by The global IQF seafood market is experiencing remarkable growth, driven by a surge in the consumption of individually quick frozen (IQF) seafood products. Several factors, including convenience, cost-effectiveness, and high nutritional value, have contributed to the rising demand for ready-to-eat IQF seafood. The market has also benefited from a growing awareness of health-conscious consumers and a shift from canned to frozen foods. Furthermore, the extension of the shelf life of frozen seafood, which limits microorganism growth, has enhanced the markets performance.
According to the Food and Drug Administration (FDA), proper freezing is essential to maintaining the quality and taste of seafood. As a result, there is a heightened focus on IQF technology. Additionally, the increasing per capita consumption of seafood, especially in affluent nations with a preference for imported seafood products, is expected to bolster the IQF seafood market. Specialty restaurants have witnessed a rapid increase in demand for seafood products, with a significant portion of the population favoring seafood over other cuisines. According to the Food and Agriculture Organisation (FAO), seafood demand is projected to increase by 40 million tonnes by 2030, necessitating a 30% increase in product volumes to meet this demand.
Businesses in the IQF seafood market are presented with unique opportunities to leverage these growth drivers. They can integrate cutting-edge technology into their cold chain infrastructure to effectively freeze and preserve seafood while working closely with fishermen and fisheries to maintain seafood quality during transportation. The growing adoption of IQF seafood presents significant business opportunities for key players in the global market.
Expanding Demand from the Commercial Sector to Drive Market Growth
The commercial category is poised for significant growth in the IQF seafood market. Expanding economies have made IQF seafood one of the most sought-after options for food service restaurants, bars, and pubs. The rising demand for marine products in specialty restaurants has contributed significantly to this growth. Furthermore, the increasing trend of ordering food online from restaurants has opened up new sales channels and profitability avenues for businesses. Many restaurants, such as Miyas in the United States and Fisheries Innovation in Scotland, are focusing solely on sustainable seafood offerings.
Advancements in Freezing Technologies Boost North American Market
North America continues to dominate the IQF seafood market due to busy lifestyles and evolving eating habits. Consumer awareness of the health benefits of seafood, coupled with changing lifestyles, is driving demand for these products. Advancements in freezing technologies, technical innovations, improved supply chain solutions, premium product offerings, population growth, urbanization, and other factors are also propelling the market forward. Businesses can leverage cutting-edge technology in their cold chain infrastructure to ensure the proper freezing and preservation of seafood.
Furthermore, rising per capita consumption and the demand for imported seafood from the United States and Canada are expected to further strengthen the market in North America. A significant portion of the population favors seafood over other cuisines, making it a primary driver of market growth. According to the U.S Department of Agriculture (USDA), fish and seafood are preferred over chicken and red meat for their high protein content, omega-3 fatty acids, and vitamins such as D and B-12.
Asia Pacific Poised for Significant Growth
Asia Pacific is anticipated to witness substantial growth in the IQF seafood market. The culture of dining in cafes, bars, and restaurants has influenced fish product offerings. The demand for shelf-stable products through these channels is boosting the market for frozen fish. The regions expanding supply chain is also contributing to market expansion. Japan, in particular, is a major seafood marketplace, ranking second globally in seafood consumption per capita. The demand for healthy foods is a key factor driving the growth of Japans frozen seafood sector, especially among the aging population. For instance, in fiscal year 2020, Japans annual per capita consumption of fish and seafood reached 23.4 kilograms. While seafood consumption has been declining in recent decades, the importance of animal products as a food ingredient has increased.
Global IQF Seafood Market: Competitive Landscape
In August 2021, Avanti Frozen Foods Pvt. Ltd. increased its shipments of frozen prepared skinned and deveined shrimp in various unit sizes. In January 2019, SeaShare, a non-profit organization, formed a strategic partnership with Hook Line and Savor, a Massachusetts-based frozen seafood start-up.
Key players in the IQF seafood market include Octofrost, Ocean-seafood, Lund’s Fisheries, Hampton Meats, and Holmes Seafood.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/iqf-seafood-market
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COMTEX_441951759/2840/2023-10-16T00:26:34
Julian Lopez is professor emeritus of finance, served as the founding academic affairs dean and founding chair of the finance department.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No journalist was involved in the writing and production of this article.