Global Frozen Seafood
Market Report
2024
The global frozen seafood market size is USD 50.8 billion in 2023 and will expand at a compound annual growth rate (CAGR) of 5.80% from 2023 to 2030.
The base year for the calculation is 2023 and 2019 to 2023 will be historical period. The year 2024 will be estimated one while the forecasted data will be from year 2025 to 2031. When we deliver the report that time we updated report data till the purchase date.
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According to Cognitive Market Research, The global frozen seafood market size is USD 50.8 billion in 2023 and will expand at a compound annual growth rate (CAGR) of 5.80% from 2023 to 2030.
Base Year | 2023 |
Historical Data Time Period | 2019-2023 |
Forecast Period | 2024-2031 |
Global Frozen Seafood Market Sales Revenue 2023 | $ 50.8 Billion |
Global Frozen Seafood Market Sales Revenue 2030 | $ 30.3 Billion |
Global Frozen Seafood Market Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 5.8% |
North America Frozen Seafood Market Sales Revenue 2023 | $ 15.24 Billion |
Europe Frozen Seafood Market Sales Revenue 2023 | $ 14.22 Billion |
Asia Pacific Frozen Seafood Market Sales Revenue 2023 | $ 17.78 Billion |
South America Frozen Seafood Market Sales Revenue 2023 | $ 2.54 Billion |
Middle East and Africa Frozen Seafood Market Sales Revenue 2023 | $ 1.02 Billion |
Market Split by Product Type |
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Market Split by Application |
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List of Competitors |
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Regional Analysis |
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Country Analysis |
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Key Qualitative Information Covered |
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Frozen Seafood Market is Segmented as below. Particular segment of your interest can be provided without any additional cost. Download the Sample Pages!
Frozen seafood refers to seafood products that have been preserved by freezing them at very low temperatures, typically below -18 degrees Celsius (0 degrees Fahrenheit). Freezing seafood helps to extend its shelf life by slowing down or halting the growth of microorganisms, enzymes, and bacteria that can cause spoilage. Growth driven due to growing adoption of frozen seafood to reduce environmental impact and high demand for ready-to-cook food with longer shelf life.
(Source:www.vedp.org/press-release/2022-06/high-liner-foods-newport-news)
The frozen seafood market is being driven by an increasing consumer demand for convenient and healthy food choices. Busy lifestyles and the desire for quick meal preparation have fueled the popularity of frozen seafood products, offering consumers a convenient and time-saving solution. Moreover, frozen seafood retains its nutritional value and quality, providing a healthy alternative to fresh seafood. The availability of a wide range of frozen seafood products, including fillets, shrimp, and fish sticks, caters to diverse consumer preferences, contributing to the market's growth.
In May 2022, Trident Seafood Corporation intends to construct a modern processing facility in Alaska's Aleutian Islands, replacing the current one in Akutan. The new plant will have an expanded capacity to produce surimi and extract greater volumes of secondary products such as pollock, roe, fishmeal, and fish oil.
Technological advancements in freezing techniques have played a crucial role in boosting the frozen seafood market. Innovations in freezing methods, such as individual quick freezing (IQF) and blast freezing, help preserve the texture, flavor, and nutritional content of seafood products. These advancements not only extend the shelf life of frozen seafood but also ensure that the products maintain their quality and taste when thawed. As a result, consumers are more inclined to choose frozen seafood as a reliable and high-quality option, driving the market's expansion and meeting the demands of health-conscious consumers.
Sysco completed the acquisition of The Coastal Companies, a prominent distributor of fresh produce and value-added processor, in February 2022.
The frozen seafood market is also impacted by growing environmental and sustainability concerns. Some consumers are increasingly conscious of the environmental impact associated with certain fishing and seafood production practices. This awareness has led to a preference for fresh seafood sourced through sustainable and eco-friendly methods, posing a challenge to the widespread adoption of frozen seafood. Addressing these concerns and implementing sustainable practices in the frozen seafood supply chain are critical for the market to overcome this restraint.
The COVID-19 pandemic significantly impacted the frozen seafood market, causing disruptions across the supply chain and altering consumer behavior. With lockdowns, travel restrictions, and restaurant closures, there was a shift in consumer preferences toward convenient and longer shelf-life food options, including frozen seafood. While the initial stages of the pandemic witnessed panic buying and stockpiling, the overall foodservice sector experienced a decline in demand. The closure of restaurants and food outlets led to increased sales of frozen seafood through retail channels.
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The competitive landscape of the frozen seafood market is characterized by intense rivalry among key players striving to gain a competitive edge in this thriving industry. Major market participants such as Clearwater Seafoods, Thai Union Group, High Liner Foods, Marine Harvest ASA, and others are actively engaged in strategic initiatives such as mergers, acquisitions, partnerships, and product innovations to fortify their market presence.
Top Companies Market Share in Frozen Seafood Industry: (In no particular order of Rank)
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According to Cognitive Market Research, the Asia Pacific region emerges as the dominant force, commanding a substantial 35% market share and propelling the industry forward with a projected market size of 17.78 billion USD by 2023. Fueled by abundant aquatic resources and a thriving fishing industry, countries like China, Japan, and India are pivotal contributors to this regional dominance. Within this expansive market, the segment that stands out is frozen shrimps, experiencing a surge in demand. The convenience, extended shelf life, and preservation of quality through freezing make shrimps a favored choice, further solidifying the region's leadership in the global frozen seafood landscape.
North America emerges as the fastest-growing region, boasting a substantial 30% market share and anticipating a market size of 15.24 billion USD by 2023. This growth is underpinned by a surge in consumer demand for convenient and healthy seafood options. In particular, frozen crustaceans, including crabs and lobsters, constitute a significant segment, experiencing a notable uptick in popularity. Factors such as busy lifestyles, increased awareness of the health benefits of seafood, and the convenience of frozen products contribute to the region's dominance. In conclusion, North America's trajectory in the frozen seafood market showcases its pivotal role in shaping the industry's landscape.
The current report Scope analyzes Frozen Seafood Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com
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According to Cognitive Market Research, North America emerges as the fastest-growing region, boasting a substantial 30% market share and anticipating a market size of 15.24 billion USD by 2023. This growth is underpinned by a surge in consumer demand for convenient and healthy seafood options. In particular, frozen crustaceans, including crabs and lobsters, constitute a significant segment, experiencing a notable uptick in popularity. Factors such as busy lifestyles, increased awareness of the health benefits of seafood, and the convenience of frozen products contribute to the region's dominance. In conclusion, North America's trajectory in the frozen seafood market showcases its pivotal role in shaping the industry's landscape.
According to Cognitive Market Research, European region stands as a pivotal force in the growing frozen seafood market, boasting a robust market share of 28% and a substantial market size of 14.22 Billion USD in 2023. With a diverse culinary heritage and a growing inclination towards convenient yet nutritious food options, the demand for frozen seafood has witnessed a significant upswing in Europe. Supermarkets and hypermarkets serve as key distribution channels, catering to the evolving consumer preferences. Moreover, the segment of crustaceans, including shrimps, has emerged as a dominant category, reflecting the regional penchant for versatile and flavorful seafood choices. As Europe continues to drive innovation in the frozen seafood sector, the market is poised for sustained growth, marked by the region's commitment to quality, sustainability, and culinary diversity.
According to Cognitive Market Research, Asia Pacific region emerges as the dominant force, commanding a substantial 35% market share and propelling the industry forward with a projected market size of 17.78 billion USD by 2023. Fueled by abundant aquatic resources and a thriving fishing industry, countries like China, Japan, and India are pivotal contributors to this regional dominance. Within this expansive market, the segment that stands out is frozen shrimps, experiencing a surge in demand. The convenience, extended shelf life, and preservation of quality through freezing make shrimps a favored choice, further solidifying the region's leadership in the global frozen seafood landscape.
According to Cognitive Market Research, Latin America emerges as a burgeoning player in the expanding frozen seafood market, commanding a 5% market share and contributing significantly to the region's market size of 2.54 Billion USD in 2023. The growing consumer awareness about the health benefits of seafood and the convenience of frozen options has fueled the demand across various Latin American countries. Supermarkets and hypermarkets dominate the distribution landscape, providing accessible channels for consumers. Within the frozen seafood offerings, shellfish, including crustaceans, takes center stage as a dominant category, resonating with the regional preference for diverse and flavorful seafood choices. As Latin America continues to embrace frozen seafood as a convenient and nutritious dietary option, the market is poised for sustained growth, presenting lucrative opportunities for industry stakeholders.
According to Cognitive Market Research, Middle East and Africa region is carving a niche in the frozen seafood market, marking its presence with a 2.00% market share and contributing to a market size of 1.02 Billion USD in 2023. This growth is fueled by the region's increasing affinity for convenient and high-quality food options. Supermarkets and hypermarkets are pivotal in catering to the consumer demand for frozen seafood, providing a diverse range of products to meet various preferences. Shrimps emerge as a dominant category, reflecting the popularity of this seafood choice in the Middle East and Africa. As the region continues to embrace the frozen seafood trend, it presents a promising landscape for market expansion and innovation.
Global Frozen Seafood Market Report 2024 Edition talks about crucial market insights with the help of segments and sub-segments analysis. In this section, we reveal an in-depth analysis of the key factors influencing Frozen Seafood Industry growth. Frozen Seafood market has been segmented with the help of its Product Type, Application , and others. Frozen Seafood market analysis helps to understand key industry segments, and their global, regional, and country-level insights. Furthermore, this analysis also provides information pertaining to segments that are going to be most lucrative in the near future and their expected growth rate and future market opportunities. The report also provides detailed insights into factors responsible for the positive or negative growth of each industry segment.
According to Cognitive Market Research, shrimps emerge as the dominant category in the frozen seafood market due to their widespread popularity and versatile use in various culinary applications. Shrimps are favored for their distinct taste, quick cooking time, and adaptability to different cuisines. Their convenience, coupled with a high demand from consumers globally, positions shrimps as a dominant force in the frozen seafood market.
Molluscs, encompassing diverse species like clams, mussels, and octopuses, represent the fastest-growing category in the frozen seafood market. The increasing consumer awareness of the nutritional benefits and unique flavors of molluscs, combined with innovative processing and packaging techniques, is driving the growth of this category. The rising culinary exploration and demand for exotic seafood options contribute to the accelerated growth of frozen molluscs in the market.
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According to Cognitive Market Research, supermarkets and hypermarkets stand out as the dominant category in the frozen seafood market, offering consumers a wide array of choices in a one-stop shopping environment. These retail giants provide extensive shelf space for various frozen seafood products, ensuring visibility and accessibility for consumers. The convenience of finding diverse options under a single roof, coupled with promotional activities and bulk purchase opportunities, contributes to the dominance of supermarkets and hypermarkets in the frozen seafood market.
Online stores emerge as the fastest-growing category in the frozen seafood market, fueled by the increasing trend of e-commerce and changing consumer preferences. The convenience of ordering frozen seafood from the comfort of home, coupled with the expansion of online platforms and efficient delivery services, propels the growth of this category. The online channel caters to busy lifestyles, providing a convenient and time-saving option for consumers to access a diverse range of frozen seafood products.
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Our study will explain complete manufacturing process along with major raw materials required to manufacture end-product. This report helps to make effective decisions determining product position and will assist you to understand opportunities and threats around the globe.
The Global Frozen Seafood Market is witnessing significant growth in the near future.
In 2023, the Shrimps segment accounted for noticeable share of global Frozen Seafood Market and is projected to experience significant growth in the near future.
The Supermarkets and Hypermarkets segment is expected to expand at the significant CAGR retaining position throughout the forecast period.
Some of the key companies Leroy Seafood , J.Sykes & Sons and others are focusing on its strategy building model to strengthen its product portfolio and expand its business in the global market.
Please note, we have not disclose, all the sources consulted/referred during a market study due to confidentiality and paid service concern. However, rest assured that upon purchasing the service or paid report version, we will release the comprehensive list of sources along with the complete report and we also provide the data support where you can intract with the team of analysts who worked on the report.
Disclaimer:
Product Type | Shrimps, Crustaceans, Shellfish, Mollusc |
Application | Supermarkets and Hypermarkets, Convenience Stores, Online Stores, Others |
List of Competitors | Leroy Seafood, AquaChile, J.Sykes & Sons, Clearwater Seafood, Mazetta, Beaver Street Fisheries, The Sirena, M&J Seafood, Castlerock, High Liner Foods, Premium Seafood |
This chapter will help you gain GLOBAL Market Analysis of Frozen Seafood. Further deep in this chapter, you will be able to review Global Frozen Seafood Market Split by various segments and Geographical Split.
Chapter 1 Global Market Analysis
Global Market has been segmented on the basis 5 major regions such as North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America.
You can purchase only the Executive Summary of Global Market (2019 vs 2024 vs 2031)
Global Market Dynamics, Trends, Drivers, Restraints, Opportunities, Only Pointers will be deliverable
Chapter 2 North America Market Analysis
Chapter 3 Europe Market Analysis
Chapter 4 Asia Pacific Market Analysis
Chapter 5 South America Market Analysis
Chapter 6 Middle East and Africa Market Analysis
Only Available with Corporate User License
Chapter 7 Top 10 Countries Analysis (Only Available with Corporate User License)
Competitor's Market Share and Revenue (Subject to Data Availability for Private Players)
Chapter 8 Competitor Analysis (Subject to Data Availability (Private Players))
(Subject to Data Availability (Private Players))
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Chapter 9 Qualitative Analysis (Subject to Data Availability)
Segmentation Product Type Analysis 2019 -2031, will provide market size split by Product Type. This Information is provided at Global Level, Regional Level and Top Countries Level The report with the segmentation perspective mentioned under this chapters will be delivered to you On Demand. So please let us know if you would like to receive this additional data as well. No additional cost will be applicable for the same.
Chapter 10 Market Split by Product Type Analysis 2019 -2031
The report with the segmentation perspective mentioned under this chapters will be delivered to you On Demand. So please let us know if you would like to receive this additional data as well. No additional cost will be applicable for the same.
Chapter 11 Market Split by Application Analysis 2019 -2031
This chapter helps you understand the Key Takeaways and Analyst Point of View of the global Frozen Seafood market
Chapter 12 Research Findings
Here the analyst will summarize the content of entire report and will share his view point on the current industry scenario and how the market is expected to perform in the near future. The points shared by the analyst are based on his/her detailed in-depth understanding of the market during the course of this report study. You will be provided exclusive rights to interact with the concerned analyst for unlimited time pre purchase as well as post purchase of the report.
Why Shrimps have a significant impact on Frozen Seafood market? |
What are the key factors affecting the Shrimps and Crustaceans of Frozen Seafood Market? |
What is the CAGR/Growth Rate of Supermarkets and Hypermarkets during the forecast period? |
By type, which segment accounted for largest share of the global Frozen Seafood Market? |
Which region is expected to dominate the global Frozen Seafood Market within the forecast period? |
Segmentation Level Customization |
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Global level Data Customization |
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Region level Data Customization |
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Country level Data Customization |
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Company Level |
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Additional Data Analysis |
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Additional Qualitative Data |
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Additional Quantitative Data |
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Service Level Customization |
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