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Frozen Seafood Sales to Grow by 1.6x, Surpassing US$ 43.3 Bn by 2031
NEW YORK , Sept. 8, 2021 /PRNewswire/ As per the survey by Fact.MR, the global frozen seafood market is estimated to total a valuation of US$ 27 Bn in 2021. Driven by increasing demand for convenient food across the globe, the market is projected to surpass US$ 43.3 Bn through 2031.
Historically, the market registered growth at 3.8% CAGR between 2016 and 2020. However, with the onset of COVID-19, which triggered hoarding practice among consumers as they adopted extended period of self-isolation, the demand for frozen food surged. Driven by this, the sales of frozen seafood increased exponentially during the FQ-20.
Consumers around the world are increasing the consumption of frozen and ready-to-eat food also on account of their hectic lifestyle. Recognizing the opportunity, key players are increasing the production of frozen seafood.
Focus on product innovations is therefore at all-time high. For instance, some of the leading manufacturers are increasing the production of frozen shellfish. Demand for frozen shellfish is also increasing as its valuable food source, high nutritive value, and is easily digestible protein.
As per Fact.MR, sales of frozen marine pelagic are set to soar at 4.1% CAGR during the forecast period 2021 and 2031. Due to this many considerations, demand for ready-to-eat and processed frozen fish is increasing globally.
says a Fact.MR analyst.
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Manufacturers in the frozen seafood market are focusing on introducing new products catering the surging demand for frozen and ready-to-eat seafood. With increased competition in the market and increased demand for frozen food due to consumers fast-paced lifestyle, key players are increasing their production capabilities through establishing storage and production warehouses.
For instance,
Some of the leading market players operating in the frozen seafoods market profiled by Fact.MR are:
Fact.MR, in its new report, offers an unbiased analysis of the global frozen seafood market, analyzing forecast statistics through 2021 and beyond. The survey reveals growth projections on in frozen seafood market with detailed segmentation:
Canned Salmon Market - Canned salmon is seeing an increase in demand as people consume more seafood, which has a variety of health benefits. Canned salmon is an excellent source of essential nutrients such as protein, which is required for good health. Consumer awareness of healthy lifestyles and the benefits of nutritional food is growing, causing them to gravitate toward nutrient-rich food products, boosting the global canned salmon market's growth.
Frozen Potato Market - Innovative technologies are being used by frozen potato manufacturers to speed up the process of producing various frozen potato products. Manufacturers of frozen potato products are also introducing new products and flavours in order to attract customers, remain competitive, and expand geographically. The main advantage for consumers is that cooking time is reduced. In the frozen potato industry, advanced refrigeration technology is also gaining traction.
Processed Meat Market - Frozen meat is seeing rapid advancements in freezing techniques such as rapid freezing and cryogenic freezing to extend the lifespan of meat products while maintaining quality. Europe is expected to maintain its dominance in the processed meat consumption market, owing to rising demand for conventional beef in the region's growing HoReCa sector. With nearly 15% of current global imports, the United States is one of the top consumers of processed meat.
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