Alaska and Wild-caught Seafood Play Important Role in Increasing Product Uptake

Since consumers have high standards for purchasing frozen fish & seafood, retailers are increasing efforts to provide high-quality seafood at low costs. Similarly, consumers want to know the story behind their seafood purchases and tend to consider the origin and source of the seafood. As highlighted by Datassential— a market researcher in Chicago, most consumers are convinced to buy frozen fish & seafood products with the word Alaska on it, since individuals associate fish from Alaska with freshness and high quality. Thus, vocabulary in marketing efforts is generating value-grab opportunities for retailers, as the frozen fish & seafood market is estimated to progress at a healthy CAGR of ~7.3% during the forecast period.

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.

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Healthy Product Offerings Generate Incremental Opportunities in Frozen Fish & Seafood Market

The revenue of frozen fish & seafood market is slated to increase during the forecast period, as food companies are increasing their focus in healthy food offerings. For instance, frozen food leader SeaPak Shrimp & Seafood Co., announced the launch of their product SeaPak Shrimp Sea Pals that claim to contain high protein content per serving sans artificial preservatives or colors targeted toward children. Innovative product offerings are boosting the revenue of the frozen fish & seafood market, which is estimated to reach ~US$ 70 Bn mark by the end of 2030.

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Companies in the market for frozen fish & seafood are increasing their product offerings in children-friendly food items to unlock untapped incremental opportunities. Several studies validate that children who eat fish at least once a week tend to have better sleep patterns and high IQ (Intelligence Quotient) scores. Thus, parents are growing increasingly conscious about the advantages of seafood and making informed choices while purchasing frozen fish & seafood.

Fresh Fish versus Fresh Frozen: Which is better?

Sensory science surveys are validating the palatability of frozen fish & seafood items. 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 are preferring frozen fish & seafood items. However, the common concept of fresher is always better is increasingly argued in the market for frozen fish & seafood.

Online Sales of Frozen Seafood to Grow after Gradual COVID-19 Lockdown Relaxation

After a significant drop in sales, the revenue of frozen fish & seafood products is picking up pace. Several individuals earlier feared that they would acquire coronavirus (COVID-19) from fresh fish and are now ordering frozen fish & seafood products online after full and partial relaxation of lockdown rules in certain countries. The Chile frozen fish & seafood market was experiencing steady exports of frozen salmon in the U.S., Brazil, China, Russia, and Japan during January and February. However, after the imposition of the COVID-19 lockdown regulations, the exports began to tumble by the end of March and early April.

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Analysts’ Viewpoint

Companies in the frozen fish & seafood market are focusing on online sales, as many individuals still fear contracting coronavirus, and partial lockdown relaxations are making transportation easier. Wild-caught seafood is gaining increased popularity among pro-health consumers. Since fresh fish have shorter shelf life, consumers are preferring frozen seafood products. However, the common perception that fresher is better is creating resistance from buyers and preventing them to purchase frozen food items. Hence, companies should tap opportunities in vacuum-sealed packaging to bring a shift in consumer perspective about frozen seafood. The trend of gourmet frozen is another key driver that is encouraging consumers to associate frozen fish with freshness and high quality.

Frozen Fish & Seafood Market: Overview

  • The global frozen fish & seafood market was valued at ~US$ 36 Bn in 2020, finds Transparency Market Research (TMR) in a recent study. According to the study, the market is expected to reach ~US$ 73 Bn by 2030, at a CAGR of ~7.3%.
  • Changing lifestyle of consumers and adaptation of western food culture have created a huge demand for frozen fish & seafood. The growing heath awareness among people has increase the demand for frozen fish and seafood. Fish and seafood are rich sources of protein for human body, which is a key factor driving the market. In addition, due to the outbreak of COVID-19, there is a false word of mouth spread linking non-veg food products to the spread of virus, which is negatively impacting the demand for frozen fish and seafood.

Frozen Fish & Seafood: Market Frontrunners

  • Organic frozen fish & seafood segment is expected to show high growth in response to the increasing health conscious population around the globe
  • Currently, Asia Pacific holds the largest market share (over 40%) of the global frozen fish & seafood market due to high demand for convenience and ready-to-cook food. Moreover, nutritional benefits of frozen fish and seafood are boosting the growth of the market in the region.
  • This market in North America is anticipated to expand at the highest CAGR during the forecast period. Rising per capita income in emerging economies and favorable government regulations in fisheries are expected to create significant growth in the frozen fish & seafood market. However, COVID-19 will interrupt the global supply chain of frozen fish & seafood market due to worldwide lockdown.
  • In terms of end use, food service provider segment accounted for the largest market share in 2020, owing to high demand for sea food in food service and HoReCa sector.   
  • Rising trend for e-Commerce in the food & beverages industry such as Walmart, D-Mart and Big Basket are more attracting than other sales channels in the frozen fish & seafood market. It also uphold the sales of frozen fish & seafood even in the global lockdown.

Frozen Fish & Seafood Market: Trends

  • Growing consumer focus on product safety and origin of raw materials Increasing consumer interest in product quality and safety is seen in markets in developed and developing countries, specifically in Europe and North America. Consumers are more aware about different raw materials used in organic frozen fish and seafood products. 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.
  • Increasing demand for premium food products 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 mainstream 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.
  • Rising awareness regarding health benefits associated with seafood products

Consumers are shifting toward a healthy lifestyle, which has led to high demand for heathy food with nutrition value. However, seafood contain 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 are one of the best diet foods for obese people. It consist 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.

Frozen Fish & Seafood Market: Strategies

  • Players in the global frozen fish & seafood market are focusing on mergers & acquisitions with small regional players that help to improve their product offering and increase their global footprint
  • Frozen fish & seafood manufacturers are investing in improvements in their supply chain to overcome disruptions due to COVID-19. However, online retailing are helping manufacturers to gain ground in the market even during the lockdown, and making product available around the world.

Target Region for Frozen Fish & Seafood Market

  • In terms of value, countries in Asia Pacific are likely to account for major share of the market and dominate the market in the coming years. However, this market in North America is anticipated to expand at a higher rate during the forecast period compared to other regions. Europe and Latin America is also account for significant share of the frozen fish & seafood market.

Impact of COVID-19 on Frozen Fish & Seafood Market

  • 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 are in demand during the lockdown, as they have longer shelf life compared to fresh seafood.Frozen Fish & Seafood Market Players
  • The global frozen fish & seafood market is associated with a large number of small as well as big players around the world due to high competition in the frozen fish & seafood market. Some of the key players in the market are 
    • Tri Marine International
    • Marine International
    • Clearwater Seafood
    • Leroy Seafood
    • Marine Harvest
    • Iglo Group
    • Shanghai Kaichuang
    • Lyons Seafoods
    • Hansung Enterprise
    • AquaChile
    • Surapon Foods Public
    • High Liner Foods
    • Tassal Group
    • Toyo Suisan Kaisha
    • Austevoll Seafood
    • Sajo Industries
    • Nippon Suisan Kaisha
    • AquaChile.

Frozen Fish & Seafood Market - Scope of the Report

Transparency Market Research (TMR) has recently published a market study on the frozen fish & seafood market. It provides a detailed assessment of key market dynamics, including drivers, trends, opportunities & restraints, and detailed information about the frozen fish & seafood market structure. The market study presents exclusive information about how the frozen fish & seafood market will grow during the forecast period of 2020-2030.

Key indicators of market growth, which include year-on-year (Y-o-Y) growth of the market, value chain, supply chain analysis, and compounded annual growth rate (CAGR) are elaborated in the study in a comprehensive manner. This information is intended to help readers understand the quantitative growth prospects of the frozen fish & seafood market during the forecast period.

The study is intended to offer a holistic market overview to stakeholders in the frozen fish & seafood, including manufacturers, suppliers, distributors, and investors, and to help them develop winning growth strategies. Stakeholders in the frozen fish & seafood market, which include investors, industry experts, researchers, and journalists, and business researchers, can leverage the information and data presented in TMR’s study.

The study also includes statistics and facts related to the macro as well as microeconomic factors that are impacting expansion of the market. It also offers actionable insights into the future trends in the frozen fish & seafood market. Furthermore, small businesses and new entrants in the frozen fish & seafood market can make use of the information presented in this study based on which, they can make appropriate business decisions in order to gain momentum in the market. 

Key Questions Answered in TMR’s Frozen Fish & Seafood Market Report

  • Which region will continue to remain the most profitable regional for frozen fish & seafood market players?
  • Which factors will induce a change in the demand for frozen fish & seafood during the assessment period?
  • How will the changing trends impact the frozen fish & seafood market?
  • How can market players capitalize on the low-hanging opportunities in the frozen fish & seafood market in developed regions?
  • Which companies are leading the frozen fish & seafood market?
  • What are the winning strategies of stakeholders in the frozen fish & seafood market to catapult their position in the forefront?

Frozen Fish & Seafood Market: Research Methodology

In TMR’s study, a unique research methodology is used to conduct extensive research on the growth of the frozen fish & seafood market and identify future growth parameters. This research methodology is a combination of primary and secondary research, to help analysts ensure the accuracy and reliability of the conclusions.

Secondary resources referred to by analysts for compiling the frozen fish & seafood market study include statistics from governmental organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, who contributed to the development of this report as a primary resource.

Information acquired from primary resources and secondary resources is compiled in a comprehensive manner. This also acts as a validation from companies in the frozen fish & seafood market, which makes TMR’s projections more accurate and reliable.

Frozen Fish & Seafood Market – Segmentation

TMR’s study on the frozen fish & seafood market offers information divided into important segments — product type, nature, end use, sales channel and region. This report offers comprehensive data and information about the important market dynamics and growth parameters associated with these categories.

Product Type  

  • Shrimps
  • Crustaceans
  • Shellfish
  • Molluscs
  • Sea Bream
  • Other Fishes

Nature

  • Organic
  • Conventional

End Use

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

Distribution Channel

  • B2B
  • B2C
    • Hypermarkets/Supermarkets
    • Fish Mongers
    • Convenience Stores
    • Specialty Stores
    • online Retailing
    • Others

Region

  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • Japan
  • Oceania
  • MEA

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