According to Fortune Business Insights, fish is increasingly in demand from consumers around the world as a healthy source of protein and fatty acid. The most efficient method of transporting fish is to freeze it before exporting, in order to maintain freshness. Other trends such as the increasing popularity of ready-to-cook meals, and eating habits such as the keto diet also add to the demand for fish. Fish is also being prepared in increasing amounts in restaurants, cafes, and hotels. Global News Wire predicts the global frozen fish and seafood market altogether to grow by $28.58 billion USD total from 2022-2027, at a compound annual growth rate (CAGR) of 7.26%.
Revenue of Frozen Fish Market Worldwide, 2021
Worldwide, the global market for frozen fish was valued at $7.29 billion USD as of 2021. Out of all frozen seafood categories, frozen fish had the highest valuation.
(Market Research Future)
Market Share of Global Seafood Market by Region, 2021
The United States holds the greatest share of the market for all frozen seafood worldwide, with a market worth approximately $6.25 billion as of 2021. Europe has the second highest market share, followed by the Asia-Pacific region.
U.S. Market Analysis for Frozen Fish
North America (and the U.S. in particular) is predicted to experience large scale growth in the frozen fish market. Previously mentioned trends like ready-to-cook meals and consumer demand for more protein rich food adds to the popularity of fish in the North American market. North America has extensive infrastructure that contributes to the success of frozen fish products like well-established distribution channels and high volume online sales.
Importers and Exporters
As of 2018, the largest exporter for frozen fish was China at a valuation of $3.17 billion, followed by the United States and Russia. The top importer was again China with $3.42 billion dollars’ worth of frozen fish imported, followed by Japan and South Korea.