafood International hf, Dongwon Industries Co Ltd, Zhangzidao Group Co Ltd, Hansung Enterprise Co Ltd, Surapon Foods Public Company Limited, Lyons Seafoods Limited, FCF Fishery Company Ltd, Chicken of the Sea International, Leroy Seafood Group ASA, AquaChile SA, Bright Star Group LLC, Marine Harvest Group
North America was the largest region in the frozen fish market in 2023. The regions covered in the frozen fish market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the frozen fish market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The frozen fish market consists of sales of whole fish, fillets, fish sticks, fish cakes, smoked fish, fish roe, and breaded fish products. 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 Fish 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 fish 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 fish ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The frozen fish 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.