Frozen Seafood Market Size and Competitive Analysis by 2028

Historic Data: 2020-2021   |   Base Year: 2022   |   Forecast Period: 2023-2028

Frozen Seafood Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Frozen Fish, Frozen Crustaceans, Frozen Mollusks, Others), Distribution Channel (Supermarket and Hypermarkets, Specialty Stores, Online Retail, and Others), and Geography

  • Report Date : Jul 2022
  • Report Code : TIPRE00019231
  • Category : Food and Beverages
  • Status : Published
  • Available Report Formats : pdf-format excel-format
  • No. of Pages : 140

The 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 frozen seafood market  demand increased owing to increasing health consciousness among consumers, along with the increasing awareness regarding the benefits of consuming frozen seafood products. Most people nowadays have a busy lifestyle and want to live a healthy one. Frozen seafood provides convenience to cook and also provides essential nutrients for the human body and brain. Additionally, frozen seafood products are less expensive and have a long shelf life. All these factors are projected to drive the growth of the market during the forecast period.

The market size is projected to witness significant growth in the coming years due to the strong presence of prominent players, such as Thai Union Group, Sterling Seafood, and Clifton Seafood Company, operating actively worldwide. A large variety of frozen seafood products gained consumers' attention. There has been a growing trend among consumers toward consuming packaged food products, leading to the frozen seafood market growth. This factor is projected to offer new opportunities to frozen seafood product manufacturers during the forecast period.

In 2021, Asia Pacific held the key share of the global frozen seafood market. However, North America is estimated to register the highest CAGR in the market during the forecast period. The Asia Pacific market is segmented into China, India, Australia, Japan, South Korea, and the Rest of Asia Pacific. The seafood industry is one of the booming industries in Asia Pacific due to the availability and health benefits associated with seafoods. Consumers in developing countries are experiencing a sharp increase in their disposable income, raising their purchasing power. Various seafood products, including frozen seafood products, are witnessing a surge in demand. The rising disposable income levels of consumers and the growth of the middle-class population are among the key factors driving the frozen seafood market demand in the region.

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Frozen Seafood Market: Strategic Insights

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Impact of COVID-19 Pandemic on Frozen Seafood Market

Before the COVID-19 pandemic, the frozen seafood market growth was primarily driven by the rising demand for food products with high nutritional value. However, the market faced hurdles during the first quarter of 2020 due to business shutdown and raw material and labor shortages. The COVID-19 pandemic led to economic recession in the initial months of 2020, which created financial difficulties for low-income and mid-income consumers.

Moreover, due to restrictions, people stayed at home and cooked at home, creating a demand for packaged food products that are easy to cook and quality. Consumers also became health conscious and preferred food products that provided essential nutrients, which increased the market growth during the COVID-19 pandemic.

Market Insights

Benefits of Consuming Frozen Seafood

Consuming frozen seafood provides various health benefits. It consists of minerals, vitamins, and omega - 3, among others, essential for the human body and brain. It reduces the risk of heart attacks and strokes, improves eyesight,  treats depression, improves brain health, improves skin and hair texture, and improves the immune system. Freezing seafood products increase the shelf life of seafood products and maintain the quality of the seafood for a longer duration.

Frozen seafood is available in a wide range, and people can choose from a large portfolio according to their needs. It is also convenient to cook, and it also avoids wastage.

Category Insights

Based on product type, the global market is segmented into frozen fish, frozen crustaceans, frozen mollusks, and others. In 2021, the frozen fish segment accounted for the largest revenue share and is expected to account for the highest growth rate over the forecast period. A typical source of high-quality protein is fish. In addition to having higher levels of omega-3 fatty acids and Vitamins D and B2 (riboflavin), fish is also lower in calories, saturated fats, and cholesterol than other foods. In addition to being an excellent source of minerals like iron, zinc, iodine, magnesium, and potassium that can lower blood pressure and help lessen the risk of a heart attack or stroke, fish is also high in calcium and phosphorus.

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 players operating in the market. These companies provide a wide range of product portfolios for the market. The companies have their presence in developing regions, providing lucrative market opportunities. Market players are developing high-quality, innovative products to meet customer requirements.

Frozen Seafood Market Regional Insights

The regional trends and factors influencing the Frozen Seafood Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Frozen Seafood Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

frozen-seafood-market-global-geography
  • Get the Regional Specific Data for Frozen Seafood Market

Frozen Seafood Market Report Scope

Report Attribute Details
Market size in 2022 US$ 16.27 Billion
Market Size by 2028 US$ 22.57 Billion
Global CAGR (2022 - 2028) 5.6%
Historical Data 2020-2021
Forecast period 2023-2028
Segments Covered By Type
  • Frozen Fish
  • Frozen Crustaceans
  • Frozen Mollusks
By Distribution Channel
  • Supermarket and Hypermarkets
  • Specialty Stores
  • Online Retail
Regions and Countries Covered North America
  • US
  • Canada
  • Mexico
Europe
  • UK
  • Germany
  • France
  • Russia
  • Italy
  • Rest of Europe
Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
South and Central America
  • Brazil
  • Argentina
  • Rest of South and Central America
Middle East and Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of Middle East and Africa
Market leaders and key company profiles
  • IFC Frozen Seafood
  • Sterling Seafood
  • Clifton Seafood Company
  • Marine Foods
  • Viet Asia Foods
  • American Seafoods Company LLC
  • Mazetta Company LLC
  • High Liner Foods Inc
  • The Sirena Group

  • Frozen Seafood Market Players Density: Understanding Its Impact on Business Dynamics

    The Frozen Seafood Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

    Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

    Major Companies operating in the Frozen Seafood Market are:

    1. IFC Frozen Seafood
    2. Sterling Seafood
    3. Clifton Seafood Company
    4. Marine Foods
    5. Viet Asia Foods

    Disclaimer: The companies listed above are not ranked in any particular order.


    frozen-seafood-market-cagr

    • Get the Frozen Seafood Market top key players overview

    Report Spotlights

    • Progressive industry trends in the market to help players develop effective long-term strategies
    • Business growth strategies adopted by developed and developing markets
    • Quantitative analysis of the frozen seafood products market size from 2020 to 2028
    • Estimation of global frozen seafood market demand
    • PEST analysis to illustrate the efficacy of buyers and suppliers operating in the industry
    • Recent developments to understand the competitive market scenario
    • Market trends and outlook and factors driving and restraining the growth of the frozen seafood market
    • Assistance in the decision-making process by highlighting market strategies that underpin commercial interest, leading to the market growth
    • The size of the frozen seafood market size at various nodes
    • Detailed overview and segmentation of the market, as well as the frozen seafood industry dynamics
    • Frozen seafood market size in various regions with promising growth opportunities

    The "Frozen Seafood Market Analysis to 2028" is a specialized and in-depth study of the consumer goods industry with a special focus on the global frozen seafood market trend analysis. The report aims to provide an overview of the market with detailed market segmentation.

    The frozen seafood market is analyzed based on type, distribution channel, and geography. Based on type, the global frozen seafood market is segmented into frozen fish, frozen crustaceans, frozen mollusks, and others. Based on distribution channel, the global frozen seafood market is segmented into supermarkets and hypermarkets, specialty stores, online retail, and others. By geography, the market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South and Central America.

    Company Profiles

    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 prominent players operating in the global frozen seafood market.


    Frequently Asked Questions

    What are the trends observed in the global frozen seafood market?

    Increased consumption of packaged seafood products is a recent trend in the global frozen seafood market. Packaged seafood products are becoming popular among consumers owing to their convenience. Packaged frozen seafood products are easy to use as they are packed in appropriate portions, easy to prepare, helps avoid wastage, and saves time.

    Based on the distribution channel, which segment led the global frozen seafood market in 2021?

    Based on the distribution channel, supermarkets and hypermarkets segment accounted for the highest share of the global market in 2021. The manufacturers of frozen seafood usually prefer selling their products through supermarkets and hypermarkets because of the heavy customer footfall at these outlets.

    Which type segment is the fastest growing in the frozen seafood globally?

    Based on the segment type, frozen fish is expected to be the fastest-growing segment during the forecast period. Frozen fish are ideal for vitamins, mineral, and omega – 3. Frozen fish products have various health benefits.

    What are the drivers for the growth of the global frozen seafood market?

    Growing demand for seasonal fish products and increasing health awareness among consumers are drivers of frozen seafood. Frozen seafoods provide seasonal fish products year-round. Increasing health awareness among consumers have fuelled the demand for frozen seafood as it is packed with many essential nutrients required by human body.

    Can you list some major players operating in the global frozen seafood market?

    Some of the major players operating in the global frozen seafood market are IFC Frozen Seafood, Sterling Seafood, Clifton Seafood Company, Marine Foods, Viet Asia Foods, American Seafoods Company LLC, Mazetta Company LLC, High Liner Foods Inc., The Sirena Group, and Castlerock Inc.

    In 2021, which region held the largest share of the global frozen seafood market?

    In 2021, Asia Pacific accounted for the largest share of the global frozen seafood market. The growth of the frozen seafood industry is also attributed to the rising awareness regarding health benefits offered by frozen seafood. People are trying to save time and effort and prefer to use packaged frozen seafood products as they are easy to cook and it also provides essential nutrients to the human body.

    Shejal Jamdade
    Shejal Jamdade
    Associate Vice President,
    Market Research & Consulting

    With over 12 years of experience in managing custom research projects, Shejal is a seasoned research professional with deep cross-sector expertise spanning Chemicals & Materials, Food & Beverages, Biotechnology, and Consumer Goods. She excels in end-to-end project management, advanced data modelling, and providing strategic support to clients.

    Shejal has successfully led a wide range of high-impact research engagements, consistently guiding clients through complex business challenges and enabling informed decision-making. Her ability to blend analytical rigor with industry knowledge has made her a trusted advisor for clients seeking data-driven strategies and actionable insights. Dedicated to excellence and precision, Shejal continues to play a pivotal role in transforming business objectives into research-driven outcomes.

    • Historical Analysis (2 Years), Base Year, Forecast (7 Years) with CAGR
    • PEST and SWOT Analysis
    • Market Size Value / Volume - Global, Regional, Country
    • Industry and Competitive Landscape
    • Excel Dataset

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    The List of Companies - Frozen Seafood Market

    1. IFC Frozen Seafood
    2. Sterling Seafood
    3. Clifton Seafood Company
    4. Marine Foods
    5. Viet Asia Foods
    6. American Seafoods Company LLC
    7. Mazetta Company LLC
    8. High Liner Foods Inc
    9. The Sirena Group
    10. Castlerock Inc.
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