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Global Frozen Fish & Seafood Product Market Outlook, 2027

Global Frozen Fish & Seafood Product Market Outlook, 2027

Bonafide Research 28-07-2022 74 Pages Figures : 45 Tables : 9
Region : Global Category : Food & Beverages Food

1. Cargill Incorporation

2. Rich product corporation

3. Al Kabeer group

4. Nomad foods

Nowadays, consumers are shifting toward a healthy lifestyle, which has led to high demand for healthy food with nutrition value. However, seafood contains high-protein, low-calories, and multiple vitamins and minerals. Eating seafood decreases the risk of heart attack, stroke, hypertension, and obesity. It is also provides essential nutrition to infant and children for their development. Seafood is one of the best diet foods for obese people. It consists of low total fat and saturated fat; most fishes contain less than 5% of fat. Additionally, fishes have omega-3 fatty acids, which have multiple added health benefits to the humans. Further, increasing population changes in the food preference due to the influence of tourism wide speared knowledge about health awareness and increase in players in the hospitality & tourism industry contribute positively to the expanding frozen fish & seafood food products globally.

The report titled “Global Frozen Fish & Seafood Products Market Outlook, 2027” gives complete insight regarding the increasing adaption of frozen fish and seafood products. With an increase in the awareness about the benefits that fish and other seafood have on the heart, more people are demanding frozen seafood, as it is easier to clean also compared to fresh ones. The frozen seafood market includes cured fish, tuna, salmon, lobster, and shrimp. Freezing the seafood increases its shelf life without losing its nutritional content, also available at a convenient price as compare to raw seafood. The frozen seafood market globally is expected to see enhanced competition in the market with the emergence of new players. Due to the increasing adaption of frozen seafood products, the market is expected to witness growth of above 5% CAGR by 2027. The seafood companies have been enhanced by their operation towards retail sales and a good deal of seafood suppliers have evolved towards online distribution networks.

The trend of wild-caught fish is another key driver that is boosting the growth of the frozen fish & seafood market. Many consumers are citing wild-caught seafood with taste, healthfulness, and freshness. Since fish sourced in its natural habitats can only be harvested on a seasonal basis, companies are increasing efforts to freeze-cold wild-caught fish in order to ensure a year-round supply. For instance, participants at the Seafood Expo North America 2019, Boston, discussed about sensory science surveys that helped them to understand whether or not consumers are able to identify the difference between fresh fish and fresh frozen. Companies in the frozen fish & seafood market are increasing their R&D capabilities in bioelectrical impedance analysis (BIA), a tool that determines the freshness of fish through electrical currents, whilst providing information on cellular degradation.

Companies in the frozen fish & seafood market are increasing efforts to maintain premium quality of their products in order to comply with the international food safety standards. It has been found that non-frozen fish is subject to rapid degradation and has a shorter shelf life. Hence, many consumers prefer frozen fish & seafood items. However, the common concept of fresher is always better is increasingly argued in the market for frozen fish & seafood. Increasing consumer interest in product quality and safety is seen in markets in developed and developing countries, specifically in Europe and North America. Rising focus on the source of raw materials is due to high use of synthetic chemicals and pesticides in the aquaculture sector, especially in developing countries. This has impelled manufacturers to be more focused on the feed provided to the sea animals in aquaculture industry.

The aquaculture industry expects high demand for premium seafood that includes organic frozen fish and seafood, appealing to consumers looking for a better product containing high nutrition content required for cautious and healthy living. Manufacturers of frozen fish and seafood products use different attractive promotional activity to improve their sales in the market. The demand for premium products is currently main-stream in developed regions, which is expected to rise in developing regions as well in the coming years, due to changing lifestyle of consumers and increasing per capital income of consumers. However, more people have started eating seafood as it helps in different health-related problems. Nevertheless, there is no proven validation for its nutritional value in the market as it is processed food.

The rise in disposable income and preference for food that provides convenience in cooking and consumption has gained profound importance especially among the urban populace owing to their busy lifestyle. In addition, there is an increase in awareness of the health benefits of seafood. The easy accessibility and availability of various varieties of seafood under one roof through establishment of large retail chains especially in the developing countries helps propel the market expansion. However, overfishing has become a great cause of concern not only to the fisheries but also the environment. Overexploitation could lead to less availability of fish, which in turn increases the prices of frozen seafood, ultimately hampering the market growth. Also, adopting quick freezing technology to freeze seafood can help produce superior quality of products and using heat-and-eat containers which will allow consumers to cook their food products instantly, can be viewed as an opportunity by the manufacturers to expand the market base.

Covid-19 Impacts:
The spread of global pandemic COVID-19 has resulted in unprecedented disruption across the seafood industry. Governments have shuttered fish markets and halted processing plants. Several regions affected by the virus have restricted import-export of frozen fish & seafood that has resulted in huge loss for seafood manufacturers. Online presence and local sourcing seem one of the best to generate revenue in the industry. In addition, frozen seafood is in demand during the lockdown, as they have longer shelf life compared to fresh seafood.

Major companies in the market
Cargill Incorporation, Nomad foods, Hormel food, Rich Product Corporation, Al Kabeer group

Considered for the report:
-Geography: Global
-Historic year: 2016
-Base year: 2021
-Estimated year: 2022
-Forecasted year: 2027

Aspects covered in this report
-Global frozen Fish & seafood Products with its value and forecast along with its segments
-Region & Country-wise Ready Fish & seafood Products Market analysis
-Various divers and challenges
-Ongoing trends and developments
-Top profiled companies

Regions covered in the report
-North America (USA, Canada, Mexico)
-Europe (UK, Germany, Spain, France, Italy, Russia)
-South America (Brazil, Argentina, Chile, Columbia)
-Asia-Pacific (China, Japan, Australia, India)
-Middle-East & Africa (UAE, Saudi Arabia, Israel)
-Africa (South Africa)

The approach of the report:
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third party sources such as press releases, annual report of companies, analyzing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started, verifying the details obtained from secondary sources.

Intended audience
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to Fish & Seafood products industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.

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