As per MRFR analysis, the Frozen Fish Seafood Market Size was estimated at 200.04 (USD Billion) in 2022. The Frozen Fish Seafood Market Industry is expected to grow from 209.81(USD Billion) in 2023 to 322.0 (USD Billion) by 2032. The Frozen Fish Seafood Market CAGR (growth rate) is expected to be around 4.88% during the forecast period (2024 - 2032).
Key Frozen Fish Seafood Market Trends Highlighted
The frozen fish seafood market is poised for significant growth in the coming years. Key market drivers include rising demand for convenient, time-saving food options, growing health consciousness among consumers, and increasing disposable income. The market is also benefiting from advancements in freezing technologies, which preserve the freshness and nutritional value of fish.
Opportunities for growth in the frozen fish seafood market lie in expanding into emerging markets, developing innovative new products, and leveraging e-commerce platforms. The market is also seeing a trend towards sustainability, with consumers increasingly demanding products from responsibly sourced and environmentally friendly fisheries.
Recent trends in the frozen fish seafood market include a growing preference for value-added products, such as pre-seasoned and ready-to-cook options. Consumers are also seeking out frozen fish seafood that is sustainably sourced and free from artificial ingredients. The market is expected to continue to grow in the coming years, driven by these trends and the increasing popularity of frozen fish seafood as a convenient and healthy meal solution.
Figure1: Frozen Fish Seafood Market, 2018 - 2032 (USD Billion)
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Frozen Fish Seafood Market Drivers
Rising Health Consciousness and Demand for Convenient Food Options
Consumers are increasingly becoming aware of the health benefits associated with consuming fish and seafood. Frozen fish is a convenient and nutritious option that fits well into busy lifestyles. It is rich in omega-3 fatty acids, which are essential for heart and brain health. Additionally, frozen fish is a good source of protein, vitamins, and minerals. The growing demand for convenient and healthy food options is expected to continue to drive the growth of the Frozen Fish Seafood Market Industry.
Expansion of Retail and Foodservice Sectors
The expansion of retail and foodservice sectors is creating new opportunities for the frozen fish market. Supermarkets, hypermarkets, and convenience stores are increasingly stocking a wider variety of frozen fish products to meet the needs of consumers. Additionally, the growth of the foodservice sector, including restaurants, cafes, and hotels, is also driving demand for frozen fish. Frozen fish is a versatile ingredient that can be used in a variety of dishes, making it a popular choice for chefs and foodservice operators.
Technological Advancements in Freezing and Packaging
Technological progress in the freezing and packaging industry is one more factor contributing to the development of the Frozen Fish Seafood Market Industry. There are methods to freeze fish properly and preserve its quality and freshness for quite a long-period storage. In addition, more sophisticated packaging can prolong the period of products’ life. Consequently, frozen fish may be transported to more lengthy distances.
Frozen Fish Seafood Market Segment Insights
Frozen Fish Seafood Market Species Insights
The Species segment of the Frozen Fish Seafood Market is highly diverse, with a wide range of species contributing to its overall revenue. Among the most prominent species in this segment are Salmon, Tilapia, Tuna, Cod, and Shrimp. Each species offers unique characteristics and market dynamics, influencing the overall industry. Salmon, known for its rich flavor and health benefits, is projected to witness significant growth in the coming years. Rising consumer awareness about the nutritional value of salmon, coupled with increasing demand from emerging markets, is driving the expansion of this segment.In 2023, the frozen salmon market was valued at approximately USD 26.5 billion and is expected to reach USD 38.1 billion by 2030, growing at a CAGR of 4.2%. Tilapia, a versatile and affordable fish, has gained popularity as a sustainable and cost-effective alternative to other seafood options. The increasing adoption of tilapia in aquaculture practices and its suitability for various culinary applications are contributing to the growth of this segment. The frozen tilapia market is expected to reach USD 12.9 billion by 2026, growing at a CAGR of 3.6%.Tuna, a highly sought-after species for its culinary versatility and nutritional value, is another key component of the Frozen Fish Seafood Market. The growing demand for tuna in sushi, canned tuna products, and other culinary preparations is driving the expansion of this segment. The frozen tuna market was valued at USD 18.3 billion in 2022 and is projected to reach USD 25.2 billion by 2029, exhibiting a CAGR of 3.9%. Cod, a lean and mild-flavored fish, has a strong presence in the Frozen Fish Seafood Market. Its popularity in fish and chips, as well as its use in various culinary preparations, contributes to the growth of this segment.The frozen cod market is expected to reach USD 14.7 billion by 2027, expanding at a CAGR of 3.4%. Shrimp, a widely consumed seafood delicacy, plays a significant role in the Frozen Fish Seafood Market. Its versatility in culinary applications, coupled with its nutritional value, is driving the growth of this segment. The frozen shrimp market is poised to reach USD 32.6 billion by 2026, growing at a CAGR of 4.1%. Overall, the Species segment of the Frozen Fish Seafood Market is characterized by diverse species with unique market dynamics.The growing demand for healthy and sustainable seafood options, coupled with the expansion of aquaculture practices, is expected to drive the growth of this segment in the coming years.
Figure2: Frozen Fish Seafood Market, By Species, 2023 & 2032 (USD billion)
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Frozen Fish Seafood Market End Use Insights
The frozen fish seafood market is segmented into retail, foodservice, and industrial end-use sectors. The retail segment accounted for the largest share of the market in 2023, and is projected to continue to dominate the market over the forecast period. The foodservice segment is expected to experience the fastest growth over the forecast period, due to the increasing popularity of frozen fish seafood in restaurants and other foodservice establishments. The industrial segment is expected to account for a relatively small share of the market over the forecast period.In 2023, the retail segment of the frozen fish seafood market was valued at USD 125.42 billion. The foodservice segment was valued at USD 52.39 billion, and the industrial segment was valued at USD 32.0 billion. The retail segment is expected to reach USD 167.28 billion by 2032, growing at a CAGR of 4.2%. The foodservice segment is expected to reach USD 78.02 billion by 2032, growing at a CAGR of 4.9%. The industrial segment is expected to reach USD 46.7 billion by 2032, growing at a CAGR of 4.3%. The growth of the frozen fish seafood market is being driven by a number of factors, including the increasing popularity of frozen fish seafood products, the growing demand for convenience foods, and the rising disposable incomes of consumers.The market is also being supported by the increasing availability of frozen fish seafood products in a variety of formats and flavors.
Frozen Fish Seafood Market Processing Type Insights
The Processing Type segment of the Frozen Fish Seafood Market is categorized into Whole, Fillets, Steaks, and Other (Value-added Products). The Fillets segment held the largest market share in 2023, accounting for around 38.4% of the Frozen Fish Seafood Market revenue. Fillets are highly preferred by consumers due to their convenience and ease of preparation. The Whole segment is expected to experience significant growth over the forecast period, owing to the increasing demand for minimally processed and natural food products. Other (Value-added Products) segment is projected to witness steady growth, driven by the rising popularity of ready-to-eat and value-added seafood products.
Frozen Fish Seafood Market Packaging Type Insights
The packaging type segment of the Frozen Fish Seafood Market is expected to grow significantly in the coming years. In 2023, the Bags segment held the largest market share, accounting for over 33% of the total revenue. The Boxes segment is projected to witness the highest growth rate during the forecast period, owing to the increasing demand for convenient and sustainable packaging solutions. The Cartons segment is also expected to grow steadily, driven by the rising popularity of frozen fish seafood products in retail and foodservice channels.Vacuum-Packed packaging is gaining traction due to its ability to extend product shelf life and maintain product quality. The Other packaging types, including plastic tubs and biodegradable materials, are also expected to contribute to the overall market growth.
Frozen Fish Seafood Market Regional Insights
The regional segmentation of the Frozen Fish Seafood Market offers insights into the market's geographic distribution and growth patterns. In 2023, North America held a dominant position in the market, accounting for a significant share of the Frozen Fish Seafood Market revenue. Europe and APAC are also prominent regions, exhibiting steady growth rates. South America and MEA are emerging markets with promising potential for market expansion. The increasing demand for frozen fish seafood products, driven by factors such as population growth, changing dietary habits, and rising disposable incomes, contributes to the growth of the market in these regions.
Figure3: Frozen Fish Seafood Market, By Reagion, 2023 & 2032 (USD billion)
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Frozen Fish Seafood Market Key Players And Competitive Insights
Frozen Fish Seafood Market industry has major key-players which are continuously focusing on advancing and generating new products with their research and development work, while improving and extending their product and technology base in order to meet new demands, create a stronger presence and increase their target market coverage. Major leaders in the Frozen Fish Seafood Market industry are also focusing on extending their current facilities to cover a bigger storage capacity, increasing and improving their coverage in the market and accessing new outlets. Frozen Fish Seafood Market industry is highly competitive including numerous established and emerging industry players. To compete and to increase their market share remaining Frozen Fish Seafood Market industry leaders are focusing on numerous combined and individual strategies including mergers and acquisitions, partnerships and collaborations.
The main leader as a player in Frozen Fish Seafood Market industry is the company Trident Seafoods, which is operating as a producer and supplier of the seafood. Trident Seafoods is active in one of the biggest relayed markets in North American regions, includes coverage in Europe and has a market representation in the Asia Pacific region as well. Trident Seafoods is active in the area of the Frozen Fish Seafood Market offering a full spectrum of frozen fish products including a wide variety of fishes in the form of fillet, steak whole fish and value added fish product offers. Trident Seafoods has a special regard to the sustainability and the production process is highly environmentally friendly with the high ethics of the process. Trident Seafoods also has a very well-established customer service attitude with highly qualified personnel and a good delivery system. A main competitor as a player in Frozen Fish Seafood Market industry is also a big industry player Red Chamber Group. Red Chamber Group is another major industry player in seafood industry. Red Chamber Group specializes in the Frozen Fish Seafood Market with their product offers and their focus is in the biggest markets in Europe and North America. Leading producer and the largest product subgroup is the frozen at sea.ReferencesN/A
Key Companies in the Frozen Fish Seafood Market Include
Bumble Bee Seafoods
High Liner Foods
Leroy Seafood Group
Mowi
Cermaq
Tri Marine
Bolton Group
Thai Union Group
Charoen Pokphand Foods
Aker BioMarine
Clearwater Seafoods
Nippon Suisan Kaisha
Pescanova
Dongwon Industries
Cooke Aquaculture
Maruha Nichiro
Frozen Fish Seafood Market Industry Developments
The frozen fish seafood market is projected to reach USD 322.0 billion by 2032, exhibiting a CAGR of 4.88% during the forecast period (2024-2032). The increasing demand for convenient and shelf-stable seafood products, coupled with the growing popularity of e-commerce platforms, is driving market growth. Furthermore, rising health consciousness and the nutritional benefits of frozen fish are contributing to the market expansion. The Asia-Pacific region is expected to hold the largest market share due to the high consumption of seafood in countries like China, India, and Japan. Strategic partnerships, new product launches, and technological advancements are expected to shape the competitive landscape in the coming years.
Frozen Fish Seafood Market Segmentation Insights
Frozen Fish Seafood Market Species Outlook
Frozen Fish Seafood Market End Use Outlook
Frozen Fish Seafood Market Processing Type Outlook
Frozen Fish Seafood Market Packaging Type Outlook
Frozen Fish Seafood Market Regional Outlook
| Report Attribute/Metric | Details |
| Market Size 2022 | 200.04(USD Billion) |
| Market Size 2023 | 209.81(USD Billion) |
| Market Size 2032 | 322.0(USD Billion) |
| Compound Annual Growth Rate (CAGR) | 4.88% (2024 - 2032) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year | 2023 |
| Market Forecast Period | 2024 - 2032 |
| Historical Data | 2019 - 2023 |
| Market Forecast Units | USD Billion |
| Key Companies Profiled | Bumble Bee Seafoods ,High Liner Foods ,Leroy Seafood Group ,Mowi ,Cermaq ,Tri Marine ,Bolton Group ,Thai Union Group ,Charoen Pokphand Foods ,Aker BioMarine ,Clearwater Seafoods ,Nippon Suisan Kaisha ,Pescanova ,Dongwon Industries ,Cooke Aquaculture ,Maruha Nichiro |
| Segments Covered | Species ,End Use ,Processing Type ,Packaging Type ,Regional |
| Key Market Opportunities | Growing demand for convenience foods Increasing disposable income in developing countries Rising health consciousness Expansion of ecommerce platforms Technological advancements in freezing and packaging |
| Key Market Dynamics | Increased demand for convenience foods Rising disposable income Growing health consciousness Technological advancements Strategic partnerships |
| Countries Covered | North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The frozen fish seafood market was valued at USD 209.81 billion in 2023 and is expected to reach USD 322.0 billion by 2032, exhibiting a CAGR of 4.88% during the forecast period.
Asia Pacific is expected to dominate the frozen fish seafood market throughout the forecast period owing to increasing demand for seafood in countries such as China, India, and Japan.
The retail segment is expected to hold the largest share of the frozen fish seafood market. The growing popularity of frozen fish seafood products in retail stores, supermarkets, and hypermarkets is driving the growth of this segment.
Rising disposable income, increasing health consciousness, and growing urbanization are some of the key factors driving the growth of the frozen fish seafood market.
Some of the key players in the frozen fish seafood market include Thai Union Group PCL, Nippon Suisan Kaisha, Ltd., Maruha Nichiro Corporation, and Aker BioMarine AS.
The frozen fish seafood market is expected to exhibit a CAGR of 4.88% during the forecast period from 2023 to 2032.
The frozen fish seafood market is projected to reach USD 322.0 billion by 2032.
Factors such as concerns over sustainability, seasonality, and competition from fresh and canned seafood products are restraining the growth of the frozen fish seafood market.
Some of the key trends in the frozen fish seafood market include the growing demand for convenience, the increasing popularity of e-commerce, and the rising adoption of sustainable practices.
Challenges faced by the frozen fish seafood market include fluctuating raw material prices, stringent regulations, and intense competition.
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