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The frozen seafood market has seen significant growth in recent years. It is projected to increase from $22.12 billion in 2023 to $23.53 billion in 2024, reflecting a compound annual growth rate (CAGR) of 6.4%. This historical growth can be attributed to several factors, including the rising demand for convenience foods, globalization and trade expansion, health and nutrition trends, advancements in packaging solutions, and changing consumer preferences.
What Is the Expected Size of the Global Frozen Seafood Market, and How Fast Will It Grow?
The frozen seafood market is anticipated to experience robust growth in the coming years, projected to reach $29.6 billion by 2028, with a compound annual growth rate (CAGR) of 5.9%. This growth during the forecast period can be attributed to factors such as the trends of premiumization and ready-to-cook products, increased culinary exploration and consumer education, global trade and market expansion, adherence to quality assurance and food safety standards, as well as ongoing product innovation and diversification.
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What Is Accelerating Growth in the Frozen Seafood Market?
The growing consumption of seafood is expected to drive the growth of the frozen seafood market in the future. Seafood, which encompasses any type of sea life deemed edible by humans, is increasingly preferred by consumers due to its numerous health benefits. Freezing seafood helps preserve its color, texture, shape, and flavor. Consequently, the rising demand for seafood is contributing to increased interest in the frozen seafood market.
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Who Are the Major Players Influencing the Frozen Seafood Market's Growth?
Key players in the frozen seafood market include Toyo Suisan Kaisha Ltd., Maruha Nichiro Corporation, Mowi ASA, Nippon Suisan Kaisha Ltd., Thai Union Group Public Company Limited, Nomad Foods Limited, Findus Group Limited, Lerøy Seafood Group ASA, AquaChile S.A., Empresas AquaChile S.A., Royal Greenland A/S, High Liner Foods Inc., Ocean Beauty Seafoods LLC, Tassal Group Limited, Pacific Seafood, Clearwater Seafoods Incorporated, Trident Seafoods Corporation, Bumble Bee Foods LLC, Surapon Foods Public Company Limited, Apex Frozen Foods Limited, Beaver Street Fisheries Inc., Mazetta Company LLC, Cooke Aquaculture Inc., Alliance Select Foods International Inc.,
What Are the Latest Trends Influencing Frozen Seafood Market Size?
Leading companies in the frozen seafood market are concentrating on creating innovative products, such as frozen shrimp biscuits, to meet changing consumer preferences, enhance their product offerings, and maintain a competitive advantage in the dynamic market environment. Frozen shrimp biscuits are a seafood product that combines shrimp with biscuit dough, designed to be stored in a frozen state and prepared by consumers for a convenient and flavorful meal or snack.
How Is The Global Frozen Seafood Market Segmented?
1) By Category: Fish, Crustaceans, Shellfish, Mollusca, Other Types
2) By Nature: Organic, Conventional
3) By Distribution Channel : Business-to-business (B2B), Business-to-consumer (B2C)
4) By End User: Food Processing Industry, Food Service Provider, Retail And Household
Geographical Insights: Asia-Pacific Leading The Frozen Seafood Market
Asia-Pacific was the largest region in the market in 2023. The regions covered in the report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is The Definition Of The Frozen Seafood Market?
Frozen seafood refers to seafood that has been frozen to preserve the natural quality of the fish by reducing the temperature to -18 °C or lower, and then stored at that temperature or below.
The Frozen Seafood Global Market Report 2024 from The Business Research Company includes the following key information:
• Market size data for both historical and future periods
• Analysis of both macro and microeconomic factors that have impacted the market over the past five years
• Regional market analysis covering Asia-Pacific, China, Western Europe, Eastern Europe, North America, the USA, South America, and the Middle East and Africa
• Country-specific market analysis for Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA.
Overview of the Global Frozen Seafood Market Report: Trends, Opportunities, Strategies, and More
The Frozen Seafood Global Market Report 2024 from The Business Research Company is an extensive resource that delivers insights into frozen seafood market size, frozen seafood market drivers and trends, frozen seafood competitors' revenues, and frozen seafood market growth across geographies. This report provides valuable in-depth insights into potential opportunities and strategies. Companies can utilize the information presented to target segments with the greatest growth potential.
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