This site uses cookies, including third-party cookies, that help us to provide and improve our services. Read More

Frozen Seafood Market

Frozen Seafood Market

Rising Preference for Frozen Foods Over Canned Foods to Propel the Frozen Seafood Market Growth during 2021-2031

Frozen Seafood Market
FACT6868MR
  • Aug-2021
  • List of Tables : 160
  • List of Figures : 152
  • 170 Pages
  • Food & Beverage

Market Snapshot

Latest released industry analysis on frozen seafood by Fact.MR estimates that the global market is currently valued at US$ 27 Bn, and is expected to witness lucrative growth of a CAGR of 5% to surpass a valuation of US$ 43.3 Bn by 2031.

Frozen seafood business research performed by Fact.MR includes key findings such as latest and speculative production capacity, capacity utilisation rates of each manufacturer, recent and speculative pricing, and price optimization strategy across the value chain, as well as an economic evaluation of frozen seafood production.

Key Market Insights Covered in Frozen Seafood Industry Survey:

  • Frozen Seafood Market Estimates and Forecasts (2016-2031)
  • Production Capacity Analysis of Prominent Manufacturers
  • Frozen Seafood Pricing Analysis
  • Product Pricing Optimization Strategy
  • Associated Industry Analysis (Food and Beverage Market Overview)
  • Key Drivers and Restraints Shaping Market Growth
  • Segment-wise, Country-wise, and Region-wise Analysis
  • Competition Mapping and Benchmarking
  • Market Share Analysis
  • COVID-19 Impact on Demand for Frozen Seafood and How to Navigate
  • Exclusive sales assessment of Textured soy protein
  • Recommendation on Key Winning Strategies

Know More Details About the Report

Demand Analysis for Frozen Seafood from 2016 to 2020 Compared to Market Outlook for 2021 to 2031

Sales of frozen seafood increased at a CAGR of 3.8% over the historical period of 2016 to 2020.

Frozen seafood products are stored or kept at a freezing temperature to prolong their shelf life by limiting microorganism growth. Frozen seafood is high in demand in regions far from water bodies. The global market is predicted to rise due to continued development and innovation in cold chain transportation.

Additionally, shifting consumer preference for frozen foods over canned foods as their health consciousness grows is expected to fuel global preference for frozen foods. Furthermore, growing trend of using seafood as a substitute for red meat is expected to propel the worldwide market forward.

Manufacturers are emphasising the availability of healthier products. Frozen fish products are frozen using cryogenic technology, which helps prevent bacteria from growing on the frozen seafood.

Cryogenic freezing technology, which uses solid carbon dioxide or liquid nitrogen to maintain low temperatures, and is directly applied to frozen fish products, is used by many frozen seafood factories throughout the world. Frozen fish products can be kept for a long time thanks to contemporary freezing technologies.

Additionally, increasing demand for frozen seafood as a thickening agent, as variables affecting the choice of thickeners include frozen state, clarity and taste, and PH, are provided by frozen seafood in a balanced form. Hence, its demand by various end users has boosted worldwide market growth, and, as a result, market revenue contribution is expected to significantly increase over the forecast period.

According to the Sofia Report 2020 published by FAO, global consumption of marine products and by-products such as frozen seafood increasing globally. The report claimed that there has been a 122% increase in global seafood consumption since 1990, which is expected to grow throughout 2021-2031.

This highlights the need for sustainability in developing marine food products. Trends show a 24.2% decrease in globally sustainable levels of marine products stock. Marine by-products are an effective solution for supporting increasing demand for commercial marine products without exhausting the sustainable level of marine resources.

frozen seafood market by FactMR

How is Frozen Seafood Helping Reduce Environmental Impact?

Even though consumers prefer fresh seafood, carbon footprint is higher when compared to frozen seafood because fresh seafood requires flying and rushed travel, whereas frozen seafood moves on energy-efficient transportation since time is not a factor once the fish is frozen. Frozen fish can be transported by trucks, trains, or ships, significantly reducing the environmental effect.

Flash-freezing also aids in waste reduction during processing. As sustainable food movements gain traction and consumers become increasingly aware of the environmental impact of the food that they consume, frozen seafood sales are estimated to rise over the coming years.

Avail customized purchase options for your needs

Which Region is a Lucrative Market for Sales of Frozen Seafood?

In 2021, total sales of frozen seafood in North America are expected to be worth US$ 9.2 Bn, accounting for roughly 34% of global sales. In 2020, Y-O-Y growth for the product in the region was around 2.8%, and this is predicted to expand at a CAGR of 3.2%.

Increasing demand for protein, unsaturated fats, and other essential nutrients in the region will propel market growth. Robust growth of the food and dietary supplement industry in the U.S. and Canada is expected to lead to higher demand for frozen seafood, creating lucrative opportunities for manufacturers.

Country-wise Analysis

What is Driving Sales of Frozen Seafood across the U.S.?

North America is one of the major regions in the global frozen seafood market, according to Fact.MR, and is predicted to develop at a healthy rate throughout the forecast period. The U.S. frozen seafood market is expected to account for 82.6% of the North American market in 2021, while the Canadian frozen seafood products market accounts for 17.4% market share, according to the most recent analysis.

Consumers in the U.S. are looking for multi-component products that are readily available in the market and also accommodate their fast-moving lifestyle. With growing demand for nutrient-rich health food, need for the development of food with healthier ingredients has also increased.

Researchers have been seeking new food ingredients to improve the functionality and nutritional value of the product. Hence, manufacturers are looking towards the frozen seafood industry, which generates an ample amount of seafood nutrients for human consumption.

Why is China Expected to Remain a Dominant Market for Frozen Seafood in East Asia? 

The market for frozen seafood in China is expected to top US$ 1.3 Bn in 2021. Demand for frozen food in the country is exceptionally high. Protein processing companies in China are rapidly developing as more and more new businesses enter the industry, intending to capture a lion's share of the market initially.

One of the primary drivers for the China market is fast-growing demand for frozen seafood products among the country's health-conscious consumers.

What is the Forecast for the Sales of Frozen Seafood in Germany?  

In 2021, Germany had a market share of 23.8% in Europe, while the U.K. frozen shellfish market and France frozen molluscs market in Europe are expected to contribute a significant share to Europe’s overall market.

Top frozen fish manufacturing companies in Germany are marketing their products while also attempting to resonate with the attitude of today's value-driven customers who are gradually pening up more options for both, legacy corporations and start-ups to enter the market.

Furthermore, frozen seafood offerings are advertised as completely prepared, flavoured, and refrigerated, and are helping the frozen food manufacturers attract customers. The current frozen shrimp market and frozen crustaceans market marketing strategy in Germany aims to show them to the public as innovative, high-quality products rather than convenient alternatives to fresh seafood.

So far, this technique appears to be working, leading to the growth of the frozen seafood market in Germany.

What is Driving Demand for Frozen Seafood in Japan?

According to Fact.MR, demand for frozen seafood in Japan is worth US$ 1.1 Bn. Japan is one of the most developed countries in East Asia, with considerable demand for frozen fish products.

Heavy research investments, rapid technological advancements, cutting-edge innovation techniques, and innovative and strong frozen seafood packaging market are just a few of the key factors that have aided the country's growth in the frozen seafood business.

Japan controls roughly 35.4% of the overall market share in East Asia.

Why is Frozen Seafood Production & Consumption Increasing in Thailand?

Thailand accounts for 37.6% of the South Asia market, and this regional market is expected to expand at a CAGR of 6.5% to reach a value of US$ 1.1 Bn by 2031. Thailand, being a peninsular country, provides high opportunities for manufacturers of frozen seafood.

An Adaptive Approach to Modern-day Research Needs

Category-wise Insights

Which is the Most Attractive Product Type of Frozen Fish?

According to Fact.MR, sales analysis of frozen marine pelagic reveals rising numbers due to increasing consumption of fish and frozen marine products.

In 2021, the marine pelagic segment accounted for 54% of the frozen fish product type market, and is expected to rise at a CAGR of 4.1% from 2021 to 2031.

Demand for the frozen shellfish is also rising for its valuable food source, high nutritive value, and essential nutrients such as vitamin E, vitamin B6, Niacin, and easily digestible proteins. Moreover, demand analysis of frozen shellfish shows that it is helping the overall frozen fish market grow at a healthy rate.

Which Form of Frozen Seafood in Highly Sought-after?

High demand for convenient food products all over the world has opened up opportunities for top frozen fish manufacturing companies to invest more in prepared frozen fish production as demand for processed frozen seafood is expanding globally and is estimated to account for 72.6% in 2021, and rise at a CAGR of 4.6% through 2031.

Are Online Sales of Frozen Seafood Rising?

According to Fact.MR, e-Commerce/online store sales are expected to account for more 19.6% in 2021, and witness a lucrative growth rate of 5.3% CAGR during the forecast period. Frozen seafood sales in grocery stores are expected to increase at a CAGR of 6.1%

Competition Landscape:

Presence of top frozen fish manufacturing companies such as Austevoll, Marine Harvest ASA, Seafood Asa, SalMar and other frozen seafood brands characterizes the global market.

Inadequate manufacturing, warehousing, and transport facilities for frozen seafood are affecting the quality and timely supply of frozen seafood to consumers. Due to the poor capability of cold storage facilities in the supply chain, frozen seafood products cannot be stored, which is restraining the growth of the market.

Store owners cannot keep stock for future demand and have to maintain low inventory due to the lack of cold storage facilities and transport channels for frozen seafood products. Owing to all these points, manufacturers are focusing on building strong storage and supply chains as demand rises.

  • SalMar ASA, a Norwegian farmed salmon company, stated in 2018 that it had purchased 51% of MariCulture AS's shares.

Similar, recent developments related to companies offering frozen seafood have been tracked by the team at Fact.MR, which are available in the full report.

Fact.MR has provided detailed information about the price points of frozen seafood of manufacturers positioned across regions, sales growth, production capacity, and speculative production expansion, in its recently published report.

Have a report related query? Speak to us directly

Frozen Seafood Industry Report Scope

Attribute

Details

Market size value in 2020

USD 27 Billion

Market forecast value in 2031

USD 43.3 Billion

Growth Rate

CAGR of 5% from 2021 to 2031

Forecast Period

2021-2031

Historical Data Available for

2016-2020

Market Analysis

MT for Volume and US$ Million for Value

Key Regions Covered

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia
  • Oceania 
  • MEA

Key Countries Covered

  • United States
  • Canada
  • Brazil
  • Mexico
  • Rest of LATAM
  • Germany
  • U.K.
  • France
  • Spain
  • Italy
  • BENELUX
  • Russia
  • Rest of Europe
  • China
  • Japan
  • South Korea
  • India
  • Indonesia
  • Malaysia
  • Singapore
  • Rest of South Asia
  • Australia
  • New Zealand
  • South Africa
  • GCC Countries 
  • Rest of South Africa

Key Market Segments Covered

  • Nature
  • Form
  • End Use
  • Product Type
  • Distribution Channel
  • Region

Key Companies Profiled

  • Marine Harvest ASA
  • Austevoll Seafood ASA
  • SalMar
  • Coast Seafood
  • Charoen Pokphand Foods
  • Fortune Fish & Gourmet
  • Maruha Nichiro
  • Norway Royal Salmon
  • Mitsubishi Corporation
  • Trident Seafood
  • Others

Pricing

Available upon Request

Market Segments Covered in Frozen Seafood Industry Research

  • By Nature

    • Organic Frozen Seafood
    • Conventional Frozen Seafood
  • By Form

    • Raw Frozen Seafood
    • Processed Frozen Seafood
  • By End Use

    • Food Processing Industry
    • Food Service Industry
    • Retail/Household
  • By Product Type

    • Frozen Fish
      • Marine Pelagic
      • Marine Demersal
      • Diadromous
      • Others
    • Frozen Molluscs
      • Bivalves
      • Gastropods
      • Cephalopods
      • Others
    • Frozen Crustaceans
      • Shrimps
      • Crabs
      • Lobsters
      • Krill
      • Others
    • Others
  • Distribution Channel

    • Business to Business (Manufacturers and Distributors)
    • Business to Consumer
      • Modern Trade (Hypermarkets & Supermarkets)
      • Convenience Stores
      • Traditional Grocery Stores
      • Specialist Food Stores
      • Wholesale Stores
      • Discount Stores
    • e-Commerce/Online Stores

Frozen Seafood Market: Report Scope

A recent market study published by Fact.MR on the frozen seafood offers a global industry analysis for 2016-2020 and opportunity assessment for 2021-2031. The study offers a comprehensive assessment of the most important market dynamics. After conducting thorough research on the historical and current growth parameters, the growth prospects of the market are obtained with maximum precision.

Report Chapters

Executive Summary

The executive summary of the frozen seafood includes the market country analysis, technology roadmap analysis, demand-side and supply-side trends, opportunity assessment, and recommendations on the global frozen seafood.

Chapter 01 – Market Introduction

Readers can find the detailed segmentation and definition of the frozen seafood in this chapter, which will help them understand basic information about the frozen seafood. This section also highlights the inclusions and exclusions, which help the reader understand the scope of the frozen seafood report.

Chapter 02 – Product Innovation and Developement Trends

This chapter readers can find the details analysis of recent trends which elevate the Frozen Seafood. Also, this chapter includes the effectiveness of the trend in the forecast period.

Chapter 03 – Market Background and Associated Industry Analysis

The associated industry assessment of the frozen seafood is carried out in this section. The macroeconomic factors affecting growth of the frozen seafood are provided in this section and the impact of these macroeconomic indicators on the frozen seafood is analyzed. This section also included policy developments and regulatory scenario, global forecast factor-relevance and impact and value chain analysis. In this section reader also find the market dynamics like drivers, restrains and the opportunities of the frozen seafood in globe.

Chapter 04 – Policy and Regulatory Landscape

The key regulations of the frozen seafood market are also explained in this chapter. The reader can find details for regulation and policies of different governments in different region for Frozen Seafood.

Chapter 05 – Forecasts 2016-2031

This chapter includes detailed analysis of the historical frozen seafood (2016-2020), along with an opportunity analysis for the forecast period (2021-2031). Readers can also find the absolute $ opportunity for the current year (2019– 2020) and incremental opportunity for the forecast period (2021-2031).

Chapter 06 – Pricing Analysis

This chapter includes global as well as regional pricing analysis by nature.  The pricing influencing factors are also explained in this chapter. The readers can understand the manufacturer level, distributor level pricing analysis for 2021 and 2031.

Chapter 07 – Market Analysis 2016-2020 and Forecast 2021-2031 by Nature

Based on nature, the frozen seafood is segmented into organic and conventional. This section also offers market attractiveness analysis based on nature.

Chapter 08 – Market Analysis 2016-2020 and Forecast 2021-2031, by Form

Based on forms, the frozen seafood is segmented into raw and processed. This section also offers market attractiveness analysis based on form. In this chapter, readers can find information about key trends and developments in the frozen seafood market and market attractiveness analysis based on form.

Chapter 09 – Market Analysis 2016-2020 and Forecast 2021-2031, by End Use

Based on end use, the frozen seafood is segmented into food processing industry, food service industry, and retail/household. This section also offers market attractiveness analysis based on End Use. In this chapter, readers can find information about key trends and developments in the frozen seafood market and market attractiveness analysis based on end use.

Chapter 10 – Market Analysis 2016-2020 and Forecast 2021-2031, by Product type

This chapter provides details about the frozen seafood on the basis of product type, and has been classified into fish (marine pelagic, marine demersal, diadromous, others) molluscs (bivalves. gastropods, cephalopods, others) crustaceans (shrimps, crabs, lobsters, krill, others) in this chapter, readers can understand market attractive analysis based on product type.

Chapter 11 – Market Analysis 2016-2020 and Forecast 2021-2031, by Distribution Channel

This chapter provides details about the frozen seafood on the basis of distribution channel, and has been classified into business to business and business to consumer (modern trade, convenience stores, traditional grocery stores, specialty food stores, wholesales stores, and discount stores) in this chapter, readers can understand market attractive analysis based on distribution channel.

Chapter 12 – Market Analysis 2016-2020 and Forecast 2021-2031 by Region

This chapter explains how the frozen seafood is anticipated to grow across North America, Latin America, Europe, East Asia, South Asia, Oceania and Middle East and Africa (MEA).

Chapter 13 – North America Market Analysis 2016-2020 and Forecast 2021-2031

This chapter includes a detailed analysis of the growth of the frozen seafood in the North America region, along with a country-wise assessment that includes the U.S. and Canada. Readers can also find regional trends, regulations, and market growth based on different segment and countries in the North America region.

Chapter 14 – Latin America Market Analysis 2016-2020 and Forecast 2021-2031

This chapter includes a detailed analysis of the growth of the frozen seafood in the Latin America region, along with a country-wise assessment that includes the Brazil, Mexico, Argentina, and the rest of Latin America. Readers can find detailed information about several factors, such as the pricing analysis and regional trends, which are impacting growth of the frozen seafood in the Latin America region.

Chapter 15 – Europe Market Analysis 2016-2020 and Forecast 2021-2031

Important growth prospects of the frozen seafood based on different segments in several countries such as Germany, Italy, France, U.K., Spain, BENELUX, Russia, Poland and the Rest of Europe are included in this chapter. Readers can find detailed information about several factors, such as the pricing analysis and regional trends, which are impacting growth of the frozen seafood in the Europe region.

Chapter 16 – East Asia Market Analysis 2016-2020 and Forecast 2021-2031

Important growth prospects of the frozen seafood based on different segments in several countries such as in Japan, China, South Korea and the rest of East Asia. Readers can find detailed information about several factors, such as the pricing analysis and regional trends, which are impacting growth of the frozen seafood in the East Asian region.

Chapter 17 – South Asia Market Analysis 2016-2020 and Forecast 2021-2031

Important growth prospects of the frozen seafood based on different segments in several countries such as India, Thailand, Indonesia, Malaysia, Singapore, and Rest of South Asia. Readers can find detailed information about several factors, such as the pricing analysis and regional trends, which are impacting growth of the frozen seafood in the South Asian region.

Chapter 18 – Oceania Market Analysis 2016-2020 and Forecast 2021-2031

Important growth prospects of the frozen seafood based on different segments in several countries such Australia, New Zealand, Fiji and the rest of Oceania are included in this chapter. Readers can find detailed information about several factors, such as the pricing analysis and regional trends, which are impacting growth of the frozen seafood in the Oceania region.

Chapter 19 – Middle East and Africa Market Analysis 2016-2020 and Forecast 2021-2031

This chapter includes a detailed analysis of the growth of the frozen seafood in the MEA region, along with a country-wise assessment that includes the GCC Countries, North Africa, South Africa, and Central Africa. Readers can find detailed information about several factors, such as the pricing analysis and regional trends, which are impacting growth of the frozen seafood in the MEA region.

Chapter 20 – Market Structure Analysis

In this chapter, readers can find detailed information about tier analysis and market concentration of the key players in the frozen seafood along with their market presence analysis by region and product portfolio.

Chapter 21 – Competition Analysis

In this chapter, readers can find a comprehensive list of leading manufacturers in the frozen seafood, along with detailed information about each company, which includes company overview, revenue shares, strategic overview, and recent company developments. 

Chapter 22 - Assumptions and Acronyms

This chapter includes a list of acronyms and assumptions that provide a base to the information and statistics included in the frozen seafood report.

Chapter 23 – Research Methodology

This chapter helps readers understand the research methodology followed to obtain various conclusions, as well as important qualitative and quantitative information, on the frozen seafood.

- FAQs -

Currently, the global frozen seafood market is worth around US$ 27 Bn.

Frozen seafood consumption is expected to rise at a CAGR of around 5% during the period of 2021-2031.

In terms of revenue, sales of frozen seafood increased at a CAGR of around 3.8% during 2016-2020.

Increasing demand for fortified foods, protein-based products, and convenient food solutions are key trends being observed in the market.

Market players are opting for collaboration to upgrade their technologies to increase production, product quality, and penetrate the market in a better way.

Top 5 frozen seafood manufacturers hold around 5% -15% of the market share.

The U.S., Germany, Italy, France, and the U.K. are major countries driving demand for frozen seafood.

East Asia holds around 11.7% of total frozen seafood revenue share.

The U.S. market for frozen seafood is projected to expand at a CAGR of around 3% over the next ten years.

Need an Exclusive Report for your Unique Requirement?

- Our Clients -

Report Client

- Evaluate How Fact.MR's Report Can Help. -

Is the market research conducted by Fact.MR?

Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.

What research methodology is followed by Fact.MR?

Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.

What are the sources of secondary research?

Fact.MR conducts extensive secondary research through proprietary databases, paid databases, and information available in the public domain. We refer to industry associations, company press releases, annual reports, investor presentations, and research papers. More information about desk research is available upon request.

Who are the respondents for primary research?

Fact.MR speaks to stakeholders across the spectrum, including C-level executives, distributors, product manufacturers, and industry experts. For a full list of primary respondents, please reach out to us.

Is a sample of this report available for evaluation?

Yes, you can request a sample, and it will be sent to you through an email.