New York, NY, Aug. 03, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Frozen Seafood Market By Product Type (Fish, Crustaceans, Shellfish, Molluscs, And Others) and By Distribution Channel (Supermarket & Hypermarket, Convenience Stores, Online Stores, And Others): Global Industry Perspective, Comprehensive Analysis And Forecast, 2017– 2024”. According to the report, the global frozen seafood market was valued at around USD 23.58 billion in 2017 and is expected to reach approximately USD 30 billion by 2024, growing at a CAGR of around 3.5% between 2018 and 2024.
Seafood is perishable items and needs extra attention before it reaches the consumer. Frozen seafood is rich in protein, vitamins, and minerals. Consumption of seafood is necessary for proper development of the human body. Seafood is also beneficial for various diseases associated with heart and eyes.
Browse through 37 Tables & 19 Figures spread over 110 Pages and in-depth TOC on "Global Frozen Seafood Market Size, Share 2017 Report: Industry Trends, Growth, Analysis and Forecast, 2024”.
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For maintaining the quality of the seafood, it has to be frozen below 200C. Nowadays various freezing techniques such as cryofreezing are used for freezing the seafood. Freezing the seafood locks its nutritional value such as vitamins and minerals. Frozen seafood market is anticipated to witness considerable growth during the forecast period. The frozen seafood market is primarily driven by increasing consumer awareness regarding the benefits of consuming seafood. Changing lifestyle and health benefits of seafood-associated with heart and eyes etc. is increasing the demand for frozen seafood globally.
On the basis of the type of product, the market can be classified into shrimps, crustaceans, shellfish, mollusks, and others. Crustaceans are dominating the product segment attributed to its high-profit margin and increasing demand for exotic & premium seafood products.
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The market can be segmented on the basis of the distribution channel as supermarket & hypermarket, convenience stores, online stores, and others. Supermarket & hypermarket segment is expanding more as compared to other channels due to increasing acceptance among consumers owing to the availability of different types of fish and other seafood and the vast range of products offered at discounted price.
Europe is leading the frozen seafood market owing to the increasing demand for protein-based food and innovation & variation in seafood dishes. Growing awareness about the benefits of fish and seafood in daily life for proper human development is increasing the frozen seafood demand. Changing the taste of consumers, exotic seafood items offered by restaurants and busy lifestyle are the factors responsible for the growth of frozen seafood market.
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South-East Asia is a major seafood producer in APAC. The Asia Pacific is anticipated to show significant growth in the frozen seafood market. This is mainly due to slaughtering & packaging techniques, innovative farm practices, stable economic growth, and easy availability of seafood. Seafood is a convenient & economical diet option available for Chinese, Indian, and Australian consumers. Moreover, increasing population in developing countries like India and China & rising prosperous class demanding luxury seafood, increasing disposable income and the rise in aquaculture production are driving the growth of the frozen seafood market.
North America is another prominent regional market after Europe. According to Datassential’s Seafood Keynote report, there are major growths in seafood dishes in the menu card of several restaurants based in the U.S. The popularity of seafood in brunch and breakfast dishes in developed economies such as the U.S. and Canada and increasing willingness of people to try a new variety of seafood is showing plenty of bright spot for frozen seafood. In addition, product globalization, the rise in online sales of frozen seafood, and growing health awareness regarding the advantages of frozen seafood are projected to fuel the frozen seafood market in the years to come.
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The Middle East & Africa is anticipated to witness momentous growth in the upcoming years. The growth is chiefly due to the increasing consumption of seafood such as fishes including sardines, mackerel, tuna, barracuda, tilapia, and Nile perch, rising urbanization, improving the standard of living, and urban settlements enabling the easy availability of seafood. In addition, there is an increase in demand for convenient food products which are quick and easy to make. Moreover, Latin America is anticipated to experience noticeable growth during the forecast period. Latin America is the prominent producer of shrimps and tuna fish. Peru and Chile have a good production of anchoveta and salmon which has good price value in the market. There is a considerable growth in exports of seafood from Latin America to the major markets of the U.S. Thus, growing production of fishes like Salmon & Peruvian anchoveta, rising income, increasing tourism, and growing GDP are projected to accelerate the market growth in the Middle East & Africa.
Some of the key companies have been investing in technological advancement, maintaining standards and product innovation in order to retain their dominance in the market. Key players operating in frozen seafood market are AquaChile, Austevoll Seafood, Collins Seafoods, High Liner Foods, Clearwater Seafood, Surapon Foods Public, Leroy Seafood, Iglo Group, Lyons Seafoods, Marine International, Tri Marine International, Marine Harvest, Tassal Group, Toyo Suisan Kaisha, Sajo Industries, and others.
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This report segments the global frozen seafood market as follows:
Global Frozen Seafood Market: Product Type Segment Analysis
- Shrimps
- Crustaceans
- Shellfish
- Molluscs
- Other
Global Frozen Seafood Market: Distribution Channel Segment Analysis
- Supermarket & Hypermarket
- Convenience Stores
- Online Stores
- Others
Global Frozen Seafood Market: Regional Segment Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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