The scope of our recent study, titled "Frozen Seafood Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Type (Frozen Fish, Frozen Crustaceans, Frozen Mollusks, and Others), Distribution Channel (Supermarket and Hypermarkets, Specialty Stores, Online Retail, and Others), and Geography," consists of the factors fueling the market growth, revenue estimation and forecast, and market share analysis, along with the identification of significant market players and their key developments.

The frozen seafood market is projected to reach US$ 22.57 billion by 2028 from US$ 16.27 billion in 2022. It is expected to grow at a CAGR of 5.6% during 2022-2028.

The market is witnessing high demand due to increasing consumer awareness about the health benefits of seafood and the increasing number of seafood product offerings in the market. As people have started adopting healthy eating habits, frozen seafood market demand is in surge. Frozen seafood has various nutrients, which are highly beneficial for the human body and brain, thereby boosting the market growth.

Frozen seafood manufacturers are constantly innovating to meet endlessly evolving consumer tastes and preferences. They are launching products with enhanced taste and health benefits to attract many consumers. For instance, SeaPak Shrimp Sea Pals, a product specially meant for chidren was launched by a frozen food company SeaPak Shrimp & Seafood Co. The SeaPak shrimp sea pals are whole grain-breaded, minced shrimp bites in the shape of sea turtles and starfish. Such innovative products are gaining immense popularity among consumers.

Manufacturers are also innovating the packaging of frozen seafood products, keeping their consumers' convenience in mind. Packaged frozen seafood products are easy to use as they are packed in appropriate portions, easy to prepare, avoid wastage, and save time. Thus, the availability of innovative products significantly contributes to the market's growth.

Based on product type, the global frozen seafood market is segmented into frozen fish, frozen crustaceans, frozen mollusks, and others. In 2021, the frozen fish segment accounted for the largest revenue share and is expected to account for the highest growth rate over the forecast period. Many manufacturers are offering various products under the frozen fish segments, which can be easily cooked.

Thus, the rising popularity of frozen fish is expected to drive the frozen seafood market growth over the forecast period.

The global frozen seafood market is segmented into 5 main regions, including North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South and Central America. In 2021, Asia Pacific accounted for the largest share of the market. Some APAC countries, such as China and India, have the world's fastest-growing populations. The overall market is growing rapidly in the region, partly due to the rising middle class and increased purchasing power. Moreover, the region witnessed a rapid expansion of numerous big retail chains, which is bolstering the frozen seafood market demand. The market in North America is expected to grow at the highest CAGR over the forecast period.

Impact of COVID-19 Pandemic on Frozen Seafood Market

During the COVID-19 outbreak worldwide, the shutdown of manufacturing units and the distribution facilities, such as supermarkets and hypermarkets, convenience, and specialty stores, declined the demand for frozen seafood, which, in turn, restrained the frozen seafood market growth. During the initial stages of the COVID-19 pandemic, frozen seafood product manufacturers were forced to scale back or halt production temporarily. However, businesses gained ground as the governments of various countries eased out the previously imposed restrictions.

Moreover, many sections of the food & beverage industry, especially packaged food products, witnessed growth in demand worldwide post-recovery. As frozen seafood production regained pre-pandemic figures and is growing continuously, the market is expected to expand significantly during the forecast period.

The report includes the segmentation of the global frozen seafood market as follows:

Based on type, the global frozen seafood market is segmented into frozen fish, frozen crustaceans, frozen mollusks, and others. Based on distribution channel, the global frozen seafood market is segmented into supermarkets and hypermarkets, specialty stores, online retail, and others.

By geography, the frozen seafood market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South and Central America. The market in North America is further segmented into the US, Canada, and Mexico. The market in Europe is segmented into Germany, France, the UK, Italy, Russia, and the Rest of Europe. The market in Asia Pacific is segmented into China, India, Japan, Australia, South Korea, and the Rest of Asia Pacific. The market in the Middle East & Africa (MEA) is sub-segmented into South Africa, Saudi Arabia, the UAE, and the Rest of MEA. The market in South and Central America is segmented into Brazil, Argentina, and the Rest of South and Central America.

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