Frozen Fish Market to Surpass $54.5 Billion by 2032, Fueled by Growing Demand and Innovations in Processing Techniques.

The frozen fish market is set to double by 2032, driven by globalization, innovations, and increased demand for convenient protein sources.

WILMINGTON,NEW CASTLE, DELAWARE, UNITED STATES, April 16, 2024 /EINPresswire.com/ -- According to a new report published by Allied Market Research titled “Frozen Fish Market," the frozen fish market was valued at $26.9 billion in 2022 and is estimated to reach $54.5 billion by 2032, growing at a CAGR of 7.4% from 2023 to 2032.

Frozen fish refers to fish that has been subjected to a freezing process to preserve it for later consumption. This process involves lowering the temperature of the fish to well below its freezing point, typically to around -18 degrees Celsius (0 degrees Fahrenheit) or lower, and storing it at this temperature. The freezing process helps to inhibit the growth of microorganisms and enzymes that can cause the fish to spoil, making it a convenient way to extend the shelf life of seafood.

The development of more efficient and reliable transportation and logistics systems has been a primary factor driving market growth. The development of containerization and advancements in refrigerated shipping containers have made it possible to transport frozen fish over long distances while maintaining product quality. This has significantly reduced transportation costs and the risks associated with seafood exports. Moreover, advances in freezing and preservation technologies have extended the shelf life of frozen fish, maintaining its quality and safety during transit. Blast freezing, vacuum packaging, and other innovations have helped to ensure that seafood products reach consumers in good condition.

The increasing demand for seafood, particularly in regions where it was traditionally less consumed, has driven the globalization of the seafood supply. Consumers in various parts of the world are looking for diverse and convenient sources of protein, and frozen fish offers a viable option. Furthermore, the globalization of the frozen fish market is driven by a combination of factors, with improved logistics and transportation playing a pivotal role.

Environmental concerns, especially those related to overfishing and unsustainable fishing practices, can indeed pose significant restraints on the growth of the frozen fish market. Governments and international bodies impose strict regulations on fishing operations to protect fish stocks and marine ecosystems. These regulations can include catch limits, seasonal closures, and restricted areas for fishing. Compliance with these regulations can lead to increased operational costs and reduced fishing opportunities.

Overfishing and unsustainable practices can lead to the decline or depletion of certain fish species. Therefore, these species may become scarce or endangered, leading to a reduction in their availability for the frozen fish market. This can affect both supply and variety in the market. Sudden closures or restrictions on fishing in specific regions can disrupt the supply chain and lead to price fluctuations in the frozen fish market. Meeting these certification requirements can be costly and challenging for some businesses in the frozen fish industry.

The innovations in food processing techniques enable the creation of a wide range of value-added products, such as pre-marinated or seasoned fillets, fish-based ready meals, seafood mixes, and others. This diversification can attract a broader customer base, catering to various tastes and preferences. Busy lifestyles have led to an increasing demand for convenient, ready-to-cook, or ready-to-eat meals. Value-added frozen fish products, like fish fillets with seasonings or complete seafood-based meals, offer consumers an easy and quick meal solution without compromising on quality. Consumers are becoming more health-conscious, and fish is often considered a healthy protein source.

Value-added frozen fish products can be positioned as nutritious options, and innovative processing techniques can help retain the nutritional value of fish while adding value through seasonings, coatings, or accompaniments. Moreover, the global trend towards exploring different cuisines has created an opportunity for value-added frozen fish products inspired by various international flavors. These products can include fish fillets marinated in Mediterranean, Asian, or Latin American flavors, appealing to consumers looking for diverse taste experiences. These factors are anticipated to boost the frozen fish market's expansion in the upcoming years.

The frozen fish market share is segmented on the basis of type, distribution channel, and region. By type, it is classified into salmon, tuna, cod, tilapia, shrimp, and others. By distribution channel, it is classified into supermarkets and hypermarkets, convenience stores, specialty stores, and online retail. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The key players profiled in the frozen fish market size report include Brig-Star LLC, Chicken Of the Sea, Dongwon Enterprise Company, High Liner Foods, Marine Harvest, Nippon Suisan Kaisha aka Nissui, Pescanova SA, SalMar ASA, Zoneco Group, and Tassal Group.

The report offers a comprehensive analysis of the global frozen fish market trends by thoroughly studying different aspects of the market, including major segments, market statistics, market dynamics, regional market outlook, investment opportunities, and top players working towards the growth of the market. The report also highlights on the present scenario and upcoming trends & developments that are contributing toward the growth of the market. Moreover, restraints and challenges that hold power to obstruct the market growth are also profiled in the report, along with the Porter’s five forces analysis of the market to elucidate factors such as competitive landscape, bargaining power of buyers and suppliers, threats of new players, and emergence of substitutes in the market.

Impact of COVID-19 on the Global frozen fish Industry

The pandemic disrupted global supply chains, affecting the availability of frozen fish products. Lockdowns, restrictions on movement, and closures of processing facilities and fishing operations in some regions led to supply shortages and price fluctuations. As people stayed home and restaurants closed or operated with limited capacity, there was a surge in demand for frozen foods, including frozen fish, at grocery stores. Consumers stocked up on long-lasting, convenient food options.

With concerns about virus transmission, consumers became more aware of food safety and hygiene. Frozen fish, when properly handled and stored, is known for its food safety, which contributed to its increased popularity during the pandemic. International trade in frozen fish was affected by travel restrictions, border closures, and changes in demand. Some exporting countries faced challenges in getting their products to market, while importing countries had to adjust to new sourcing strategies.

Restaurants and foodservice establishments, which are significant consumers of frozen fish products, experienced reduced demand due to lockdowns and restrictions. This impacted the demand for specific types of frozen fish products typically used in these settings.

Key Findings of the Study

Based on type, the salmon sub-segment accounted for a dominant market share in 2022 and is projected to have a dominant market share during the forecast period.

Based on the distribution channel, the supermarkets/hypermarkets sub-segment accounted for a dominant market share in 2022 and is projected to have a dominant market share during the forecast period.

Based on region, Asia-Pacific accounted for a dominant market share in 2022 and is projected to maintain its position during the forecast period.

David Correa
Allied Market Research
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