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Frozen Seafood Market by Category (Fish, Crustaceans, Shellfish, Molluscs) and Distribution Channel (B2B [Food Services, Food Manufacturers], B2C [Offline {Supermarkets & Hypermarkets, Convenience Stores}, Online]) - Global Forecast to 2029
Report ID: MRFB - 104639 Pages: 195 Aug-2022 Formats*: PDF Category: Food and Beverages Delivery: 24 to 72 Hours Download Free Sample ReportThe Frozen Seafood Market is expected to reach $74.34 billion by 2029, at a CAGR of 5.6% during the forecast period of 2022 to 2029. The rising consumption of seafood, increase in awareness of the health benefits of seafood, and the growing numbers of supermarkets & hypermarkets are the key factors driving the growth of the frozen seafood market. Furthermore, the growing adoption of quick freezing technology to freeze seafood is expected to provide a significant opportunity for the players operating in this market.
The COVID-19 outbreak created a severe public health emergency globally, with its quick spread to more than 150 countries. Numerous countries worldwide declared emergencies and announced complete nationwide, statewide, or citywide lockdowns to combat & control the spread of this disease, halting all travel, transport, manufacturing, educational institutions, and non-essential trade, significantly impacting many industries globally. Moreover, governments across the globe closed fish markets and halted processing operations. Several virus-affected regions prohibited the trade of frozen seafood, resulting in significant losses for seafood manufacturers. Local sourcing and online presence appeared to be among the most effective ways to create cash in the sector during the pandemic.
However, the frozen seafood market grew during the lockdown since it has a longer shelf life than fresh fish and is anticipated to flourish post-COVID as well. Additionally, people became more health conscious and preferred products that provide essential nutrients to the body, and seafood became a priority, positively impacting the frozen seafood market. One of the most significant forces that have carried the seafood industry through the upheaval of 2020 is the shift in consumer buying preference at retail, with the sales of all kinds of seafood booming in the grocery stores and through e-commerce channels.
During the pandemic, the total seafood category showed healthy growth driven by the boost in sales from panic buying, home working, school closures, and subsequent food service restrictions. For instance, in 2020, 73% of U.S. households purchased frozen seafood versus approximately 51% for fresh. (Source: The Food Industry Association). Thus, all these factors positively impacted the growth of the frozen seafood market.
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The total seafood consumption in the world has consistently increased over the past decades. The improvement of living standards in developing regions, such as Asia-Pacific and Latin America, and the people’s health consciousness in developed countries have contributed to the increased consumption. Seafood protein represents an essential nutritional component in many countries, especially where total protein intake levels are low. Apart from protein, seafood is a concentrated source of many essential nutrients. Fish and shellfish, like salmon, clams, and shrimp, are particularly high in protein plus vitamins and minerals, like vitamin B12, selenium, and zinc.
Additionally, seafood is the primary dietary source of omega-3 fatty acids—eicosapentaenoic acid (EPA) and docosahexaenoic acid (DHA). As seafood is rich in nutrients, it may offer protection against several health conditions. This perception of fish as a healthy food has not only increased its consumption but is likely to contribute to a steady increase in consumption over the next few years, supported by increased production, reduced wastage and better use, improved distribution channels, and the growing demand, linked with population growth, urbanization, and rising incomes.
Moreover, global seafood consumption is expected to continue to increase across the globe, particularly in Latin America and Asia. For instance, according to the Food and Agriculture Organization (FAO), global fish consumption is expected to increase by 20% (up 30 million tonnes) from 2016 to 2030. The average annual growth rate between 2017 and 2030 is projected to slow to 1.2% (down from 3% during 2003–2016). The highest growth rates in per capita fish consumption from 2016 to 2030 are expected in Latin America (18%), Asia (8%), and Oceania (8%). Thus, all these factors accelerate the growth of the frozen seafood market.
Furthermore, fish is easily available because of a more organized retail sector. Besides fresh fish sold in traditional markets, customers also have the option of choosing frozen fish products. Frozen seafood products help inhibit the bacterial formation of the food products and increase the shelf life of the food products. This has created a very positive impact on the fisheries and frozen seafood, which, in turn, boosts the demand for the frozen seafood market.
Based on category, in 2022, the fish segment is expected to account for the largest share of the frozen seafood market. The large market share of this segment is attributed to the widescale global consumption, increasing health-conscious population, and the growing popularity of chemical-free fish with higher shelf life. In addition, large-scale fishing and the growing fish farming trend have their fair share in driving the demand.
Based on distribution channel, in 2022, the business-to-business (B2B) segment is expected to account for the largest share of the frozen seafood market. The large market share of this segment is attributed to the growing B2B frozen seafood trading, the growing number of Quick Service Restaurants (QSRs), and the rising demand from hotels, restaurants, food chains, and the food service sector.
However, the business-to-consumer segment is expected to witness significant growth during the forecast period. The rapid growth of this segment is attributed to the rising population density in urban areas, the increasing trend of online shopping, the growing popularity of ready-to-cook meals, the rising number of supermarkets & hypermarkets in developing countries, the increasing popularity of franchising concepts, the growing preference for personalization, consumer convenience, and greater product selection.
Based on geography, in 2022, Asia-Pacific is expected to account for the largest share of the frozen seafood market, followed by North America, Europe, Latin America, and the Middle East & Africa. The major market share of this region is attributed to the increasing urbanization, health awareness, and disposable incomes, the rising number of fast food restaurants that serve fish, the increasing awareness regarding the importance of protein-rich diets, increase in the number of refrigerated warehouses, technological progress in refrigerated transport and storage, and continuous shift in consumer habits to buy frozen seafood products from organized retail channels such as supermarkets & hypermarkets. Additionally, the nutritional benefits of frozen seafood are also driving the market growth in this region.
However, the market in Europe is slated to register the fastest growth rate during the forecast period. The growth of this regional market is driven by the changing lifestyle, increasing fish consumption to reduce the risk of heart diseases, a rise in the aquaculture industry, and favorable regulations.
The report includes a competitive landscape based on an extensive assessment of the key growth strategies adopted by leading market participants in the frozen seafood market in last four years.
The key players profiled in this frozen seafood market study are Sirena Group A/S (Denmark), M&J Seafood (U.K.), Beaver Street Fisheries, Inc. (U.S.), Mazzetta Company, LLC (U.S.), Castlerock Fisheries Private Limited (India), Lerøy Seafood Group ASA (Norway), IFC Seafood Inc. (Canada), Thai Union Group PCL (Thailand), Clifton Seafood Company Limited (U.K.), American Seafoods Company LLC (U.S.), Forstar Frozen Foods Pvt. Ltd. (India), Nomad Foods Limited (U.K.), Apex Frozen Foods Limited (India), Viet Asia Foods (Vietnam), Kangamiut Seafood A/S (Denmark), and Marine Foods B.V. (Netherlands), among others.
Scope of the Report
This report covers the market sizes & forecasts of the frozen seafood market based on category, distribution channel, and geography. This report also provides the value analysis of various segments and subsegments of the frozen seafood market at the regional and country levels.
The frozen seafood market is projected to reach a value of $74.34 billion by 2029, at a CAGR of 5.6% during the forecast period.
Based on category, in 2022, the fish segment is estimated to account for the largest share of the frozen seafood market.
Based on distribution channel, in 2022, the business-to-business segment is expected to account for the largest share of the frozen seafood market. However, the business-to-consumer segment is slated to register the fastest growth rate during the forecast period. The growth of this segment is driven by the rising population density in urban areas, the increasing trend of online shopping, the growing popularity of ready-to-cook meals, the rising number of supermarkets & hypermarkets in developing countries, the increasing popularity of franchising concepts, growing preference for personalization, consumer convenience, and greater product selection.
This market is driven by the rising consumption of seafood, increase in awareness of the health benefits of seafood, and growing numbers of supermarkets & hypermarkets. Furthermore, the growing adoption of quick freezing technology to freeze seafood is expected to provide a significant opportunity for the growth of this market.
The key players operating in the frozen seafood market include Sirena Group A/S (Denmark), M&J Seafood (U.K.), Beaver Street Fisheries, Inc. (U.S.), Mazzetta Company, LLC (U.S.), Castlerock Fisheries Private Limited (India), Lerøy Seafood Group ASA (Norway), IFC Seafood Inc. (Canada), Thai Union Group PCL (Thailand), Clifton Seafood Company Limited (U.K.), American Seafoods Company LLC (U.S.), Forstar Frozen Foods Pvt. Ltd. (India), Nomad Foods Limited (U.K.), Apex Frozen Foods Limited (India), Viet Asia Foods (Vietnam), Kangamiut Seafood A/S (Denmark), and Marine Foods B.V. (Netherlands), among others.
Countries from Latin America are projected to offer significant growth opportunities for the vendors in this market due to the increasing demand for convenience foods, rising per capita income, the increasing number of fast-food chains and food delivery apps, and an increase in the population's purchasing power.
Published Date: Aug-2024
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