How Is The Global Frozen Fish Market Defined?
Frozen fish refers to fish that have been preserved through freezing shortly after being caught or processed. This preservation method involves lowering the fish's temperature to below its freezing point, typically around -18 degrees Celsius (0 degrees Fahrenheit) or lower. Frozen fish is stored and transported in frozen conditions until it is ready to be thawed and consumed.
Frozen Fish Global Market Report 2024 provides data on the global frozen fish market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The frozen fish market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
How Is The Global Frozen Fish Market Size Expected To Change, And What Are The Growth Rate Projections?
The frozen fish market has grown significantly in recent years. It will increase from $24.73 billion in 2023 to $26.76 billion in 2024, showing a CAGR of 8.2%. This growth can be attributed to increasing urbanization, busy lifestyles, investments in cold chain logistics, a growing demand for protein-rich diets, government support for sustainable fishing practices, and greater awareness of the health benefits of fish consumption. The market is expected to continue strong growth, reaching $37.19 billion by 2028 at a CAGR of 8.6%. Growth in the forecast period is expected to come from increased fisheries and aquaculture production, growing awareness of environmental issues, the rise of e-commerce and online retail channels, higher demand for fish products, and greater popularity of premium and exotic fish. Trends in the forecast period include technological advancements, ready-to-eat products, innovations in packaging to extend shelf life, exotic frozen fish varieties, and low-mercury, contaminant-free fish.
Which Drivers Are Accelerating Growth In The Frozen Fish Market?
The growing production in fisheries and aquaculture is expected to support the growth of the frozen fish market. Fisheries, involving catching, processing, and selling fish, and aquaculture, the breeding and harvesting of aquatic organisms, are both growing due to technological advancements, better breeding methods, and rising global seafood demand. Modern freezing technologies ensure that fish retains its nutritional value and quality during storage and transport. The Department of Agriculture and Water Resources reported that Australia's fisheries and aquaculture sectors are projected to generate $3.48 billion annually from 2024–2025 to 2028–2029, with production expected to rise by 1% in 2024–2025. This increase in production is boosting the frozen fish market.
Get Your Free Sample of the Global Frozen Fish Market Report
What Are The Core Segments Of The Global Frozen Fish Market?
The frozen fish market covered in this report is segmented –
1) By Type: Salmon, Tuna, Cod, Tilapia, Shrimp, Other Types
2) By Distribution Channel: Supermarkets And Hypermarkets, Convenience Stores, Specialty Stores, Online Retail
3) By End Use: Food Processing Industry, Food Service Provider, Retail Or Household
Which Emerging Trends Are Reshaping The Frozen Fish Market Size?
In the frozen fish market, companies are creating innovative products like Asian-inspired frozen fish to meet changing consumer preferences. These products incorporate flavors, ingredients, and cooking techniques from Asian cuisine to offer convenient yet flavorful meal options. For instance, in February 2024, Young's Seafood, a UK-based seafood company, launched a new range of coated fish products inspired by Asian cuisine under its Gastro brand. The "Taste of Asia" range includes four limited-edition items with flavors from Korean, Thai, and Japanese cuisines, making it easier for consumers to enjoy diverse and exciting seafood meals.
What Is The Largest Region In The Frozen Fish Market?
North America was the largest region in the frozen fish market in 2023. The regions covered in the frozen fish market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
