Frozen Seafood Market is projected to reach $22.57 billion by 2028 from $16.27 billion in 2022.
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It is estimated to grow at a CAGR of 5.6% from 2022 to 2028, The Insight Partners said.
In 2021, Asia Pacific accounted for the largest share of the global market. Large population and the popular consumption of fish-based dishes in the cuisines in Asia Pacific such as Chinese, Thai, and Japanese cuisines are some of the major factors for the growth of the market in Asia Pacific. However, the market in North America is expected to grow at the highest rate during the forecast period. The US is one of the world's leading consumers of frozen seafood. According to the United Nations Food and Agriculture Organization (FAO), growth in aquaculture helped drive global per capita fish consumption above 20 kilograms a year.
Moreover, the rising number of supermarkets and hypermarkets provided consumers with easy accessibility and availability of various varieties of seafood under one roof, which is further expected to boost the frozen seafood market growth over the forecast period.
The awareness of the benefits of consuming frozen seafood is increasing worldwide. Therefore, consumers increasingly prefer frozen seafood over fresh seafood, hence bolstering the market demand.
Fresh seafood products are priced higher than frozen seafood products and cannot be stored for a longer period, whereas frozen seafood has a better shelf life and preserves the quality of the product. Seafood consumption provides essential nutrients to the human body; it lowers the risk of heart attacks and strokes, boosts brain health, reduces the risk of autoimmune diseases, and improves hair and skin health.
These are some of the major the factors driving the frozen seafood market growth. Furthermore, a large variety of frozen seafood with different tastes and benefits are available in the market.
Frozen seafood manufacturers are constantly innovating to meet endlessly evolving consumer tastes and preferences.
They are launching products with enhanced taste and health benefits to attract many consumers.
For instance, SeaPak Shrimp Sea Pals, a product specially meant for chidren was launched by a frozen food company SeaPak Shrimp & Seafood Co.
The SeaPak shrimp sea pals are whole grain-breaded, minced shrimp bites in the shape of sea turtles and starfish. Such innovative products are gaining immense popularity among consumers.
Manufacturers are also innovating the packaging of frozen seafood products, keeping their consumers' convenience in mind.
Packaged frozen seafood products are easy to use as they are packed in appropriate portions, easy to prepare, avoid wastage, and save time.
Thus, the availability of innovative products significantly contributes to the market’s growth.
Based on product type, the global frozen seafood 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.
Many manufacturers are offering various products under the frozen fish segments, which can be easily cooked.
Based on 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 also expected to account for the highest growth rate over the forecast period.
Based on the distribution channel, the global market is segmented into supermarkets and hypermarkets, specialty stores, online retail, and others. In 2021, the supermarkets and hypermarkets segment accounted for the largest revenue share. ■
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