Report : Europe 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 5.9% CAGR, the Europe Frozen Seafood market is speculated to be worth US$ 6,188.95 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Europe frozen seafood market was valued at US$ 3,633.44 million in 2022 and is expected to reach US$ 5,128.64 million by 2028, registering an annual growth rate of 5.9% 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.
There is a surge in demand for frozen seafood due to increasing health awareness among consumers. Many people are trying to shift to a healthy lifestyle, in which seafood is playing a vital role. Several seafood companies are increasing their focus on delivering innovative and healthy food offerings, which attract customers with their distinctive properties. For instance, a frozen food leader, SeaPak Shrimp & Seafood Co., has launched a new breaded shrimp product, SeaPak Shrimp Sea Pals, specifically focused on children. The SeaPak Shrimp Sea Pals are whole grain-breaded, minced shrimp bites in the shape of sea turtles and starfish.
Many companies in the market of frozen seafood are expanding their product offerings under the category of children-friendly food items to unlock untapped incremental opportunities. Furthermore, several studies have stated that Omega 3 in seafood improves children's sleep patterns and IQ levels. Thus, parents are demanding better seafood products for their children. Innovative product offerings are boosting the revenue of the frozen seafood market.
Additionally, the entry of new competitors, R&D activities, efficient resource allocation, technical advancements, and increased competition among rivals to extend their regional and client bases are contributing to the innovation of seafood products, hence promoting market expansion.
On the contrary, frozen seafood market faces severe challenge from overfishing which inurn hurdles the growth of Europe 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 52.9% market share in 2022, amassing US$ 1,922.47 million. It is projected to garner US$ 2,806.91 million by 2028 to expand at 6.5% CAGR during 2022–2028.
- Based on distribution channel, the Europe frozen seafood market is segmented into supermarkets and hypermarkets, specialty stores, online retail, and others. The supermarkets and hypermarkets segment held the 53.8% share in the market in 2022. It accrued US$ 1,955.17 million in 2022 and is estimated to generate US$ 2,798.77 million by 2028 to grow at a CAGR of 6.2% over the forecast period.
Our regional analysis states that Rest of Europe captured 28.5% market share in 2022. It was assessed at US$ 1,037.32 million in 2022 and is likely to hit US$ 1,382.74 million by 2028, exhibiting a CAGR of 4.9% during the forecast period.
Key players dominating the Europe frozen seafood market are Castlerock Inc., IFC Frozen Seafood, Marine Foods, Sterling Seafood, The Sirena Group, and Viet Asia Foods among others.
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