The frozen seafood market is expected to grow from USD 21,995.1 million in 2024 to USD 42,657.6 million by 2034. This growth represents a compound annual growth rate (CAGR) of 6.8% over the decade.

Consumers are increasingly choosing online shopping for their frozen seafood needs, valuing the convenience of home delivery. They are also becoming more aware of the health benefits associated with frozen fish, including its rich content of minerals, vitamins, and omega-3 fatty acids, which support both physical and mental well-being. As a result, health-conscious individuals are turning to frozen seafood to meet their dietary needs.

The growth of the frozen seafood market is being significantly bolstered by the rise of online shopping and home delivery services, which are enhancing the availability of frozen seafood in both rural and urban areas.

According to a survey by the Seafood Nutrition Partnership, more consumers are opting for frozen seafood products with clean labels, which emphasize minimal processing and fewer additives. Transparency regarding sourcing and processing methods is becoming increasingly important to consumers.

Sales of frozen seafood are also benefiting from growing investments by leading companies in this expanding market. Rising health consciousness among consumers is positively influencing the market, aligning with dietary preferences and nutritional needs.

As consumer awareness evolves, companies are responding by introducing new frozen seafood products. Additionally, the increasing demand for frozen seafood as a thickening agent is expected to drive market revenue during the forecast period.

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Competitive Landscape

Frozen seafood manufacturers are actively forming strategic alliances and partnerships with other producers to boost productivity and address the demands of a growing customer base. The industry is characterized by substantial capital investment and complex manufacturing processes. Implementing cost-effective production methods is crucial for achieving global market sustainability.

Recent Development

• In September 2021, Europe’s leading frozen food company, Nomad Foods and BlueNalu, a leading innovative food company, collaborated to explore the introduction of cell-cultured seafood by developing a variety of seafood products directly from fish cells.
• In May 2022, SalMar ASA and Norway Royal Salmon ASA entered into a merger plan with SalMar as the acquiring company.

Key Companies Profiled

·         Marine Harvest ASA

·         Austevoll Seafood ASA; SalMar

·         Coast Seafood

·         Charoen Pokphand Foods

·         Fortune Fish & Gourmet

·         Maruha Nichiro

·         Norway Royal Salmon

·         Mitsubishi Corporation

·         Trident Seafood

Key Market Segments Covered in Frozen Seafood Industry Analysis

By Nature:

• Organic
• Conventional

By Form:

• Raw
• Processed

By End-Use:

• Food Processing Industry
• Food Service Industry
• Retail/Household

By Product Type:

• Fish
• Marine Pelagic
• Marine Demersal
• Diadromous
• Others
• Molluscs
• Bivalves
• Gastropods
• Cephalopods
• Others
• Crustaceans
• Shrimps
• Crabs
• Lobsters
• Krill
• Others
• Others

By Distribution Channel:

• Business to Business (Manufacturers and Distributors)
• Business to Consumer
• Modern Trade (Hypermarket & Supermarket)
• Convenience Stores
• Traditional Grocery Stores
• Specialist Food Stores
• Wholesale Stores
• Discount Stores
• E-commerce/Online Stores

By Region:

• North America
• Latin America
• Europe
• East Asia
• South Asia
• Oceania
• MEA