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The frozen fish and seafood market is estimated to grow at a CAGR of 7.26% between 2022 and 2027. The size of the market is forecast to increase by USD 28.58 billion. The growth of the market depends on several factors, including the growing desire for convenience, the demand for processed seafood, and the increasing prominence of land-based fish farming.
This report extensively covers market segmentation by end-user (food processing industry, food service provider, retail and household, and animal feed and pet food), distribution channel (offline and online), and geography (Europe, APAC, North America, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Technavio categorizes the global frozen fish and seafood market as a part of the global packaged foods and meats under the global food products segment of the global food, beverage, and tobacco market. The global packaged foods and meats products market covers manufacturers or food processing vendors that are involved in food processing to eliminate microorganisms and to extend shelf life. Our research report has extensively covered external factors influencing the parent market growth during the forecast period.
The growing desire for convenience is notably driving the market growth, although factors such as stiff competition from fresh and canned fish and seafood may impede the market growth. Our researchers analyzed the data with 2022 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.
Key Frozen Fish And Seafood Market Driver
One of the key factors driving the frozen fish and seafood 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.
Significant Frozen Fish And Seafood Market Trend
Innovation in frozen fish and seafood packaging is the major trend influencing the frozen fish and seafood 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.
Major Frozen Fish And Seafood Market Challenge
Stiff competition from fresh and canned fish and seafood is one of the key challenges hindering the frozen fish and seafood 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.
Key Frozen Fish And Seafood Market Customer Landscape
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 Frozen Fish and Seafood Market Customer Landscape
Vendors 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 vendors, 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 20.12 billion in 2017 and continue to grow by 2021. 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 48% 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.
In 2020, the regional frozen fish and seafood market witnessed certain challenges due to the COVID-19 pandemic. However, in 2021, with the initiation of vaccination drives across most European countries, such as Germany, the UK, France, and Russia, the governments lifted lockdown restrictions, which led the manufacturers to resume their production. This increased the demand for frozen fish and seafood items in the region. In addition, rising awareness about healthy frozen fish and seafood products, such as the preservation of protein and vitamin content, will contribute to the growth of the market in the region during the forecast period.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Frozen Fish And Seafood Market Scope |
|
Report Coverage |
Details |
Page number |
164 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 7.26% |
Market growth 2023-2027 |
USD 28.58 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
7.17 |
Regional analysis |
Europe, APAC, North America, South America, and Middle East and Africa |
Performing market contribution |
Europe at 48% |
Key countries |
US, China, France, Germany, and Spain |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Austevoll Seafood ASA, FaroeseSeafood.com, Freiremar SA, Grieg Seafood ASA, Lee Fish, Lee Fishing Company, Metro Seafood Ltd., Midseas Ltd., Mowi, Nutreco N.V., Ocean Fresh Seafood, Pescafresh, Seattle Fish Co., Tassal Group, Tesco Plc, Trident Seafoods Corp., Tropic Star Seafood Inc., True World Foods LLC, Wm Morrison Supermarkets Ltd., and Surapon Foods Public Co. Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for 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 Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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