Frozen Fish Market Size, Share & Industry Analysis, By Type (Salmon, Tuna, Cod, Catfish, Snapper, Others), By Distribution Channel (Supermarkets/Hypermarkets, Convenience Stores, Specialty Stores, Online Retail) And Regional Forecast, 2024-2032

The increasing demand for essential fatty acids and proteins in consumer diets has contributed to the growth of the global fish market in recent years. The growing popularity of chemical-free fish with a higher shelf life has promoted developments and innovations in sefood industry. The process of freezing extends the shelf-life of the product by preventing spoilage. The growing popularity of ready-to-cook meals fuels the growth of the frozen fish market. Furthermore, the rising trend of weight management diets such as keto diets contributes to market growth.

The other key factor fuelling market growth is the growing popularity of premium products and exotic fish offerings across foodservice channels. Restaurants, cafes, and hotels nowadays serve fish in various forms and preparation. The increasing popularity of prepared meal kits, grab and go foods, and healthy snacking trend fuels the demand for frozen fish. Advancements in frozen foods technology, new product launches, and ever-expanding distribution platform are expected to drive the growth of the market in foreseeable years.

The increasing number of individuals entering in a formal workforce has increased the demand for ready-to-cook products with a higher shelf life. The growing need for fish products that can be preserved for a longer time and that can be cooked with minimum efforts primarily drives the growth of the frozen fish market. There an emerging trend of clean-label products which drive the demand for preservative-free packaged food options. The process of freezing requires no other chemical additives to preserve the product. The increasing consumption of fish for improved health is expected to fuel market growth in the foreseeable years.

Key Market Driver -

Rising Demand for Shelf-stable & Preservative-free Fish

Key Market Restraint -

Loss of Quality during Storage of Frozen Fish

The challenges faced in the storage of frozen fish products primarily impedes the growth of the global frozen fish market. Frozen fishes are not entirely stable during the storage and deteriorate over the period. The instability during the storage results in changes in odor, texture, and flavor of the product. Frozen fish products generally become tough, dry, and stringy. However, advancements in preservation technologies and research on emerging techniques are expected to enable processors to face these challenges.

Key Players Covered:

AquaChile, Clearwater Fishs, High Liner Foods,  Inc.,  Nomad Foods, Ltd., Austevoll Fish ASA, Hansung Enterprise Co., Ltd., Leroy Fish Group ASA, Lyons Fishs Ltd., Mowi ASA, and Surapon Foods Public Co. Ltd. are the key players operating in the global frozen fish market.   

Frozen salmon is expected to witness strong sales performance owing to the rising popularity of salmon preparations across the globe. According to the Food and Agriculture Organization of the United Nations (FAO), the world average annual consumption of fish increased by 8% from 2005 to 2015. The rising demand for salmon is also attributed to the growing popularity sushi and salmon-based salads. The growing consumer knowledge that consumption of fish provides omega-3 fatty acids, which maintains heart health fuels the segmental growth of the market.

The supermarkets and hypermarkets segment is projected to witness robust growth owing to the availability of a wide variety of products and purchase convenience in these types of sales channels. Specific aisles are allocated for products in such stores providing a plethora of options to consumers. The discounts and offers launched by these mass merchandisers are also expected to boost their sales performance. Online retail is an emerging sector expected to exhibit promising growth in foreseeable years on account of the easy purchase and home delivery options.

Regional Analysis:

North America is expected to witness substantial growth owing to the increasing popularity of protein-rich diets in the region. The rising trend of ready-to-cook foods has fuelled the growth of the frozen fish sector. Well-established distribution channels and growth of online sales heavily contribute to the growth of the market in the region. The increasing popularity of fish preparations across foodservice sector propels the market growth in the region.

Europe is anticipated to exhibit promising growth attributed to the increasing consumption of fish to reduce the risk of heart diseases. The high content of polyunsaturated fatty acids in fish & other fishes has increased their demand in consumers. The growing popularity of sustainable fish products in Germany, the UK & France is expected to drive the demand for sustainable frozen fish. Asia Pacific is projected to exhibit promising growth owing to the booming foodservice sector in the region. The emerging culture of dining in cafes, bars and restaurants has led the innovations in fish product offerings. The increasing demand for shelf-stable products in such channels fuels the demand for frozen fish. The strengthening supply chain in the region also fuels the growth of the market in Asia Pacific.

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Segmentation

Key Industry Developments

• In July 2020, Atunlo & Scanfisk, a collaboration of two Spanish fishing companies launched a new line of frozen value-added tuna products in foodservice and retail.


• In May 2019, J.P. Verwijs, a Dutch frozen food supplier introduced a new compostable packaging for its various seafood products, including fish. The packaging is sustainable and reduces use of plastic.