Feb. 16 (UPI) — The market for frozen fish is enormous and only expected to grow over the next eight years, according to a new study.
Although Americans have steadily increased their consumption of frozen fish products over the last decade, consumers in the Asia-Pacific region are expected to produce a boom in the market over the next few years thanks to “consumer preference for convenient, longer-lasting food options and rising adoption of advanced freezing and packaging technologies.”
The global frozen fish market generated $26.9 billion in 2022, and is anticipated to generate $54.5 billion by 2032, witnessing a CAGR of 7.4% from 2023 to 2032, according to Allied Market Research study published on Friday.
According to U.S. Census data and Simmons National Consumer Survey, more than 170 million Americans used frozen seafood and fish in 2020. This year, it is expected to hit 173.2 million Americans. According to the National Fisheries Institute’s latest numbers, Americans are currently eating a record 20.5 pounds of seafood per capita, much of it frozen.
While the consumption is up, the report highlighted the rising threat of over-fishing and regulatory changes as restraining the growth of the frozen fish market.
Seafood consumption has increased significantly worldwide over the last few decades, driven by a rise in a standard of living. A growing knowledge of the benefits of consuming seafood — apart from protein, fish and shellfish are particularly high in vitamins and minerals such as zinc, selenium and vitamin B1 — has also helped to boost the food’s popularity.
