Global Frozen Seafood Market Report 2024: Market Size, CAGR, Lucrative Segments And Top Regions

Overview and Scope
Frozen seafood refers to a type of seafood that has been frozen to maintain the natural quality of the fish by lowering the average temperature to -18 °C or below and then kept at a temperature of -18 °C or lower.

Sizing and Forecast
The frozen seafood market size has grown strongly in recent years. It will grow from $22.12 billion in 2023 to $23.53 billion in 2024 at a compound annual growth rate (CAGR) of 6.4%.  The growth in the historic period can be attributed to rise in demand for convenience foods, globalization and trade expansion, health and nutrition trends, improved packaging solutions, evolving consumer preferences.

The frozen seafood market size is expected to see strong growth in the next few years. It will grow to $29.6 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%.  The growth in the forecast period can be attributed to premiumization and ready-to-cook trends, culinary exploration and consumer education, global trade and market expansion, quality assurance and food safety standards, product innovation and diversification. Major trends in the forecast period include health and nutrition awareness, convenience and time-saving solutions, sustainability and responsible sourcing, variety and innovation in product offerings, educational campaigns and culinary exploration.

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Segmentation & Regional Insights
The frozen seafood market covered in this report is segmented –
1) By Category: Fish, Crustaceans, Shellfish, Mollusca, Other Types
2) By Nature: Organic, Conventional
3) By Distribution Channel : Business-to-business (B2B), Business-to-consumer (B2C)
4) By End User: Food Processing Industry, Food Service Provider, Retail And Household

Asia-Pacific was the largest region in the frozen seafood market share in 2023. The regions covered in the frozen seafood market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth
The rising consumption of seafood is expected to propel the growth of the frozen seafood market going forward. Seafood is any sort of sea life that is considered edible by humans. Consumers are preferring seafood as it provides various health benefits, and freezing seafood helps to maintain its color, texture, shape, and flavor. As a result, the rising consumption of seafood increases the demand for the frozen seafood market. For instance, in July 2023, according to the report published by the Food and Agriculture Organization (FAO), an Italy-based specialized agency of the United Nations, projections indicate a rise in apparent food fish consumption to 21.2 kg per capita globally by 2032, up from the base period average of 20.4 kg (2020–2022). The forecast suggests that 90% of fish production will be utilized for human consumption in 2032, compared to 88% in the base period (2020–22 average). Fish consumption for human use is expected to see a 14% increase, reaching 182 million tons by 2032. Therefore, rising consumption of seafood drives the frozen seafood market.

Key Industry Players
Major companies operating in the frozen seafood market report are Toyo Suisan Kaisha Ltd., Maruha Nichiro Corporation, Mowi ASA, Nippon Suisan Kaisha Ltd., Thai Union Group Public Company Limited, Nomad Foods Limited, Findus Group Limited, Lerøy Seafood Group ASA, AquaChile S.A., Empresas AquaChile S.A., Royal Greenland A/S, High Liner Foods Inc., Ocean Beauty Seafoods LLC, Tassal Group Limited, Pacific Seafood, Clearwater Seafoods Incorporated, Trident Seafoods Corporation, Bumble Bee Foods LLC, Surapon Foods Public Company Limited, Apex Frozen Foods Limited, Beaver Street Fisheries Inc., Mazetta Company LLC, Cooke Aquaculture Inc., Alliance Select Foods International Inc., Siam Canadian Group Limited, J. Sykes & Sons, Castlerock Inc., Tri Marine International Inc., Friosur S.A., Europêche

The frozen seafood market report table of contents includes:
1. Executive Summary
2. Frozen Seafood Market Characteristics
3. Frozen Seafood Market Trends And Strategies
4. Frozen Seafood Market - Macro Economic Scenario
5. Global Frozen Seafood Market Size and Growth
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32. Global Frozen Seafood Market Competitive Benchmarking
33. Global Frozen Seafood Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Frozen Seafood Market
35. Frozen Seafood Market Future Outlook and Potential Analysis
36. Appendix