Frozen Seafood Market Soars High on Rising Demand for Crustaceans
Published On : Mar 08, 2019 | Category : Food & Beverages
The global frozen seafood market is expected to soar high during 2017–2026. Exotic nature associated with crustaceans is expected to drive demand for the frozen seafood market. Crustaceans cuisines are a favorite delicacy around the world. Crustacean-based cuisines around the world usually include shrimps, lobsters, crab, and crawfish species. The demand for crab, crawfish, and lobster remains price inelastic, which is expected to drive the frozen seafood market.
Fishing for crustaceans is becoming increasingly difficult due to the dwindling population of marine species. Additionally, most of these species live near limestone formations in brackish-water systems formations which makes them even more difficult to catch. Their growing demand and limited supply are expected to drive the global frozen seafood market significantly during the forecast period.
The market is also expected to grow in revenues significantly as risks associated with supply chain of crustaceans make way for higher profit margins. Many regions around the world do not have the necessary cold storage options as developed and cold regions of the world do. Additionally, growing weather changes make the supply chain of crustaceans more susceptible to additional risks.
Simplicity in Distribution and Cooking Drives Demand for Frozen Fishes
While crustaceans are expected to emerge as the highest selling fishes in the near future, other types of frozen fishes are also expected to grow in demand. Regions far from the sea are often not accustomed with a wide varieties of seafood delicacies. Growing awareness about different seafood, simpler storage mechanism, and growing trends of adapting cuisines from the outside are expected to drive growth of the frozen fishes in the near future. The frozen fishes are expected to account for a nearly 30% of the total share of the global frozen seafood market.
Major challenges for the frozen seafood market continue to be the limited storage options in new markets. In order to overcome these challenges, companies are investing in processing to improve the lifecycle of products and maintain their taste. The growing advancements in this direction is expected to register healthy growth for the frozen seafood market in the near future.
Seafood Chain Expected to Open New Opportunities
Multinational retail food chains like Red Lobster account for a large share of the frozen seafood market. These large chains continue to demand frozen foods over fresh seafood products. Hence, the frozen seafood market is expected to grow despite rising demand for fresh products. Additionally, fresh seafood products can open new opportunities as advanced storage facilities can keep a wide varieties of seafood in fresh conditions for longer periods of time.
Increasing disposable incomes in developing countries, increasing awareness about health benefits of seafood, and growing advancements in processing and storage capabilities are expected to aid growth of the fresh seafood products in the near future.
Additionally, as large retail seafood chains hold a large portion of the total market share, strategic collaborations are expected to emerge in the frozen seafood market during the forecast period.