Frozen Sea Food Market Size

Frozen Sea Food Market Size Snapshot

Note – Market size depicts the revenue generated over the financial year

Frozen fish is an important industry, with a current market size of 15 billion dollars, projected to reach 22.7 billion by 2032. The CAGR is 5.7%. The market is mainly driven by the convenience of cooking and the health benefits of eating fish. Also, the development of freezing technology and the establishment of a logistics chain have improved the quality and availability of frozen fish, and the market is expected to grow. Frozen fish industry giants such as Marine Harvest, Thai Union and Nomad Foods are actively developing this industry to seize market opportunities. Product innovation, a variety of products and distribution channels, and the formation of alliances are all in progress. Such as sustainable exploitation, it is in line with the needs of consumers to buy green products, and it is also a way for companies to compete in the market. Strategic competition in the future is expected to play a decisive role in the development of the industry.

Regional Market Size

Regional Deep Dive

Frozen fish is a dynamically growing market in various regions of the world, driven by the rising demand for convenient and healthy food. In North America, the market is characterized by a strong preference for high-quality fish, while in Europe, the market is characterized by a wide variety of frozen fish products, influenced by the diverse cuisines. The Asia-Pacific region is experiencing strong growth due to rising incomes and changing dietary habits, while the Middle East and Africa region is growing due to the expansion of the food service industry. Latin America, with its rich marine resources, also benefits from the world's growing demand for frozen fish, especially in export markets.

North America

• The stricter American regulations on the safety of food have led to an increase in the investment of the large players in the quality control and traceability systems.
• The new packaging methods, such as vacuum-sealing and modified atmosphere, greatly improve the shelf-life and quality of frozen products, and companies such as High Liner Foods are at the forefront of this development.
• Plant-based alternatives to fish are gaining ground. Brands like Good Catch are introducing products that cater to health-conscious consumers, thus broadening the market’s reach.

Europe

• Common Fisheries Policy of the European Union supports the sustainable fishing, and thus, the sourcing policy of the Findus and Iglo companies.
• The recent development of the virtual market and the extension of frozen products by Tesco and Carrefour have made them more accessible and thus pushed up sales.
• Among the most important trends in the food market, the Mediterranean diet is gaining in popularity. The Mediterranean diet has become a popular dish in many households in Europe.

Asia-Pacific

• Besides, there is a growing trend towards the development of the seas, and the production of frozen fish and shrimp is also on the rise. There are some companies like Maruha Nichiro and Dongwon Industry, which have expanded their production and have begun to export.
• India and Southeast Asia are the most favored markets for frozen fish, with e-commerce platforms such as Licious and FreshToHome gaining popularity among consumers.
• The trend towards a healthier diet is resulting in an increased demand for frozen fish as a convenient source of food. More and more consumers are consuming frozen fish products that are ready for cooking.

MEA

• The GCC countries are seeing a surge in frozen fish consumption as a result of the growing food service industry. Companies like Al Ain Farms and the Emirates Fish Farm are capitalizing on this trend.
• It is the case that the new regulations aimed at improving food safety are encouraging local producers to invest in improving their production processes, in order to meet the quality standards of international quality standards.
• In Egypt and Morocco, the preference for sea products is reflected in the demand for frozen fish and shellfish. Their traditional dishes are increasingly based on these products.

Latin America

• Exporting countries such as Chile and Peru are now promoting sustainable fishing practices in order to increase their international competitiveness.
• The industry is beginning to develop its own brands, such as Pesca Camanchaca and Austral Group, which have been at the forefront of innovation in this area.
• The growing wealth of the people in the Middle East and the Middle East is bringing a change in the eating habits of the people. The demand for the best quality frozen fish is growing, especially in the cities.

Did You Know?

“Frozen fish retains its nutritional value for six months, which makes it a healthy and convenient source of food for a balanced diet.” — National Fisheries Institute

Segmental Market Size

Frozen fish is an important part of the fish industry, and it is now growing at a steady rate, driven by the increased demand for quick and healthy food. The awareness of the health benefits of eating fish is growing, and meal preparation is becoming increasingly popular. Frozen fish is often available with a quality certificate that assures consumers of the sustainable fishing method.

The market for frozen food has now reached a mature stage, with companies like Thai Union and Marine Harvest leading the way in production and distribution. Retailing in the form of retail chains and e-commerce platforms are the main sources of income. The product is mainly sold as a convenient alternative to fresh produce. The increasing popularity of e-commerce, which has been further accelerated by the pandemic, is giving a boost to the frozen food market. Meanwhile, advances in freezing technology, such as flash freezing, are enabling the market to offer products with longer shelf lives and higher quality. This is making frozen food an increasingly popular choice for consumers.

Future Outlook

Frozen fish market to grow rapidly between 2024 and 2032, from a current market value of about 113 billion to 199 billion, at a robust compound annual growth rate (CAGR) of 5.7%. This growth will be driven by the growing demand for convenient and high-quality sources of protein, as well as the growing awareness of the health benefits of eating sea food. According to the report, the penetration rate of frozen fish is expected to increase significantly in the future, and the share of frozen fish in the total consumption of sea food in the major markets is expected to reach over 30% in 2032. By 2024, frozen fish will only account for about 20% of the total consumption of sea food.

The improvement in freezing technology has improved the quality and shelf life of the product, and the development of e-commerce has made it easier to get frozen food. Moreover, the government has also taken measures to protect the environment and reduce food waste, which will also promote the development of the market. Plant-based alternatives to marine products and the development of convenient and sustainable packaging are also new trends that will change the market. The market will develop and change, and the industry will have to change with it, in order to take advantage of the growing number of consumers and the changing preferences of consumers.