Changing Lifestyle Trends Lead To Continued Growth Of Global Seafood Market

The frozen seafood market has seen a rapid rise in popularity over the past couple of years, and this trend is set to continue to rise in the near future. A look at some factors to this boom, and what the future holds.

The market for frozen seafood, a part of the wider processed food world, has seen unprecedented demand recently. From a net worth of USD 48.54 billion two years back, it is set to grow at a CAGR of 4.63 percent to stand at USD 60.88 billion by 2021.

But what does mean? Why the sudden surge in demand for something that has only recently found mainstream acceptance from the wider public? After all, frozen fish and seafood are basically food items that are packaged so that they can be stored in the freezer and last longer for use by the consumer.

One factor that could be attributed to this rise in demand is the fact that rising urbanization has ensured an increase in demand for food products that are convenient, and are easy and quick to make. Another reason for the rise of convenience food products could be more women getting employed, and as a result, ensuring that there needs to be ready-to-make food since both the spouses are away at jobs.

Other reasons could be the improving living standards and urban settlements getting bigger, which leads to a rise in demand for such packaged storage food. In fact, these factors surely influence buying patterns in all kinds of food.

The distribution channel of the ready-to-make-seafood market contains supermarkets and hypermarkets, which make up the largest share of the said market, independent retailers, convenience stores, specialty retailers and others. It is expected that hypermarkets and supermarkets will stay on top during the forecast period of 2016-2021.

What makes this segment increasingly attractive to the sellers and consumers is the fact that they provide an ease of access, while also giving a wide array of frozen fish and seafood products to choose from. All this in a discounted price scheme!

It is not just these kinds of stores, but there is a projected rise in market share at a considerable rate for convenience stores and independent retailers in the forecast period. This is due to the growing popularity and sales of cold storage seafood in different countries.

Geographically, the market can be divided into the following regions: North America, Europe, Asia-Pacific and Rest of the World. Not unexpectedly, the second region has dominated the frozen seafood market, while the Asia-Pacific region is expected to grow at the highest CAGR.

This isn’t surprising, given that most of the Asian nations are still developing ones, while the ones with a better stronghold on the economy like China, Japan, South Korea, and India have recently seen rapid urbanization and rise in middle-class jobs, including for women. Thus, the rise in demand and market share is just an extension of this process.

Some of the biggest companies functioning in the seafood market are Leroy Seafood, Marine Harvest, High Liner Foods, and Iglo Group. Other big vendors include Fishery Products International, Beijing Princess Seafood International Trading, Austevoll Seafood, Clearwater Seafood, Sajo Industries, AquaChile, Lyons Seafoods, Hansung Enterprise, Shanghai Kaichuang, Marine International, Tri Marine International, Surapon Foods Public, Tassal Group and Toyo Suisan Kaisha. That some of these are from Asia is an example of the highly positive response the market of this region is showing towards the frozen seafood market.

Check out Market Data Forecast’s comprehensive reports with in-depth analysis about the Dehydrated Seafood Market a free research sample can also be availed. Stay tuned for trending news stories about the latest technologies and interesting Food and Beverages tit-bits.

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