The
competition between the major sellers of seafood all over the world,
like High Liner Foods, Grupo Pescanova, Beijing Princess Seafood
International Trading, The Union Frozen Products, Nomad Foods Europe,
Leroy Seafood, Marine Harvest ASA, Iglo Group, Clearwater Seafood,
and AquaChile, portrays competitive landscape which is dominant in
the global market for frozen seafood, reports Transparency Market
Research (TMR). These major sellers are currently challenging each
other based on the price differentiation and product innovation. The
report states that in the future, the sellers are likely to adopt
strategic partnerships as a means to expand their regional reach.
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TMR
estimates that the world market for frozen seafood is liked to
exhibit a 3.7% CAGR, which is considered as a slow rate during the
forecast period. The market in terms of revenue is expected to reach
US$32 bn by 2026. Rise in uptake of frozen fishes is considerably any
other product present in this market. Scientists expects this trend
to continue in the years to come. Food chain services holds major end
users of frozen sea food all over the world and are projected to do
in the years to come.
On
the basis of geography, the frozen seafood market is prominent across
APEJ, Japan, Latin America, Europe, North America, and the Middle
East and Africa. Among these Europe holds the top position and is
expected to continue so in the years to come. Europe which
significantly uses variety of fishes in their cuisines rises their
demand for frozen seafood. Another factor favoring the European
frozen seafood market is the large number of cold storage services
across the continent.
Uptake
of Seafood from Remote Locations Tailwind the Market Growth
According
to the author, the increase in demand for seafood products from
isolated locations is turning out to be the main reason behind the
uptake of the market. Abundance existence of cold chain arrangements,
is bolstering the market, as this helps in simplifying the
distribution of the product. Innovation in the cold chain arrangement
is likely to propel the global
frozen seafood market in the years to comes, according to the
report. Crustaceans among other frozen seafood market is projected to
be to top seller in future. Crustaceans, worth of US$8 bn were sold
across the world in 2017.Good profit and increase in uptake of exotic
seafood is likely to rise the sales of crustaceans. Frozen fishes are
estimated to cover 30% of the frozen sea food market during the
forecast period.
Complex
Processing Techniques Causes Market to Deter
On
the flip side, the complex nature of the techniques used in the
processing for the manufacturing of the frozen sea food products is
predicted to test the organizations business outlook in the world
frozen seafood market. The of market is also expected to curb due to
lack of standardization, on the basis of employing freezing
temperatures, proper seafood preservatives to be applied, and storage
of seafood products at a different levels of refrigeration. Poor
quality of cold storage services will contribute restraining the
market in the future, studies the report.
The
review is based on a report by Transparency Market Research, titled
“Frozen Seafood Market (Product Type - Crustaceans, Fishes,
Molluscs and Other Product Type; End-user - Food Chain Services,
Modern Trade, Departmental Stores, Online Stores and Other End Users)
- Global Industry Analysis, Size, Share, Growth, Trends and Forecast
2017 - 2026.”
Key
Takeaways
- The demand for frozen fishes is relatively higher than other products available in this market.
- Europe has acquired the leading position and is projected to continue on the top in the years to come.
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