Frozen Seafood Market to Reach $137,265.5 million, Globally, by 2032 at 5.3% CAGR: Allied Market Research

The frozen seafood market is expected to witness notable growth owing to change in lifestyle & consumer preference, surge in female working population, and increase in awareness regarding the health benefits associated with various seafoods. Moreover, increase in demand for sustainable seafood and advancements in packaging & freezing technology are expected to provide lucrative opportunities for the growth of the market during the forecast period.

PORTLAND, Ore., Dec. 13, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Frozen Seafood Market by Type (Frozen Fish, Frozen Crustaceans, Frozen Mollusks, and Others), Form (Raw Frozen Seafood, Pre-Cooked Seafood, and Ready-To-Eat Seafood), and Distribution Channel (Supermarkets-Hypermarkets, Departmental Stores, B2B, Online Sales Channel): Global Opportunity Analysis and Industry Forecast, 2022–2032". According to the report, the global frozen seafood market was valued at $82,537.3 million in 2022, and is projected to reach $137,265.5 million by 2032, registering a CAGR of 5.3% from 2023 to 2032.

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Prime determinants of growth

The rapid change in lifestyle and consumer preferences have majorly driven the rise in awareness regarding seafood and its benefits. Consumers increasingly seek convenient, time-efficient meal solutions without compromising on quality and nutritional value. The frozen seafood industry caters to this demand by offering a diverse array of seafood options, which provides convenience & maintain freshness and taste. Furthermore, advancements in freezing technologies ensure that frozen seafood retains its natural texture and flavor, appealing to health-conscious consumers who value the preservation of essential nutrients. As globalization facilitates easier access to diverse seafood options, the frozen seafood sector continues to thrive as a strategic player in meeting evolving consumer preferences.

Report coverage & details:

The frozen fish segment to maintain its leadership status throughout the forecast period

By type, the frozen seafood segment held the highest market share in 2022, accounting for more than one-third of the global frozen seafood market revenue and is estimated to maintain its leadership status throughout the forecast period. Health-conscious consumers seek shelf-stable and preservative-free fish products, which aligns with the trend toward cleaner and more natural food options. The emergence of gourmet frozen fish caters to those who desire restaurant-quality seafood in the comfort of their homes, which presents a niche but influential market segment. The convenience factor also plays a significant role in driving the demand for frozen fish, with consumers increasingly prioritizing products that fit their busy lifestyles. Advances in freezing technology have contributed significantly to preserving the taste and quality of frozen fish, which has further increased its demand in the market.

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The raw frozen segment to maintain its leadership status throughout the forecast period

By form, the raw frozen segment held the highest market share in 2022, accounting for more than two-fifths of the global frozen seafood market and is estimated to maintain its leadership status throughout the forecast period. The demand for unaltered, naturally frozen seafood has seen a substantial surge owing to its ready availability through diverse retail channels. This uncooked seafood offers a fresh flavor and a delicate texture, which increases the dining experience with its original tastes and textures. Raw frozen seafood preserves its vital nutrients, encompassing omega-3 fatty acids, vitamins, and minerals, which thus makes it a nutritious option for health-conscious consumers who prepare it to their dietary preferences. The minimal processing nature of frozen seafood increases its attractiveness among individuals those who prefer unadulterated food choices. Unprocessed frozen seafood is versatile, as it is easily used in dishes such as sushi, sashimi, ceviche, and tartare, for culinary applications. The is anticipated to maintain its popularity in the market owing to its purity, natural characteristics, and suitability for various culinary innovations.

The supermarkets/hypermarkets segment to maintain its leadership status throughout the forecast period

By distribution channel, the supermarkets/hypermarkets held the highest market share in 2022, accounting for more than one-third of the global frozen seafood market and is estimated to maintain its leadership status throughout the forecast period. Frozen seafood has a good opportunity to grow with the help of hypermarkets & supermarkets distribution channel. The reason for this is easy availability of the products. Consumers have access to niche products in the market in these types of stores. Thus, the establishment of hypermarkets/supermarkets at a widespread location gives way to lucrative opportunities for the growth of the global market for frozen seafood. Manufacturers offer special discounts through these hypermarkets and encourage hypermarkets and supermarket chains to mainly sell their own products. For these strategies, manufacturers make efforts to increase the visibility of the products, which attracts consumers and contributes to the growth of the frozen seafood market.

Europe to maintain its dominance by 2032

By region, Europe held the highest market share in terms of revenue in 2022 and is likely to dominate the market during the forecast period. The fast-paced lifestyles of European consumers have led them to favor frozen seafood for its ease of use, which demands minimal preparation. The surge in demand for convenient and easily prepared meals has propelled frozen seafood as a convenient choice. Consumers are increasingly health-conscious, which has led to increased awareness of the nutritional benefits of seafood. In addition, the increased emphasis on sustainability and responsible sourcing of seafood industry among the consumers have driven the need for certified frozen seafood products that adhere to environmentally friendly practices. Advancements in freezing and packaging technologies have enhanced the quality, texture, and taste of frozen seafood, making it exceptionally attractive to consumers. Frozen seafood, with its extended shelf life compared to fresh alternatives, reduces food waste, and enables bulk purchasing for restaurants and other food outlets. Furthermore, the rise of online sales channels and the widespread availability of frozen seafood in physical stores and digital marketplaces have greatly expanded consumer access to these products. As a result, the frozen seafood market in Europe is expected to experience steady growth.

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Leading Market Players: -

• Sirena Group A/S, Sykes Seafood
• Nueva Pescanova, S.L.
• Beaver Street Fisheries, Inc.
• High Liner Foods Incorporated
• Leroy Seafood Group ASA
• Maruha Nichiro Corporation
• Thai Union Group Public Company Limited
• Pacific Seafood Group
• Mazzetta Company, LLC.

The report analyzes government regulations, policies, and patents to provide information on the current market trends and suggests future growth opportunities globally. Furthermore, the study highlights Porter's five forces analysis to determine the factors affecting market growth.

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