The market for frozen seafood is positively impacted by the development of robust cold chains and distribution system. The storing of seafood products has also improved considerably prompting a rise in demand. Moreover, the rising consumption of frozen seafood is expected to benefit the market tremendously in the forecast period. The global seafood market is anticipated to achieve substantial growth in the coming years owing to rising growth of organized retail industry and globalization.
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The major contenders outlined in the Frozen Seafood Market are
- Iglo Group (U.K.),
- Clearwater Seafood (Canada),
- Leroy Seafood (Norway),
- High Liner Foods. (Canada),
- AquaChile (Switzerland),
- Marine Harvest (Norway),
- Austevoll Seafood (Norway)
The market is at an optimally productive level and will be capable of generating greater value for the firms in the market and its shareholders. The growth patterns are reviewed in tandem to the customer likings to realize the greatest growth, and in the long run, viability. Though, the market has also significantly neutralized the market advantages and thus is promoting an increase in the number of firms in the market.
Oct 2018 A United Kingdom-based supplier JCS Fish has launched a new range of frozen fish cakes under its BigFish Brand. BigFish’s new frozen fish cakes cater to current consumer trends that place breaded products and ease of preparation as key factors in purchasing decisions.
The segmentation of the Frozen Seafood Market is segmented on the basis of product type, end-user, and distribution channel. On the basis of product type, the market comprises of squid, fish, crab, shrimp, lobster and others. Among all the segments, the fish segment is responsible for majority of the market share in the seafood market globally. Owing to the globalization, many countries are growing their exports to other nations in order to grow their consumer volume base. Likewise, the changing consumer’s food habit is regarded as a momentous factor for enhancing the growth of the fish segment. On the basis of end users, the frozen seafood market has been segmented into retail customers and food service. The food service segment is projected to perceive a higher growth rate than the retail customers through the forecasted period. On the basis of distribution channel, the market is segmented into specialty retailers, convenience stores, hypermarkets & supermarkets, independent stores. The hypermarkets & supermarkets will control the market, as disposable income has been increasing together with the growing working-class population.
Detailed Regional Analysis
The market is expected to develop at a stable pace in the forecast period. The Asia Pacific region will be the fastest rising region in the frozen seafood market due to the high development in rising economies such as China, Japan, India, and ASEAN countries. The Latin American nations also offer abundant opportunities for expansion to major players.
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