Frozen Seafood Market Report Revenue, Demand, Segment and Forecast by 2027
Market
Overview
Seafood is recommended to be a part
of nutritionally balanced diets. Freezing the seafood creates year-round
availability owing to the increased shelf life. Also, this makes the seafood
available at affordable prices at various places without deteriorating the
quality and nutrition. The demand for ready-to-cook or eat food products has
been witnessing growth over the recent years due to various factors such as
convenience, affordability, high nutritional value, and others. It has
consequently increased the demand for frozen sea food owing to its similar
characteristics.
There has been a rise in disposable
income of the global target audience. The preference for food that provides
convenience in cooking and consumption has gained profound importance,
especially among the urban populace owing to the busy lifestyle. There has been
an increase in awareness of the health benefits of seafood. It boosts the
demand for frozen seafood. The easy accessibility and availability of various
varieties of seafood under one roof through the establishment of large retail
chains, especially in developing countries, help propel the market expansion.
However, overfishing has become a great cause of concern to the fisheries and
the environment. Overexploitation could lead to less availability of fish,
which increases the prices of frozen seafood, ultimately hampering the global
market growth.
As per the analysis shared by
industry reports and research, the Frozen Seafood market overview is estimated to grow at a CAGR of around 5.70%
between 2020 and 2027. The Frozen Seafood market was valued at around USD 38.82
billion in 2019 and is projected to reach USD 20.12 billion by 2027. By
product, the frozen fish segment contributes to a major market portion.
Market
Segmentation
The frozen seafood market has been
segmented based on type, distribution channel, and region. The market is
classified into frozen shrimps, frozen fish, frozen shellfish, frozen mollusks,
and others. It is divided into online retail, supermarket/hypermarket,
convenience stores, specialty stores, and others based on distribution
channels.
Regional
Analysis
Geographically, the global Frozen
Seafood industry can be divided into major regions: North America, Latin
America, Europe, Asia Pacific, and the Middle East and Africa. Globally, among
all regions, North America has developed as the dominant region in the global
Frozen Seafood market, followed by Europe and the Asia Pacific.
The increasing demand for Frozen
Seafood as a thickening agent in various end-use applications in the North
American region has strengthened the growth of the global Frozen Seafood
market. Hence, it is projected to significantly expand the revenue contribution
of the market over the forecast period.
The key players operating in the
global frozen seafood market include the following:
- Seven Seas
- Apex Frozen Foods Ltd.
- IFC Frozen Seafood
- Kangamiut Seafood
- American Seafoods Company LLC
- Sterling Seafood
- Viet Asia Foods
- Clifton Seafood Company
- Marine Foods
- Lotus Seafood Inc.
Industry
News
Many consumers are shifting their
preference to frozen foods over canned foods because, in frozen foods, the
nutrients do not get destroyed, and hence the food products are consumed
worldwide. Such frozen seafood products maintain the quality of the products
and are mostly consumed globally. Therefore, the global Frozen Seafood market report is expected to observe robust growth over the
forecast period.
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