According to The Insight Partners Latest market study on “Frozen Seafood Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type (Frozen Fish, Frozen Crustaceans, Frozen Mollusks, and Others), Distribution Channel (Supermarket and Hypermarkets, Specialty Stores, Online Retail, and Others), and Geography,” includes the factors fueling the market growth, revenue estimation and forecast, and market share analysis, along with the identification of significant market players and their key developments.
Frozen Seafood Market is projected to reach US$ 22.57 billion by 2028 from US$ 16.27 billion in 2022. It is expected to grow at a CAGR of 5.6% during 2022–2028. The report highlights key factors driving the frozen seafood market growth and prominent players along with their developments in the market.
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Thai Union Group, Sterling Seafood Corp., Clifton Seafood Company, Marine Foods, Viet Asia Foods Company, American Seafoods, Mazetta Company LLC, High Liner Foods Inc, The Sirena Group, and Castlerock Fisheries Pvt. Ltd. are the key players operating in the global frozen seafood market. These companies provide a wide range of products for the market and have a widespread global presence, which provides a lucrative opportunity to serve a large set of customers.
Frozen seafood products are available in different varieties, all year-round, with various health benefits. Seafood products reduce the risk of heart attacks and strokes and improve brain health, eyesight, and immune system. Moreover, frozen seafood products are packaged, easy to cook, save time, and avoid wastage. Manufacturers of frozen seafood products are launching innovative products with high nutrient value and packaging to attract many customers. Thus, all these factors are contributing to the frozen seafood market growth.
Health consciousness has been increasing among the young population. The increasing popularity of fitness and muscle building among the millennials, coupled with their interest in following a balanced diet, are expected to create additional demand for seafood products over the forecast period. Fresh seafood products have a shorter shelf life and are relatively expensive, whereas, frozen seafood products are affordable and can be stored for a longer duration. Thus, the factors mentioned above are driving the market growth.
Based on product type, the market is segmented into frozen fish, frozen crustaceans, frozen mollusks, and others. Based on distribution channel, the market is segmented into supermarkets and hypermarkets, specialty stores, online retail, and others.
By geography, the frozen seafood market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South and Central America. The market in North America is further segmented into the US, Mexico, and Canada. The Europe market is segmented into Germany, France, Italy, the UK, Russia, and the Rest of Europe. The market in Asia Pacific is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. The market in the Middle East & Africa (MEA) is further segmented into South Africa, Saudi Arabia, the UAE, and the Rest of the MEA. The market in South and Central America is segmented into Brazil, Argentina, and the Rest of South and Central America.
Over the past few years, the preference for healthy living increased dramatically. People do not want to compromise their health in their busy lifestyle, which leads to increasing demand for convenient food products to provide better health benefits to the human body. Seafood contains vitamins, nutrients, calcium, minerals, phosphorus, and omega-3. People are increasingly consuming seafood as it provides various health benefits.
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