Frozen Sea Food Market Trends

Global Frozen Seafood Market Overview

Frozen Seafood Market size was valued at USD 14.5795 Billion in 2023. The Frozen Seafood industry is projected to grow from USD 15.4105 Billion in 2024 to USD 22.7166 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.70% during the forecast period (2024 - 2032). Growing demand for seasonal fish products and increasing health awareness among consumers are the key market drivers enhancing the market of frozen seafood growth.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Frozen Seafood Market Trends

• Increase consumption of packaged seafood products to boost market growth

Seafood consumption has increased by 30% to 16 pounds per person since 1980, according to the National Oceanic and Atmospheric Administration (NOAA) 2018 report. To today date, approximately one billion people depend on seafood as a major source of protein. From whole and filleted salmon, tuna, halibut, anchovies, and herring to lobster, scallops, shrimp, crab, clams, and oysters, seafood connects with health-conscious consumers. It is affordable thanks to a robust seafood trade and aquaculture expansion. 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.

Figure 1: Estimated Marine Aquaculture Production Value and VolumeSource: Secondary Research, Primary Research, MRFR Database and Analyst Review

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.

Frozen Seafood Market Segment Insights

Frozen Seafood Product Type Insights

The frozen seafood market segmentation based on product type, includes fish, crustaceans, shellfish, mollusks, and others. The fish segment held the majority share in 2021, contributing to the frozen seafood industry revenue. This is primarily because of the wide scale consumption, the growing popularity of chemical-free fish with higher shelf life, and the increasingly health-conscious population. Additionally, large-scale fishing and the growing fish farming trend have their fair share in driving the demand.

Crustaceans is the second fastest-growing segment, which accounts for a considerable share of the frozen seafood market share is crustaceans.  The consumption of crustaceans is increasing, as it is high in nutritional value and low-fat protein. It also contains zero carbs and is very low in calories. These factors make people include them in their food diet.

September 2022: Inflation continued to impact U.S. supermarkets' frozen and fresh seafood sales in August 2022. Frozen seafood sales declined at a slower rate of 3.6% to USD 530 million. Fresh seafood sales plunged 6.1% in August to USD 504 million, according to new data from 210 Analytics and IRI Worldwide. However, shelf-stable seafood sales rose 5.3% to USD 213 million. This will hamper the U.S Frozen Seafood industry.

August 2022: Iceland had partnered with Parkside to replace the low-density polyethylene (LDPE) bag for its frozen seafood range with a recyclable paper pouch, which features water-based coatings that reportedly break down during the re-pulping process. The new packaging solution was developed for Iceland’s Northcoast range of frozen seafood. The previous LDPE bag had been replaced with a recyclable paper pouch in what the companies claim is one of the first successful applications of paper flexible packaging for frozen food.

Figure 2:  Frozen Seafood Market, by Product Type, 2021 & 2030 (USD Million)Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Frozen Seafood Distribution Channel Insights

The frozen seafood market segmentation, based on distribution channel are store-based and non-store-based. The store-based segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. The high demand for stored seafood drives the performance of the specific market segments. Further, the convenience stores and supermarkets, and hypermarkets are likely to play an influential role in boosting the performance of the market during the projected period. Hence, owing to the mentioned features it positively impacts the market growth.

The second fastest growing segment in the frozen seafood data is non-store based. Non-Store-based has more freshness and taste preservation of the seafood.

Frozen Seafood Regional Insights

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, MRFR 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.

Frozen Seafood Key Market Players & Competitive Insights

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%.

Key Companies in the Frozen Seafood market includes

• Premium Seafood Company Inc. (US)


• The Sirena Group (Denmark)


• M&J Seafood Ltd. (UK)


• Beaver Street Fisheries (US)


• Mazetta Company LLC (US)


• High Liner Foods Inc (Canada)


• Mowi ASA (Norway)


• Forster Frozen Foods Pvt Ltd. (India)


• IFC Frozen Seafoods (Canada)


• Castlerock Inc. (India)

Frozen Seafood Industry Developments

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.

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%. All other terms of Term Loan B remain unchanged, including the maturity date of October 15, 2026.

Frozen Seafood Market Segmentation

Frozen Seafood Product Type Outlook

• Fish


• Crustaceans


• Shellfish


• Mollusks


• Others

Frozen Seafood Distribution Channel Outlook

• Store-based


• Non-Store-based

Frozen Seafood Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America