Frozen Fish and Seafood Market

The global market for frozen fish and seafood is expected to continue its upward consumption trend, with a forecasted CAGR of +2.1% for the period from 2022 to 2030. The market volume is projected to reach 58M tons by 2030, with a value of $260.1B. Despite a slight decrease in consumption in 2022, the market has shown consistent growth over the years. China leads the consumption and production of frozen fish and seafood, with frozen whole fish being the most consumed product. Import and export trends also indicate steady growth, with significant differences in average prices among countries and products.

Market Forecast

Driven by increasing demand for frozen fish and seafood worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +2.1% for the period from 2022 to 2030, which is projected to bring the market volume to 58M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +3.7% for the period from 2022 to 2030, which is projected to bring the market value to $260.1B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Frozen Fish and Seafood

In 2022, consumption of frozen fish and seafood decreased by -0.1% to 49M tons for the first time since 2011, thus ending a ten-year rising trend. The total consumption volume increased at an average annual rate of +1.9% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations in certain years. The growth pace was the most rapid in 2017 with an increase of 3.2%. Over the period under review, global consumption reached the peak volume at 49M tons in 2021, and then fell modestly in the following year.

The global frozen fish and seafood market size was estimated at $195.1B in 2022, approximately reflecting the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +3.0% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Global consumption peaked in 2022 and is likely to continue growth in the near future.

Consumption By Country

The country with the largest volume of frozen fish and seafood consumption was China (15M tons), accounting for 32% of total volume. Moreover, frozen fish and seafood consumption in China exceeded the figures recorded by the second-largest consumer, Japan (2.4M tons), sixfold. The United States (2.3M tons) ranked third in terms of total consumption with a 4.8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in China amounted to +2.6%. In the other countries, the average annual rates were as follows: Japan (-1.9% per year) and the United States (+3.1% per year).

In value terms, China ($53.2B) led the market, alone. The second position in the ranking was taken by the United States ($18.3B). It was followed by Japan.

In China, the frozen fish and seafood market expanded at an average annual rate of +4.3% over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of market growth: the United States (+5.2% per year) and Japan (-2.2% per year).

In 2022, the highest levels of frozen fish and seafood per capita consumption was registered in Mauritania (216 kg per person), followed by Thailand (32 kg per person), South Korea (26 kg per person) and Spain (23 kg per person), while the world average per capita consumption of frozen fish and seafood was estimated at 6.2 kg per person.

From 2012 to 2022, the average annual growth rate of the frozen fish and seafood per capita consumption in Mauritania stood at +20.6%. The remaining consuming countries recorded the following average annual rates of per capita consumption growth: Thailand (+1.3% per year) and South Korea (-2.6% per year).

Consumption By Type

Frozen whole fish (31M tons) constituted the product with the largest volume of consumption, accounting for 63% of total volume. Moreover, frozen whole fish exceeded the figures recorded for the second-largest type, molluscs (scallops, mussels, cuttle fish, squid and octopus) (6.8M tons), fivefold. Frozen crustaceans (5.5M tons) ranked third in terms of total consumption with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of the volume of frozen whole fish consumption stood at +2.0%. With regard to the other consumed products, the following average annual rates of growth were recorded: molluscs (scallops, mussels, cuttle fish, squid and octopus) (+3.3% per year) and frozen crustaceans (+2.7% per year).

In value terms, frozen whole fish ($71B), frozen crustaceans ($53.9B) and molluscs (scallops, mussels, cuttle fish, squid and octopus) ($38.1B) were the products with the highest levels of market value in 2022, with a combined 85% share of the global market.

In terms of the main consumed products, molluscs (scallops, mussels, cuttle fish, squid and octopus), with a CAGR of +3.4%, saw the highest growth rate of market size over the period under review, while market for the other products experienced more modest paces of growth.

Production

World Production of Frozen Fish and Seafood

In 2022, production of frozen fish and seafood decreased by -0.5% to 48M tons for the first time since 2011, thus ending a ten-year rising trend. The total output volume increased at an average annual rate of +1.8% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations throughout the analyzed period. The pace of growth was the most pronounced in 2014 with an increase of 4.1%. Over the period under review, global production reached the maximum volume at 49M tons in 2021, and then reduced in the following year.

In value terms, frozen fish and seafood production reduced to $183.3B in 2022 estimated in export price. The total output value increased at an average annual rate of +2.9% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 when the production volume increased by 15% against the previous year. As a result, production reached the peak level of $195B, and then declined in the following year.

Production By Country

The country with the largest volume of frozen fish and seafood production was China (14M tons), comprising approx. 28% of total volume. Moreover, frozen fish and seafood production in China exceeded the figures recorded by the second-largest producer, Russia (3.9M tons), threefold. The third position in this ranking was held by India (2.2M tons), with a 4.5% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in China stood at +1.2%. The remaining producing countries recorded the following average annual rates of production growth: Russia (+1.6% per year) and India (+2.9% per year).

Production By Type

Frozen whole fish (31M tons) constituted the product with the largest volume of production, comprising approx. 63% of total volume. Moreover, frozen whole fish exceeded the figures recorded for the second-largest type, molluscs (scallops, mussels, cuttle fish, squid and octopus) (6.8M tons), fivefold. Frozen crustaceans (5.6M tons) ranked third in terms of total production with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of the volume of frozen whole fish production amounted to +2.0%. With regard to the other produced products, the following average annual rates of growth were recorded: molluscs (scallops, mussels, cuttle fish, squid and octopus) (+2.9% per year) and frozen crustaceans (+2.6% per year).

In value terms, frozen whole fish ($73.1B), frozen crustaceans ($48B) and molluscs (scallops, mussels, cuttle fish, squid and octopus) ($35.9B) appeared to be the products with the highest levels of production in 2022, together accounting for 86% of global production.

Frozen whole fish, with a CAGR of +3.5%, saw the highest growth rate of market size among the main produced products over the period under review, while production for the other products experienced more modest paces of growth.

Imports

World Imports of Frozen Fish and Seafood

In 2022, the amount of frozen fish and seafood imported worldwide rose modestly to 22M tons, surging by 4.1% on the year before. The total import volume increased at an average annual rate of +1.3% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2017 when imports increased by 12%. Global imports peaked in 2022 and are expected to retain growth in years to come.

In value terms, frozen fish and seafood imports expanded significantly to $93.4B in 2022. The total import value increased at an average annual rate of +3.3% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2021 when imports increased by 15% against the previous year. Global imports peaked in 2022 and are likely to continue growth in years to come.

Imports By Country

In 2022, China (3.7M tons), distantly followed by the United States (1.7M tons), Thailand (1.6M tons), Japan (1.4M tons), South Korea (1.3M tons) and Spain (1M tons) were the key importers of frozen fish and seafood, together mixing up 50% of total imports. The Netherlands (665K tons), Cote d'Ivoire (632K tons), Vietnam (533K tons), France (452K tons), Italy (433K tons), Germany (405K tons) and Malaysia (328K tons) followed a long way behind the leaders.

Imports into China increased at an average annual rate of +4.9% from 2012 to 2022. At the same time, Cote d'Ivoire (+8.4%), Malaysia (+5.2%), the United States (+2.3%), South Korea (+1.6%), the Netherlands (+1.4%) and Thailand (+1.0%) displayed positive paces of growth. Moreover, Cote d'Ivoire emerged as the fastest-growing importer imported in the world, with a CAGR of +8.4% from 2012-2022. France, Spain and Italy experienced a relatively flat trend pattern. By contrast, Japan (-1.6%), Germany (-2.3%) and Vietnam (-4.1%) illustrated a downward trend over the same period. From 2012 to 2022, the share of China increased by +5.1 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United States ($16.2B), China ($13.8B) and Japan ($9.8B) were the countries with the highest levels of imports in 2022, with a combined 43% share of global imports.

Among the main importing countries, China, with a CAGR of +12.0%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Imports By Type

Frozen whole fish represented the largest imported product with an import of about 12M tons, which reached 55% of total imports. Frozen crustaceans (3.4M tons) took a 16% share (based on physical terms) of total imports, which put it in second place, followed by frozen fish fillet (15%) and molluscs (scallops, mussels, cuttle fish, squid and octopus) (10%). Frozen fish meat (970K tons) held a little share of total imports.

Frozen whole fish experienced a relatively flat trend pattern with regard to volume of imports. At the same time, frozen crustaceans (+5.2%) and frozen fish fillet (+1.1%) displayed positive paces of growth. Moreover, frozen crustaceans emerged as the fastest-growing type imported in the world, with a CAGR of +5.2% from 2012-2022. Frozen fish meat and molluscs (scallops, mussels, cuttle fish, squid and octopus) experienced a relatively flat trend pattern. While the share of frozen crustaceans (+5 p.p.) increased significantly in terms of the global imports from 2012-2022, the share of frozen whole fish (-3.6 p.p.) displayed negative dynamics. The shares of the other products remained relatively stable throughout the analyzed period.

In value terms, the largest types of imported frozen fish and seafood were frozen crustaceans ($30.1B), frozen whole fish ($27.9B) and frozen fish fillet ($20.1B), with a combined 84% share of global imports.

Frozen crustaceans, with a CAGR of +5.9%, saw the highest growth rate of the value of imports, among the main imported products over the period under review, while purchases for the other products experienced more modest paces of growth.

Import Prices By Type

The average frozen fish and seafood import price stood at $4,309 per ton in 2022, surging by 8.8% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.0%. The pace of growth appeared the most rapid in 2021 when the average import price increased by 14% against the previous year. Global import price peaked in 2022 and is likely to see gradual growth in the immediate term.

There were significant differences in the average prices amongst the major imported products. In 2022, the product with the highest price was frozen crustaceans ($8,806 per ton), while the price for frozen whole fish ($2,349 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by molluscs (+2.6%), while the other products experienced more modest paces of growth.

Import Prices By Country

In 2022, the average frozen fish and seafood import price amounted to $4,309 per ton, surging by 8.8% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.0%. The pace of growth appeared the most rapid in 2021 when the average import price increased by 14%. Global import price peaked in 2022 and is expected to retain growth in years to come.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was the United States ($9,465 per ton), while Cote d'Ivoire ($1,162 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+6.8%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Frozen Fish and Seafood

In 2022, approx. 21M tons of frozen fish and seafood were exported worldwide; rising by 3.3% compared with the previous year's figure. Overall, exports showed a slight increase. The pace of growth appeared the most rapid in 2017 with an increase of 7.9% against the previous year. The global exports peaked in 2022 and are likely to see gradual growth in the immediate term.

In value terms, frozen fish and seafood exports reached $90.7B in 2022. The total export value increased at an average annual rate of +3.2% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations in certain years. The pace of growth appeared the most rapid in 2021 with an increase of 16%. The global exports peaked in 2022 and are likely to continue growth in the immediate term.

Exports By Country

The shipments of the twelve major exporters of frozen fish and seafood, namely Russia, China, Vietnam, Ecuador, India, Norway, the United States, the Netherlands, Chile, South Korea, Indonesia and Spain, represented more than half of total export. Taiwan (Chinese) (517K tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Ecuador (with a CAGR of +11.0%), while the other global leaders experienced more modest paces of growth.

In value terms, China ($9.8B), Ecuador ($8.3B) and Vietnam ($6.7B) appeared to be the countries with the highest levels of exports in 2022, together comprising 27% of global exports.

Among the main exporting countries, Ecuador, with a CAGR of +11.9%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Exports By Type

In 2022, frozen whole fish (12M tons) was the key type of frozen fish and seafood, making up 55% of total exports. Frozen crustaceans (3.5M tons) ranks second in terms of the total exports with a 16% share, followed by frozen fish fillet (14%) and molluscs (scallops, mussels, cuttle fish, squid and octopus) (11%). Frozen fish meat (968K tons) took a minor share of total exports.

Frozen whole fish experienced a relatively flat trend pattern with regard to volume of exports. At the same time, frozen crustaceans (+4.8%) and frozen fish meat (+1.4%) displayed positive paces of growth. Moreover, frozen crustaceans emerged as the fastest-growing type exported in the world, with a CAGR of +4.8% from 2012-2022. Frozen fish fillet and molluscs (scallops, mussels, cuttle fish, squid and octopus) experienced a relatively flat trend pattern. From 2012 to 2022, the share of frozen crustaceans increased by +5 percentage points. The shares of the other products remained relatively stable throughout the analyzed period.

In value terms, frozen crustaceans ($30.1B), frozen whole fish ($26.6B) and frozen fish fillet ($18.5B) were the products with the highest levels of exports in 2022, with a combined 83% share of global exports.

Frozen crustaceans, with a CAGR of +5.7%, saw the highest growth rate of the value of exports, in terms of the main exported products over the period under review, while shipments for the other products experienced more modest paces of growth.

Export Prices By Type

The average frozen fish and seafood export price stood at $4,295 per ton in 2022, growing by 9.1% against the previous year. Over the last decade, it increased at an average annual rate of +2.2%. The most prominent rate of growth was recorded in 2021 an increase of 13% against the previous year. The global export price peaked in 2022 and is expected to retain growth in the near future.

There were significant differences in the average prices amongst the major exported products. In 2022, the product with the highest price was frozen crustaceans ($8,590 per ton), while the average price for exports of frozen whole fish ($2,257 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by molluscs (+2.9%), while the other products experienced more modest paces of growth.

Export Prices By Country

In 2022, the average frozen fish and seafood export price amounted to $4,295 per ton, increasing by 9.1% against the previous year. Over the last decade, it increased at an average annual rate of +2.2%. The most prominent rate of growth was recorded in 2021 an increase of 13% against the previous year. Over the period under review, the average export prices reached the maximum in 2022 and is expected to retain growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Ecuador ($6,532 per ton), while South Korea ($2,296 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+4.8%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform