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Frozen Fish Market to Reach $54.5 Billion Globally by 2032 at 7.4% CAGR: Allied Market Research
The increasing consumer preference for convenient, longer-lasting food options and rising adoption of advanced freezing and packaging technologies are boosting the growth of the frozen fish market. However, the rising threat of overfishing and regulatory changes are restraining the growth of the frozen fish market. On the other hand, advancements in sustainable sourcing practices and increasing consumer awareness regarding environmental issues are expected to unlock rewarding growth opportunities in the global frozen fish market during the forecast period.
The salmon sub-segment dominated the market in 2022, holding a major share of 32.0%. This dominance is expected to continue till 2032, growing with a CAGR of 8.2%. This growth is mainly due to the increasing consumer preference for versatile and nutritious seafood options, driving up demand for salmon products. Additionally, the rising demand for convenient meal solutions and stringent quality control measures are driving consumer trust in frozen salmon products, thus contributing to its dominance in the market.
The supermarkets/hypermarkets sub-segment led the market in 2022, holding a substantial share of 55.2%. This sub-segment is expected to hold a leading market share of 56.5% by 2032. The growth of the sub-segment is mainly because of the increasing consumer preference for convenient shopping experiences and rising demand for a diverse range of frozen fish products, driving sales growth in these retail outlets. Additionally, their ability to offer competitive pricing, strict quality control measures, and promotional strategies further boosted their dominance in the market.
The Asia-Pacific region dominated the in 2022, holding a major share of 47.2%. The dominance of this region is expected to continue by rising with a CAGR of 7.7% in the forecast period. This is mainly due to rising disposable incomes in the region, increasing consumer awareness of the health benefits of seafood consumption, and the boosting demand for convenient and ready-to-cook food options. Additionally, improvements in cold chain infrastructure and logistics have driven the region's ability to maintain the quality and safety of frozen fish products, further driving its dominance in the market.
The report provides a detailed analysis of the key players of the global frozen fish market. These players have adopted different strategies, such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain their dominance in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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