Global Frozen Seafood Market Report and Forecast 2024-2032

Global Frozen Seafood Market Outlook

The global frozen seafood market size reached approximately USD 28.00 billion in 2023. The market is further projected to grow at a CAGR of 4.8% between 2024 and 2032, reaching a value of USD 42.70 billion by 2032.

Key Trends in the Market

Frozen seafood refers to seafood that is stored at freezing temperatures to limit the growth of microorganisms and extend its shelf life. These food products offer various advantages such as reduced spoilage and preservation of nutrients. Different types of frozen seafood include frozen crustaceans, frozen fish, and frozen molluscs, among others.

• Rising requirement for easy to cook food products due to changing lifestyle and increased disposable incomes is aiding the frozen seafood market growth as frozen seafood eliminates the requirement for complex cooking procedures, offering ease of preparation to individuals.

• Increasing availability of frozen seafood across speciality stores, supermarkets and hypermarkets, and convenience stores, coupled with the growing presence of various online stores offering frozen seafood is resulting in an increased product consumption, supporting the market expansion.

• Growing popularity of frozen organic seafood is further bolstering the growth of the market for frozen seafood as these products are more refined in quality than their non-organic counterparts. Frozen organic seafood is also preferred by various businesses and eating establishments as they allow them to offer their customers with nutrient rich ingredients without compromising in taste.

Global Frozen Seafood Market Analysis

On the basis of product, the market is divided into frozen fish, frozen molluscs, and frozen crustaceans, among others. Based on nature, the market is bifurcated into organic and conventional. On the basis of form, the market is categorised into raw and processed. Based on end use, the market is classified into food processing industry, food service industry, and retail/ household.

On the basis of distribution channel, the market is divided into B2B and B2C with B2C subdivided by type into supermarkets and hypermarkets, convenience stores, speciality stores, and online, among others. Based on region, the frozen seafood market segmentation includes North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.

• Beaver Street Fisheries, Inc.

• Lerøy Seafood Group

• The Fishin' Company

• Sirena Group A/S 

• M&J Seafood

• Mazzetta Company, LLC 

• Castlerock Fisheries Pvt. Ltd. 

• SalMar ASA 

• Forstar Frozen Foods Pvt. Ltd. 

• Others

Market Share by Product

Frozen fishes are expected to account for a significant frozen seafood market share over the forecast period. This growth can be attributed to changing eating habits and meal patterns of consumers around the globe. The lifespan of the frozen fish is comparatively longer, making it suitable for consumption across seasons. The increased consumption and incorporation of frozen fishes in various dishes due to growing awareness about the various health benefits offered by fishes and the convenient nature of frozen fishes is supporting the segment growth.

Market Share by Region

North America is anticipated to account for a significant share of the market owing to the surging popularity of ready to eat meals, easy availability across various distribution channels, and increasing requirements from the foodservice sector. The quality, freshness, and sustainability offered by frozen seafood is further boosting its consumption in North America. The freshness, flavours, and nutrients of the seafood are maintained by using various freezing techniques including flash freezing, among others. The frozen seafood market demand is also increasing due to the reduced effort and preparation time required for cooking frozen seafood.

Competitive Landscape

Beaver Street Fisheries, Inc. is a manufacturer, distributor, and exporter of high-quality frozen meat products and seafood. The company was founded in 1950 and is headquartered in Florida, United States.

Lerøy Seafood Group, headquartered in Bergan, Norway, is a seafood distribution and production company that was founded in 1899. The company is involved in the production of trout and salmon, among others.

The Fishin' Company, headquartered in Pennsylvania, United States is one of the largest importers of frozen fish in the world. The company’s product portfolio includes cod, salmon, pollock, trout, and catfish, among others.

Other frozen seafood market key players include Sirena Group A/S, M&J Seafood, Mazzetta Company, LLC, Castlerock Fisheries Pvt. Ltd., SalMar ASA, and Forstar Frozen Foods Pvt. Ltd., among others.

Key Highlights of the Report