Frozen Seafood Market - Forecast(2023 - 2028)

Key Takeaways

• Geographically, the Asia-Pacific Frozen Seafood Market accounted for the highest revenue share in 2021. The growth is owing to enhancing cold chain industrial facilities, growing health attentiveness among consumers, rising living standards because of economic affluence, bettering retail network with rising modern retail outlets, and the existence of biggest seafood producers and consumers such as China, Indonesia, and Japan.
• Augmenting demand for nutritional food as health complications are roaming around the world, ameliorating infrastructure in developing nations which is fueling the business operations, spiraling disposable incomes, and technological advancements are said to be preeminent drivers driving the growth of the Frozen Seafood Market. Expanding veganism, rising inflation because of overexploitation or overfishing, rising cost of production because of extortionate crude oil, and hampered business activities because of the virus outbreak are said to reduce the market growth.
• Detailed analysis on the Strength, Weaknesses, and Opportunities of the prominent players operating in the market will be provided in the Frozen Seafood Market report.

Frozen Seafood Market Segment Analysis-By Product Type

The Frozen Seafood Market based on the product type can be further segmented into molluscs, crustaceans, shellfish, fish (tuna, salmon, shrimps, tilapia, and others), and others. The fish segment held the largest share in 2021. The growth is owing to widescale consumption across the continents. According to a UN report, Tuna has become the most consumed fish worldwide. In addition to that, fishing on large scale and the growing trend of fish farming have their fair share in driving the demand. Global fish production has witnessed a staggering swell and reached 178. 1 million metric tons in the year 2021. The figure has soared by nearly 30 million metric tons from 2010. Moreover, the fish is estimated to be the fastest-growing segment with a CAGR of 6.7% over the forecast period 2022-2027. This growth is owing to varieties of health benefits accompanied by fish consumption as they are home to omega-3-fatty acids and riboflavin. Also, owing to their mineral, calcium, and phosphorous-rich nature, American Heart Association recommends people fish twice a week to keep their hearts healthy. Nevertheless, across-the-board availability as compared to other seafood has aided the growth.

Frozen Seafood Market Segment Analysis-By Distribution Channel

The Frozen Seafood Market based on distribution channel can be further segmented into offline and online. The offline segment held the largest share in 2021. The growth is owing to a wide-ranging presence. Therefore, the majority of seafood sales occur through fish markets and meat shops. However, with the growing number of supermarkets in developing countries and swift urbanization, peoples’ buying behavior has witnessed a drastic shift. The majority of people residing in metropolitan areas prefer buying from these modern retail outlets as they offer alluring discount deals, sales support conveniences, and a variety of products in one place. Consequently, supermarkets have emerged as a primary shopping place for busy and bulk buyers. Nevertheless, the offline segment is estimated to be the fastest-growing segment with a CAGR of 7.0% over the forecast period 2022-2027. The limited presence of grocery-centered e-commerce services in the majority of the countries across the globe. Yes, the online segment is flourishing but the majority of the platforms are centered on apparel and electronics. Also, when it comes to food people prefer buying in person after fair due diligence.

Frozen Seafood Market Segment Analysis-By Geography

The Frozen Seafood Market based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America, and the Rest of the World. Asia-Pacific held the largest share with 41% of the overall market in 2021. The growth in this segment is owing to the factors such as humungous production and demand for seafood in Asian countries like China, Indonesia, Japan, Vietnam, Myanmar, and others. China’s seafood production in 2021 was whirling around 65.7 million metric tons; moreover, the country has set a target to enlarge production up to 69 million metric tons by the year 2025. In addition to that, the vicious size of the population residing in the Asian continent is another reason propelling the growth of the aforementioned market. Over 59.6 percent of the total world population which is around 4.6 billion people calls this continent home as of 2022. However, Asia-Pacific is expected to be the fastest-growing segment over the forecast period 2022-2027. This growth is owing to proliferating demand for nutritional food as the old-age population is rising. Moreover, bettering retail infrastructure, ease of doing business, and improving disposable income are driving the market in the said region.

Frozen Seafood Market Drivers

Growing seafood consumption in the wake of growing illnesses is anticipated to boost market demand

Seafood is known to be quite health-friendly as it extends benefits like better eyesight, reduces skin and hair problems, Improves heart health, eases joint pains, and many more. Therefore, considering the overwhelming swell in heart disease and joint disorders as the geriatric population is increasing at a relentless pace has brought the seafood market in limelight. Cardiovascular disease is the main cause of death globally as they claim more than 17 million lives every year. Obesity, stress, and sedentary habit are the primary cause of heart attacks; however, according to a study the risk of getting a heart attack soars after the COVID-19. The study compared the health of 150,000 people who survived the virus with uninfected people and found that recovered patients are 52 percent more likely to develop a stroke. On another hand, the rising geriatric population has increased the demand for seafood to escape problems like joint disorders.

Improving GDP per capita income of low-income countries is expected to boost market demand

In order to grow its economy, a country needs more businesses and FDI flow; similarly, to create a business-friendly environment, countries are required to build better connectivity so that logistics and raw materials can be transported from point A to point B with top speed and inexpensively. Keeping it in mind, major developing nations China and India have paved a top-notch network of world-class highways and expressways which eventually has fueled the ease of doing frozen seafood business in these countries. As a result, many businesses from around the world from retail of fresh seafood to frozen seafood are setting up their manufacturing units or shifting their businesses there. On another hand, according to the Ministry of Transport of the People’s Republic of China, the country’s overall express network reached 168,000 km in 2021. This one aspect has diminished unemployment and has raised the disposable incomes of people. For instance, China's GDP per capita reached $12,551 in 2021. Consequently, the industry of seafood is likely to surge.

Frozen Seafood Market Challenges

Overfishing, expanding veganism, Inflation, and the gap between demand and supply are anticipated to hamper the market growth

Sri Lankan inflation rate soared to 17.5 percent in February 2022 (8 years highest), inflation rate reached 7.5 percent in the U.S. (highest since 1982), and there are many other countries like India, Pakistan, and many others witnessing a severe surge in inflation rates which is ultimately putting extra burden on consumers making the purchase of luxury food products including frozen food products difficult which may limit the market growth. In addition to that, overfishing, a proliferating trend of veganism across the globe, and hampered demand and supply because of the pandemic outbreak are posing several challenges to the steady growth of the Frozen Seafood Market.

Frozen Seafood Industry Outlook:

Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the aforementioned Market. Frozen Seafood Market top 10 companies include-

1. M&J Seafood Ltd
2. High Liner Foods Inc
3. Premium Seafood Company Inc
4. Beaver Street Fisheries
5. Castlerock Inc
6. Mazetta Company LLC
7. The Sirena Group
8. J. Skyes & Sons Ltd
9. Lotus Seafood Inc
10. Apex Frozen Foods Ltd

Recent Developments

• On March 10, 2022, Vigo, Spain-based largest fish processing company “Grupo Profand” announced the acquisition of a majority stake in Lixouri, Greece-based aquaculture farm Kefalonia Fisheries SA (a company known for its seabream and seabass production). The move has expanded the Profand’s presence internationally.
• On February 28, 2022, Saint-Herblain, France-based seafood distributing company “Oscealliance” announced the successful acquisition of two seafood processing and trading businesses within the country. The acquisition has strengthened the company’s portfolio.
• On March 27, 2020, Knutsford, United Kingdom-based company Skyes Seafood (a company known for its fish and seafood distribution) announced that it has successfully acquired Klaas Puul (a shrimp processor) from Harderwijk, Netherlands-based Dutch Seafood Company. The acquisition has expanded Skyes’ presence and frozen products business across the European continent

Relevant Links:

Processed Seafood & Seafood Processing Equipment Market – Forecast (2022 - 2027)

Report Code: FBR 76622

Canned Seafood Market – Forecast (2022 - 2027)

Report Code: FBR 81104

Frozen Food Market – Forecast (2022 - 2027)

Report Code: FBR 0030

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