Frozen Seafood Market to Reach $ 22.57 Billion by 2028 by Analyzing Global Demand and Revenue

Frozen Seafood Market is driven by increasing demand for convenient food products to provide better health benefits to the human body.

NEW YORK, UNITED STATES, October 21, 2022 /EINPresswire.com/ -- According to our latest market study, titled " Frozen Seafood Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Frozen Fish, Frozen Crustaceans, Frozen Mollusks, Others), Distribution Channel (Supermarket and Hypermarkets, Specialty Stores, Online Retail, and Others), and Geography”. The frozen seafood market is projected to reach US$ 22.57 billion by 2028 from US$ 16.27 billion in 2022. It is expected to grow at a CAGR of 5.6% during 2022-2028.

Global Frozen Seafood Market Growth Values, Regional and Industry Scope:

Report Coverage- Details
Market Size Value in- US$ 16.27 Billion in 2022
Market Size Value by- US$ 22.57 Billion by 2028
Growth rate- CAGR of 5.6% from 2022 to 2028
Forecast Period- 2022-2028
Base Year- 2022
No. of Pages- 140
No. of Tables- 58
No. of Charts & Figures- 73
Historical data available- Yes
Segments covered- Type, Distribution Channel, and Geography
Regional scope- North America; Europe; Asia Pacific; Latin America; MEA
Country scope- US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Report coverage- Revenue forecast, company ranking, competitive landscape, growth factors, and trends

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Over the past few years, the preference for healthy living increased dramatically. People do not want to compromise their health in their busy lifestyle, which leads to increasing demand for convenient food products to provide better health benefits to the human body. Seafood contains vitamins, nutrients, calcium, minerals, phosphorus, and omega-3. People are increasingly consuming seafood as it provides various health benefits.

Health consciousness has been increasing among the young population. The increasing popularity of fitness and muscle building among the millennials, coupled with their interest in following a balanced diet, are expected to create additional demand for seafood products over the forecast period. Fresh seafood products have a shorter shelf life and are relatively expensive, whereas, frozen seafood products are affordable and can be stored for a longer duration. Thus, the factors mentioned above are driving the market growth.

Frozen Seafood Market: Competitive Landscape and Key Developments

Thai Union Group, Sterling Seafood Corp., Clifton Seafood Company, Marine Foods, Viet Asia Foods Company, American Seafoods, Mazetta Company LLC, High Liner Foods Inc, The Sirena Group, and Castlerock Fisheries Pvt. Ltd. are the key players operating in the global frozen seafood market. These companies provide a wide range of products for the market and have a widespread global presence, which provides a lucrative opportunity to serve a large set of customers.

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Impact of COVID-19 Pandemic on Frozen Seafood Market

The COVID-19 pandemic initially affected the global frozen seafood market due to the shutdown of manufacturing units, rising seafood prices, shortage of labor, disruption of supply chains, and financial instability.

The food & beverage industry's disruption due to the economic slowdown caused by the COVID-19 outbreak restrained the demand for frozen seafood. However, businesses are gaining ground as previously imposed limitations have been eased across various countries. Moreover, the introduction of COVID-19 vaccines by governments of different countries eased the situation, leading to the rise in business activities worldwide. The COVID-19 pandemic also collaterally resulted in the growth of several segments of the food & beverage industry post recovery from the production disruptions. The COVID-19 pandemic led people to stay at home for a long time, under quarantine or otherwise, which increased the focus on at-home cooking. As people have been working from home, emphasis on cooking at home and consuming foods with high nutrient values increased.

The report segments the Frozen Seafood market as follows:

Based on product type, the market is segmented into frozen fish, frozen crustaceans, frozen mollusks, and others. Based on distribution channel, the market is segmented into supermarkets and hypermarkets, specialty stores, online retail, and others.

By geography, the frozen seafood market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South and Central America. The market in North America is further segmented into the US, Mexico, and Canada. The Europe market is segmented into Germany, France, Italy, the UK, Russia, and the Rest of Europe. The market in Asia Pacific is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. The market in the Middle East & Africa (MEA) is further segmented into South Africa, Saudi Arabia, the UAE, and the Rest of the MEA. The market in South and Central America is segmented into Brazil, Argentina, and the Rest of South and Central America.
Based on product type, the market is segmented into frozen fish, frozen crustaceans, frozen mollusks, and others. Based on distribution channel, the market is segmented into supermarkets and hypermarkets, specialty stores, online retail, and others.

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