Technavio’s latest report on the global frozen fish and seafood market provides an analysis of the most important trends expected to impact the market outlook from 2017-2021.
According to Technavio, London, the market is driven by consumers' increasing desire for convenience, emergence of fish and seafood as light snack items and availability of products that can cater to the changing consumer needs worldwide. Improvement of refrigeration in the commercial and industrial scenario will also drive the market's growth in the coming years.
“Fish and seafood are considered as light snack items that can be served as appetizers,” says Akash Pandey, lead analyst specializing in research in the food sector. “Thus, the availability of frozen fish products such as fish fingers is convenient for consumers. The ongoing developments in modern distribution channels, along with technological improvements in processing, packaging and storage of seafood products, will also aid in the market's growth.”
The report outlines the Top 3 emerging trends driving the global frozen fish and seafood market as being:
- Innovation in packaging and preparation.
- Growing demand for organic frozen fish in Europe.
- Growing demand for traditional foods — sushi and sashimi.
“Frozen fish and seafood these days are also available in steam bags that have a microwavable packaging. A major reason for this packaging to get popular is it adds to the convenience of the customer,” according to Akash.
For instance, over-exploitation of wild fish has recently brought on a surge in the domestication of marine species. These days, natural supply from the sea just is not keeping up with the demand. Also, these fishes are highly mercury-laden. Hence many organizations are farming fish rather than hunting them to sustain the production of fish and other aquatic organisms.
Traditional fish and seafood preparations like sushi have slowly and gradually grasped the market in North America and Asia.
Millennials (population aged between 20-34 years of age) are the main targets, as they comprise of cosmopolitan class. This increasing cross culture has influenced the trade flows of frozen fish and seafood products. Sushi has now become a global snack consumed by people in the Middle East, North America and Asia.