The for frozen sea food market is projected to have a value of US$ 19,382.3 million at the close of 2023. The projected growth rate between 2023 and 2033 is 6.8% CAGR. By 2033, the market is anticipated to produce contributions of US$ 37,398.5 million.
Global fish consumption has increased dramatically in the last few decades. As living standards grow, seafood consumption is predicted to rise in rising nations like those in Latin America and the Asia-Pacific region. There will also be an impact from millennials becoming more conscious of the benefits of eating seafood.
A significant source of nutrition in many countries, especially those where the diets are low in protein, is fish protein. In addition to protein, seafood provides many other essential nutrients. Among the fish and shellfish that are particularly high in zinc, selenium, and vitamin B1 are salmon, prawns, and clams.
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Omega-3 fatty acids, particularly eicosapentaenoic acid (EPA) and docosahexaenoic acid (DHA), are mostly found in seafood. Because of its high nutritional content, seafood provides protection against a variety of health issues.
The notion that eating seafood is healthful has led to a growth in consumption, and as a result, output is expected to climb steadily. It would be good to have less waste, greater utilisation, and better distribution methods.
Because frozen seafood can be kept for a long time, it is more common in areas where fresh seafood is harder to come by. This implies that people can enjoy seafood year-round even if they live far from the shore or in a place with limited transit alternatives. Furthermore, fresh seafood can be quite fragile and require particular handling; frozen seafood is easier to transport.
Due to high demand and the scarcity of some species, fresh seafood can be pricey; nevertheless, frozen seafood is typically less expensive. Bulk frozen fish purchases provide for even greater cost reductions and more economical meal preparation.
Due to improvements in freezing technology, sales of frozen seafood are anticipated to increase drastically worldwide. Thanks to contemporary technology, it tastes almost as fresh as its unfrozen counterpart. As a result, frozen seafood is now more widely accepted and has less of a stigma connected to it.
Key Takeaways from Frozen Seafood Market Study
- The global frozen seafood industry expanded at a CAGR of 4.9% from 2018 to 2022.
- The USA frozen seafood industry is anticipated to reach a valuation of US$ 9,217.8 million by 2033.
- A CAGR of 6.4% is expected from India’s frozen seafood industry from 2023 to 2033.
- In 2033, China frozen seafood industry is expected to contribute a value share of 49.4%.
- Based on product type, the frozen crab segment is estimated to hold a global market share of 27% in the forecast period.
“It is projected that advancements in refrigeration would propel the market in both commercial and industrial settings. Growth is also connected to ongoing advancements in sophisticated distribution systems. Technological advancements in seafood product storage, processing, and packaging have further contributed to the expansion of the global frozen seafood industry.” – Says a lead analyst.
Competitive Landscape: Frozen Seafood Market
As the need for novel formulations from the food & beverage industry increases, leading frozen seafood manufacturers are concentrating on products delivering a wide range of health advantages. Consumption of frozen fish has grown over time among all populations.
Leading producers of frozen fish are working to gain a high market share through partnerships, mergers, and acquisitions while continuing to develop new product lines. Due to the increased need for innovative formulations from the food & beverage industry, top frozen seafood manufacturers are likewise concentrating on releasing upgraded and modified items.
For instance,
- In August 2021, Frozen Fish Direct introduced its latest user-friendly e-commerce site. While numerous individuals enjoy eating fish, Frozen Fish Direct is aware that they might not always be able to find fresh kinds at their neighborhood grocery. This information motivated Frozen Fish Direct to develop and launch their brand-new online store, providing its devoted clients with a convenient and stress-free option to buy for a large selection of fish and seafood.
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Get Valuable Insights on Frozen Seafood Market
Future Market Insights (FMI), in its new offering, provides an unbiased analysis of the frozen seafood industry presenting historical demand data (2018 to 2022) and forecast statistics for the period from (2023 to 2033). The study divulges compelling insights on the demand for frozen seafood based on frozen seafood industry by product type (tuna, rainbow trout, sardines, mackerel, herrings, salmon, shrimp, crab, lobster, krill), nature (organic, conventional), form (whole, fillet), end use (food processing industry, food service industry, retail/household), distribution channel (B2B, B2C, online retailers), and regions.
Frozen Seafood Market Outlook by Category
By Product Type:
- Tuna
- Rainbow Trout
- Sardines
- Mackerel
- Herrings
- Salmon
- Shrimp
- Crab
- Lobster
- Krill
By Nature:
- Organic
- Conventional
By Form:
- Whole
- Fillet
By End Use:
- Food Processing Industry
- Food Service Industry
- Retail/Household
By Distribution Channel:
- B2B
- B2C
- Online Retailers
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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