Frozen Seafood Market Research Report and Outlook by 2028

The frozen seafood market is anticipated to grow significantly, reaching a value of US$ 22.57 billion by 2028, up from US$ 16.27 billion in 2022. This growth represents a compound annual growth rate (CAGR) of 5.6% from 2022 to 2028.

Several factors are propelling the expansion of the frozen seafood market. A notable driver is the increasing health awareness among consumers, coupled with a rise in disposable incomes. Additionally, rapid urbanization and evolving lifestyles are influencing dietary habits. In urban settings, the trend towards consuming packaged food products is becoming more prevalent, which further supports market growth. Packaged foods are convenient, minimize waste, and are easy to prepare, as they come in pre-measured portions. They also boast a longer shelf life while maintaining quality, making them ideal for individuals with busy schedules. A significant factor contributing to the growth of the frozen seafood sector is the heightened awareness of the health benefits associated with seafood consumption.

Consumers are increasingly opting for frozen seafood to circumvent the limitations often associated with fresh seafood. Frozen seafood retains its nutritional value and offers a longer shelf life. The convenience of frozen seafood products is a major reason for their rising popularity. Moreover, manufacturers are introducing innovative products that emphasize high nutritional content. As the population grows and health consciousness rises, the demand for nutritious food options has surged dramatically. The increasing number of health-aware millennials is expected to further boost the demand for seafood products across various regions. Key drivers of the global frozen seafood market include rising disposable incomes and enhanced lifestyles, which are pivotal in fostering market growth. Additionally, the growing demand for frozen seafood can be linked to the wide availability of diverse products across various retail channels at competitive prices.

The global frozen seafood market is categorized by product type into frozen fish, frozen crustaceans, frozen mollusks, and other categories. In 2021, the frozen fish segment dominated the market, accounting for the largest share of revenue and is projected to experience the highest growth rate during the forecast period. Fish is a rich source of omega-3 fatty acids, specifically EPA (eicosapentaenoic acid) and DHA (docosahexaenoic acid), which are essential for human health as the body cannot synthesize them. Fish varieties such as salmon, trout, sardines, herring, canned mackerel, canned light tuna, and oysters are excellent sources of these fatty acids. Omega-3 fatty acids are crucial during pregnancy for supporting brain function and the development of vision and nerves. They are also linked to a reduced risk of various health issues, including depression, ADHD, Alzheimer's disease, dementia, diabetes, and cardiovascular problems. These health benefits are driving the growth of the frozen fish segment.

Regionally, the frozen seafood market is divided into North America, Europe, Asia-Pacific (APAC), the Middle East & Africa (MEA), and South & Central America (SAM). In 2021, the Asia-Pacific region held the largest market share. However, North America is projected to exhibit the highest CAGR during the forecast period.

The North American frozen seafood market is segmented into the United States, Canada, and Mexico. The market in this region is experiencing significant growth due to an increase in per capita seafood consumption. The demand for healthy food options is also a contributing factor to the expansion of the frozen seafood market, as consumers seek convenient packaged food products that save time and effort.

Key players in the frozen seafood market include Thai Union Group, Sterling Seafood Corp., Clifton Seafood Company, Marine Foods, Viet Asia Foods Company, American Seafoods, Mazetta Company LLC, High Liner Foods Inc, The Sirena Group, and Castlerock Fisheries Pvt. Ltd.. These companies offer a diverse range of products to meet market demands. Market participants are focused on developing high-quality and innovative products to satisfy consumer needs.

The overall size of the global frozen seafood market has been determined through a combination of primary and secondary research methods. The research process began with extensive secondary research utilizing both internal and external sources to gather qualitative and quantitative data related to the market. Additionally, numerous primary interviews were conducted with industry stakeholders to validate the findings and gain deeper analytical insights. Participants included industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in the frozen seafood sector.