The frozen fish market has seen significant growth, with its size increasing from $24.73 billion in 2023 to $26.76 billion in 2024, reflecting a compound annual growth rate (CAGR) of 8.2%. The surge in urbanization, coupled with busier lifestyles, investments in cold chain logistics, rising demand for protein-rich diets, and government support for sustainable fishing practices, has driven this growth. Moving forward, the market is projected to reach $37.19 billion by 2028, at a CAGR of 8.6%. This expansion will be fueled by increased fish production, growing environmental awareness, e-commerce expansion, and heightened demand for premium and exotic fish varieties. Trends like technological innovations, ready-to-eat products, improved packaging, and the focus on low-mercury fish will shape the market.
Major Driver In The Frozen Fish Market
The growing production in fisheries and aquaculture is anticipated to drive the frozen fish market. Advances in technology and an increasing appetite for seafood are fueling this growth. According to the Department of Agriculture and Water Resources, Australia's fisheries and aquaculture sectors are projected to generate $3.48 billion annually from 2024 to 2028. The frozen fish market was valued at approximately $8 billion in 2023, is expected to reach $9 billion in 2024, and is projected to surpass $11 billion by 2028.
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Frozen Fish Market Competitive Landscape
Maruha Nichiro Corporation, Mowi ASA, Nissui Corporation, Austevoll Seafood ASA, Nomad Foods Limited, SalMar ASA, Nueva Pescanova Group, Cooke Inc., High Liner Foods Inc., Camanchaca Inc, Clearwater Seafoods Incorporated, Tassal Group Limited, Iceland Seafood International hf, Dongwon Industries Co Ltd, Zhangzidao Group Co Ltd, Hansung Enterprise Co Ltd, Surapon Foods Public Company Limited, Lyons Seafoods Limited, FCF Fishery Company Ltd, Chicken of the Sea International, Lerøy Seafood Group ASA, AquaChile SA, Bright Star Group LLC, Marine Harvest Group
Key Frozen Fish Market Trend
Major players in the frozen fish market are developing innovative products like Asian-inspired frozen fish to cater to changing consumer preferences and expand their market presence. Asian-inspired frozen fish includes products seasoned or prepared to reflect Asian culinary flavors and techniques. For example, in February 2024, Young's Seafood, a UK-based company, introduced a range of coated fish products inspired by Asian cuisine under its Gastro brand. The "Taste of Asia" range features four limited-edition products with authentic Southeast Asian flavors, including Korean, Thai, and Japanese. This launch aims to provide consumers with convenient and flavorful seafood options, enhancing mealtime variety beyond traditional fish and chips.
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Frozen Fish Market Segmentation
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
By Geography:The regions covered in the frozen fish market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the frozen fish market in 2023.
The Frozen Fish Global Market Report 2024 furnishes information about the global frozen fish market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
