Frozen Seafood Sales to Grow by 1.6x, Surpassing US$ 43.3 Bn by 2031

NEW YORK, Sept. 8, 2021 /PRNewswire/ -- Fact.MR – A Market Research and Competitive Intelligence Provider: As per the survey by Fact.MR, the global 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 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 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

Key Drivers

• 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 frozen seafood

Key Restraints

• 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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Competitive Landscape

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.

For instance,

• 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
• SalMar
• Coast Seafood
• Charoen Pokphand Foods
• Fortune Fish & Gourmet
• Maruha Nichiro
• Norway Royal Salmon
• Mitsubishi Corporation
• Trident Seafood
• Others

More Valuable Insights on 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:

By Nature:

• Organic Frozen Seafood
• Conventional Frozen Seafood

By Form:

• Raw Frozen Seafood
• Processed Frozen Seafood

By End Use:

• Food Processing Industry
• Food Service Industry
• Retail/Household

By Product Type:

• Frozen Fish
• Marine Pelagic
• Marine Demersal
• Diadromous
• Others
• Frozen Molluscs
• Bivalves
• Gastropods
• Cephalopods
• Others
• Frozen Crustaceans
• Shrimps
• Crabs
• Lobsters
• Krill
• Others
• Others

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 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 & Beverage Domain:

Canned Salmon Market - Canned salmon is seeing an increase in demand as people consume more seafood, which has a variety of health benefits. Canned salmon is an excellent source of essential nutrients such as protein, which is required for good health. Consumer awareness of healthy lifestyles and the benefits of nutritional food is growing, causing them to gravitate toward nutrient-rich food products, boosting the global canned salmon market's growth.

Frozen Potato Market - Innovative technologies are being used by frozen potato manufacturers to speed up the process of producing various frozen potato products. Manufacturers of frozen potato products are also introducing new products and flavours in order to attract customers, remain competitive, and expand geographically. The main advantage for consumers is that cooking time is reduced. In the frozen potato industry, advanced refrigeration technology is also gaining traction.

Processed Meat Market - Frozen meat is seeing rapid advancements in freezing techniques such as rapid freezing and cryogenic freezing to extend the lifespan of meat products while maintaining quality. Europe is expected to maintain its dominance in the processed meat consumption market, owing to rising demand for conventional beef in the region's growing HoReCa sector. With nearly 15% of current global imports, the United States is one of the top consumers of processed meat.

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SOURCE Fact.MR