Report : Asia Pacific Frozen Seafood Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type (Frozen Fish, Frozen Crustaceans, Frozen Mollusks, and Others) and Distribution Channel (Supermarket and Hypermarkets, Specialty Stores, Online Retail, and Others)
At 5.0% CAGR, the Asia Pacific Frozen Seafood Market is speculated to be worth US$ 8,965.43 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Asia Pacific frozen seafood market was valued at US$ 6,708.32 million in 2022 and is expected to reach US$ 8,965.43 million by 2028, registering an annual growth rate of 6.3% from 2022 to 2028. Rising demand for seasonal fish products and rising health awareness among consumers are the critical factors attributed to the market expansion.
During COVID-19 lockdowns, consumption of seafood outside the home was nearly difficult. People were compelled to prepare meals at home because hotels and restaurants were closed. Therefore, demand for easy-to-cook prepacked frozen seafood products increased. Many companies started offering new lines of frozen seafood products for homebound consumers. Due to consumer preferences and innovative marketing strategies, the sales of prepackaged frozen seafood items rose.
Furthermore, due to the advantages of packaged frozen seafood products, there is also demand in the hospitality industry. Packaged frozen seafood products are easy to use as they are packed in appropriate portions, easy to prepare, avoid wastage, and save time.
Packaging food products prevents or reduces product damage and spoilage, thereby saving energy, vital nutrients, and costs and protecting the consumer's health. It also reduces the cost of many foods through economies of scale in mass production and efficiency in bulk distribution. It eliminates or lessens the risk of tampering and adulteration as well.
On the contrary, frozen seafood market faces severe challenge from overfishing which inurn hurdles the growth of Asia Pacific frozen seafood market.
- Based on product type, the market is segmented into frozen fish, frozen crustaceans, frozen mollusks, and others. In 2022, the frozen fish segment accounted for the largest revenue shar. It held 47.7% market share in 2022, amassing US$ 3203.18 million. It is projected to garner US$ 4396.96 million by 2028 to expand at 5.4% CAGR during 2022–2028.
- Based on distribution channel, the Asia Pacific frozen seafood market is segmented into supermarkets and hypermarkets, specialty stores, online retail, and others. The supermarkets and hypermarkets segment held the 57.8% share in the market in 2022. It accrued US$ 3879.63 million in 2022 and is estimated to generate US$ 5247.87 million by 2028 to grow at a CAGR of 5.2% over the forecast period.
Our regional analysis states that China captured 36.9% market share in 2022. It was assessed at US$ 2477.52 million in 2022 and is likely to hit US$ 3471.50 million by 2028, exhibiting a CAGR of 5.8% during the forecast period.
Key players dominating the Asia Pacific frozen seafood market are Castlerock Inc., Marine Foods, Sterling Seafood, The Sirena Group, and Viet Asia Foods among others.
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