Fish and seafood are rich in dietary sources of DHA and EPA, contain medium to high levels of Omega-3 fatty acids, particularly in salmons, herrings, and mackerels. These nutrients are essential to negotiate a number of diseases and physicians often recommend them to their patients.
Frozen fish & seafood products have gained immense popularity around the world due tothe growing demand for processed seafood caused by changing lifestyles and the subsequent adoption of Western food habits among the Asian population. The global frozen fish & seafood market is divided based on distribution channel into the following categories: supermarkets &hypermarkets, specialty retailers, convenience stores, independent retailers, and others. Among these, supermarkets and hypermarkets dominated the global market in 2015 and are expected to retain their leading position over the forecast period.
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The thing with fish and seafood is that they are extract or farmed long way away from their end users, and their freshness is of optimum important. As a result, the concept of frozen fish and seafood has escalated. Once frozen, fish and seafood are able to sustain their nutritious values for longer periods and hence, an increased opportunity to transport them and have a longer shelf life. Thanks to advanced packaging tools that have been formulated in the recent past, the vendors of frozen fish and seafood are able to cater to larger consumers and consequently, the horizons are expanding.
According to a recent business intelligence report from Transparency Market Research (TMR), the demand in the global frozen fish and seafood market will increment at a formidable compound annual growth rate (CAGR) during the forecast period of 2016 to 2024. Here are some of the key drivers and trends that are primed to open new opportunities in the global frozen fish and seafood market:
Growing demand for ready to eat and convenience food: Urban populations are now not limited only to developed countries and are expanding across emerging economies. These populations have substantial disposable income as well as a restless lifestyle, which makes them perfect end users for food products that are convenient in preparation and consumption. With adequate packaging methods as well as tools of freezing, fish and seafood are now being offered by retailers and hypermarkets that are ready to eat and consumers are spending extra bucks for them.
Growing number of working women: Across emerging economies, the percentage of working women is on the rise as a result of government efforts to encourage that gender and as a result, nucleus families are resorting to frozen fish and seafood which are quick to prepare as well as delicious.
Organic food trend: The flourishing food industry is observing a strong trend of organic food as the awareness regarding the ill-effects of fertilizer driven food products is expanding as a result of deepening penetration of social media. Fish and seafood are completely organic and the trend seems to be engulfing the European region in particular. Additionally, traditional foods such as sashimi and sushi are also garnering strong traction. These products are also expected to gain increased demand from the mushrooming of elite hotels and restaurants.
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Some of the leading companies currently holding a prominent position in the global frozen fish and seafood market are Clearwater, AquaChile, Nomad Foods Europe, High Liner Foods, Hansung Enterprise, Austevoll Seafood, Lyons Seafoods, and Marine Harvest. Overall, the competitive landscape is intense and most of these players are aspiring to strengthen their supply chain in order to gain greater shares. Additionally, the focus seems to be on resorting to innovative packing in order to lure newer customers.