The global frozen fish and seafood market was valued at $48.54 billion in 2015 and is expected to reach USD60.88bn by 2020, growing at a CAGR of 4.63%, according to the latest report by research company Technavio.
“The demand for seafood continues to increase globally, and the significant population growth in China, India, and Brazil is an important demand driver in the frozen fish and seafood industry. The development of modern distribution channels along with technological improvements in the processing, packaging, and storage of seafood products also helps market growth,” says Technavio lead food and beverage analyst Vijay Sarathi.
In Europe, the frozen fish and seafood market is growing at a moderate rate, because of the mature nature of the market. Increased consumption of fish and seafood, high imports and exports, and increased disposable income drive the market in the region. The continent is one of the major fish producers, consumers and traders. The UK, Denmark, France, Germany, Ireland, Italy, the Netherlands, Poland, Spain, and Sweden are key contributors to the market in this region. The report estimates that people will consume more frozen fish and seafood owing to increasing desire for convenience. As such, the frozen fish and seafood market in Europe was valued at USD24.83bn in 2015 and is expected to reach USD31.21bn by 2020, growing at a CAGR of 4.68%.
“The Northeast Atlantic fishing region accounts for over 70% of catches. Catch limits are in place for several species such as anchovy, herring, blue whiting, cod, and sole due to the unsafe biological stock levels. The poor state of a number of commercially important fish stocks has led to a decline in catches in the EU. Pelagic species such as herring, mackerel, blue whiting, and sprat constitute EU catches,” explains Sarathi. “In the EU, seafood self-sufficiency is declining because of a drop in catches due to diminished stocks, strict fishing policies and environmental laws, and the reduced fishing fleet. This, in turn, will impede the supply of frozen fish and seafood in Europe,” he concludes.
For a full copy of the report, please visit www.technavio.com