Market Overview:
Frozen seafood is the preservation of seafood items in ice-cold temperature. Farmers and fishermen are using these techniques for many years they used to preserve the food in the winter session. Seafood is getting directly through the water and after processing it is directly put into the deep freezer at low temperature. Temperature is at -40°C or below, at this temperature most of the water inside the tissue of seafood animals is turning into ice. This will prevent the growth of microorganism inside the fish that helps to decompose the animals.
The frozen Seafood Market was valued at USD 14.48 Billion in 2021 and is expected to reach USD 21.30 Billion by the year 2028; at a CAGR of 5.67%.
Seafood contains many nutritional components so it is part of nutritionally balanced diets. Freezing the seafood helps to the increased shelf life of the product and creates the availability of the product in every session. Frozen seafood products are mainly processed by two processes that are cryogenic or flash freezing and mechanical. In many industries the frozen seafood products are frozen by using cryogenic freezing technology which is most used, effective freezing technology. This technique is carried out by using ultra-low liquid nitrogen which has temperature of -196 degree Celsius which can prevent the microbial growth in the seafood products and increases the perishability of that product.
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Market Dynamics and Factors:
The demand in increased for ready-to-cook/eat food products over the recent years due to various factors such as availability, affordability, convenience, high nutritional value, and others. This has increased the demand for frozen seafood. Rise in eating readily available products which are easy to cook and consume the lesser time and efforts to cook, this will reduce the time required for cooking and also gives required nutrients to the body to maintain health. In addition, there is an increase in awareness among people regarding the health benefits of seafood; this boosts the demand for frozen seafood which directly impacted the frozen seafood market. Easy availability and affordable products in various varieties are helping the expansion of the frozen seafood market.
Frozen Seafood Market Report Highlight:
- During the projected period, the Fish category is expected to have the maximum market share in the frozen seafood market. In seafood, product fish is the product that is largely consumed worldwide.
- The Offline distribution channel is expected to dominate the frozen seafood market during the projection period. The offline market is a stored-based market, which involves supermarkets and hypermarkets from their market getting the high revenue.
- The North American region is projected to drive market performance in the upcoming years. Many factors are affecting the growth of this region in the seafood market like the availability of cold chain infrastructural facilities.
Major Key Players for:
- Premium Seafood
- The Sirena
- M&J Seafood
- Sykes & Sons
- Beaver Street Fisheries
- Mazetta
- Castlerock
- AquaChile
- Clearwater Seafood
- High Liner Foods
- Leroy Seafood
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Key Industry Development:
- In June 2021, India exported 11, 49,510 MT of Seafood worth US$ 5.96 Billion, during the financial year 2020-21. China and USA are the major importers of Indian seafood. Frozen Fish is the major export item after frozen shrimps. Frozen Shrimps have a greater market share in the export of seafood in India.
- In August 2021, the FDA posted a recall notice on a company namely Avanti Frozen Foods Pvt. Salmonella Weltevreden outbreak was seen on the shrimp products so more than two dozen shrimp products were being recalled at that time for public health and safety.
Frozen Seafood Market Segmentation:
By Type
- Fish
- Shrimps
- Crustaceans
- Shellfish
- Mollusc
By Distribution Channel
- Supermarket/Hypermarket
- Convenience Stores
- Specialty Stores
- Online Retail
- Others
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For this report, Introspective Market Research has segmented the Frozen Seafood Market based on region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2022-2028)
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Turkey
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Indonesia
- Vietnam
- Thailand
- Rest of Asia-Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Iran
- Rest of MEA
- Latin America
- Brazil
- Argentina
- Rest of LATAM
Scope of the Report:
The report encompasses the entire analysis of market size in previous years for major segments and countries, as well as future estimates. The Frozen Seafood Market study looks deeply into the worldwide market’s competitive landscape. The study also provides the names of key market players and the methods they used to gain a dominant position in the industry. It also includes useful market insights, dynamics and factors, and market analysis techniques such as PESTEL analysis, PORTER’s Five Forces analysis, value chain analysis, SWOT analysis, BCG matrix, and Ansoff matrix.
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