GROWING AWARENESS REGARDING HEALTH BENEFITS ASSOCIATED WITH SEAFOOD
Growing awareness regarding health benefits associated with seafood products helps to create billion dollars industry growth opportunities. The global frozen fish & seafood market is expected to be valued at ~US$ 36 Bn in 2020, which is anticipated to expand at a CAGR of ~7.3% to reach ~US$ 70 Bn by 2030. A latest research by Transparency Market Research on the frozen fish & seafood market includes global frozen fish & seafood production and consumption analysis, along with market opportunity assessment for 2020-2030.
Companies in the frozen fish & seafood market are increasing efforts to maintain premium quality of their products in order to comply with the international food safety standards. It has been found that non-frozen fish is subject to rapid degradation and has a shorter shelf life. Hence, many consumers are preferring frozen fish & seafood items. However, the common concept of fresher is always better is increasingly argued in the market for frozen fish & seafood. The trend of wild-caught fish is another key driver that is boosting the growth of the frozen fish & seafood market. Many consumers are citing wild-caught seafood with taste, healthfulness, and freshness. Since fish sourced in its natural habitats can only be harvested on a seasonal basis, companies are increasing efforts to freeze-cold wild-caught fish in order to ensure a year-round supply.
Consumers are shifting toward a healthy lifestyle, which has led to high demand for heathy food with nutrition value. However, seafood contain high-protein, low-calories, and multiple vitamins and minerals. Eating seafood decreases the risk of heart attack, stroke, hypertension, and obesity. It is also provides essential nutrition to infant and children for their development. Seafood are one of the best diet foods for obese people. It consist of low total fat and saturated fat; most fishes contain less than 5% of fat. Additionally, fishes have omega-3 fatty acids, which have multiple added health benefits to the humans.
Increasing Demand for Protein and Other Viral Nutrients to Propel Frozen Fish & Seafood Market
Robust growth of the food and dietary supplement industry is expected to result in higher demand for fish protein, creating a profitable opportunity for players in the frozen fish & seafood market across the globe. The nutrient profile of fish protein is compatible with the human digestion process. In the coming years, with increasing demand for protein, health supplements and other vital nutrients by consumers, fish protein could be used as a preferred best source for all. This is likely to generate opportunities for frozen fish & seafood manufacturers to increase their revenue in the coming years.
Frozen Seafood Products Gaining Traction in Food Industry
Approximately, more than three-fourths of the seafood products consumed across the globe are in the form of fresh and frozen, and slightly over 50% of fresh and frozen products are finfish. Less than half are shellfish and among that, the demand for shrimp is the highest. Due to busy lifestyles, the demand for frozen seafood products is increasing, as they are conveniently available, easy to cook, and nutritious. Hence, these factors are driving the expansion of the frozen fish & seafood market.
Leading Manufacturers Strive to Strengthen Distribution Channels
Frozen fish & seafood are widely used in the food processing industry, food service providers, retail/household, and animal feed and pet food. Due to the high demand for frozen fish & seafood, major manufacturers are focusing on strengthening their network with distributors to reach a larger consumer base. This is more common among the leading manufacturers who are focusing on increasing their global presence. Major manufacturers are focusing on acquisitions of smaller manufacturers, which will help them to strengthen their distribution network as well as production capacity.
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