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The frozen fish and seafood market is estimated to grow by USD 34.6 billion at a CAGR of 8.07% between 2023 and 2028. One major trend in the market is the increasing demand for convenience, as consumers seek out time-saving solutions for meal preparation. Another trend is the innovation in frozen fish and seafood packaging, which has led to improved product quality and extended shelf life. However, the market faces stiff competition from fresh and canned fish and seafood, which may be perceived as more natural and authentic. Additionally, sustainability concerns and ethical issues related to the sourcing of fish and seafood are becoming increasingly important to consumers, adding another layer of complexity to the market landscape. Overall, the market is poised for continued growth, but companies must navigate these trends and challenges to remain competitive.
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The market is a significant sector in the food industry, driven by the growing demand for convenient, time-saving food options and increasing health consciousness among consumers. The market is led by companies like Beaver Street Fisheries, High Liner Foods, Premium Seafood Company, The Sirena, and others. Key export destinations for frozen seafood include the United States, Europe, and Asia. The Seafood Expo, a leading trade show, showcases the latest frozen seafood products and trends. Microorganisms are used in the production of frozen seafood to enhance their flavor and texture. Culinary applications of frozen seafood are diverse, from sushi to fish and chips. Food wastage is a concern in the market, with meal planning and consumer education being key areas of focus. Shelf life and food safety are critical factors in the market, as are availability and affordability. Overall, the Market is expected to continue its growth trajectory, driven by consumer preferences and industry innovation. As a frozen food leader, SeaPak Shrimp Sea Pals exemplifies responsible sourcing and sustainable fishing practices, offering a diverse range of raw frozen seafood, including frozen crustaceans and frozen mollusks, as well as pre-cooked seafood and ready-to-eat seafood through retail channels and B2B partnerships. This commitment aligns with eco-friendly fishing and ocean conservation goals, addressing environmental issues such as declining fish populations and preserving ocean ecosystems. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
One of the key factors driving the market growth is the growing desire for convenience. The increasingly hectic lifestyles of consumers make them prefer ready-to-eat meals, which can reduce the preparation or cooking time and clean-up time. Convenience is a key factor that is frequently considered by frozen fish and seafood vendors to increase the relevance of their products to consumers, as the majority of consumers look for convenience when opting for any packaged product. The whitefish species that are often used as convenience food products are pollock, Alaska pollock, and pangasius.
With the advancements in refrigeration techniques, a rising number of single-person and smaller households, and a rising number of working women, the demand for convenience foods like frozen fish and seafood is increasing. In more developed markets such as North America and Europe, convenience needs are well established, and shortcuts that enable faster cooking from scratch will become more important in the future. Such factors will increase the market griowth during the forecast period.
Innovation in frozen fish and seafood packaging is the major trend influencing the market growth. Seafood has attracted considerable attention as a source of proteins, vitamins, minerals, and fatty acids. Consumers demand high-quality and fresh seafood with minimal changes in quality. This necessitates the use of proper packaging to prevent the spoilage of fish and its quality. Moreover, adequate packaging helps keep seafood fresh throughout the entire supply chain without compromising on the quality of the product.
In February 2020, Lidl launched a new packaging made from ocean-bound plastic, recovered from the coastlines and beaches around Southeast Asia in the UK for seafood products. Therefore, the increasing focus of vendors on offering frozen fish and seafood in attractive packaging, along with the other packaging innovations happening in the market, can help in increasing the sales of frozen fish and seafood products during the forecast period.
Stiff competition from fresh and canned fish and seafood is one of the key challenges hindering the market growth. The growth in the demand for canned fish and seafood products is mainly driven by the rising demand for proteins among consumers globally. Consumers are increasingly becoming aware of the health benefits of canned seafood, and as a result, the demand for canned seafood is increasing globally. Also, the rising imports and exports of canned seafood indicate the flourishing growth of the market across the world.
Additionally, the increasing launch of canned seafood products is accelerating the growth momentum of the global canned seafood market. For instance, in November 2019, Thai Union Group launched a new tuna product, SEALECT Tuna Fitt, in Thailand to attract health-conscious consumers. Therefore, the above-mentioned factors will impact the growth of the market during the forecast period.
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
FaroeseSeafood.com: The company offers frozen fish and seafood such as shellfish. Also, Under this segment, the company focuses on fisheries and aquaculture.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the food processing industry segment will be significant during the forecast period. Food processing companies are continuously innovating in processing technologies, new product development, and the adoption of sustainability practices to meet the growing demand for high-quality, sustainable seafood products. Such developments are driving the food processing industry segment, which, in turn, will fuel the growth of the market during the forecast period.
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The food processing industry segment was valued at USD 21.40 billion in 2018. The food processing industry segment in the market involves the production and distribution of frozen fish and seafood products, such as fish fillets, shrimp, surimi, and crab meat. The industry involves various processing steps such as freezing, canning, packaging, and value-added activities, including marination, breading, and seasoning. The food processing industry is a major contributor to the growth of the market, as it converts raw fish and seafood into convenient and ready-to-eat products for consumers. Such factors will increase segment growth during the forecast period.
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Europe is estimated to contribute 41% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The increasing demand for organic frozen fish and seafood also aids in the market's growth as Europe continues to be the largest consumer of Atlantic salmon and shrimp. The markets in countries like France, Germany, Switzerland, and the UK stand at the threshold of the growth phase as consumers in these countries are showing interest in the consumption of fish species like salmon and trout.
Moreover, the increasing health consciousness among consumers and the healthy living trend in Europe have increased the demand for frozen fish and seafood in this region. Consumers across Europe are increasingly becoming aware of the several health benefits of seafood, such as tuna and salmon. The bluefin and albacore species of tune are a rich source of omega-3 fatty acids that help in the proper functioning of the immune, cardiovascular, and endocrine systems. Tuna is also an excellent source of protein that helps maintain bone mineral density and improve metabolic health. Such factors will increase the market growth during the forecast period.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
Romania - Fish and Seafood Market by Distribution Channel, Product and Type - Forecast and Analysis
Fresh Fish and Seafood Market Analysis APAC, Europe, North America, South America, Middle East and Africa - US, China, Japan, Spain, UK - Size and Forecast
Seafood Market Analysis APAC, North America, South America, Europe, Middle East and Africa - US, Canada, China, Japan, France - Size and Forecast
Frozen fish and seafood have gained significant popularity in today's fast-paced world due to their convenience, long shelf life, and diverse product offerings. According to Datassential, a leading food industry research and insights provider, frozen seafood products accounted for 21% of total seafood consumption in the US in 2020. Key players in the market include Beaver Street Fisheries, High Liner Foods, Premium Seafood Company, The Sirena, and others. These frozen food leaders showcase their offerings at events like Seafood Expo, providing an excellent platform for buyers and sellers to connect. Export destinations like Europe, Japan, and the Middle East are crucial for frozen seafood businesses due to their high demand for aquatic delicacies.
Furthermore, microorganisms and culinary applications are essential aspects of the frozen seafood industry. Food waste and meal planning are significant challenges, as consumers increasingly demand sustainable practices and food safety assurance. Underdeveloped countries face seafood wastage and food safety concerns, making product recalls a critical issue. Sustainable seafood and sustainable practices are becoming increasingly important to address these challenges. Cold storage facilities and transportation infrastructure are crucial for maintaining the quality and freshness of frozen fish and seafood products. Health consciousness, protein content, and essential nutrients are key factors driving demand for these products. Shelf life, food wastage, accessibility, and availability are other essential considerations for consumers.
Market Scope |
|
Report Coverage |
Details |
Page number |
168 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 8.07% |
Market growth 2024-2028 |
USD 34.6 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
7.26 |
Regional analysis |
Europe, APAC, North America, South America, and Middle East and Africa |
Performing market contribution |
Europe at 41% |
Key countries |
US, France, Germany, China, and Spain |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Austevoll Seafood ASA, Faroese Seafood, Freiremar SA, Grieg Seafood ASA, Lee Fish, Lee Fishing Co., Metro Seafood Ltd., Midseas Ltd., Mowi ASA, Nutreco N.V., Ocean Fresh Seafood, Pescafresh, Seattle Fish Co., Surapon Foods Public Co. Ltd., Tassal Group, Tesco Plc, Trident Seafoods Corp., Tropic Star Seafood Inc., True World Foods LLC, and Wm Morrison Supermarkets Ltd. |
Market dynamics |
Parent market analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for market forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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