Frozen Fish & Seafood Market: Introduction
A latest report published by Transparency Market Research on the frozen fish & seafood market includes
global frozen fish & seafood production and consumption analysis, along
with market opportunity assessment for 2020-2030. The global frozen
fish & seafood market is expected to be valued at ~US$ 36 Bn in 2020, which
is anticipated to expand at a CAGR of ~7.3% to reach ~US$ 70 Bn by 2030.
Increasing Demand for Protein and Other Viral
Nutrients to Propel Frozen Fish & Seafood Market
Robust growth of the food and dietary supplement industry is expected to
result in higher demand for fish protein, creating a profitable opportunity for
players in the frozen fish & seafood market across the globe. The nutrient
profile of fish protein is compatible with the human digestion process. In the
coming years, with increasing demand for protein, health supplements and other
vital nutrients by consumers, fish protein could be used as a preferred best
source for all. This is likely to generate opportunities for frozen fish &
seafood manufacturers to increase their revenue in the coming years.
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Frozen Seafood Products Gaining Traction in Food
Industry
Approximately, more than three-fourths of the seafood products consumed
across the globe are in the form of fresh and frozen, and slightly over 50% of
fresh and frozen products are finfish. Less than half are shellfish and among
that, the demand for shrimp is the highest. Due to busy lifestyles, the demand
for frozen seafood products is increasing, as they are conveniently available,
easy to cook, and nutritious. Hence, these factors are driving the expansion of
the frozen fish & seafood market.
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Leading Manufacturers Strive to Strengthen
Distribution Channels
Frozen fish & seafood are widely used in the food processing
industry, food service providers, retail/household, and animal feed and pet
food. Due to the high demand for frozen fish & seafood, major manufacturers
are focusing on strengthening their network with distributors to reach a larger
consumer base. This is more common among the leading manufacturers who are
focusing on increasing their global presence. Major manufacturers are focusing
on acquisitions of smaller manufacturers, which will help them to strengthen
their distribution network as well as production capacity.
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For instance, in 2013, Cargill Incorporated acquired Siamakme
Aquatic Feeds Co., Ltd, a shrimp feed manufacturer in Thailand. The
aim behind this acquisition was to strengthen the distribution channel in Asia
market as well as to increase production capacity of shrimps.
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