The global frozen fish and seafood market

Global frozen fish and seafood market to exceed USD 60 billion by 2020, growing at a Compound Annual Growth Rate (CAGR) of over 4%.
According to their latest report, Technavio analysts expect the global frozen fish and seafood market to exceed USD 60 billion by 2020, growing at a Compound Annual Growth Rate (CAGR) of over 4% during the forecast period.

Increasingly hectic lifestyles have led consumers to prefer ready-to-eat meals that reduce the preparation, cooking, and clean-up time. The convenience factor is also frequently used by frozen fish and seafood manufacturers to increase the relevance of their products to consumers. Convenience foods are taking into account consumer demands for healthier, tasty, and home-cooked food. Examples of white fish species that are often used in convenience food products are pollock, Alaska pollock, and pangasius.
In more developed markets such as the Americas and Europe, convenience needs are well established. In developing economies such as India and China, urbanization and the increase in working women is driving the need for convenience. “However, the industry will need to communicate the positive benefits of the long life of frozen food,” says Vijay Sarathy, a lead research analyst at Technavio for food research.

The predominance of fish or seafood as a light snack or side dish is increasing. For example, Giant Eagle’s fish sticks, made from minced fish, are a good source of protein and can be cooked in 10 minutes. Iglo, a France-based company, targets teenagers with products such as “the big cod,” “the big hake,” and the “fish and crock hake”. In addition, the demand for snack products such as fish balls and crabmeat is also increasing. Iceland Food under the Birds Eye brand manufactures fish fingers, which are marketed as a good source of omega-3 fatty acids, necessary for maintaining normal brain function.

There is growing demand for frozen seafood as it is more economical and often better for the environment. To reach consumers, fresh fish usually has to be shipped by air. However, frozen seafood can be transported by ship, rail, or truck, which has a significantly lower environmental impact. With frozen fish and seafood, consumers can also avoid wastage as they can defrost only the required amount.