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DUBLIN--(BUSINESS WIRE)--Sep 20, 2022--
The "Frozen Seafood Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type, Distribution Channel, and Geography" report has been added to ResearchAndMarkets.com's offering.
The frozen seafood market is projected to reach US$ 22.57 billion by 2028 from US$ 16.27 billion in 2022. It is expected to grow at a CAGR of 5.6% during 2022-2028.
The growth of the frozen seafood market is driven by the increasing health consciousness among consumers, along with the rise in the disposable income of people. Moreover, rapid urbanization, changing lifestyles, and increasing consumer spending are changing the overall eating habits. In many urban areas, the growing trend of consuming packaged food products contributes to the market growth.
Packaged food products save time, avoid wastage, and are easy to cook as they are packed in appropriate portions. Packaged food products also have a longer shelf life without compromising product quality, which is an essential requirement for people with a busy lifestyle. One of the main drivers of the frozen seafood industry is the rising awareness among consumers regarding the health benefits of seafood.
People prefer frozen seafood products to avoid the drawbacks of fresh seafood products. Frozen seafood is packed with nutrients and has a longer shelf life. Additionally, the convenience provided by frozen seafood products is the reason for its high demand. Furthermore, manufacturers are launching new products which provide a high nutrient value. With expanding population and rising health awareness, demand for healthy food products surged at phenomenal rates.
The increasing number of health-conscious millennials is anticipated to increase the demand for seafood products in various regions. Rising disposable income and improving lifestyles are the key factors driving the growth of the global frozen seafood industry. Moreover, the increasing demand for frozen seafood is attributed to the availability of various products at multiple retail channels at affordable prices.
Based on product type, the global frozen seafood market is segmented into frozen fish, frozen crustaceans, frozen mollusks, and others. In 2021, the frozen fish segment accounted for the largest revenue share and is expected to account for the highest growth rate over the forecast period.
EPA (eicosapentaenoic acid) and DHA are two omega-3 fatty acids present in fish (docosahexaenoic acid). Human bodies cannot make omega-3 fatty acids; therefore, they must be obtained from food. Salmon, trout, sardines, herring, canned mackerel, canned light tuna, and oysters are a few good options for omega-3 sources.
During pregnancy, omega-3 fatty acids support healthy brain function and the development of vision and nerves. They may also lower the risk of depression, ADHD, Alzheimer's disease, dementia, and diabetes. Omega-3 fatty acids also lower blood pressure and the risk of sudden death, heart attack, abnormal heart rhythms, and strokes. They may also prevent inflammation and lower the risk of arthritis. All these factors are contributing to the segment's growth.
In 2021, Asia Pacific held the largest share of the market. However, North America is estimated to register the highest CAGR in the market during the forecast period.
The North America frozen seafood market is segmented into the US, Canada, and Mexico. The frozen seafood market is growing significantly due to the region's increased per capita seafood consumption. The growth of the frozen seafood market is also attributed to the high demand for healthy food products. People are trying to save time and effort and prefer to use packaged food products that are easy to use.
Key Market Dynamics
Market Drivers
Market Restraints
Market Trends
Market Opportunity
Company Profiles
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INDUSTRY KEYWORD: FOOD/BEVERAGE RETAIL
SOURCE: Research and Markets
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PUB: 09/20/2022 05:09 AM/DISC: 09/20/2022 05:09 AM
http://www.businesswire.com/news/home/20220920005683/en