Increasing IQF Seafood Consumption to Fuel Growth of the IQF Seafood Market
The IQF seafood market has grown significantly as the consumption of individual quick freezing technology-enabled IQF seafood has increased. The demand for ready-to-eat food products has increased in recent years due to several factors including convenience, low cost, and high nutritional content which has increased demand for IQF seafood. Additionally, increasing customer health awareness and shifting from canned to frozen food too contribute to the market upsurge. The increase in the shelf life of frozen seafood by limiting microorganism growth has boosted the performance of IQF seafood market.
According to the Food and Drug Administration (FDA), if seafood is consumed within two days of purchase, it must be kept refrigerated at 40 degrees Fahrenheit or lower. Seafood quality and taste are both affected by improper freezing. Moreover, rising per capita consumption, combined with affluent nations' demand for imported seafood products, is expected to further strengthen IQF seafood market. In recent years, the demand for seafood products in specialty restaurants has grown rapidly. A large population of consumers prefers seafood to other cuisines, which is a major factor driving market growth. According to the Food and Agriculture Organisation (FAO), demand for the seafood will increase by 40 million tonnes by 2030, implying that product volumes will need to be boosted by over 30% of current levels to meet this need.
Businesses must take advantage of these drivers during the anticipated time to increase their share in IQF seafood market. Businesses have the chance to integrate cutting-edge technology into their cold chain infrastructure to effectively freeze and preserve seafood. There is also an opportunity for businesses to work with fishermen and fisheries to ensure that the quality of the seafood is maintained throughout the transportation process. The growing use of IQF seafood creates a massive business opportunity for key players in global IQF seafood market. For instance, in March 2019, All Seas Wholesale, Inc. of California, a distributor of live shellfish, and frozen seafood products, was acquired by a New Brunswick corporation.
Increased Demand for IQF Seafood from Commercial Category to Drive Market Growth
The commercial category is expected to grow at a significant rate over the forecast period. As the potential is provided by expanding economies, IQF seafood has become one of the most popular markets for food service restaurants, bars, and pubs. In recent years, there has been a rapid rise in demand for marine products in speciality restaurants. A significant portion of the population prefers seafood to other cuisines, which remains a primary driver for IQF seafood market. Furthermore, the number of people purchasing food online from restaurants has risen dramatically, providing restaurants with new options to expand their sales channels and profitability. Many fish restaurants, such as Miya's in the United States, and Fisheries Innovation in Scotland, have concentrated solely on sustainable seafood offerings.
Advancements in Freezing Technologies Drive Growth of North American IQF Seafood Market
North America continues to dominate the IQF seafood market over the forecast period due to busy lives and changing food eating habits. Consumer knowledge of the health benefits of seafood for eyes and heart health, as well as changing lifestyles, are driving up demand for these goods. Advancements in freezing technologies, technical advancements, better supply chain solutions, increased premiumisation of products, rising population, increasing urbanisation, and other reasons are also propelling the market. Businesses have the potential to incorporate cutting-edge technology into their cold chain infrastructure to properly freeze and preserve seafood. All these factors favour the region’s market growth.
Furthermore, the market is expected to be strengthened further by rising per capita consumption, consequently the demand for imported seafood items from the US and Canada. A big portion of the population prefers seafood to other cuisines, which is a primary element driving market growth. According to the U.S Department of Agriculture (USDA), fish, and seafood meat are favoured above chicken, and red meat (mutton/beef/pork/lamb) for their relatively high quantities of protein, omega-3, fatty acids, and vitamins such as D and B-12.
Asia Pacific on the other side is anticipated to grow significantly. Fish product offers have been influenced by the developing culture of dining in cafés, bars, and restaurants. The market for frozen fish is fuelled by the growing need for shelf-stable products through such channels. The region's expanding supply chain also contributes to the market's expansion in Asia Pacific. Japan is currently one of the world's major seafood marketplaces. The country currently ranks second in the world in terms of seafood intake per capita. In Japan, seafood consumption, particularly shrimp, is predicted to rise further. The increased demand for healthy foods is another important element fuelling the rise of Japan's frozen seafood sector. As Japan's population is ageing faster than that of other countries, demand for frozen seafood products with health benefits such as cholesterol reduction, minerals, and essential fatty acids is expected to rise even more. For instance, the yearly consumption volume of fish and seafood in Japan was 23.4 kilos per person in fiscal year 2020. Seafood consumption has been progressively declining in recent decades, while animal products have become increasingly important as a food ingredient.
Global IQF Seafood Market: Competitive Landscape
In August 2021, Avanti Frozen Foods Pvt. Ltd. has increased the number of frozen prepared skinned and deveined shrimp shipments in various unit sizes. On the other hand, in January 2019, SeaShare, a non-profit organisation, recently formed a strategic partnership with Hook Line and Savor, a Massachusetts-based frozen seafood start-up.
A few of the players in the IQF seafood market include Octofrost, Ocean-seafood, Lund’s Fisheries, Hampton Meats, and Holmes Seafood.
Global IQF Seafood Market is Segmented as Below:
Key Elements Included In The Study: Global IQF Seafood Market
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