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% |
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| 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% |
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.
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.
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.
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.
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.
| 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.
| 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.
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
| 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 |
The frozen seafood market is estimated to be worth USD 21,995.1 million in 2024.
Frozen seafood consumption is expected to grow at a CAGR of 6.8% during the projected period.
Increasing demand for fortified foods, protein-based products, and convenient food solutions is the key trend being observed in the market.
The market is expected to reach a valuation of USD 42,657.6 million by 2034.
The United States frozen seafood market is projected to grow at a CAGR of 4.9% over the next ten years.
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Frozen Seafood Market
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