Frozen Fish and Seafood Market is Expected to Register Lucrative Growth By 2029

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Alaska and Wild-caught Seafood Play Important Role in Increasing Product Uptake

Since consumers have high standards for purchasing frozen fish & seafood, retailers are increasing efforts to provide high-quality seafood at low costs. Similarly, consumers want to know the story behind their seafood purchases and tend to consider the origin and source of the seafood. As highlighted by Datassential— a market researcher in Chicago, most consumers are convinced to buy frozen fish & seafood products with the word Alaska on it, since individuals associate fish from Alaska with freshness and high quality. Thus, vocabulary in marketing efforts is generating value-grab opportunities for retailers, as the frozen fish & seafood market is estimated to progress at a healthy CAGR of ~7.3% during the forecast period.

The trend of wild-caught fish is another key driver that is boosting the growth of the frozen fish & seafood market. Many consumers are citing wild-caught seafood with taste, healthfulness, and freshness. Since fish sourced in its natural habitats can only be harvested on a seasonal basis, companies are increasing efforts to freeze-cold wild-caught fish in order to ensure a year-round supply.

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Healthy Product Offerings Generate Incremental Opportunities in Frozen Fish & Seafood Market

The revenue of frozen fish & seafood market is slated to increase during the forecast period, as food companies are increasing their focus in healthy food offerings. For instance, frozen food leader SeaPak Shrimp & Seafood Co., announced the launch of their product SeaPak Shrimp Sea Pals that claim to contain high protein content per serving sans artificial preservatives or colors targeted toward children. Innovative product offerings are boosting the revenue of the frozen fish & seafood market, which is estimated to reach ~US$ 70 Bn mark by the end of 2030.

Companies in the market for frozen fish & seafood are increasing their product offerings in children-friendly food items to unlock untapped incremental opportunities. Several studies validate that children who eat fish at least once a week tend to have better sleep patterns and high IQ (Intelligence Quotient) scores. Thus, parents are growing increasingly conscious about the advantages of seafood and making informed choices while purchasing frozen fish & seafood.

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Fresh Fish versus Fresh Frozen: Which is better?

Sensory science surveys are validating the palatability of frozen fish & seafood items. For instance, participants at the Seafood Expo North America 2019, Boston, discussed about sensory science surveys that helped them to understand whether or not consumers are able to identify the difference between fresh fish and fresh frozen. Companies in the frozen fish & seafood market are increasing their R&D capabilities in bioelectrical impedance analysis (BIA), a tool that determines the freshness of fish through electrical currents, whilst providing information on cellular degradation.

Companies in the frozen fish & seafood market are increasing efforts to maintain premium quality of their products in order to comply with the international food safety standards. It has been found that non-frozen fish is subject to rapid degradation and has a shorter shelf life. Hence, many consumers are preferring frozen fish & seafood items. However, the common concept of fresher is always better is increasingly argued in the market for frozen fish & seafood.

Online Sales of Frozen Seafood to Grow after Gradual COVID-19 Lockdown Relaxation

After a significant drop in sales, the revenue of frozen fish & seafood products is picking up pace. Several individuals earlier feared that they would acquire coronavirus (COVID-19) from fresh fish and are now ordering frozen fish & seafood products online after full and partial relaxation of lockdown rules in certain countries. The Chile frozen fish & seafood market was experiencing steady exports of frozen salmon in the U.S., Brazil, China, Russia, and Japan during January and February. However, after the imposition of the COVID-19 lockdown regulations, the exports began to tumble by the end of March and early April.