LONDON--(BUSINESS WIRE)--Scope of the report
This report provides a detailed analysis of the frozen fish and seafood market by distribution channels (offline and online) and geography (Europe, APAC, North America, South America, and MEA). Also, the report analyzes the market’s competitive landscape and offers information on several market vendors, including Bolton Group Srl, Clearwater Seafoods Inc., Dongwon Group, Empresas AquaChile SA, High Liner Foods Inc., Maruha Nichiro Corp., Mowi ASA, Nomad Foods Ltd., Thai Union Group PCL, and Zoneco Group Co. Ltd. Expansion of retail stores offering frozen fish and seafood is a key trend in the global frozen fish and seafood market which will lead to significant market growth. This is increasing the availability of fish and seafood products for consumers. These factors are leading to a positive outlook for the frozen fish and seafood market.
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Frozen Fish and Seafood Market: Segmentation by Geography
The market is segmented into five regions encompassing Europe, APAC, North America, South America, and MEA. Europe was the largest market for frozen fish and seafood in 2019, and the region is expected to offer several growth opportunities to market vendors during the forecast period. About 52% of the market’s growth will originate from Europe during the forecast period. The growing awareness about the health benefits of fish and seafood is increasing the demand for salmon, mussel, and shrimp in the region. Also, the increasing demand for organic frozen fish and seafood is contributing to the growth of the frozen fish and seafood market in Europe. France and Germany are the key markets for frozen fish and seafood in Europe.
Frozen Fish and Seafood Market: Segmentation by Distribution Channel
The frozen fish and seafood market is segmented into two segments based on the distribution channel comprising of offline and online. Majority of the market revenue came from the offline distribution channel in 2019. This is due to the growing focus of vendors on expanding presence in local regional markets. In addition, vendors are adopting better pricing strategies to generate strong sales. These factors are creating significant growth potential in the segment.
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Frozen Fish and Seafood Market: Growth Drivers
The growing desire for convenience will drive market growth. The hectic lifestyles of consumers in urban regions have increased the preference for ready-to-eat meals. This is increasing with the rising number of single-person or smaller households and the rising number of working women worldwide. To capitalize on this demand, vendors are providing convenience in terms of handling and preparation by offering a wide range of fish and seafood products in a variety of flavors and recipes and desired portions and sizes. This is enabling consumers to cook faster and thus save time. Therefore, the rising desire for convenience is expected to foster the growth of the market during the forecast period.
Frozen Fish and Seafood Market: Market overview
The frozen fish and seafood market is fragmented with the presence of several domestic and international players. Hence, companies need to adopt advanced technologies and marketing strategies to remain competitive in the market. Bolton Group Srl, Clearwater Seafoods Inc., and Dongwon Group are some of the major market participants. Though the accelerating growth momentum will offer immense growth opportunities, the stiff competition from fresh and canned fish and seafood will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments.
Market Sizing Methodology
Technavio uses a robust market sizing approach to estimate the total opportunity size for any market. Some of the examples of methodologies are shown for reference data is collected through both primary research (through industry interview with market participants and industry experts) as well as secondary research (through annual reports, press releases, company and industry presentations, industry associations, journals and in-house data repositories built over past 15 years)
Frozen Fish and Seafood Market: Parent Market Overview
Technavio categorizes the frozen fish and seafood market as a part of the packaged foods and meats market. The parent market, the global packaged foods and meats market, covers manufacturers or food processing vendors that are involved in food processing to eliminate microorganisms and to extend shelf life. Technavio calculates the global packaged foods and meats market size based on combined revenue generated by the vendors operating in the market. The market does not include manufacturers of food processing equipment. The market also excludes producers of packaged alcoholic and non-alcoholic beverages, including mineral waters.
Growth of the global packaged foods and meats market will be driven by the health benefits associated with the intake of minimally processed food.
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