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Impact of COVID-19 on Global Frozen Seafood Market will reach a valuation of US$ 32 Bn by 2026

The global frozen seafood market is marked with the presence of a high level of competitions among leading market players, observes Transparency Market Research.

Companies such as Beijing Princess Seafood International Trading, Nomad Foods Europe, Marine Harvest ASA, The Union Frozen Products,AquaChile, and Grupo Pescanova are someof the names to reckon with in the global frozen seafood market. These market leaders are presently challenging each other on the basis of product innovation and price differentiation.

The report on global frozen seafood market states that in the forthcoming years, the sellers of frozen seafood are likely to take up strategic partnerships and collaborations as a means to expand their product portfolio and their geographical reach.In the near future, it is anticipated that the leading companies making frozen seafood products will be targeting strategic tie-ups with multinational food chain services.

In its report on global frozen seafood market,Transparency Market Research forecasts that the marketis likely to rise at a sluggish 3.7% CAGRduring forecastperiod. Such sluggish rate of growth is mainly ascribed to the complicated nature of the techniques that are used in the processingof the frozen seafood products

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Innovative and Unique Packaging Solutions Escalates Market Demand

Vendors producing frozen seafood products make use of various strategies to gain competitive edge over other producers in the global frozen seafood market. Efforts to enhance the shelf life and quality of frozen seafood products with certain technological innovations are made. Innovative pouch packaging is one such solution used by producers to prevent loss of nutrients in frozen seafood products.

Crustaceans Products to Emerge as the Top Seller in the Market

Several types of products are being sold in the global frozen seafood market, namely crustaceans, fishes, molluscs and other frozen seafood products. The product type of crustaceans is estimated to emerge as the top seller in the global seafood market over the period of forecast.

High profit margins are associated with the crustaceans food type and rising demand for exotic seafood products together are likely to skyrocket the growing sales of frozen crustaceans product market. The report on global frozen seafood market also makes a projection that sales of frozen fish products are likely to account for around 30% of the total global frozen seafood sales throughout the timeframe of forecast. In addition to that, storage of frozen fish is comparatively less complicated and as such, it is expected to boost its distribution.  Consumers are expected to remain inclined towards cooking those frozen fish whose preparation techniques remain simple and the level of thawing nascent.

On the other hand, the global frozen seafood market is also expected to be restrainedowing to the absence of standardization, lack of application of proper seafood preservatives, difficulty in finding proper and technologically advanced cold storage facilities. Poor quality of cold storage services is likely to hamper the growth of global frozen seafood market to a great extent, states the report.

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Widespread Availability of Cold Storage Services in Fuels Market in Europe

On the basis of geography, the frozen seafood market is analyzed across Asia Pacific except Japan,Europe, Latin America, Japan,the Middle East and Africa, andNorth America. Among all of these region, Europe holds the topmost position and is estimated to continue with its dominance in the forthcoming years. Europe substantially makes use of varieties of fish in their cuisines, which has escalated the demand for frozen seafood products in the region. Another factor that encourages the frozen seafood market in Europe is the presence of large number of technologically advanced cold storage facilities across the continent.

The information and data shared in this review is based on a report by TMR titled“Frozen Seafood Market (Product Type – Crustaceans, Fishes, Molluscs and Other; End-user – Food Chain Services, Modern Trade, Departmental Stores, Online Stores and Other) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2026.”

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