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Frozen Fish & Seafood Market: Growing Demand for Processed Seafood caused by Changing Lifestyles Boosts the Market

Press Release   •   Jan 12, 2017 13:17 IST

Frozen fish & seafood products have gained immense popularity around the world due to the growing demand for processed seafood caused by changing lifestyles and the subsequent adoption of Western food habits among the Asian population. The global frozen fish & seafood market is divided based on distribution channel into the following categories: supermarkets & hypermarkets, specialty retailers, convenience stores, independent retailers, and others. Among these, supermarkets and hypermarkets dominated the global market in 2015 and are expected to retain their leading position over the forecast period. This segment is finding increased acceptance among sellers as a highly attractive retail outlet to sell different types of frozen fish and seafood, because of the accessibility it grants to a vast range of products at discounted prices. Convenience stores and independent retailers are also projected to obtain a considerable market share over the forecast period on account of the growing sales of frozen fish and seafood across different countries.

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Geographically, the frozen fish & seafood market is distributed over North America, Europe, Asia Pacific, Middle East & Africa (MEA), and Latin America. The market in Europe was attractive in 2015due to a growing consumer preference for fish and seafood and the massive volume of import and export in the region. In North America, the Northeast Atlantic fishing zone accounted for the maximum share of catches. Demand for frozen fish and seafoodis anticipated to increase during the forecast period due to environmental laws, strict fishing policies, and reduced fishing fleetin Europe and the surge in the per-capita expenditure in India and China. In addition to this, innovation with respect to preparation and packaging is projected to boost the sales of frozen fish and seafood over the forecast period. However, the need to curb fish contamination and environmental concerns remain key challenges for leading vendors.

The global frozen fish & seafood market is extremely competitive with the presence of a large number of large-scale and small-scale vendors who compete with each other in terms of product differentiation, quality, price, innovation, distribution, and brand promotion. Key players operating in the market include Clearwater Seafood, AquaChile, Leroy Seafood, High Liner Foods, Marine Harvest, and Iglo Group. Other prominent vendors include Beijing Princess Seafood International Trading, Austevoll Seafood, Fishery Products International, Sajo Industries, Lyons Seafoods,Shanghai Kaichuang, Hansung Enterprise, Marine International, Surapon Foods Public, Tri Marine International, Tassal Group,and Toyo Suisan Kaisha. They dominate the market with their vast geographic presence and large production facilities across different countries. However, the global frozen fish & seafood market is also characterized by the presence of several regional and small manufacturers who lead the market in emerging countries such as India and China. They invest huge amounts of capital in research and development activities and innovation centers in order to expandtheir production capabilities and meet the growing market demands. Besides, major players are focusing on new product developments, mergers &acquisitions, joint ventures, and expansion, with plans to open new retail outlets to strengthen their distribution channels and increase their earnings. To meet the growing consumer requirements, a variety of products are launched in the market by various leading as well as emerging manufacturers.

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