Frozen Seafood Market
Frozen Seafood Market By Nature (Organic Frozen Seafood, Conventional Frozen Seafood), By Form (Raw, Processed), By Product Type (Frozen Fish, Frozen Molluscs, Frozen Crustaceans), By End Use, By Distribution Channel, By Region - Global Insights to 2031
Frozen Seafood Market Outlook
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.
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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
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.
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.
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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.
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.
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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%.
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.
Frozen Seafood Industry Report Scope
Market size value in 2020
USD 27 Billion
Market forecast value in 2031
USD 43.3 Billion
CAGR of 5% from 2021 to 2031
Historical Data Available for
|MT for Volume and US$ Million for Value|
Key Regions Covered
Key Countries Covered
Key Market Segments Covered
Key Companies Profiled
Available upon Request
Market Segments Covered in Frozen Seafood Industry Research
- Organic Frozen Seafood
- Conventional Frozen Seafood
- Raw Frozen Seafood
- Processed Frozen Seafood
By End Use
- Food Processing Industry
- Food Service Industry
By Product Type
- Frozen Fish
- Marine Pelagic
- Marine Demersal
- Frozen Molluscs
- Frozen Crustaceans
- Frozen Fish
- 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
- 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.
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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?
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