The frozen seafood market is projected to reach US$ 22.57 billion by 2028 from US$ 16.27 billion in 2022. It is expected to grow at a CAGR of 5.6% during 2022-2028.
The growth of the frozen seafood market is driven by the increasing health consciousness among consumers, along with the rise in disposable income of people. Moreover, rapid urbanization, changing lifestyles, and increasing consumer spending are changing overall eating habits. In many urban areas, the growing trend of consuming packaged food products contributes to the market growth. Packaged food products save time, avoid wastage, and are easy to cook as they are packed in appropriate portions. Packaged food products also have a longer shelf life without compromising product quality, which is an essential requirement for people with a busy lifestyle. One of the main drivers of the frozen seafood industry is the rising awareness among consumers regarding the health benefits of seafood.
People prefer frozen seafood products to avoid the drawbacks of fresh seafood products. Frozen seafood is packed with nutrients and has a longer shelf life. Additionally, the convenience provided by frozen seafood products is the reason for its high demand. Furthermore, manufacturers are launching new products which provide a high nutrient value. With expanding population and rising health awareness, demand for healthy food products surged at phenomenal rates. The increasing number of health-conscious millennials is anticipated to increase the demand for seafood products in various regions. Rising disposable income and improving lifestyles are the key factors driving the growth of the global frozen seafood industry. Moreover, the increasing demand for frozen seafood is attributed to the availability of various products at multiple retail channels at affordable prices.
Based on product type, the global frozen seafood market is segmented into frozen fish, frozen crustaceans, frozen mollusks, and others. In 2021, the frozen fish segment accounted for the largest revenue share and is expected to account for the highest growth rate over the forecast period. EPA (eicosapentaenoic acid) and DHA are two omega-3 fatty acids present in fish (docosahexaenoic acid). Human bodies cannot make omega-3 fatty acids; therefore, they must be obtained from food. Salmon, trout, sardines, herring, canned mackerel, canned light tuna, and oysters are a few good options for omega-3 sources. During pregnancy, omega-3 fatty acids support healthy brain function and the development of vision and nerves. They may also lower the risk of depression, ADHD, Alzheimer's disease, dementia, and diabetes. Omega-3 fatty acids also lower blood pressure and the risk of sudden death, heart attack, abnormal heart rhythms, and strokes. They may also prevent inflammation and lower the risk of arthritis. All these factors are contributing to the segment’s growth.
By region, the frozen seafood market is segmented into North America, Europe, Asia-Pacific (APAC), Middle East & Africa (MEA), and South & Central America (SAM). In 2021, Asia Pacific held the largest share of the market. However, North America is estimated to register the highest CAGR in the market during the forecast period.
The North America frozen seafood market is segmented into the US, Canada, and Mexico. The frozen seafood market is growing significantly due to the region's increased per capita seafood consumption. The growth of the frozen seafood market is also attributed to the high demand for healthy food products. People are trying to save time and effort and prefer to use packaged food products that are easy to use.
Thai Union Group, Sterling Seafood Corp., Clifton Seafood Company, Marine Foods, Viet Asia Foods Company, American Seafoods, Mazetta Company LLC, High Liner Foods Inc, The Sirena Group, and Castlerock Fisheries Pvt. Ltd. are the players operating in the frozen seafood market. These companies provide a wide range of products for the market. Market players are developing high-quality, innovative products to meet customer requirements.
The overall size of the global frozen seafood market has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain analytical insights into the topic. Participants in this process include industry experts, such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants, such as valuation experts, research analysts, and key opinion leaders, specializing in the frozen seafood market.
Table of Contents
Companies Mentioned
- IFC Frozen Seafood
- Sterling Seafood
- Clifton Seafood Company
- Marine Foods
- Viet Asia Foods
- American Seafoods Company LLC
- Mazetta Company LLC
- High Liner Foods Inc
- The Sirena Group
- Castlerock Inc.
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 140 |
| Published | July 2022 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value ( USD | $ 16.27 million |
| Forecasted Market Value ( USD | $ 22.57 million |
| Compound Annual Growth Rate | 5.6% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
