Frozen Seafood Market Overview
The global frozen seafood market is predicted to reach USD 22716.55804 million by 2030, at a CAGR of 5.70% over the forecast period. The market has witnessed continued demand during the last few years. Innovation in technologies and logistics are the major factors in measuring growth of frozen seafood market. Advancement in freezing technologies, innovative refrigerator displays in supermarkets, and better and faster supply chain solutions have resulted in increasing demand of frozen seafood. Regions with cold climates had been relying on natural food freezing such as using winter frosts to prepare frozen seafood whereas regions with temperate climates where preservation of ice and snow was difficult, such regions had adopted artificial cooling methods. Over the decades, freezing techniques had improved and had become efficient and more cost-effective. Use of mechanical freezers, cryogenic or (flash freezing) of food, and other technologies have developed and used by key industrial players all over the world.
In addition, rising growth of organized retail industry is also anticipated to be one of the important factors for increasing growth of frozen seafood market outlook during the forecasted period. Food service industry is observing a healthy growth over the last couple of years both in developed and developing economies which in turn offers a lucrative opportunity in the frozen seafood market over the forecast period. Generally, food service companies purchase the product in a bulk quantity which is positively impacting the demand for frozen seafood.
Latest Industry Updates
Sep 2021 Canada based company, Clearwater Seafoods launched a flagship store to increase the sales of Frozen Seafood products through online platform.
May 2021 Grupo Nueva Pescanova invested 42.5 million to renew its fleet in Africa which will aid the overall production of seafood.
May 2022 High Liner Foods acquired Rubicon Resources, LLC. The acquisition will aid the company to augment the product portfolio in shrimp which are experiencing a massive growth in the North America region.
Mar 2022 Clearwater Seafoods numerous wild-caught shellfish formats to meet growing demand.
Global Frozen Seafood Market - Competitive Analysis
Market players in frozen seafood market share are emphasizing in the merger acquisition activities to upsurge the product portfolio of the company. Also, the manufacturers are also investing in the frozen seafood processing plant to increase the product portfolio. The tactical expansion of frozen seafood manufacturers includes use of online channels for marketing. For that, key manufacturers are entering into a collaboration with the online channels in order to reach maximum customers and also to upsurge the brand value of the product. Key players are penetrating into the untapped market to increase the overall profitability. Key industrial players create and run awareness campaign to educate consumers and drive them to make a rational choice.
The key players profiled in frozen seafood report are High Liner Foods (Canada), Iglo Group (U.K.), Leroy Seafood (Norway), Marine Harvest (Norway), and Austevoll Seafood (Norway), Clearwater Seafood (Canada), and AquaChile (Switzerland) among many others.
Global Frozen Seafood Market Segments
Global frozen seafood market has been divided into type, end user, distribution channel, and Region
On the Basis of Type: Fish, Shrimp, Squid, Crab, Lobster, and Others
On the Basis of End User: Food service, and Food retail
On the Basis of Distribution Channel: Supermarkets hypermarkets, Specialty retailers, Convenience stores, Specialty stores, and E-Commerce
On the Basis of Region: North America, Europe, Asia Pacific, and Rest of the World
Global Frozen Seafood Market - Regional Analysis
The global frozen seafood market is segmented into North America, Europe, Asia Pacific and Rest of the World. Among all the region, Europe region is estimated to account for the major market proportion in the year of 2030. The region is estimated to retain its dominance throughout the forecast period of 2022-2030. Germany is holding major market proportion in the frozen seafood market. Asia Pacific region is expected to witness massive growth during the forecast period of 2022-2030. East south eastern part of Asia Pacific region is the largest producer of frozen seafood products. Moreover, frozen seafood consumption is relatively high in the south eastern part of Asia Pacific region. Increasing consumer awareness towards healthy food habit is expected to drive the growth of frozen seafood market in Asia Pacific region.
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