North America Frozen Seafood Market Share, Revenue, Trends, Demand, Growth Strategy, Challenges, Opportunities and Future Competition Till 2033


North America Frozen Seafood Market Share, Revenue, Trends, Demand, Growth Strategy, Challenges, Opportunities and Future Competition Till 2033: SPER Market Research

 Category : Food & Beverages

 Published: Jan-2024
 Author: SPER Analyst

North America Frozen Seafood Market is projected to be worth USD 22.47 billion by 2033 and is anticipated to surge at a CAGR of 4.19%.

The purpose of freezing seafood products is to prevent the growth of bacteria, preserve their flavor and nutritional value, and increase their shelf life. The most popular technique for preparing a range of seafood products, such as tilapia, shrimp, salmon, tuna, etc., is cryofreezing. Because they are high in proteins, fatty acids, and micronutrients—all essential for good health—these products are currently preferred throughout the region over canned and fresh seafood products.

North America Frozen Seafood Market Driving Factors and Challenges

Drivers: The growing demand for convenience foods like ready-to-eat (RTE) and ready-to-cook (RTC) items, along with consumers' increasing health consciousness, are the main factors driving the frozen seafood products market in North America at the moment. Growing awareness of RTE and RTC products, which reduce preparation time, is among working people with hectic and demanding lifestyles. Consumer awareness of the health benefits of seafood for heart and eye health, as well as changes in consumer lifestyles, are contributing factors to the growing demand for these products. Further propelling the market expansion has been the growing need for frozen seafood in a range of food-processing applications as a thickening agent.

Challenge: Many challenges impact the dynamics and functioning of the frozen seafood industry in North America. One significant challenge is the increasing consumer demand for foods that are minimally processed and fresh. As health-conscious consumers seek out less processed options, fresh seafood is preferred over frozen alternatives. The frozen seafood industry faces a challenge as a result of this shift in consumer behaviour. It must innovate and adapt to meet shifting consumer preferences regarding processing methods and product quality.

Impact of COVID-19 on North America Frozen Seafood Market 
The COVID-19 pandemic affected North America's frozen seafood market in a complicated way. In the early phases of the pandemic, supply chain disruptions, logistical challenges, and changes in consumer behaviour were all present. Lockdowns and restrictions led to closures and reduced operations in the foodservice industry, a major consumer of frozen seafood, and an abrupt decline in demand. The reduction or temporary closure of major customers of frozen seafood products, including restaurants, hotels, and catering services, had an impact on the overall volume of the market. Conversely, as more people opted to purchase and cook meals at home during lockdowns, there was a rise in the demand for retail goods.

North America Frozen Seafood Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Austevoll Seafood, Fishery Products International, High Liner Foods, Nufarm Ltd, Iglo Group, Leroy Seafood, Marine Harvest, and others.

North America Frozen Seafood Market Segmentation:

By Type: Based on the Type, North America Frozen Seafood Market is segmented as; Adjuvants, Fertilizers, Pesticides, Plant Growth Regulators.

By Distribution Channel: Based on the Application, North America Frozen Seafood Market is segmented as; Supermarkets and Hypermarkets, Speciality, Convenience Stores, Online, Others.

By Sector: Based on the Sector, North America Frozen Seafood Market is segmented as; Retail, Institutional.

By Region: This research also includes data for Central Region, Southern Region, and Northern Region.

This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.

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