The rivalry between the leading vendors of seafood across the world, such as AquaChile, High Liner Foods, Clearwater Seafood, Iglo Group, Marine Harvest ASA, Leroy Seafood, Nomad Foods Europe, Thai Union Frozen Products, Beijing Princess Seafood International Trading, and Grupo Pescanova, characterizes the competitive landscape prevalent in the global market for frozen seafood, states a new report by Transparency Market Research (TMR). These players are competing on the basis of product innovation of price differentiation. Over the coming years, the focus of these players is likely to shift towards strategic partnerships in order to expand their regional reach, states the research report.
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According to the TMR’s estimations, the global market for frozen seafood will witness a slow CAGR of 3.70% during the period from 2017 to 2026 and reach a value of US$32 bn by the end of the period of the forecast. The demand for frozen fishes is relatively higher than other products available in this market. Researchers anticipate this trend to remain so over the next few years. Food chain services are the key end users of frozen seafood across the world and are expected to remain so over the forthcoming years.
Asia Pacific excluding Japan, the Middle East and Africa, North America, Latin America, Europe, and Japan are some of the prominent regional markets for frozen seafood across the world. Among these, Europe has acquired the leading position and is projected to continue on the top in the years to come. The significant usage of fishes in European cuisines, together with the increasing consolidation of cold storage services across this region, is likely to support the Europe market for frozen seafood in the near future, reports the market study.
Technological Advancements in Cold Chain Infrastructure to Boost Market’s Growth
“The rising demand for seafood products in remote locations is the main factor behind the growth of the global frozen seafood market,” says the author of this study. The presence of a strong cold chain infrastructure is also propelling this market substantially, with the distribution of frozen seafood being simplified by this. Going forwards, the technological advancements in the cold chain infrastructure is likely to support the growth of this market considerably in the years to come, states the research report.
Complexities Associated With Processing Techniques for Frozen Seafood Production to Hamper Market
On the other hand, the complexities associated with the processing techniques for the manufacturing of frozen seafood products is projected to challenge the business prospects of the enterprises operating in the global frozen seafood market. In addition to this, the absence of standardization, in terms of the deploying of freezing temperatures, storage of frozen seafood products across various levels of refrigeration, and the application of proper seafood preservatives are anticipated to limit the sales of frozen seafood across the world in the years to come. The inconsistency in the quality of storage services is also expected to create problems for frozen seafood providers over the next few years, reports the study.