Processed seafood will be a top contributor in the frozen seafood sales, accounting for over 70% of demand through 2031, according to a new study by research company Fact.MR.
As per the survey, the global frozen seafood market is estimated to total a valuation of USD27bn in 2021. Driven by increasing demand for convenient food across the globe, the market is projected to surpass USD43.3bn through 2031. The market registered growth at 3.8% CAGR between 2016 and 2020. However, with the onset of COVID-19, which triggered hoarding practice among consumers as they adopted extended period of self-isolation, the demand for frozen food surged.
Consumers around the world are increasing the consumption of frozen and ready-to-eat food also on account of their hectic lifestyle. Recognizing the opportunity, key players are increasing the production of frozen seafood, the report shows. Focus on product innovations is therefore at all-time high. For instance, some of the leading manufacturers are increasing the production of frozen shellfish. Demand for frozen shellfish is also increasing as its valuable food source, high nutritive value, and is easily digestible protein.
As per Fact.MR, sales of frozen marine pelagic are set to soar at 4.1% CAGR during the forecast period 2021 and 2031. Due to this, demand for ready-to-eat and processed frozen fish is increasing globally.