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North America Frozen Seafood Market to Grow at a CAGR of 4.1% During 2021-2026, Aided by the Increasing Preference for Convenience Foods

According to a new report by EMR titled, ‘North America Frozen Seafood Market Report and Forecast 2021-2026’, the market attained a value of about USD 13 billion in 2020. The industry is further expected to grow at a CAGR of 4.1% in the forecast period of 2021-2026.

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.

Market Analysis by Type, Sector, Distribution Channel, and Region:

  • The market on the basis of type can be divided into shrimp, salmon, tuna, tilapia, pangasius, and catfish, among others.
  • Based on sector, the industry can be divided into retail and institutional.
  • The major distribution channels for  frozen seafood in North America include supermarkets and hypermarkets, convenience stores, speciality stores, and online, among others.
  • The regional markets for the product in North America are Canada and the United States of America.

Key Findings of the Report:

  • RTE and RTC products save time in the kitchen and are gaining popularity among working people who lead busy lives, which is one of the major factors contributing to the industry growth.
  • Consumer knowledge of the nutritional benefits of seafood for eyes and heart health and the changing lifestyles are driving the demand for frozen seafood.
  • The increased technological advancements in cold storage techniques are expected to help the market to expand further.
  • The increased penetration of supermarkets and hypermarkets and the high consumer purchasing power in the region are also aiding the industry growth.

Key Offerings of the Report:

  • The EMR report gives an overview of the  frozen seafood market in North America for the periods (2016-2020) and (2021-2026).
  • The report also offers the historical (2016-2020) and forecast (2021-2026) markets for the types, sectors, distribution channels, and regions of frozen seafood.
  • It assesses the regional price trends for the (2016-2020) and (2021-2026) periods. 
  • The market report also analyses the trade data by covering the major importing and exporting countries. 
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

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.

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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