Increasing demand for seafood products in remote areas has propelled the production of frozen seafood products. Companies producing frozen seafood products are actively dependent on the cold storage region, which continues to be a major impediment for the market. Robust cold chain infrastructure is deemed profitable for the distribution of frozen seafood, however, the inconsistency in the quality of these storage services continues to create problems for companies. Leading players in the global frozen seafood market are adopting advanced processing techniques to increasing the endurance of the products against external factors such as changing weathers, mechanical damage, and fluctuations in freezing temperatures.
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According to Transparency Market Research, several factors are expected to impede the growth of the global frozen seafood market in the years to come. Primarily, complexities in the processing techniques for production of frozen seafood products is expected to challenge the business prospects of the companies. In addition, lack of standardization in terms of employing freezing temperatures, storing frozen seafood products across different levels of refrigeration, and applying proper seafood preservatives will continue to constrain the sales of frozen seafood across the globe. The forecast study developed by Transparency Market Research projects that over the forecast period, 2017-2026, the global frozen seafood market will expand at a sluggish CAGR of 3.7%. The report further estimates that by the end of 2026, the global frozen seafood market will reach a valuation of US$ 32 Bn.
Frozen Crustaceans to Incur Brimming Demand throughout 2017-2026
Several products are being sold in the global frozen seafood market, among which crustaceans are expected to emerge as top-sellers. In 2017, around US$ 8 Bn worth of frozen crustaceans are estimated to be sold around the world. High profit margins associated with crustaceans and increasing demand for exotic seafood products will collectively factor the growing sales of frozen crustaceans. The report also projects that sales of frozen fishes will account for nearly 30% of the overall global frozen seafood sales throughout the forecast period. Relatively less complex storage of frozen fishes will drive their distribution, and consumers will also remain more inclined towards cooking frozen fishes through simple preparation techniques and nascent level of thawing.
Food Chain Services to Represent Leading End-users through 2026
The end-use of frozen seafood will remain predominant across food chain services. Popular restaurant chains such as Long John Silver’s and Red Lobster, among others, will continue to opt for frozen seafood over fresh seafood. In the foreseeable future, major companies producing frozen seafood products will be eyeing for strategic tie-ups with multinational food chain services. The report estimates that by the end of 2026, nearly 40% of the overall sales of frozen seafood products will be accounted by food chain services.
The report further projects that the modern trade outlets will register fastest sales of frozen seafood products over the forecast period. Increasing adoption of frozen seafood products in domestic households will drive their sales across modern trade outlets. Equipped with advanced refrigeration apparatus, these outlets will serve effectively in providing high quality frozen seafood products to the common consumer. The report also reveals that companies namely, AquaChile, Clearwater Seafood, High Liner Foods, Iglo Group, Leroy Seafood, Marine Harvest ASA, Nomad Foods Europe, Beijing Princess Seafood International Trading, Thai Union Frozen Products, and Grupo Pescanova will be observed as the leaders in production of frozen seafood. These players will instrument the growth of the global frozen seafood market through 2026.
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