How Has the Frozen Seafood Market Evolved Historically and What is its Current Size
The frozen seafood market has seen considerable growth due to a variety of factors.
• In recent times, the frozen seafood market has witnessed significant expansion. The worth of this market is projected to increase from $23.53 billion in 2024 to $25.04 billion in 2025, experiencing a compound annual growth rate (CAGR) of 6.4%.
The surge during the historic era can be associated with the escalating demand for convenience foods, expansion and globalization of trade, trends related to health and nutrition, advancement in packaging solutions, and changing consumer tastes.
What Does the Future Hold for the Frozen Seafood Market?
The frozen seafood market is expected to maintain its strong growth trajectory in upcoming years.
• A surge in growth is anticipated for the frozen seafood market, projected to reach $31.19 billion by 2029, manifesting a compound annual growth rate (CAGR) of 5.6%.
This upward trend during the forecast period can be generated by factors such as premiumization, ready-cook trends, global trading and wider market expansion, adherence to food safety and quality standards, and innovative product diversification. The growth is also expected to be driven by emerging market trends like health and nutrition awareness, convenient and time-saving solutions, sustainable and ethical sourcing practices, diversity and innovation in product selection, and initiatives aimed at culinary discovery and customer education.
What Main Forces Are Fueling Expansion In The Frozen Seafood Market?
The increasing demand for seafood is predicted to drive the growth of the frozen seafood market in the future. Seafood refers to all marine life that is deemed fit for human consumption. It is favored by consumers due to the numerous health benefits it offers, and the process of freezing helps retain its color, texture, shape, and flavor. Consequently, the rising consumption of seafood magnifies the demand for frozen seafood. For instance, a report published by the Italy-based United Nations agency, Food and Agriculture Organization (FAO), in July 2023, projects an increase in the apparent food fish consumption to 21.2 kg per capita worldwide by 2032, a rise from the average of 20.4 kg during the base period (2020–2022). The forecast indicates that 90% of fish production will be consumed by humans in 2032, a slight increase from 88% on average during the base period (2020–2022). The expected consumption of fish for human use is projected to rise by 14%, reaching 182 million tons by 2032. Thus, the escalating consumption of seafood fuels the growth of the frozen seafood market.
What Are The Primary Segments In The Global Frozen Seafood Market?
The frozen seafood market covered in this report is segmented –
1) By Category: Fish, Crustaceans, Shellfish, Mollusca, Other Types
2) By Nature: Organic, Conventional
3) By Distribution Channel : Business-To-Business (B2B), Business-To-consumer (B2C)
4) By End User: Food Processing Industry, Food Service Provider, Retail And Household
Subsegments:
1) By Fish: Salmon, Tuna, Cod, Haddock, Other Fish
2) By Crustaceans: Shrimp, Crabs, Lobsters, Prawns, Other Crustaceans
3) By Shellfish: Oysters, Clams, Mussels, Scallops, Other Shellfish
4) By Mollusca: Squid, Octopus, Cuttlefish, Other Mollusca
5) By Other Types: Seaweed, Fish Roe, Other Specialty Seafood Products
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Which Key Trends Are Driving Changes In The Frozen Seafood Market Size?
Leading firms in the frozen seafood market are now producing plant-based frozen seafood to meet the increasing popularity of environmentally friendly and health-oriented alternatives. This type of seafood, completely made from plants, brings to the table a substitute that mirrors traditional seafood for those customers who prefer sustainable and ethical choices. For instance, Konscious Foods, a US-based seafood business, broke new ground in July 2023 by introducing a first of its kind plant-based frozen 'raw' seafood product line, including sushi, nigiri, and poke bowls. These offerings not only meet the rising demand for eco-friendly seafood alternatives but also underscore the firm's dedication to environmental stewardship and to advancing food technology.
Who Are the Key Players in the Frozen Seafood Market?
Major companies operating in the frozen seafood market include:
• Toyo Suisan Kaisha Ltd.
• Maruha Nichiro Corporation
• Mowi ASA
• Nippon Suisan Kaisha Ltd.
• Thai Union Group Public Company Limited
• Nomad Foods Limited
• Findus Group Limited
• Lerøy Seafood Group ASA
• AquaChile S.A.
• Empresas AquaChile S.A.
• Royal Greenland A/S
• High Liner Foods Inc.
• Ocean Beauty Seafoods LLC
• Tassal Group Limited
• Pacific Seafood
• Clearwater Seafoods Incorporated
• Trident Seafoods Corporation
• Bumble Bee Foods LLC
• Surapon Foods Public Company Limited
• Apex Frozen Foods Limited
• Beaver Street Fisheries Inc.
• Mazetta Company LLC
• Cooke Aquaculture Inc.
• Alliance Select Foods International Inc.
• Siam Canadian Group Limited
• J. Sykes & Sons
• Castlerock Inc.
• Tri Marine International Inc.
• Friosur S.A.
• Europêche
What Is The Most Dominant Region In The Frozen Seafood Market?
Asia-Pacific was the largest region in the frozen seafood market share in 2024. The regions covered in the frozen seafood market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
