Frozen Seafood Market

Frozen Seafood Market Outlook from 2024 to 2034

The frozen seafood market is projected to increase from USD 21,995.1 million in 2024 to USD 42,657.6 million By 2034. Global sales of frozen seafood are anticipated to increase at a CAGR of 6.8% from 2024 to 2034.

Consumers prefer online shopping for their frozen seafood requirements, enjoying the convenience of having it delivered straight to their homes. Further, consumers are recognizing the varied health benefits of consuming frozen fish.

They are aware of the nutritional content of fish, which includes minerals, vitamins, and omega-3 fatty acids. Such a nutritional profile is good for the physical and mental health of the consumer. Thus, health-conscious consumers are especially coming over to fulfil their requirements with frozen seafood.

The frozen seafood market is appreciating a great deal with the help of online shopping and home delivery services. Thus, increasing the availability of frozen seafood in rural and urban areas.

According to a survey conducted by the Seafood Nutrition Partnership, more and more consumers are now reaching for frozen seafood products with clean labels, touting minimal processing and fewer additives. Increasingly, transparency in the form of sourcing and processing methods is gaining importance.

The sales of frozen seafood are also getting a boost from the increasing investments by the top key players in this emerging market. The growing health consciousness among consumers is improving the frozen seafood market. This is also in line with diet preferences and nutritional considerations.

Change in consumer awareness is compelling companies to launch frozen seafood products. Further, the rising demand for frozen seafood as a thickening agent is likely to boost the market revenue during the forecast period.

Attributes	Key Insights
Frozen Seafood Market Value (2024E)	USD 21,995.1 million
Projected Frozen Seafood Market Size (2034F)	USD 42,657.6 million
Value-based CAGR (2024 to 2034)	6.8%

Country-wise Insights

Countries	CAGR (2024 to 2034)
United States	4.9%
United Kingdom	5.2%
Germany	5.0%
China	4.2%
India	5.9%
Japan	5.6%

Frozen Seafood Market in the United States

The United States is expected to account for more than 80% of the North American frozen seafood market in 2024. The United States frozen seafood market is projected to grow at a CAGR of 4.9% from 2024 to 2034.

Consumers in the United States are looking for multi-component products, which are readily available in the market and also help to compensate for the fast-moving lifestyle of the consumers. With the growing demand for nutrient-rich healthy food, the need for the development of food with healthier ingredients has also increased.

Researchers have been seeking new food ingredients to improve the functionality and nutritional value of products. Hence, the frozen seafood industry generates opportunities for market players in the United States.

Frozen Seafood Market in China

The frozen seafood market in China is likely to witness a growth of 4.2% CAGR during the forecast period. One major driver that is expected to remain consistent over the forecast period is the growing demand for frozen seafood products among health-conscious consumers in China.

China has extensive coastlines, which gives ample access to many types of seafood. The nation has a well-established and sophisticated seafood processing industry, which is also anticipated to drive the market forward.

Players in China have invested in modern processing facilities and hi-tech equipment, thus being able to produce premium frozen seafood products effectively.

This large-scale processing capability helped China become one of the major exporters of frozen seafood, not just serve domestic demand but also exporting such products to international markets. These strategic factors have positioned China as a key player in the East Asia frozen seafood market.

Frozen Seafood Market in India

The market in India is projected to grow at a CAGR of 5.9% over the estimated period. India is one of the largest producers of seafood in the world and has a large coastline. The popularity of seafood cuisines is projected to increase the demand for seafood in the coastal areas of India.

The growing food industry in India is also expected to impel the market forward due to increased consumers' demand for convenience foods. During the forecast period, factors like improved supply chains and distribution networks are expected to drive the market.

Frozen Seafood Market in Japan

The market in Japan is expected to rise at a CAGR of 5.6% through 2034. Japan's population is aging faster and the need for nutritious food is also rising. This is projected to fuel the Japan frozen seafood market. The increasing trend of consuming convenient food products in Japan due to the evolving lifestyle of people is also one of the reasons for the rising frozen seafood market demand.

Frozen Seafood Market in Germany

The market in Germany is anticipated to grow at a 5.0% CAGR over the forecast period. The rising preference for convenience food and growing awareness of health benefits associated with frozen seafood is driving the market in Germany. Germany’s focus on a healthy lifestyle is contributing to the rising demand for frozen seafood as it is rich in protein, iron, vitamin D, and omega-3 fatty acids. This helps in muscles and brain development.

Category-Wise Insights

Sales of Frozen Shrimps Drive the Crustaceans Segment Growth

Top Crustacean Segment	Frozen Shrimps
Market Share in 2024	39%

Frozen shrimp sales are expected to account for more than 39.0% of the market by crustacean product type in 2024. The segment is expected to witness a lucrative CAGR of 4.0% during the forecast period.

Shrimp consumption is beneficial to heart and brain health as it includes high levels of omega 6, 9, and 3 fatty acids as well as antioxidants. The frozen shrimp market is gaining traction as consumers have become more aware of the different health advantages of shrimps.

Shrimp is a traditional meal in several nations, including China, Thailand, and Mexico. Frozen shrimp consumption has risen throughout time as a result of the numerous health benefits enjoyed by consumers. Shrimp is considered a delicacy, and as the lifestyle of consumers is changing, they are shifting from fresh shrimp to frozen shrimp now. Consumers have begun to see frozen shrimp as a healthy addition to their diet.

The Frozen Marine Pelagic Segment Dominates Sales of Frozen Fish

Top Fish Segment	Frozen Marine Pelagic
Market Share in 2024	54.0%

The frozen marine pelagic segment dominates the market by frozen fish products. In 2024, the marine pelagic segment is expected to account for 54.0% of the market by frozen fish product type. The segment is expected to rise at a CAGR of 4.1% from 2024 to 2034.

The demand for the frozen shellfish market is also rising for its valuable food source, high nutritive value, and essential nutrients such as vitamin E, vitamin B6, Niacin and easily digestible proteins. The demand analysis of frozen shellfish is helping the overall frozen fish market to grow at an exponential rate.

Competitive Landscape

Frozen seafood manufacturers are pursuing strategic alliances and partnerships with other manufacturers to enhance their productivity and meet the demands of an ever-growing patient pool. The industry is defined by a high level of capital expenditure and a complicated manufacturing process. Cost-effective manufacturing procedures can help establish global market sustainability.

Key players in the market include Marine Harvest ASA, Austevoll Seafood ASA, SalMarCoast Seafood, Charoen Pokphand Foods, Fortune Fish & Gourmet, Maruha Nichiro, Norway Royal Salmon, Mitsubishi Corporation, Trident Seafood.

Recent Development

• In September 2021, Europe’s leading frozen food company, Nomad Foods and BlueNalu, a leading innovative food company, collaborated to explore the introduction of cell-cultured seafood by developing a variety of seafood products directly from fish cells.
• In May 2022, SalMar ASA and Norway Royal Salmon ASA entered into a merger plan with SalMar as the acquiring company.

Scope of the Report

Attribute	Details
Market Size Value in 2024	USD 21,995.1 million
Forecasted Market Value by 2034	USD 42,657.6 million
Global Growth Rate	6.8% CAGR
Forecast Period	2024 to 2034
Historical Data Available for	2019 to 2023
Market Analysis	Volume (MT) and Value (USD Million)
Key Regions Covered	Latin America; Europe; North America; South Asia; East Asia; Oceania; and MEA
Key Countries Covered	Canada, the United States, Mexico, Brazil, Chile, Peru, Argentina, Italy, Spain, France, Germany, the United Kingdom, the Netherlands, Belgium, Russia, the Nordic region, Poland, Japan, South Korea, China, India, Malaysia, Thailand, Singapore, Australia, Indonesia, Gulf Cooperation Council countries, New Zealand, Central Africa and South Africa
Key Market Segments Covered	Product Type, Nature, Form, End Use Application and Distribution Channel
Key Companies Profiled	Marine Harvest ASA; Austevoll Seafood ASA; SalMar; Coast Seafood; Charoen Pokphand Foods; Fortune Fish & Gourmet; Maruha Nichiro; Norway Royal Salmon; Mitsubishi Corporation; Trident Seafood
Pricing	Available upon Request

Key Market Segments Covered in Frozen Seafood Industry Analysis

By Nature:

• Organic
• Conventional

By Form:

• Raw
• Processed

By End-Use:

• Food Processing Industry
• Food Service Industry
• Retail/Household

By Product Type:

• Fish
  • Marine Pelagic
  • Marine Demersal
  • Diadromous
  • Others
• Molluscs
  • Bivalves
  • Gastropods
  • Cephalopods
  • Others
• Crustaceans
  • Shrimps
  • Crabs
  • Lobsters
  • Krill
  • Others
• Others

By Distribution Channel:

• Business to Business (Manufacturers and Distributors)
• Business to Consumer
  • Modern Trade (Hypermarket & Supermarket)
  • Convenience Stores
  • Traditional Grocery Stores
  • Specialist Food Stores
  • Wholesale Stores
  • Discount Stores
• E-commerce/Online Stores

By Region:

• North America
• Latin America
• Europe
• East Asia
• South Asia
• Oceania
• MEA

Frequently Asked Questions

How Big is the Frozen Seafood Market in 2024?

The frozen seafood market is estimated to be worth USD 21,995.1 million in 2024.

At what CAGR is the Market Expected to Grow?

Frozen seafood consumption is expected to grow at a CAGR of 6.8% during the projected period.

What is the Key Trend Boosting Frozen Seafood Sales?

Increasing demand for fortified foods, protein-based products, and convenient food solutions is the key trend being observed in the market.

How Big will the Market Be by 2034?

The market is expected to reach a valuation of USD 42,657.6 million by 2034.

At what rate will the United States Frozen Seafood Market Grow through 2034?

The United States frozen seafood market is projected to grow at a CAGR of 4.9% over the next ten years.