Growing consumer preference for convenient, longer-lasting food options and rising adoption of advanced freezing and packaging technologies are anticipated to drive the growth of the global frozen fish market during the forecast period. The Asia-Pacific region is expected to observe significant growth during the forecast period.
PORTLAND, Ore., Feb. 16, 2024 /PRNewswire/ — Allied Market Research has recently published a report, titled, “Frozen Fish Market Size, Share, Competitive Landscape and Trend Analysis Report by Type (Salmon, Tuna, Cod, Tilapia, Shrimp, Others(Snapper, Pollock, Haddock, Sole)), by Distribution Channel (Supermarkets/ Hypermarkets, Convenience Stores, Specialty Stores, Online Retail): Global Opportunity Analysis and Industry Forecast, 2023-2032″. According to the report, the global frozen fish market generated $26.9 billion in 2022, and is anticipated to generate $54.5 billion by 2032, witnessing a CAGR of 7.4% from 2023 to 2032.
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Prime Determinants of Growth:
The increasing consumer preference for convenient, longer-lasting food options and rising adoption of advanced freezing and packaging technologies are boosting the growth of the frozen fish market. However, the rising threat of overfishing and regulatory changes are restraining the growth of the frozen fish market. On the other hand, advancements in sustainable sourcing practices and increasing consumer awareness regarding environmental issues are expected to unlock rewarding growth opportunities in the global frozen fish market during the forecast period.
Report Coverage & Details:
|
Report Coverage |
Details |
|
Forecast Period |
2022–2032 |
|
Base Year |
2022 |
|
Market Size in 2022 |
$26.9 billion |
|
Market Size in 2032 |
$54.5 billion |
|
CAGR |
7.4 % |
|
No. of Pages in Report |
190 |
|
Segments covered |
Type, Distribution Channel, and Region |
|
Drivers |
• Rising consumer preference for convenient, longer-lasting food options drives demand for frozen fish products • Technological advancements in freezing and packaging technologies to enhance product quality and extend shelf life |
|
Opportunities |
• Growing awareness of environmental issues may lead to increased demand for sustainably sourced seafood products • Development of improved freezing and packaging technologies |
|
Restraints |
• Overfishing and regulatory changes may disrupt the supply of fish, leading to potential shortages and higher prices |
COVID-19 Scenario:
- The COVID-19 pandemic significantly impacted the global frozen fish market. The pandemic significantly disrupted global supply chains, impacting the availability of frozen fish products.
- Increased consumer demand for convenient, longer-lasting food options drove a surge in sales of frozen fish products during lockdowns. Restrictions on transportation and closures of processing facilities led to fluctuations in supply, affecting market growth.
- Concerns about food safety boosted consumer trust in frozen fish products, driving increased demand. The closure or reduced capacity of restaurants led to a shift in consumer behavior towards cooking at home, increasing the demand for frozen fish.
- E-commerce and direct-to-consumer sales of frozen fish products experienced a significant rise as consumers turned to online shopping for groceries. Export restrictions and logistical challenges hindered the international trade of frozen fish products, impacting both importers and exporters.
- Despite challenges, technological advancements in freezing and packaging technologies continued to drive innovation and market growth.
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Type: Salmon Sub-Segment Anticipated to Grow with Leading CAGR by 2032
The salmon sub-segment dominated the market in 2022, holding a major share of 32.0%. This dominance is expected to continue till 2032, growing with a CAGR of 8.2%. This growth is mainly due to the increasing consumer preference for versatile and nutritious seafood options, driving up demand for salmon products. Additionally, the rising demand for convenient meal solutions and stringent quality control measures are driving consumer trust in frozen salmon products, thus contributing to its dominance in the market.
Distribution Channel: Supermarkets/hypermarkets Sub-Segment Anticipated to Hold Leading Market Share by 2032
The supermarkets/hypermarkets sub-segment led the market in 2022, holding a substantial share of 55.2%. This sub-segment is expected to hold a leading market share of 56.5% by 2032. The growth of the sub-segment is mainly because of the increasing consumer preference for convenient shopping experiences and rising demand for a diverse range of frozen fish products, driving sales growth in these retail outlets. Additionally, their ability to offer competitive pricing, strict quality control measures, and promotional strategies further boosted their dominance in the market.
By Region: Asia-Pacific Estimated to Dominate the Market in Forecast Period
The Asia-Pacific region dominated the global frozen fish market Share in 2022, holding a major share of 47.2%. The dominance of this region is expected to continue by rising with a CAGR of 7.7% in the forecast period. This is mainly due to rising disposable incomes in the region, increasing consumer awareness of the health benefits of seafood consumption, and the boosting demand for convenient and ready-to-cook food options. Additionally, improvements in cold chain infrastructure and logistics have driven the region’s ability to maintain the quality and safety of frozen fish products, further driving its dominance in the market.
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Leading Players in the Frozen Fish Market:
- Chicken of the Sea International
- Brig-Star LLC
- Marine Harvest Group
- Zoneco Group
- High Liner Foods
- Tassal Group Limited
- SalMar ASA
- Nippon Suisan Kaisha aka Nissui
- Dongwon Enterprise Company
- Pescanova SA
The report provides a detailed analysis of the key players of the global frozen fish market. These players have adopted different strategies, such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain their dominance in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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