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 buyfrozen 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.
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.
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Companies in the frozen fish & seafood market are focusing on online sales, as many individuals still fear contracting coronavirus, and partial lockdown relaxations are making transportation easier. Wild-caught seafood is gaining increased popularity among pro-health consumers. Since fresh fish have shorter shelf life, consumers are preferring frozen seafood products. However, the common perception that fresher is better is creating resistance from buyers and preventing them to purchase frozen food items. Hence, companies should tap opportunities in vacuum-sealed packaging to bring a shift in consumer perspective about frozen seafood. The trend of gourmet frozen is another key driver that is encouraging consumers to associate frozen fish with freshness and high quality.Frozen Fish & Seafood Market: Overview
- The global frozen fish & seafood market was valued at ~US$ 36 Bn in 2020, finds Transparency Market Research (TMR) in a recent study. According to the study, the market is expected to reach ~US$ 73 Bn by 2030, at a CAGR of ~7.3%.
- Changing lifestyle of consumers and adaptation of western food culture have created a huge demand for frozen fish & seafood. The growing heath awareness among people has increase the demand for frozen fish and seafood. Fish and seafood are rich sources of protein for human body, which is a key factor driving the market. In addition, due to the outbreak of COVID-19, there is a false word of mouth spread linking non-veg food products to the spread of virus, which is negatively impacting the demand for frozen fish and seafood.
Frozen Fish & Seafood: Market Frontrunners
- Organic frozen fish & seafood segment is expected to show high growth in response to the increasing health conscious population around the globe
- Currently, Asia Pacific holds the largest market share (over 40%) of the global frozen fish & seafood market due to high demand for convenience and ready-to-cook food. Moreover, nutritional benefits of frozen fish and seafood are boosting the growth of the market in the region.
- This market in North America is anticipated to expand at the highest CAGR during the forecast period. Rising per capita income in emerging economies and favorable government regulations in fisheries are expected to create significant growth in the frozen fish & seafood market. However, COVID-19 will interrupt the global supply chain of frozen fish & seafood market due to worldwide lockdown.
- In terms of end use, food service provider segment accounted for the largest market share in 2020, owing to high demand for sea food in food service and HoReCa sector.
- Rising trend for e-Commerce in the food & beverages industry such as Walmart, D-Mart and Big Basket are more attracting than other sales channels in the frozen fish & seafood market. It also uphold the sales of frozen fish & seafood even in the global lockdown.
Frozen Fish & Seafood Market: Trends
- Growing consumer focus on product safety and origin of raw materials Increasing consumer interest in product quality and safety is seen in markets in developed and developing countries, specifically in Europe and North America. Consumers are more aware about different raw materials used in organic frozen fish and seafood products. Rising focus on the source of raw materials is due to high use of synthetic chemicals and pesticides in the aquaculture sector, especially in developing countries. This has impelled manufacturers to be more focused on the feed provided to the sea animals in aquaculture industry.
- Increasing demand for premium food products in aquaculture industry The aquaculture industry expects high demand for premium seafood that includes organic frozen fish and seafood, appealing to consumers looking for a better product containing high nutrition content required for cautious and healthy living. Manufacturers of frozen fish and seafood products use different attractive promotional activity to improve their sales in the market. The demand for premium products is currently mainstream in developed regions, which is expected to rise in developing regions as well in the coming years, due to changing lifestyle of consumers and increasing per capital income of consumers.
- Rising awareness regarding health benefits associated with seafood products
Consumers are shifting toward a healthy lifestyle, which has led to high demand for heathy food with nutrition value. However, seafood contain high-protein, low-calories, and multiple vitamins and minerals. Eating seafood decreases the risk of heart attack, stroke, hypertension, and obesity. It is also provides essential nutrition to infant and children for their development. Seafood are one of the best diet foods for obese people. It consist of low total fat and saturated fat; most fishes contain less than 5% of fat. Additionally, fishes have omega-3 fatty acids, which have multiple added health benefits to the humans.
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