Increasing demand for seafood products in remote areas has propelled the production of frozen seafood products.
According to Transparency Market Research (TMR), the global frozen seafood market will expand at a sluggish CAGR of 3.7%. The report further estimates that by the end of 2026, the global frozen seafood market will reach a valuation of USD32bn.
“Several factors are expected to impede the growth of the global frozen seafood market in the years to come. Primarily, complexities in the processing techniques for production of frozen seafood products is expected to challenge the business prospects of the companies. In addition, lack of standardization in terms of employing freezing temperatures, storing frozen seafood products across different levels of refrigeration, and applying proper seafood preservatives will continue to constrain the sales of frozen seafood across the globe,” according to the research company.
Several products are being sold in the global frozen seafood market, among which crustaceans are expected to emerge as top-sellers. In 2017, around USD8bn worth of frozen crustaceans are estimated to be sold around the world. High profit margins associated with crustaceans and increasing demand for exotic seafood products will collectively factor the growing sales of this category.
