In 2022, the global frozen fish market was valued at USD26.9bn, and by 2032, it is expected to grow to USD54.5bn, with a compound annual growth rate (CAGR) of 7.4%. This information comes from a recent analysis by Allied Market Research.
The increasing customer preference for easy, longer-lasting food options and expanding usage of improved freezing and packaging technologies are fueling the expansion of the frozen fish market. However, the rising threat of overfishing and regulatory changes are restraining the growth of the frozen fish market. On the other hand, advancements in sustainable sourcing practices and increasing consumer awareness regarding environmental issues are expected to unlock rewarding growth opportunities in the global frozen fish market during the forecast period.
The salmon sub-segment dominated the market in 2022, holding a major share of 32.0%. This dominance is expected to continue till 2032, growing with a CAGR of 8.2%. This growth is mainly due to the increasing consumer preference for versatile and nutritious seafood options, driving up demand for salmon products.
The Asia-Pacific region dominated the global frozen fish market Share in 2022, holding a major share of 47.2%. The dominance of this region is expected to continue by rising with a CAGR of 7.7% in the forecast period. This is mainly due to rising disposable incomes in the region, increasing consumer awareness of the health benefits of seafood consumption, and the boosting demand for convenient and ready-to-cook food options.
Channel-wise, the supermarkets/hypermarkets sub-segment led the market in 2022, holding a substantial share of 55.2%. This sub-segment is expected to hold a leading market share of 56.5% by 2032. The expansion of the sub-segment is mainly because of the increasing consumer preference for quick shopping experiences and increased demand for a varied selection of frozen fish items, driving sales growth in these retail outlets.
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