“Global Frozen Fish Market to reach a market value of USD 44.2 Billion by 2030 growing at a CAGR of 7.1%”
The Global Frozen Fish Market size is expected to reach $44.2 billion by 2030, rising at a market growth of 7.1% CAGR during the forecast period. In the year 2022, the market attained a volume of 910.4 kilo tonnes, experiencing a growth of 4.5% (2019-2022).
Cod's mild flavor and flaky texture make it versatile in various culinary applications. From classic fish and chips to fish tacos, cod adapts well to different cooking methods and complements various flavors. Consequently, the Cod segment would generate approximately 12.51 % share of the market by 2030. Also, Spain would consume 6.6 kilo tonnes of tilapia by 2030. Its versatility appeals to home cooks and chefs, driving the demand for frozen cod products. Processed cod products, such as breaded and battered cod fillets, fish fingers, and cod cakes, have gained popularity within the market.
With higher disposable incomes, consumers are more willing to invest in premium and high-quality food products, including premium varieties of frozen fish. This willingness to spend on quality items expands the premium market, increasing sales. Consumers with higher disposable incomes may be more inclined to explore seafood options, including fish species and specialty frozen fish products. Therefore, the market is expanding significantly due to the higher level of disposable income.
Additionally, E-commerce platforms allow people to browse and purchase frozen fish products from the comfort of their homes. This eliminates the need for in-store visits, delivering a convenient and time-saving shopping experience for busy individuals and families. Thus, because of the growing e-commerce and online retail channels, the market is anticipated to increase significantly.
However, Pricing strategies play a crucial role in maintaining competitiveness in the market. Intense competition may lead to aggressive pricing, affecting profit margins for frozen fish producers. Striking a balance between competitive pricing and sustaining profitability is an ongoing problem. Thus, high-cost pressures and pricing strategies can slow down the growth of the market.
By type, the market is categorized into salmon, tuna, cod, tilapia, shrimp, and others. In 2022, the salmon segment held the 30.53 % revenue share in the market. In terms of volume, Cod segment would register 65.9 kilo tonnes in 2022. Omega-3 fatty acids are abundant in salmon and beneficial to heart health. For instance, the Food and Agriculture Organization of the United Nations (FAO) estimates that salmon exports, led by Chile and Norway, were valued at USD 27.6 billion in 2020. In 2020, exports of salmon and trout made up 18.4% of the total value of aquatic products exported.
Based on distribution channel, the market is classified into supermarkets & hypermarkets, convenience stores, specialty stores, and online retail. The online retail segment acquired a 14.61 % revenue share in the market in 2022. Online retail provides unparalleled convenience, allowing consumers to browse, select, and purchase frozen fish products from the comfort of their homes. From individual fillets and seafood blends to specialty frozen fish dishes, consumers can choose from an extensive assortment that may not be available in traditional brick-and-mortar stores.
Free Valuable Insights: Global Frozen Fish Market size to reach USD 44.2 Billion by 2030
Region-wise, the market is analysed across North America, Europe, Asia Pacific, and LAMEA. In 2022, the North America region acquired a 21.05 % revenue share in the market. Growing health consciousness among North American consumers has led to an increased focus on incorporating nutritious foods into their diets. With its diverse cultural landscape, North America has many culinary preferences. The market in North America has responded by incorporating sustainable practices, such as responsible fishing methods and eco-friendly packaging, to meet the demands of environmentally conscious consumers. Ongoing innovation in frozen fish products has been crucial in attracting North American consumers.
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 24 Billion |
| Market size forecast in 2030 | USD 44.2 Billion |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2030 |
| Revenue Growth Rate | CAGR of 7.1% from 2023 to 2030 |
| Revenue Growth Rate | Volume in Kilo Tonnes, Revenue in USD Billion, and CAGR from 2019 to 2030 |
| Number of Pages | 283 |
| Number of Tables | 590 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Type, Distribution Channel, Region |
| Country scope |
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| Companies Included | Dongwon Enterprises Co. Ltd., Mowi ASA, Zoneco Group Co., Ltd. , F.C.F. Fishery Co., Ltd. , Nippon Suisan Kaisha, Ltd. , Chicken of the sea International (Thai Union Group PLC), Nueva Pescanova, S.L (Abanca Corporación Bancaria, S.A.), Tassal Group Limited , High Liner Foods SalMar ASA (Kvera AS) |
By Distribution Channel (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By Type (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By Geography (Volume, Kilo Tonnes, USD Billion, 2019-2030)
The Market size is projected to reach USD 44.2 billion by 2030.
Higher Level Of Disposable Income are driving the Market in coming years, however, High-Cost Pressures And Pricing Strategies restraints the growth of the Market.
Dongwon Enterprises Co. Ltd., Mowi ASA, Zoneco Group Co., Ltd. , F.C.F. Fishery Co., Ltd. , Nippon Suisan Kaisha, Ltd. , Chicken of the sea International (Thai Union Group PLC), Nueva Pescanova, S.L (Abanca Corporación Bancaria, S.A.), Tassal Group Limited , High Liner Foods SalMar ASA (Kvera AS)
In the year 2022, the market attained a volume of 910.4 kilo tonnes, experiencing a growth of 4.5% (2019-2022).
The Supermarkets & Hypermarkets segment is leading the Market, by Distribution Channel in 2022, and would continue to be a dominant market till 2030; there by, achieving a market value of $23,368.9 Million by 2030.
The Asia Pacific region dominated the Market, by Region in 2022 there by, achieving a market value of $21.2 Billion by 2030, growing at a CAGR of 7.4 % during the forecast period.
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