Frozen Seafood Market Size, Share, Trends and Report | 2032

Frozen Seafood Market Outlook

According to the report by Expert Market Research (EMR), the global frozen seafood market size attained a value of USD 28.00 billion in 2023. Aided by the rising demand for convenient and longer-lasting seafood products, alongside the growing awareness of the nutritional benefits of seafood, the market is expected to further grow at a CAGR of 4.8% between 2024 and 2032, reaching a value of USD 42.70 billion by 2032.

Frozen seafood refers to seafood products that are rapidly frozen and preserved for an extended period. Freezing seafood locks in the nutritional content and maintains its freshness over time, making it a popular option for consumers looking for both convenience and nutrition. Products such as frozen fish, shellfish, crustaceans, and other seafood types are widely consumed across the globe, benefiting from advancements in freezing technologies and transportation methods.

The increasing consumer preference for ready-to-eat and easy-to-prepare meals is driving the growth of the global frozen seafood market. With the fast-paced modern lifestyle, consumers are increasingly seeking convenient food options that require minimal preparation time, and frozen seafood is emerging as a key solution in this regard. Additionally, the rising awareness of the health benefits of seafood, including its high protein and omega-3 fatty acid content, is further boosting the market. Frozen seafood provides an affordable and accessible source of these essential nutrients, making it a staple in health-conscious diets.

Key Market Drivers

One of the primary factors propelling the growth of the global frozen seafood market is the increasing awareness regarding the nutritional benefits of seafood consumption. Seafood is rich in protein, essential fatty acids like omega-3, vitamins, and minerals, which are crucial for maintaining overall health, reducing the risk of heart diseases, and supporting cognitive function. As more consumers prioritize health and wellness in their dietary choices, the demand for frozen seafood products is growing.

Furthermore, the increasing penetration of organized retail and online distribution channels is contributing to the expansion of the frozen seafood market. The availability of a wide range of frozen seafood products in supermarkets, hypermarkets, and e-commerce platforms has made it easier for consumers to access these products. The growth of online grocery platforms has particularly bolstered sales, as it allows consumers to purchase frozen seafood with the added convenience of home delivery and the ability to compare prices and products.

The food service industry, including hotels, restaurants, and cafes, is another significant driver of the market. Frozen seafood offers a convenient solution for these establishments, allowing them to store large quantities of seafood without compromising quality. As the global food service industry continues to expand, particularly in urban areas, the demand for frozen seafood is expected to grow steadily.

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Expanding Applications in Various Industries

In addition to retail, the foodservice sector represents a significant driver of the frozen seafood market. Restaurants, hotels, and catering services rely on frozen seafood for its convenience and consistency in quality. The global expansion of the hospitality and tourism industry, coupled with the rising trend of dining out, has bolstered demand for frozen seafood in commercial kitchens. This segment is expected to witness continued growth as the demand for seafood-based dishes rises in both casual and fine dining establishments.

Further, the food processing industry has increasingly integrated frozen seafood into value-added products such as seafood snacks, ready-to-eat meals, and frozen seafood-based entrees. These products cater to consumers looking for quick, easy, and nutritious meal solutions, particularly in regions where fresh seafood may not be readily available. The growing trend of premiumization in frozen food products is also driving demand for high-quality frozen seafood offerings.

The rise of online grocery shopping and home delivery services has further expanded the reach of frozen seafood products. With e-commerce platforms offering a wide range of seafood selections and ensuring fast delivery with cold-chain logistics, consumers can now access frozen seafood more conveniently than ever before. The shift towards digital grocery shopping, accelerated by the COVID-19 pandemic, has created new growth opportunities for the frozen seafood market.

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Frozen Seafood Market Segmentation

The market can be divided based on product, nature, form, end use, distribution channel, and region.

Market Breakup by Product

• Frozen Fish
• Frozen Molluscs
• Frozen Crustaceans
• Others

Market Breakup by Nature

• Organic
• Conventional

Market Breakup by Form

• Raw
• Processed

Market Breakup by End-Use

• Food Processing Industry
• Food Service Industry
• Retail/Household

Market Breakup by Distribution Channel

• B2B
• B2C
  • Supermarkets and Hypermarkets
  • Convenience Stores
  • Speciality Stores
  • Online
  • Others

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global frozen seafood market. Some of the major players explored in the report by Expert Market Research are as follows:

• Beaver Street Fisheries, Inc.
• Lerøy Seafood Group
• The Fishin’ Company
• Sirena Group A/S
• M&J Seafood
• Mazzetta Company, LLC
• Castlerock Fisheries Pvt. Ltd.
• SalMar ASA
• Forstar Frozen Foods Pvt. Ltd.
• Others

Challenges and Opportunities

While the global frozen seafood market presents substantial growth prospects, it also faces certain challenges. One of the primary concerns is the perception that frozen seafood is of lower quality compared to fresh seafood. Despite advances in freezing technology, some consumers still associate frozen seafood with inferior taste and texture. Educating consumers about the benefits of frozen seafood and the improvements in its preservation methods will be key to overcoming this challenge.

Fluctuating prices of seafood, driven by factors such as changing environmental conditions, fishing regulations, and fuel costs for transportation, also present challenges for the frozen seafood market. These price fluctuations can affect the affordability and availability of frozen seafood products, particularly in price-sensitive regions. Additionally, stringent regulations regarding food safety, packaging, and labeling in various countries can pose compliance challenges for manufacturers and distributors of frozen seafood products.

However, the market is also ripe with opportunities. The increasing popularity of plant-based seafood alternatives presents an emerging trend within the frozen seafood market. As consumers adopt more sustainable and ethical eating habits, plant-based seafood alternatives, which mimic the taste and texture of traditional seafood, are gaining traction. The frozen format of these alternatives allows for longer shelf life, making them a viable option for both retail and foodservice sectors. This presents an opportunity for manufacturers to diversify their frozen seafood offerings and cater to the growing demand for plant-based products.

The growing middle-class population in developing regions, particularly in Asia-Pacific and Latin America, represents another opportunity for market growth. As disposable incomes rise and consumers in these regions gain access to a wider variety of food products, the demand for frozen seafood is expected to increase. The expansion of cold storage and distribution infrastructure in these regions will be critical in meeting this demand.

Future Outlook

The global frozen seafood market is poised for steady growth over the forecast period, driven by the increasing demand for convenient, nutritious, and long-lasting food options. The rising consumer preference for seafood, coupled with advancements in freezing technology and the expansion of cold-chain logistics, will continue to propel the market forward.

In addition, the growing trend towards sustainable and ethical food consumption is expected to shape the future of the frozen seafood market. As consumers seek out responsibly sourced seafood and plant-based alternatives, manufacturers that prioritize sustainability and transparency in their sourcing practices will be well-positioned to capitalize on emerging market opportunities.

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