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Growing Desire for Convenience to Boost the Global Frozen Fish and Seafood Market Through 2020, Says TechnavioAccording to their latest report, Technavio analysts expect the global frozen fish and seafood market to exceed USD 60 billion by 2020, growing at a CAGR of over 4% during the forecast period. According to Vijay Sarathy, a lead research analyst at Technavio for food research, "The demand for seafood continues to increase globally due to the significant population growth in countries such as China, India, and Brazil. Moreover, the development of modern distribution channels along with technological improvements in the processing, packaging, and storage of seafood products also help market growth." Technavio's lead food and beverage market research analysts have identified the following three factors that will drive the global frozen fish and seafood market:
Growing desire for convenience Increasingly hectic lifestyles have led consumers to prefer ready-to-eat meals that reduce the preparation, cooking, and clean-up time. The convenience factor is also frequently used by frozen fish and seafood manufacturers to increase the relevance of their products to consumers. Convenience foods are taking into account consumer demands for healthier, tasty, and home-cooked food. Examples of white fish species that are often used in convenience food products are pollock, Alaska pollock, and pangasius. In more developed markets such as the Americas and Europe, convenience needs are well established. In developing economies such as India and China, urbanization and the increase in working women is driving the need for cnvenience. "However, the industry will need to communicate the positive benefits of the long life of frozen food," says Vijay. Emergence of fish or seafood as a light snack The predominance of fish or seafood as a light snack or side dish is increasing. For example, Giant Eagle's fish sticks, made from minced fish, are a good source of protein and can be cooked in 10 minutes. Iglo, a France-based company, targets teenagers with products such as "the big cod," "the big hake," and the "fish and crock hake". In addition, the demand for snack products such as fish balls and crabmeat is also increasing. Iceland Food under the Birds Eye brand manufactures fish fingers, which are marketed as a good source of omega-3 fatty acids, necessary for maintaining normal brain function. Growing demand for frozen seafood There is growing demand for frozen seafood as it is more economical and often better for the environment. To reach consumers, fresh fish usually has to be shipped by air. However, frozen seafood can be transported by ship, rail, or truck, which has a significantly lower environmental impact. With frozen fish and seafood, consumers can also avoid wastage as they can defrost only the required amount. With today's technology, frozen fish and seafood retain nutritional value and taste. As freezing slows down the decaying process, flash-frozen fish retains its nutritional value. Fish is a source of omega-3 acids, which are good for the heart. Fish frozen within a few hours of being caught have well-preserved vitamins (A, B12, and D). As fresh fish takes a week to reach consumers, frozen fish is considered healthier by many. The availability of frozen fish and seafood at the same level of freshness for months rather than days is an advantage. Also, frozen fish and seafood products offer convenience to consumers in terms of availability and choice. Browse Related Reports:
Purchase these three reports for the price of one by becoming a Technavio subscriber. Subscribing to Technavio's reports allows you to download any three reports per month for the price of one. Contact [email protected] with your requirements and a link to our subscription platform. About Technavio Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies. Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users. If you are interested in more information, please contact our media team at [email protected].
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