Frozen Seafood Market to Reach $74.34 Billion by 2029

According to a new market research report titled, ‘Frozen Seafood Market by Category (Fish, Crustaceans, Shellfish, Molluscs) and Distribution Channel (B2B [Food Services, Food Manufacturers], B2C [Offline {Supermarkets & Hypermarkets, Convenience Stores}, Online]) - Global Forecast to 2029,’ the frozen seafood market is expected to grow at a CAGR of 5.6% from 2022 to 2029 to reach $74.34 billion by 2029.

Frozen seafood is an excellent source of various nutritional compounds such as proteins, healthy fats (polyunsaturated fatty acids, especially omega-3 and omega-6), iodine, vitamin D, calcium, etc. These compounds have preventive effects on many heart diseases and autoimmune disorders. Frozen seafood products help inhibit the bacterial formation of the food products and increase the shelf life of food products.

The major factors driving the frozen seafood market include the rising consumption of seafood, increased awareness of the health benefits of seafood, and the growing numbers of supermarkets & hypermarkets. Furthermore, the growing adoption of quick freezing technology to freeze seafood is expected to provide a significant opportunity for the growth of this market.

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However, overfishing and the availability of other meat alternatives hinder the growth of this market to a notable extent. In addition, the lack of cold chain infrastructure in developing economies poses a major challenge to players operating in this market.

The Impact of COVID-19 on the Frozen Seafood Market
The COVID-19 outbreak created a severe public health emergency globally, with its quick spread to more than 150 countries. Numerous countries worldwide declared emergencies and announced complete nationwide, statewide, or citywide lockdowns to combat & control the spread of this disease, halting all travel, transport, manufacturing, educational institutions, and non-essential trade, significantly impacting many industries globally. Moreover, governments across the globe closed fish markets and halted processing operations. Several virus-affected regions prohibited the trade of frozen seafood, resulting in significant losses for seafood manufacturers. Local sourcing and online presence appeared to be among the most effective ways to create cash in the sector during the pandemic.

However, the frozen seafood market grew during the lockdown since it has a longer shelf life than fresh fish and is anticipated to flourish post-COVID as well. Additionally, people became more health conscious and preferred products that provide essential nutrients to the body, and seafood became a priority, positively impacting the frozen seafood market. One of the most significant forces that have carried the seafood industry through the upheaval of 2020 is the shift in consumer buying preference at retail, with the sales of all kinds of seafood booming in the grocery stores and through e-commerce channels.

During the pandemic, the total seafood category showed healthy growth driven by the boost in sales from panic buying, home working, school closures, and subsequent food service restrictions. For instance, in 2020, 73% of U.S. households purchased frozen seafood versus approximately 51% for fresh. (Source: The Food Industry Association). Thus, all these factors positively impacted the growth of the frozen seafood market.

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Based on category, the frozen seafood market is segmented into fish, crustaceans, shellfish, molluscs, and others. In 2022, the fish segment is expected to account for the largest share of the frozen seafood market. The large market share of this segment is attributed to the widescale global consumption, increasing health-conscious population, and the growing popularity of chemical-free fish with higher shelf life. In addition, large-scale fishing and the growing fish farming trend have their fair share in driving the demand.

This segment is also expected to witness significant growth during the forecast period. The rapid growth of this segment is mainly attributed to the health benefits accompanied by fish consumption, as they are home to omega-3-fatty acids and riboflavin. It reduces the risk of heart attacks and strokes, treats depression, improves eyesight, improves brain health, improves skin and hair texture, and improves the immune system. American Heart Association recommends people fish twice a week to keep their hearts healthy due to their minerals, vitamins, calcium, and phosphorous-rich nature.

Based on distribution channel, the frozen seafood market is segmented into business-to-business (B2B) and business-to-consumer (B2C). In 2022, the business-to-business segment is expected to account for the largest share of the frozen seafood market. The large market share of this segment is attributed to the growing B2B frozen seafood trading, the growing number of Quick Service Restaurants (QSRs), and the rising demand from hotels, restaurants, food chains, and the food service sector. However, the business-to-consumer segment is expected to witness significant growth during the forecast period.

Based on geography, in 2022, Asia-Pacific is expected to account for the largest share of the frozen seafood market. The major market share of Asia-Pacific is attributed to the increasing urbanization, health awareness, and disposable incomes, the rising number of fast food restaurants that serve fish, the increasing awareness regarding the importance of protein-rich diets, increase in the number of refrigerated warehouses, technological progress in refrigerated transport and storage, and continuous shift in consumer habits to buy frozen seafood products from organized retail channels such as supermarkets & hypermarkets. Additionally, the nutritional benefits of frozen seafood are also driving the market's growth in this region.

However, the market in Europe is slated to register the fastest growth rate during the forecast period. The growth of this regional market is driven by the changing lifestyle, the increasing fish consumption to reduce the risk of heart diseases, the rising aquaculture industry, and favorable regulations.

The key players operating in the frozen seafood market include Sirena Group A/S (Denmark), M&J Seafood (U.K.), Beaver Street Fisheries, Inc. (U.S.), Mazzetta Company, LLC (U.S.), Castlerock Fisheries Private Limited (India), Lerøy Seafood Group ASA (Norway), IFC Seafood Inc. (Canada), Thai Union Group PCL (Thailand), Clifton Seafood Company Limited (U.K.), American Seafoods Company LLC (U.S.), Forstar Frozen Foods Pvt. Ltd. (India), Nomad Foods Limited (U.K.), Apex Frozen Foods Limited (India), Viet Asia Foods (Vietnam), Kangamiut Seafood A/S (Denmark), and Marine Foods B.V. (Netherlands), among others.

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Scope of the Report
Frozen Seafood Market, by Category

Fish
Crustaceans
Shellfish
Molluscs
Others

Frozen Seafood Market, by Distribution Channel

Business-to-business (B2B)
- Food Services
- Food Manufacturers
- Quick Service Restaurants (QSR’s)
Business-to-consumer (B2C)
- Offline
  - Supermarkets & Hypermarkets
  - Convenience Stores
  - Other Stores
- Online

Frozen Seafood Market, by Geography

North America
- U.S.
- Canada
Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe (RoE)
Asia-Pacific (APAC)
- China
- India
- Japan
- South Korea
- Australia
- Rest of Asia-Pacific (RoAPAC)
Latin America (LATAM)
- Brazil
- Mexico
- Argentina
- Rest of Latin America (RoLATAM)
Middle East & Africa (MEA)

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