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Frozen seafood products are freeze processed, which helps to prevent bacterial growth and extends the shelf life of the fish. The freezing mechanism of frozen seafood products helps to reduce decomposition by converting any residual moisture into ice and inhibiting the growth of the majority of bacteria found in the fish.
One of the major drivers driving the frozen fish and seafood demand is the increasing preference for convenience foods. Consumers' hectic lifestyles, as well as their need to save time in the kitchen, are driving up the demand for frozen foods. The demand for convenience foods like frozen fish and seafood has risen as refrigeration technology has improved and the number of working women has increased. Frozen fish and seafood products are expected to see an increase in demand in the coming years, especially from developing countries, due to their long shelf life. Consumer appetite for traditional foods is one of the primary frozen fish and seafood consumption developments that will propel the industry forward. Sushi consumption is on the rise in North America, and this, in turn, is anticipated to drive the demand for a variety of fish species. The growing popularity of frozen fish and seafood as a snack has been influenced by cross-cultural influences.
Some of the key players in the industry include Lerøy Seafood Group (OTCMKTS: LYSFF), a Norway-based seafood production and distribution company, and High Liner Foods. High Liner Foods Inc (TSE: HLF) is a Canadian seafood processing and storage company that sells its products across North American markets. The company’s 2020 Q3 report states that it has had a strong cash flow, which is expected to be diverted into product innovation, further improving their position in the market.
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The major players in the North America frozen seafood market are Beaver Street Fisheries, Inc., Lerøy Seafood Group, Trident Seafoods Corporation, Pacific American Fish Company, Inc., The Fishin' Company, High Liner Foods Incorporated, and Crystal Cove Seafood Corporation, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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