Processed Form of Frozen Seafood to Remain Widely Preferred: Fact.MR Report
Published : 31 Aug 2021 Industry: Food & Beverage
Global demand for frozen seafood is rising due to increasing preference for easy cooking and food products with high protein and nutritional content. According to a recent report by Fact.MR - a market research and competitive intelligence provider, demand for frozen seafood has closed in on a valuation of US$ 27 Bn, and is projected to rise at a CAGR of around 5% through 2031.
Frozen fish has a longer shelf life and is available all year round. This also allows fish to be purchased at a lower cost without sacrificing quality or nutrition. Due to many considerations such as convenience, affordability, high nutritional content, and others, demand for ready-to-cook/eat food products has increased in recent years. As a result of the similarities in qualities, demand for frozen seafood has also skyrocketed.
Moreover, availability of diverse types of seafood under one roof, especially in emerging nations, with the emergence of huge retail chains, has aided market expansion.
Key Takeaways from Market Study
- The U.S. is estimated to account for 82.6% share of the North American market in 2021, supported by rising preference for processed food with high nutritional content.
- Japan is estimated to account for more than 35% share of the East Asian market, supported by increase in new players and advanced technology in the market.
- Germany is a high potential market in Europe, accounting for 23.8% value share, supported by popularity of the seafood-based protein trend.
- Crustaceans hold nearly 34.4% market share, on the back of their health benefits and taste.
- Business to business (manufacturers and distributors) reflect around 46.7% of the market share, owing to high demand from the foodservice and processed food industry.
“Manufacturers are focusing on expanding their product portfolios and entering new markets as a result of widespread adoption of frozen seafood around the world. Investing substantially in promotional initiatives to increase awareness of the product's benefits, as well as innovating in packaging, will help gain a competitive edge in this space,” said a lead analyst at Fact.MR.
Who is Winning?
Consumers' hectic schedules have increased demand for ready-to-consume food incorporating proteins. Manufacturers are focusing on product innovation to keep up with increased competition in the frozen seafood sector. Key global market players are also focusing on incorporating cutting-edge technologies that will enable them to maintain high-quality standards and differentiation.
Some of the leading companies offering frozen seafood are Marine Harvest ASA, Austevoll Seafood ASA, SalMar, Coast Seafood, Charoen Pokphand Foods, Fortune Fish & Gourmet, Maruha Nichiro, Norway Royal Salmon, Mitsubishi Corporation, and Trident Seafood.
Get More Valuable Insights
Fact.MR, in its new offering, provides an unbiased analysis of the demand for frozen seafood presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031.
The study divulges compelling insights on the demand for frozen seafood based on nature (organic, conventional), form (raw, processed), end use (food processing, foodservice industry, retail/household), product type (fish, molluscs, and crustaceans), and distribution channel (business to business, business to consumer and e-commerce/online stores), across six major regions of the world.
About the Food & Beverage Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations – the food & beverage team at Fact.MR helps clients from all over the globe with their unique business intelligence needs. With a repertoire of over 1,000 reports and 1 million+ data points, the team has analysed the food & beverage industry lucidly in 50+ countries for over a decade. The team provides end-to-end research and consulting services; reach out to explore how we can help.
For more information, refer to our market research report or contact the PR author.
Shambhu Nath Jha
Sr. Consultant – Food & Beverages