Frozen Seafood Market to See Stunning Growth: Expand $137.3 Billion By 2032

The frozen seafood market was valued at $82.5 billion in 2022, and is estimated to reach $137.3 billion by 2032, growing at a CAGR of 5.3% from 2023 to 2032.

WILMINGTON, DELAWARE, UNITED STATES, May 27, 2024 /EINPresswire.com/ -- The rapid growth of the frozen seafood market is driven by consumer demand for convenient, longer shelf life, and year-round availability of seafood. Advancements in freezing technologies, along with increased awareness of health benefits, and a growing preference for quick and easy meal solutions has contributed to the expansion of the market.

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Frozen seafood refers to seafood products that have been subjected to a preservation process in which their temperature is lowered significantly, typically to -18°C or below, and maintained at these low temperatures to extend their shelf life. This process effectively minimizes microbial and enzymatic activities, preserving product quality of various seafood. Thus, to maintain these benefits, the frozen state of these seafood must be protected and maintained within a continuous cold chain. Thawing is a crucial step in handling frozen seafood, as it significantly impacts product quality. In addition, swift thawing at lower temperatures is essential to prevent quality deterioration during import and export of frozen seafood products. Overall, freezing and proper thawing methods are vital in the preservation of frozen seafood for extended periods, which thus ensures delivery of high-quality products to consumers. This is expected to boost the frozen seafood market share and frozen seafood market size in coming years.

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However, the outbreak of the pandemic has disrupted the global supply chains, affecting the timely delivery of raw materials and ingredients to manufacturing units, thus hampering the production & distribution of frozen seafood products. In addition, the pandemic has led to changes in consumer behavior, with many people staying at home and preparing food items themselves. This has significantly reduced the demand for certain processed and frozen food including seafood during the COVID-19 pandemic. These changes in consumer behavior have had both positive and negative impacts on the frozen seafood market. The major players analyzed for the frozen seafood industry include Sirena Group A/S, Sykes Seafood, Nueva Pescanova, S.L., Beaver Street Fisheries, Inc., High Liner Foods Incorporated, Leroy Seafood Group ASA, Maruha Nichiro Corporation, Thai Union Group Public Company Limited, Pacific Seafood Group, and Mazzetta Company, LLC.

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KEY FINDINGS OF STUDY
On the basis of type, the frozen fish segment held the major share in 2022.
As per form, the raw frozen seafood segment held the major share in 2022. However, the ready-to-eat seafood segment is observed as the fastest growing segment for the frozen seafood market.
Depending on distribution channel, the supermarkets/hypermarkets segment held the major share in 2022. However, online sales channel is observed as the fastest growing segment for the frozen seafood market.
According to region, Europe held the major share in 2022. However, Asia-Pacific is expected to be the fastest growing region for the frozen seafood market.

David Correa
Allied Market Research
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