According to the latest report by IMARC Group, titled “European Frozen Seafood Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the European frozen seafood market reached a value of US$ 21.4 Billion in 2018, growing at a CAGR of 3.7% during 2011-2018. The European continent is intricately linked with the sea and seafood products form a quintessential part of the regional cuisine. These products serve as a rich source of proteins, micronutrients and essential fatty acids, and are low in fat. They are known to promote heart health, ease the symptoms of arthritis, maintain healthy eyesight, and preserve skin moisture, along with offering innumerable other health benefits. As these products are highly perishable, they require freezing for extending their shelf-life. The freezing process employs advanced techniques like cryofreezing to freeze the products below 200 degree celsius. This helps in sealing the flavor and nutrients in the food products for an extended period.
Owing to busy schedules and hectic lifestyle, the demand for convenience foods has experienced an increase across the European continent. This represents the key factor driving the market of frozen seafood in the region. Rich in proteins and essential nutrients, frozen seafood serve as the best alternative to red meat for meeting the daily protein requirements. It is, therefore, gaining rapid popularity among the health-conscious consumers who are seeking healthy sources of protein amidst a hectic schedule. Besides this, their non-perishable nature coupled with the presence of several cold storage services across the region aid in the continual growth of the market. Additionally, a thriving aquaculture industry also contributes to the market growth. Owing to the aforementioned factors, the European frozen seafood market size is expected to reach US$ 25.7 Billion by 2024, expanding at a CAGR of 3.1% during 2019-2024.
- Based on the product type, Groundfish represents the most popular segment. Other major product types include Small Pelagics; Tuna and Tuna like Species; Salmonids; Bivalves and Other Molluscs, and Aquatic Invertebrates; Crustaceans; Other Marine Fish; Cephalapods; Freshwater Fish; and Others.
- On the basis of distribution channels, discount retailers hold the dominant market share as they offer frozen seafood products at a lower price. They are followed by supermarkets and hypermarkets, specialty stores and others.
- On the geographical front, the market has been segmented as Germany, France, Italy, Spain, the United Kingdom and Others. Amongst these, Spain accounts for the majority of the total market share.
- The competitive landscape of the market has also been analyzed in the report with the detailed profiles of the key players operating in the market.
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