Report : North America 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 6.3% CAGR, the North America 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 North America frozen seafood market was valued at US$ 4282.46 million in 2022 and is expected to reach US$ 6,188.95 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.
The increasing awareness among consumers regarding the health benefits offered by seafood is contributing to the growth of the frozen seafood market. Seafood is a low-fat and high-protein food that can help to build muscle, improve your eyesight, boost your brainpower, support heart health, relieve joint discomfort, and improve skin and hair. Moreover, it includes components that anticipate the expansion of the market, such as vitamins, iron, and omega-3 fatty acids. Consumers are shifting toward a healthy lifestyle, which has led to high demand for healthy food with nutritional value. Seafood contains many nutrients, such as protein, vitamin D, and omega 3, which are incredibly important for the body and brain. Eating seafood decreases the risk of heart attack, stroke, hypertension, and obesity. It also provides essential nutrition to infants and children for their development. It consists of low total fat and saturated fat. Hence it is the best diet for obese people. These all factors are aiding the market for frozen seafood. Furthermore, the rise in disposable income and the preference for food that provides convenience in cooking and consumption has gained profound importance, especially among the urban populace due to their busy lifestyle, boosting the market.
On the contrary, frozen seafood market faces severe challenge from overfishing which inurn hurdles the growth of North America 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 45.5% market share in 2022, amassing US$ 1,950.33 million. It is projected to garner US$ 3,011.34 million by 2028 to expand at 7.5% CAGR during 2022–2028.
- Based on distribution channel, the North America frozen seafood market is segmented into supermarkets and hypermarkets, specialty stores, online retail, and others. The supermarkets and hypermarkets segment held the 51.1% share in the market in 2022. It accrued US$ 2187.77 million in 2022 and is estimated to generate US$ 3188.61 million by 2028 to grow at a CAGR of 6.5% over the forecast period.
Our regional analysis states that US captured 76.2% market share in 2022. It was assessed at US$ 3,264.23 million in 2022 and is likely to hit US$ 4,711.73 million by 2028, exhibiting a CAGR of 6.3% during the forecast period.
Key players dominating the North America frozen seafood market are American Seafoods Company LLC, Castlerock Inc., Clifton Seafood Company, High Liner Foods Inc, IFC Frozen Seafood, Marine Foods, Mazetta Company LLC, Sterling Seafood, The Sirena Group, and Viet Asia Foods among others.
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