Global Frozen Seafood Market Poised to Expand at 3.7% CAGR during 2017 - 2026; Food Chain Services to Represent Leading End-users for Frozen Seafood Market through 2026, observes TMR

Thursday, 25. January 2018 10:57

Albany, New York, Jan. 25, 2018 (GLOBE NEWSWIRE) -- Rising uptake of fish and crabs in the dietary lifestyles of consumers living in areas remote from coastal regions has driven the demand for frozen seafood Market. Companies are witnessing a considerable rise in the use of frozen seafood products, and this has influenced the processing and production techniques adopted by them. However, complexities in the cold storage chains and lack of standardization with respect to the refrigeration techniques has created stumbling blocks for the trade of frozen seafood products. Companies namely, AquaChile, High Liner Foods, Clearwater Seafood, Leroy Seafood, Iglo Group, Nomad Foods Europe, Marine Harvest ASA, Thai Union Frozen Products, Beijing Princess Seafood International Trading, and Grupo Pescanova are actively striving to improve the global supply chain for frozen seafood products. Several of these companies are adopting new measures to improve the quality and safety of the products.

In the recently published forecast study by Transparency Market Research, these companies have been profiled as the key players instrumenting the growth of the global frozen seafood market for the forecast period, 2017-2026. The study projects that over the forecast period, the global frozen seafood market will expand at a sluggish CAGR of 3.7%. The report further estimates that more than US$ 32 Bn worth of frozen seafood products will be sold globally by the end of 2026.

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Europe to Register Highest Sales of Frozen Seafood Products through 2026

Based on the regional analysis provided in the report, Europe is anticipated to be at the forefront of global expansion of frozen seafood market. Predominant use of fishes in European culinary cuisines, coupled with growing consolidation of cold storage services across the region will factor the growth of Europe’s frozen seafood market through 2026. By the end of the forecast period, the frozen seafood market in Europe will reach a valuation of US$ 9.4 Bn. The report also projects a considerable demand for frozen seafood products in North America. Increasing preference of consumers in the US towards frozen foods will drive the sales of frozen seafood products in North America. With respect to the revenue growth, the Asia-Pacific excluding Japan (APEJ) region is poised to register the highest CAGR of 4.6% over the forecast period. Easy adoption of refrigeration techniques among seafood manufacturers in APEJ countries such as China and India will fuel the expansion of the APEJ frozen seafood market in the foreseeable future.

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High Demand for Crustaceans to Drive Market Growth; Food Chain Services to Represent Largest End-users

The report has analyzed the global frozen seafood market on the basis of products, among which crustaceans are expected to represent leading segment. Frozen crustaceans are slated to incur brimming demand owing to the rising preference of consumers towards eating exotic seafood such as crustaceans. Moreover, the demand for frozen fishes is also poised to gain traction and bring in more than US$ 9.3 Bn by the end of 2026.

Leading food chain services and prominent foodservice franchises are expected to become the key end-users of frozen seafood products. The report projects that sales of frozen seafood products across global food chain services will bring in more than one-third of global revenues throughout the forecast period. Modern trade outlets will also represent a lucrative end-user segment in the global frozen seafood market. Easy accessibility to common consumers will propel the sales of frozen seafood across modern trade outlets through 2026.

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Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.

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