The Global Frozen Hake Market size is expected to reach $2.2 billion by 2031, rising at a market growth of 7.0% CAGR during the forecast period.
Online channels often offer home delivery services, which bring frozen hake directly to consumers’ doorsteps. This ease of access supports increased consumption, especially in urban areas where time constraints may limit shopping opportunities. Therefore, the Online segment is expected to capture more than 1/5th share in the market by the year 20231. The rise of online grocery shopping platforms allows consumers to purchase frozen hake from the comfort of their homes. This convenience particularly appeals to those who prefer not to visit physical stores.
As the food service and restaurant sectors expand globally, there is a growing demand for seafood on menus. Frozen hake, a versatile and relatively affordable fish, is becoming popular among chefs and restaurant operators. Its mild flavour and ease of preparation make it suitable for various dishes, from simple fillets to elaborate culinary creations. This rising demand for seafood in the food service industry drives the need for high-quality frozen hake. Thus, the expansion of the food service and restaurant sectors is driving the market's growth.
Additionally, Seafood, including hake, is recognized for its high nutritional value. It is rich in essential nutrients such as protein, omega-3 fatty acids, vitamins, and minerals. Consumers increasingly turn to seafood as a healthier alternative to other protein sources as consumers become more health conscious. Health organizations and dietary guidelines often recommend including seafood in the diet for its benefits in cardiovascular health, brain function, and overall wellness. Hence, increased seafood consumption is driving the growth of the market.
However, Fluctuating fish prices can create uncertainty in production and procurement costs for frozen hake. Producers and processors struggle to maintain consistent profit margins when raw material prices vary significantly. Companies may struggle to set stable retail prices for frozen hake due to the volatility of fish prices. This can lead to pricing strategies that either absorb cost increases or pass them onto consumers, potentially affecting sales and profitability. Variability in fish prices can lead to challenges in procurement. Thus, Fluctuating Fish Prices are hampering the growth of the market.
Online channels often offer home delivery services, which bring frozen hake directly to consumers’ doorsteps. This ease of access supports increased consumption, especially in urban areas where time constraints may limit shopping opportunities. Therefore, the Online segment is expected to capture more than 1/5th share in the market by the year 20231. The rise of online grocery shopping platforms allows consumers to purchase frozen hake from the comfort of their homes. This convenience particularly appeals to those who prefer not to visit physical stores.
As the food service and restaurant sectors expand globally, there is a growing demand for seafood on menus. Frozen hake, a versatile and relatively affordable fish, is becoming popular among chefs and restaurant operators. Its mild flavour and ease of preparation make it suitable for various dishes, from simple fillets to elaborate culinary creations. This rising demand for seafood in the food service industry drives the need for high-quality frozen hake. Thus, the expansion of the food service and restaurant sectors is driving the market's growth.
Additionally, Seafood, including hake, is recognized for its high nutritional value. It is rich in essential nutrients such as protein, omega-3 fatty acids, vitamins, and minerals. Consumers increasingly turn to seafood as a healthier alternative to other protein sources as consumers become more health conscious. Health organizations and dietary guidelines often recommend including seafood in the diet for its benefits in cardiovascular health, brain function, and overall wellness. Hence, increased seafood consumption is driving the growth of the market.
However, Fluctuating fish prices can create uncertainty in production and procurement costs for frozen hake. Producers and processors struggle to maintain consistent profit margins when raw material prices vary significantly. Companies may struggle to set stable retail prices for frozen hake due to the volatility of fish prices. This can lead to pricing strategies that either absorb cost increases or pass them onto consumers, potentially affecting sales and profitability. Variability in fish prices can lead to challenges in procurement. Thus, Fluctuating Fish Prices are hampering the growth of the market.
Driving and Restraining Factors
Drivers
- Expansion of Food Service and Restaurant Sectors
- Expansion of Retail and Online Channels
- Increased Seafood Consumption Worldwide
Restraints
- Impact of Fluctuating Fish Prices
- Rising Environmental Concerns and Sustainable Fishing Practices
Opportunities
- Introduction Of Hake-Based Meal Kits
- Collaboration With Celebrity Chefs and Influencers
Challenges
- Increasing Competition from Alternative Proteins
- Challenges In Maintaining Consistent Quality During Freezing and Storage
Species Outlook
Form Outlook
On the basis of form, the market is segmented into frozen whole hake, frozen hake fillets, and others. The frozen whole hake segment recorded 41% revenue share in the market in 2023. Whole hake offers versatility in cooking methods, including baking, grilling, frying, and poaching. This flexibility appeals to a wide range of culinary preferences and allows chefs and home cooks to prepare it in various ways. Whole hake retains all its natural nutrients, including omega-3 fatty acids, vitamins, and minerals.
Distribution Channel Outlook
By distribution channel, the market is divided into local distributors, supermarkets & hypermarkets, and online channels. In 2023, the supermarkets & hypermarkets segment registered 47% revenue share in the market. Supermarkets and hypermarkets offer a one-stop shopping experience where consumers can conveniently purchase frozen hake and other groceries. This ease of access is a major driver of demand. These retail formats typically stock frozen hake products, including whole fish, fillets, and portions.Regional Outlook
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The Europe region witnessed 34% revenue share in the market in 2023. European consumers are increasingly adopting busy lifestyles, leading to a higher demand for convenient food options. Frozen and chilled foods offer a quick and easy solution for meals, catering to the needs of working professionals, families, and individuals. The popularity of ready-to-eat and easy-to-prepare meals is growing, with frozen and chilled products fitting well into this trend.List of Key Companies Profiled
- Nueva Pescanova, S.L.
- Oceana Group
- Pacific Seafood Group
- Maruha Nichiro Corporation
- Profand Fishing Holding S.L.
- Royal Greenland A/S
- Unilever PLC
- Thai Union Group PLC
- High Liner Foods
- Kingsun Foods Co., Ltd
Market Report Segmentation
By Species
- Atlantic Hake
- Pacific Hake
- Others
By Form
- Frozen Hake Fillets
- Frozen Whole Hake
- Others
By Distribution Channel
- Supermarkets & Hypermarkets
- Local Distributors
- Online Channels
By Geography
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market at a Glance
Chapter 3. Market Overview
Chapter 4. Global Frozen Hake Market by Species
Chapter 5. Global Frozen Hake Market by Form
Chapter 6. Global Frozen Hake Market by Distribution Channel
Chapter 7. Global Frozen Hake Market by Region
Chapter 8. Company Profiles
Companies Mentioned
- Nueva Pescanova, S.L.
- Oceana Group
- Pacific Seafood Group
- Maruha Nichiro Corporation
- Profand Fishing Holding S.L.
- Royal Greenland A/S
- Unilever PLC
- Thai Union Group PLC
- High Liner Foods
- Kingsun Foods Co., Ltd
Methodology
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