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.
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.
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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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