Frozen Fish Market Size, Share, Growth, Trends, and Global Industry Analysis: By Type (Cod, Catfish, Snapper, Salmon, Tuna, and Others), By Distribution Channel (Supermarkets/Hypermarkets, Convenience Stores, Specialty Stores, and Online Retail), Region Forecast 2019-2030

The frozen fish market size was valued at US$ 24,892.1 million in 2023 and is projected to reach a value of US$ 39,710.5 million by 2030, at a CAGR of 6.9% from 2024-2030. Moreover, the U.S. Frozen fish market is projected to grow significantly, reaching an estimated value of US$ 13,205.5 million by 2032. 

Frozen fish could be a mix of several species, which may include salmon, cod, shrimp, tilapia and many more. Freeze involves the process of quick temperature lowering of the fish so that water content within the flesh is iced. This prevents the formation of large ice crystals that could potentially damage the cell structure and texture of the fish. Properly frozen fish will retain all its nutrients, flavors, and textures, making it a very convenient and long-lasting product for consumers. It is mainly sold in supermarkets as well as seafood markets and is one of the most favorite ingredients in both home cooking as well as for the food industry to prepare a lot of dishes and seafood products.

Key Players

There are many major players in the market for frozen fish; some of these include Marine Harvest (Mowi), which sells farmed salmon in high volumes; Thai Union Group, famous for its wide variety of frozen seafood products, Nissui (Nippon Suisan Kaisha, Ltd.), offering a diverse variety of frozen fish; Trident Seafoods, a major U.S. supplier of frozen fish and a leader in sustainable fish-harvesting practices; High Liner Foods, specializing in frozen seafood in Canada; Iglo Group, a major brand in Europe in frozen fish; Sustainable Fisheries UW, a known provider of responsible fishing; Seafood Supply, a supplier of an assortment of frozen seafood products; Cargill, a global leader in food production with a sizeable business in seafood; and Pelagic Fish Ltd. that specializes in frozen pelagic fish. These companies hold a significant position in the global frozen fish market.

Key Takeaways

•    The market will often be one of the largest markets in North America 
•    The Asia-Pacific region is the largest growth market in the frozen fish market
•    Based on the type, the salmon segment holds a 32.8% market share
•    Based on the distribution channel, supermarkets/hypermarkets the salmon segment holds a 42.1% market share

Facts & Figures

•  The U.S. market generated approximately $11 billion in sales in 2022, reflecting a robust consumer preference for frozen seafood.
•  As of June 2022, frozen fish accounted for approximately 20% of total seafood consumption in the global market
•  In 2022, Japan consumed approximately 900,000 tons of frozen fish, reflecting the country's strong seafood culture.

Key Developments

•    In January 2023: Thai Union Group announced the acquisition of a majority stake in Red Lobster, enhancing its position in the seafood restaurant sector and expanding its frozen seafood offerings.
•    In September 2023: High Liner Foods announced a merger with a regional seafood supplier to expand its distribution network and product offerings in frozen fish.
•    In August 2023: Trident Seafoods acquired a small at-sea processing company, enabling it to enhance its frozen fish supply chain and increase production efficiency.

Frozen Fish Market Segmentation

By type: The market is led by the salmon sub-segment. As a versatile fish, salmon can be prepared in hundreds of different ways such as grilling, baking, or pan-searing. This diversity has resulted in the maximum popularity of salmon in the frozen food market. Above all, today more and more consumers are health-conscious. Salmon is rich in omega-3 fatty acids, protein, and many other essential nutrients, which makes it the most sought-after food item among health-conscious people.

Distribution Channel: Supermarkets/hypermarkets dominated the global market share of frozen fish through the distribution channel. Supermarkets and hypermarkets are indeed generally known for having a large product variety. The greater the variety in frozen fish, such as different species and cuts and preparation styles, the more likely consumers will purchase these products. The major reason behind the increased growth of the sub-segment is to provide choices related to distinct tastes and cooking preferences. Consumers demand that frozen fish products be of good quality and safe.