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Frozen Fish Market Projected to Reach $54.5 Billion by 2032 with a 7.4% CAGR

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Frozen Fish Market Projected to Reach $54.5 Billion by 2032 with a 7.4% CAGR

by Geraldine S.
05/27/2024
in Industry, Logistics & Transportation

According to a new report by Allied Market Research, the frozen fish market was valued at $26.9 billion in 2022 and is expected to reach $54.5 billion by 2032, growing at a compound annual growth rate (CAGR) of 7.4% from 2023 to 2032. Frozen fish refers to fish that has been frozen to preserve it for later consumption. This process involves lowering the temperature of the fish to around -18 degrees Celsius (0 degrees Fahrenheit) or lower, and storing it at this temperature to inhibit the growth of microorganisms and enzymes that can cause spoilage, thus extending its shelf life. Efficient and reliable transportation and logistics systems have been key factors driving market growth.

Innovations in containerization and refrigerated shipping containers have enabled the transport of frozen fish over long distances while maintaining product quality, reducing transportation costs and risks associated with seafood exports. Advances in freezing and preservation technologies, such as blast freezing and vacuum packaging, have further extended the shelf life of frozen fish, ensuring it reaches consumers in good condition. The increasing global demand for seafood, particularly in regions where it was traditionally less consumed, has also driven market growth. Consumers worldwide are seeking diverse and convenient protein sources, and frozen fish provides a viable option. The globalization of the seafood supply is bolstered by improved logistics and transportation systems. Environmental concerns, such as overfishing and unsustainable fishing practices, pose significant challenges to market growth.

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Governments and international bodies have imposed strict regulations on fishing operations to protect fish stocks and marine ecosystems. These regulations, which may include catch limits, seasonal closures, and restricted fishing areas, can increase operational costs and reduce fishing opportunities. Overfishing can lead to the decline or depletion of certain fish species, affecting supply and market variety. Compliance with these regulations can be costly and challenging for businesses in the frozen fish industry. Innovations in food processing techniques have enabled the creation of a wide range of value-added products, such as pre-marinated or seasoned fillets, fish-based ready meals, and seafood mixes. These products cater to various tastes and preferences, attracting a broader customer base. The demand for convenient, ready-to-cook or ready-to-eat meals has increased, driven by busy lifestyles. Value-added frozen fish products offer an easy and quick meal solution without compromising on quality.

Health-conscious consumers view fish as a healthy protein source, and value-added products can be positioned as nutritious options. Innovative processing techniques can retain the nutritional value of fish while adding value through seasonings, coatings, or accompaniments. The global trend towards exploring different cuisines has also created opportunities for value-added frozen fish products inspired by international flavors. The frozen fish market is segmented by type, distribution channel, and region. By type, it is classified into salmon, tuna, cod, tilapia, shrimp, and others. By distribution channel, it is classified into supermarkets/hypermarkets, convenience stores, specialty stores, and online retail. The market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Key players in the frozen fish market include Brig-Star LLC, Chicken Of the Sea, Dongwon Enterprise Company, High Liner Foods, Marine Harvest, Nippon Suisan Kaisha (Nissui), Pescanova SA, SalMar ASA, Zoneco Group, and Tassal Group. The report offers a comprehensive analysis of global frozen fish market trends, examining major segments, market dynamics, regional outlook, investment opportunities, and top players contributing to market growth. It also highlights current trends and developments, as well as restraints and challenges that could hinder market growth. The report includes a Porter’s five forces analysis to elucidate the competitive landscape, bargaining power of buyers and suppliers, threats of new entrants, and the emergence of substitutes in the market.

Stay current with supply chain report news at The Supply Chain Report. For international trade tools, see ADAMftd.com.

#SupplyChain #Logistics #FrozenFish #SeafoodMarket #GlobalTrade

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