Global consumption of frozen fish and seafood is increasing globally, and this highlights not just a consumption trend, but also the desire to create a more sustainable environment.
The European frozen seafood market reached a value of USD22.4bn in 2020 and is expected to reach a value of USD27.8bn by 2026, according to a report by IMARC. Currently, Europe represents one of the largest consumers of frozen seafood across the world. This can be attributed to the introduction of innovative frozen seafood products along with growing awareness of the various health benefits offered by these products. Also, fish and seafood products are considered a great substitute for red meat as they are a rich source of proteins, micronutrients, and essential fatty acids.
Freezing helps in retaining the nutrients of fish and seafood and allows year-round availability which makes it easy to include these products in a healthy and balanced diet. Product premiumization is one of the major factors driving the growth of the European frozen seafood industry. Local as well as international players are consistently improving their product quality and expanding the product portfolio to make their brand appealing to consumers. One of the primary factors is the convenience offered by frozen seafood products due to which they have gained wider acceptance in the region.
Attributes of frozen seafood such as high nutrition, cost-effectiveness, maximum freshness and a longer shelf-life have made them a suitable option for consumers leading a busy and hectic lifestyle. Furthermore, growing health consciousness among consumers, rise in aquaculture industry, increasing cold chain management, etc. are some of the drivers responsible for bolstering the growth of the frozen seafood market in Europe. On the basis of product type, there are a number of frozen seafood products available in the market for the varying needs, tastes and preferences of the consumers. Currently, ground fish accounts for the majority of the total market share. On the basis of distribution channels, discount retailers represent the dominant segment as they offer frozen seafood products at a lower price. They are followed by supermarkets and hypermarkets, specialty stores and others.
Higher Sales in the US
FMI – The Food Industry Association recently released the 2022 Power of Seafood, finding that seafood department sales in the US totaled USD16.9bn, which translates to an increase of 0.9% in 2021. Several consumer trends support higher seafood sales, including a growing seafood consumption among frequent seafood consumers, more shoppers cooking and preparing seafood at home and more shoppers choosing seafood for sustainability reasons, according to FMI. “In 2020, the seafood department witnessed a major jump in sales, and in 2021, we see that trend holding steady and even increase slightly,” Rick Stein, vice president of fresh foods for FMI, said. “This is in part due to more shoppers discovering seafood and learning how to cook and prepare it at home. The analysis identifies an opportunity for grocers to continue to support shoppers’ seafood desires with information about cooking, preparation and sustainability.”
The Power of Seafood 2022 finds 59% of shoppers are frequent (two or more times a week) or occasional (once a month to one time a week) seafood consumers, and frequent seafood consumers are eating more seafood at mealtimes than in previous years (55%). Forty percent of seafood consumers say they are buying new or different types of seafood and value-added seafood options, like heat-and-eat or grab-and-go seafood meals (44% buying more), sushi (43%) and fresh seafood that is marinated or seasoned (41%). Half of seafood consumers (49%) are cooking more meals with seafood during the pandemic, and 73% of seafood consumers who are cooking more are more comfortable cooking seafood. “This heightened confidence means seafood shoppers are looking to gain new exposure to seafood products,” said Stein. “Shoppers want to learn more about how to cook, prepare and flavor seafood (80%) and discover unique ways to cook seafood (83%). This represents a clear opportunity for food retailers to be a stronger resource for shoppers looking to further their seafood-based culinary skills.”
Some seafood consumers (38%) report choosing seafood more often because they think it is environmentally friendly or sustainable in general, compared to other proteins. Half of seafood consumers (50%) say sustainability claims or certifications have a major impact on their purchase decisions. However, only 28% of seafood consumers report they are very knowledgeable about “sustainable seafood.”
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