Market Overview:
Global frozen sea food market is estimated to grow at the CAGR of 4.40%. Frozen sea food is nothing but, a process so as to extend shelf life of sea food. The sea food is conserved by a freezing it by several methods, frozen Sea foods are of various types such as fish, shrimp, squid, crab, lobster and others.
The food industry is observing a substantial growth over the last decade. Frozen food has high demand from various consumer class hence this factor is supporting the growth of frozen sea food. The significant factor driving the growth of the frozen sea food market is the increasing demand for high protein food among the consumer. Fish and shellfish contain high quality protein and other essential nutrients and are an important part of a healthy diet. The frozen sea food is anticipated to witness a substantial growth in the upcoming decade due to globalization, which has supported the growth of frozen seafood market.
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In addition, rising growth of organized retail industry is also anticipated to be one of the important factor for increasing growth of frozen sea food market during the forecasted period. Food service industry is witnessing a healthy growth over the couple of years both in developed and developing economies which in turn offers a lucrative opportunity in the frozen sea food market over the forecast period. Generally, food service companies purchase the product in a bulk quantity which is positively influencing the demand of frozen sea food.
Key players in the global frozen sea food market are emphasizing to enhance their investment in product development in order to extend the product line. Also, the companies are inclined in increasing their footprint across the world by acquiring local and regional players. Apart from that, the companies are introducing their products in the developing economies in order to penetrate in the untapped market.
Major Key Players:
This report includes a study of strategies such as mergers and acquisitions, product launches by the major frozen sea food market players. It further includes product portfolios, developments of leading major players which includes
- AquaChile (Switzerland)
- Clearwater Seafood (Canada)
- High Liner Foods. (Canada)
- Iglo Group (U.K.)
- Leroy Seafood (Norway)
- Marine Harvest (Norway) and
- Austevoll Seafood (Norway)
Frozen Sea Food Market is dominated by key manufacturers and very few new players are entering in frozen sea food market as high investment cost is required for frozen sea food processing units. The global frozen sea food industry is estimated to witness increase in mergers, acquisition and strategic alliance in upcoming years.
Regional Analysis:
The global frozen sea food market is segmented into North America, Europe, Asia Pacific, and rest of the world (ROW). Among these, Europe region is estimated to retain its dominance throughout the forecast period. The market is projected to grow at a steady pace in the review period. Asia-pacific will be the fastest growing region in the frozen sea food market and high growth in emerging economies such as China, India, Japan and ASEAN countries. Latin American countries, offers ample opportunities for expansion to major players.
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Industry Segments:
Frozen sea food market has been segmented on the basis of product type which comprises of fish, shrimp, squid, crab, lobster and others. Among all the segments, fish accounts the market proportion in the global sea food market. Due to the globalization, various countries are increasing their exports to other countries in order to increase consumer volume base. Also, changing consumer’s food habit is considered to be a significant factor for increasing growth of the fish segment.
Frozen sea food has been segmented on the basis of end user which includes food service, retail customers. Food service segment will witness higher growth rate than the retail customers over the forecasted period.
Frozen sea food has been segmented on the basis of distribution channel which comprises of hyper markets & super markets, specialty retailers, convenience stores, independent stores. Hyper markets & supermarkets will dominate the market, as disposable income has been rising coupled with increasing working class population.
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