The global frozen seafood market size is expected to reach a valuation of USD19,382.3bn by the end of 2023. It is projected to expand with a CAGR of 6.8% from 2023 to 2033. The market is anticipated to contribute a valuation of USD37,398.5bn by 2033, according to a new study by Future Market Insights (FMI).
Over the past few decades, consumption of seafood has been rising rapidly over the world. Consumption of seafood is expected to increase as living standards rise in developing regions such as Latin America and Asia Pacific. Rising millennial consumer knowledge of the advantages of eating seafood will also drive it.
In several nations, especially those with poor total protein intakes, seafood protein represents a key dietary component. Seafood is a significant source that contains numerous vital elements in addition to protein. Particularly rich in vitamins and minerals such as zinc, selenium, and vitamin B1 are fish and shellfish, including salmon, prawns, and clams.
Omega-3 fatty acids, specifically eicosapentaenoic acid (EPA) and docosahexaenoic acid (DHA), are mostly found in seafood. Due to its high nutritional content, seafood offers protection from a number of health issues.
Consumption of seafood has increased due to the idea that it is a nutritious diet, and production is likewise projected to continue to rise steadily as a result. Reduced waste, better utilization, and improved distribution systems would assist it.
Frozen seafood can be stored for long periods, making it more readily available in regions where fresh seafood is not easily accessible. This means that consumers living far from coastal areas or in places with limited transportation options can enjoy seafood all year round. Frozen seafood can also be transported more easily than fresh seafood, which can be highly delicate and require special handling.
Frozen seafood is often less expensive than fresh seafood, which can be costly due to high demand and limited availability of certain species. Frozen seafood can also be purchased in bulk, allowing for greater savings and more economical meal planning.
Frozen seafood sales are anticipated to surge worldwide amid advances in freezing technology. New technologies make it taste almost as fresh as its unfrozen counterpart. This has helped to reduce any stigma associated with frozen seafood and increase its popularity across the globe.
According to Future Market Insights (FMI), the global frozen seafood market expanded at a CAGR of 4.9% from 2018 to 2022. It is anticipated to remain lucrative, exhibiting growth at 6.8% CAGR between 2023 and 2033.
The global market for frozen seafood experienced an increment in its customer base during the pandemic back in 2020. Several consumers turned to frozen products due to the closure of fresh seafood markets and rising need for long shelf-life products. Since then, preference for convenience food has increased as they are shifting toward ready-to-eat and ready-to-cook seafood products.
Similarly, improvement of refrigeration in the industrial and commercial scenarios is anticipated to drive the market. Growth is further associated with ongoing developments in advanced distribution channels. Technological developments in packaging, processing, and seafood product storage has also aided growth in the global market for frozen seafood.
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