The seafood market has a high demand rate globally, but its perishability causes a certain loss of demand. Market reports associated with the food, beverages & nutrition industry have been made available by Market Research Future which creates reports on other industry verticals that outlines the current market scenarios. The market is anticipated to develop at a stable pace in the forecast period.
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 divergence of the product assortment in the market is increasing the opportunity for the progress of the market. The ability to apply the economies of scale is further proving to be beneficial for widespread market growth.The managing propensities in the market are emphasizing the level of growth that can be achieved in the current market scenario. 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.
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).
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 based on product type, end-user, and distribution channel. Based on 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. Based on 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. Based on 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.
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Detailed Regional Analysis:
The global frozen seafood market is segmented into North America, Europe, Asia Pacific, and rest of the world (ROW). Among these regions, the European region is estimated to retain its position throughout the forecast period. 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.