Frozen Sea Food Market

• Increase consumption of packaged seafood products to boost market growth

Retaining seafood quality to satisfy these growing markets requires packaging that can increase shelf life by reducing microbial growth, inhibiting freezer burn, enabling rapid freezing, and reducing drip loss. Hence, the increase consumption of packaged seafood products influences the demand for frozen seafood.

Additionally, seafood supply and consumption in the United States (U.S.) have experienced significant changes and challenges in the past five decades. U.S. per capita seafood consumption has significantly increased from 11 pounds (lb) per year in 1968–19 lb per year in 2020, equivalent to a 75% increase. Therefore, such a surge in the seafood supply and consumption has enhanced the frozen seafood market CAGR across the globe in recent years.

Furthermore, the factors that must be considered while selecting a package for frozen foods are the protection of the atmosphere oxygen, loss of moisture, flavor contamination, entry of microorganisms, mechanical damage, and exposure to light. Modern frozen food processors can select from a wide range of protective materials such as a variety of papers (Kraft papers coated with wax or plastic and laminated papers), films (moisture-proof, heat-sealable cellophane, and various thermoplastic films such as saran, mylar, pliofilm, and plastic wrap) and foils (heavy aluminum foil) in designing the package.

The films are transparent, lightweight, resistant to puncture and flexible at low temperatures, free from off odors and off flavors, non-toxic, heat sealable, and have a low moisture vapor transmission rate. Thus, the development of new packaging methods for frozen seafood is another factor driving the growth of the frozen seafood market revenue.

The Global Frozen Seafood Market Industry is poised for substantial growth, with projections indicating a market value of 15.4 USD Billion in 2024 and an anticipated increase to 26.8 USD Billion by 2035. This growth trajectory suggests a compound annual growth rate of 5.17% from 2025 to 2035. Factors contributing to this expansion include rising consumer demand for convenience foods, health consciousness, and sustainability trends. As the market evolves, stakeholders must remain vigilant to emerging opportunities and challenges, ensuring that they adapt their strategies to capitalize on the dynamic landscape of the frozen seafood sector.

The Global Frozen Seafood Market Industry experiences a notable surge in demand for convenience foods, driven by changing consumer lifestyles. As urbanization increases, consumers seek quick meal solutions that do not compromise on quality. Frozen seafood products, which offer extended shelf life and ease of preparation, align well with this trend. In 2024, the market is projected to reach 15.4 USD Billion, reflecting a growing preference for ready-to-cook options. This shift in consumer behavior suggests that the industry must adapt to meet the evolving needs of busy households, potentially leading to innovations in product offerings and packaging.

The rise of e-commerce is reshaping the Global Frozen Seafood Market Industry, providing consumers with greater access to a variety of frozen seafood products. Online platforms enable consumers to purchase seafood conveniently from the comfort of their homes, catering to the growing demand for home delivery services. This trend is particularly pronounced among younger consumers who prefer online shopping. As e-commerce continues to expand, businesses that invest in online retail strategies may capture a larger share of the market. This shift could contribute to the projected compound annual growth rate of 5.17% from 2025 to 2035, reflecting the industry's adaptation to changing consumer preferences.

Sustainability has emerged as a critical driver in the Global Frozen Seafood Market Industry. Consumers are increasingly concerned about the environmental impact of their food choices, prompting a shift towards sustainably sourced seafood. Companies that adopt eco-friendly practices, such as responsible fishing and sustainable aquaculture, are likely to gain a competitive edge. This trend aligns with global efforts to promote sustainable food systems and could lead to increased consumer loyalty. As the market evolves, businesses that prioritize sustainability may see enhanced brand reputation and growth opportunities, potentially contributing to the projected market value of 26.8 USD Billion by 2035.

There is a growing awareness of health and nutrition among consumers, which significantly influences the Global Frozen Seafood Market Industry. Seafood is widely recognized for its health benefits, including high protein content and omega-3 fatty acids. As more individuals prioritize healthy eating, the demand for frozen seafood products is likely to increase. This trend is further supported by various health organizations promoting seafood consumption as part of a balanced diet. The industry's ability to market these health benefits effectively could enhance its appeal, potentially contributing to market growth as consumers seek nutritious and convenient meal options.

Technological innovations in freezing techniques are transforming the Global Frozen Seafood Market Industry. Advances such as flash freezing and improved cold chain logistics enhance product quality and safety, allowing seafood to retain its freshness and flavor. These developments not only improve the consumer experience but also extend the shelf life of products, reducing waste. As technology continues to evolve, the industry may witness increased efficiency in production and distribution processes. This could potentially lead to lower costs and higher profit margins, making frozen seafood more accessible to a broader audience and supporting overall market growth.

By Region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. North America frozen seafood market accounted for USD 6254.6055 million in 2021 and is expected to exhibit a 42.90% CAGR growth during the study period. Several factors could influence the performance of the North American region, such as the availability of advanced and innovative cold chain infrastructural facilities. The surge in seafood consumption compared to red meat is also expected to drive the region's performance in the future.

Further, the major countries studied in the market report are: The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 3:  FROZEN SEAFOODMARKET SHARE BY REGION 2021 (%)Source: Secondary Research, Primary Research, Market Research Future Database and Analyst Review

North America frozen seafood market accounts for the largest market share. The surging trend of ready-to-cook foods has fueled the growth of the frozen fish sector. Well-established distribution channels and the rise of online sales heavily contribute to the growth of the market. The increasing popularity of fish preparations across the food service sector propels regional market growth. Further, the US market of frozen seafood held the largest market share as buyers are looking for convenient meal options, including frozen food that requires less or no preparation to overcome time constraints from work and childcare.

The rising dependence of buyers, especially millennials, on ready-to-cook foods due to time constraints would drive the market. Additionally, the Canada frozen seafood market was the fastest growing market in the North American region.

The Europe market of frozen seafood is expected to grow at the fastest CAGR from 2022 to 2030. Europe is anticipated to exhibit promising growth due to increasing fish consumption to reduce the risk of heart disease. The growing popularity of sustainable fish products in Germany, the UK, and France is expected to drive the demand for sustainable frozen fish. Moreover, German frozen seafood market held the largest market share, and the Australia frozen seafood industry was the fastest growing market in the Asia-Pacific region.

For instance, Australia frozen seafood market is driven by several product launches. In November 2022, Aldi Australia rolled out several new frozen seafood items and brought back customer favorites to capitalize on the lead-up to the Christmas season.

Major market players are spending a lot of capitals on R&D to enhance their product lines, which will aid the frozen seafood market expand. Market players are also taking a range of strategic measures to expand their worldwide footprint, with prime market developments such as new product innovations & launches, contracts & agreements, mergers and acquisitions, better investments, and collaboration & strategic partnerships with other organizations in the frozen seafood industry. Competitors in the frozen seafood industry must offer cost-effective items to extend and survive in an increasingly highly competitive and expanding market environment.

One of the primary business strategies adopted by manufacturers in the frozen seafood industry to benefit clients and expand the market sector is to manufacture locally to reduce operating costs. In recent years, frozen seafood industry has provided with some of the most significant benefits. The frozen seafood market major player such as Beaver Street Fisheries (US), High Liner Foods Inc (Canada), Premium Seafood Company Inc. (US), The Sirena Group (Denmark), M&J Seafood Ltd. (UK) and others are working to drive the market growth via investing heavily in research and development activities.

Beaver Street Fisheries (US) is Beaver Street Fisheries is a leading manufacturer, importer, exporter, and distributor of quality frozen seafood and meat products from the US and worldwide. In November 2022, Beaver Street Fisheries launched its newest selection to its popular Sea Best Seafood Festival line. The flagship seafood brand of Beaver Street Fisheries launched the line in 2018 as an all-in-one bag seafood boil that is ready to prepare in one pot.

Also, High Liner Foods Inc (Canada) is one of the North American processor and marketer of value-added frozen seafood. The retail brand products are sold throughout the US, Canada, and Mexico under the High Liner, Fisher Boy, Mirabel, and Sea Cuisine labels. They are available in most grocery and club stores. In March 2021, High Liner Foods Inc, a leading value-added frozen seafood company, announced it had completed a repricing of its senior secured term loan (Term Loan B).

The USD 265 million Term Loan B was repriced to bear interest at LIBOR plus 3.8% with a LIBOR floor of 0.8%, representing a 75-basis point reduction compared to the initial interest rate of LIBOR plus 4.3% with a LIBOR floor of 1%.