As per the survey by Fact.MR, the global raw frozen seafood market is estimated to total a valuation of US$ 27 Bn in 2021. Driven by increasing demand for convenient food across the globe, the market is projected to surpass US$ 43.3 Bn through 2031. Historically, the market registered growth at 3.8% CAGR between 2016 and 2020. However, with the onset of COVID-19, which triggered hoarding practice among consumers as they adopted extended period of self-isolation, the demand for frozen food surged. Driven by this, the sales of organic frozen seafood increased exponentially during the FQ-20.
Consumers around the world are increasing the consumption of frozen and ready-to-eat food also on account of their hectic lifestyle. Recognizing the opportunity, key players are increasing the production of frozen seafood.
Focus on product innovations is therefore at all-time high. For instance, some of the leading manufacturers are increasing the production of frozen shellfish. Demand for frozen shellfish is also increasing as its valuable food source, high nutritive value, and is easily digestible protein.
As per Fact.MR, sales of frozen marine pelagic are set to soar at 4.1% CAGR during the forecast period 2021 and 2031. Due to this many considerations, demand for ready-to-eat and processed frozen fish is increasing globally.
“Leading frozen seafood manufacturers are focusing on expansion of their product portfolio and establishing manufacturing facilities across the globe. This is expected to create lucrative growth opportunities over the next 10 years as demand for convenient food is continuously on the rise,” says a Fact.MR analyst.
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Key Takeaways from Raw Frozen Seafood Market Survey
- The marine pelagic segment will account for over 54% of the global market shares
- Based on form, processed frozen seafood will dominate the market, generating nearly 72.6% of revenue during the forecast period
- Over 19.6% of frozen seafood sales are concentrated in e-commerce/online sector
- Thailand will account for nearly 38% of revenue in South Asia’s frozen seafood market during the assessment period
- Demand for frozen seafood in Japan is set to reach valuation of US$ 1.1 Bn through 2021 & beyond
- Germany will account for over 23.8% of global market share during the forecast period
- The U.S. frozen seafood market is expected to dominate the global market, contributing over 82.6% of market shares
- Rising demand for ready-to-eat and convenient food due to hectic lifestyle will drive the growth
- Technological advancements in the cold chain market, especially in developed countries such as the U.S. and Canada, will improve the demand for frozen seafood
- Digitalization and penetration of e-commerce retail industry will boost the sales of processed frozen seafood
- Growing preference for fresh and natural food products will hamper the sales of frozen seafood
- Inability to maintain the products at a proper temperature and constant temperature monitoring will act as a challenge for the frozen seafood market players
- Lack of cold chain infrastructure in emerging economies will impede the market growth.
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Manufacturers in the frozen seafood market are focusing on introducing new products catering the surging demand for frozen and ready-to-eat seafood. With increased competition in the market and increased demand for frozen food due to consumers fast-paced lifestyle, key players are increasing their production capabilities through establishing storage and production warehouses.
- In August 2021, Avanti Frozen Foods Pvt. Ltd., announced the expansion of few of its consignments of various sizes of frozen cooked, peeled, deveined shrimps that are sold in various unit sizes.
- Non-profit organization SeaShare, recently announced its strategic partnership with Hook Line and Savor, a new frozen seafood start-up based in Massachusetts.
- In June 2018, Lantmännen Unibake unveiled its new production plant in Nowa Sól, Poland to increase the company’s production capabilities
Some of the leading market players operating in the frozen seafoods market profiled by Fact.MR are:
- Marine Harvest ASA
- Austevoll Seafood ASA
- Coast Seafood
- Charoen Pokphand Foods
- Fortune Fish & Gourmet
- Maruha Nichiro
- Norway Royal Salmon
- Mitsubishi Corporation
- Trident Seafood
More Valuable Insights on Conventional Frozen Seafood Market
Fact.MR, in its new report, offers an unbiased analysis of the global frozen seafood market, analyzing forecast statistics through 2021 and beyond. The survey reveals growth projections on in frozen seafood market with detailed segmentation:
- Organic Frozen Seafood
- Conventional Frozen Seafood
- Raw Frozen Seafood
- Processed Frozen Seafood
By End Use:
- Food Processing Industry
- Food Service Industry
By Product Type:
- Frozen Fish
- Marine Pelagic
- Marine Demersal
- Frozen Molluscs
- Frozen Crustaceans
By Distribution Channel:
- Business to Business (Manufacturers and Distributors)
- Business to Consumer
- Modern Trade (Hypermarkets and Supermarkets)
- Convenience Stores
- Traditional Grocery Stores
- Specialist Food Stores
- Wholesale Stores
- Discount Stores
- e-Commerce/Online Stores
Key Questions Covered in the Organic Frozen Seafood Market Report
- The market survey also highlights projected sales growth for frozen seafood market between 2021 and 2031
- The report offers insight into frozen seafood demand outlook for 2021-2031
- Frozen seafood market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, collaborations or partnerships, and others
- Frozen seafood market analysis identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
Explore Fact.MR’s Coverage on the Food and beverages Domain:
Low Fat Muffin Market – Muffins, which have their roots in Europe are a popular choice to be eaten in breakfast with tea. As the population is becoming more health-conscious demand for a low fat muffin is increasing for which manufacturers are striving to achieve fat replacer to produce low fat muffin with the desired taste and texture.
Low Fat Puddings Market – Pudding is a sweet and soft dessert with thick consistency of sweet and savory taste made with milk, eggs, and sweetening agents. Milk and sweetening agent in puddings contains a large amount of fat that population is refraining to consume.
Fat Free Pasta Market – Pasta is a staple food, primarily consumed in Latin America and Mediterranean countries. Fat free pasta is being made by a combination of different types of flour such as all-purpose flour, semolina, durum flour, farina flour, and many more.
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