Global Frozen Seafood Market Size is Anticipated to be Worth USD 68.37 Billion by 2028

29-Mar-2022 | Facts and Factors

According to Facts & Factors, the global frozen seafood market was estimated at USD 38.82 billion in 2021 and it will expand by USD 68.37 billion between 2022 and 2028. The market's growth pace is predicted to rise at a CAGR of 7.5%.

Seafood is advised as part of a well-balanced diet. Because frozen fish has a longer shelf life, it is available all year. Additionally, this makes the fish more inexpensive without compromising the quality or nutrition. The demand for ready-to-eat food products has increased in recent years due to a variety of factors such as ease, cost, high nutritional content, and others. As a result of its similar properties, this has raised the demand for frozen seafood food.

Browse the full “Frozen Seafood Market By Product (Frozen Mollusks, Frozen Shellfish, Frozen Fish, Frozen Shrimps, and Others), By Channel of Distribution (Specialty Stores, Convenience Stores, Hypermarket/Supermarket, Online Retail, and Others), and By Region-Global and Regional Industry Outline, Market Insights, Inclusive Analysis, Statistical Data, and Forecast 2022–2028” report at https://www.fnfresearch.com/frozen-seafood-market

Because of hectic lifestyles, the growth in disposable income, and the inclination for food that enables convenience in making & consuming has gained significant relevance, particularly among the urban population. Furthermore, there is a greater awareness of the health advantages of seafood. This boosts the economy of the global frozen seafood market. The simple availability and accessibility of many species of seafood under one roof through the construction of major retail chains, particularly in developing nations, aids market expansion. On the other hand, overfishing has become a major area of concern, not just for fisheries but also for the ecosystem. Overfishing may reduce the availability of fish, increasing the price of frozen seafood and, as a result, stifling market growth.

The global frozen seafood market is segregated on the basis of product, the channel of distribution, and region. By product, the market is divided into frozen mollusks, frozen shellfish, frozen fish, frozen shrimps, and others. The frozen fish segment contributes to a major portion of the market. By channel of distribution, the market is classified into specialty stores, convenience stores, hypermarkets/supermarkets, online retail, and others. The majority of individuals prefer to buy frozen seafood from a specialty store. People who live in metropolitan regions, on the other hand, prefer hypermarkets and supermarkets since freshness and shelf life are important factors in sales. Because of features such as delivering fresh food to the customer's door, online platforms are seeing a 15% increase in revenue.

North America has the largest market for frozen seafood products. It has been discovered that more than 55% of individuals in this region like frozen fish and seafood as food products or in therapeutic or cosmetic form. This region contributes more than 30% of total revenue and more than 45% of total revenue generated by the global frozen seafood market. Increased demand for aquatic packaged foods, as well as marine-based medications and cosmetics, has resulted in a 5.5% increase in the Asia Pacific’s use of frozen seafood products. This region consumes the most fish-based oils and canned goods. 

Report Scope

Some of the main competitors dominating the global frozen seafood market are Shanghai Kaichuang, Tassal Group, Leroy Seafood, Austevoll Seafood, Clearwater Seafood, AquaChile, Nippon Suisan Kaisha, Lyons Seafoods, Surapon Foods Public, Sajo Industries, Marine International, Hansung Enterprise, Toyo Suisan Kaisha, AquaChile, Marine Harvest, High Liner Foods, Tri Marine International, and Iglo Group.

Recent Developments

• August 2021: Avanti Frozen Foods Pvt. Ltd. announced the growth of a few of its shipments of frozen prepared, skinned, and deveined shrimps in various unit sizes.
• January 2019: SeaShare, a non-profit organization, recently established a strategic alliance with Hook Line and Savor, a novel frozen seafood start-up located in Massachusetts.

The global frozen seafood market is segmented as follows:

By Product

• Frozen Mollusks
• Frozen Shellfish
• Frozen Fish
• Frozen Shrimps
• Others

By Channel of Distribution

• Specialty Stores
• Convenience Stores
• Hypermarket/Supermarket
• Online Retail
• Others

By Region

• North America
  • The U.S.
  • Canada
  • Mexico
  • Rest of North America
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Nordic countries
    • Denmark
    • Finland
    • Iceland
    • Sweden
    • Norway
  • Benelux Reunion
    • Belgium
    • The Netherlands
    • Luxembourg
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • New Zealand
  • Australia
  • South Korea
  • Southeast Asia
    • Indonesia
    • Thailand
    • Malaysia
    • Singapore
    • Rest of Southeast Asia
  • Rest of Southeast Asia
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • Kuwait
  • South Africa
  • Rest of Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America

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