Global Frozen Seafood Market Set For Rapid Growth, To Reach USD 30 Billion By 2024

27-Jul-2018 | Zion Market Research

Zion Market Research has published a new report titled “Frozen Seafood Market By Product Type (Fish, Crustaceans, Shellfish, Molluscs, And Others) and By Distribution Channel (Supermarket & Hypermarket, Convenience Stores, Online Stores, And Others): Global Industry Perspective, Comprehensive Analysis And Forecast, 2017– 2024”.  According to the report, the global frozen seafood market was valued at around USD 23.58 billion in 2017 and is expected to reach approximately USD 30 billion by 2024, growing at a CAGR of around 3.5% between 2018 and 2024.

Seafood are perishable items and need extra attention before it reaches the consumer. Frozen seafood is rich in protein, vitamins, and minerals. Consumption of seafood is necessary for proper development of the human body. Seafood is also beneficial for various diseases associated with heart and eyes. 

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Global Frozen Seafood Market

For maintaining the quality of the seafood, it has to be frozen below 200C. Nowadays various freezing techniques such as cryofreezing are used for freezing the seafood. Freezing the seafood locks its nutritional value such as vitamins and minerals. Frozen seafood market is anticipated to witness considerable growth during the forecast period. The frozen seafood market is primarily driven by increasing consumer awareness regarding the benefits of consuming seafood. Changing lifestyle and health benefits of seafood-associated with heart and eyes etc. is increasing the demand for frozen seafood globally. 

On the basis of the type of product, the market can be classified into shrimps, crustaceans, shellfish, mollusks, and others. Crustaceans are dominating the product segment attributed to its high-profit margin and increasing demand for exotic & premium seafood products. 

The market can be segmented on the basis of the distribution channel as supermarket & hypermarket, convenience stores, online stores, and others. Supermarket & hypermarket segment is expanding more as compared to other channels due to increasing acceptance among consumers owing to the availability of different types of fish and other seafood and the vast range of products offered at discounted price. 

In 2017, North America appeared as the leading region in terms of frozen seafood demand. Increasing adoption of frozen seafood as a thickening agent in various food dishes has strengthened the frozen seafood market growth. Availability of innovative techniques such as cryofreezing for preserving nutritional values of frozen seafood is expected to fuel the frozen seafood market. In addition, shifting consumer preferences from canned food to frozen products owing to the concerns regarding the chemical preservatives such as sodium that is added to canned food products is increasing the demand for frozen seafood in the region. Europe is another key region after North America and is projected to show considerable growth in the near future on account of high consumption of fish & other seafood, high import & export of fish-based products, and rising disposable income. The Asia Pacific is anticipated to show momentous growth in the near future due to increasing urbanization in developing countries like China and India. The rapid expansion of the aquaculture industry in developing economies and increasing middle-class consumer base are other factors driving the growth of the market. The Middle East & Africa is likely to show considerable growth due to the growing middle-class population and increasing disposable income. 

Some of the key companies have been investing in technological advancement, maintaining standards and product innovation in order to retain their dominance in the market. Key players operating in frozen seafood market are AquaChile, Austevoll Seafood, Collins Seafoods, High Liner Foods, Clearwater Seafood, Surapon Foods Public, Leroy Seafood, Iglo Group, Lyons Seafoods, Marine International, Tri Marine International, Marine Harvest, Tassal Group, Toyo Suisan Kaisha, Sajo Industries, and others.

This report segments the global frozen seafood market as follows:

Global Frozen Seafood Market: Product Type Segment Analysis

  • Shrimps 
  • Crustaceans
  • Shellfish
  • Molluscs
  • Other 

Global Frozen Seafood Market: Distribution Channel Segment Analysis

  • Supermarket & Hypermarket
  • Convenience Stores
  • Online Stores
  • Others

Global Frozen Seafood Market: Regional Segment Analysis

  • North America
    • The U.S.
  • Europe
    • UK
    • France
    • Germany
  • Asia Pacific
    • China
    • Japan
    • India
  • Latin America
    • Brazil
  • The Middle East and Africa

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