The new report by Expert Market Research titled, ‘North America Frozen Seafood Market Trend, Size, Share, Growth, Report and Forecast 2023-2028’, gives an in-depth analysis of the North America Frozen Seafood Market, assessing the market based on its segments like type, sector, distribution channel, and major countries including USA and Canada.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2020): USD 13 Billion
- Forecast CAGR (2023-2028): 4.1%
- Forecast Market Size (2028): USD 16.6 Billion
The frozen seafood products market in North America is being driven by the growing demand for fast foods such as ready-to-eat (RTE) and ready-to-cook (RTC) products. Additionally, the rising consumer awareness about health is another significant driving force. The time saved by consumers, the nutritional benefits of seafood, as well as changing lifestyles, are propelling the demand for these items. Furthermore, rapid advancements in freezing technology, improved supply chain options, the premiumisation of goods, modest population growth, and high urbanisation are some of the many factors that aid the robust growth of the frozen seafood market in North America.
Industry Definition and Major Segments
Frozen seafood has been frozen to prevent bacterial growth, preserve its flavour and nutritional value, and prolong its shelf life. The most widely used method for preparing a variety of seafood items is cryofreezing. Being high in micronutrients, proteins, and fatty acids, these products are favoured over canned and fresh seafood in the region.
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The North America frozen seafood industry can be classified by type into:
The market can be divided by sector into:
The market can be divided by distribution channel as follows:
- Supermarkets and Hypermarkets
- Convenience Stores
- Specialty Stores
The regional markets for North America frozen seafood include:
- United States of America
The frozen seafood market in North America is witnessing robust growth due to the high urbanisation and working population bloom, and the convenience offered by RTE and RTC foods. Going by the distribution channel, supermarkets and hypermarkets reported for the largest share in the market owing to the wide range of products and the high market penetration of supermarket chains in the region. Advanced cryogenic methods have also aided the market growth in further interior regions. Apart from the US, the seafood market in Canada is upscaling and is expected to grow faster in the coming years.
Key Market Players
The major players in the market are Beaver Street Fisheries, Inc., Lerøy Seafood Group ASA, Trident Seafoods Corporation, Pacific American Fish Co., Inc., and Crystal Cove Seafood Corp. among few others. The report covers the market shares, capacities, expansions, investments, and mergers and acquisitions, among other latest developments of these market players.
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