The Frozen Seafood Market in Retail Club Stores and Foodservice Channels
Overview of the Frozen Seafood Market
The frozen seafood market has been experiencing steady growth in recent years, driven by factors such as convenience, longer shelf life, and increasing consumer awareness of the benefits of seafood. This market includes a wide range of products, including fish, shrimp, crab, lobster, and more, all of which are frozen to preserve freshness and flavor.
According to a report by Grand View Research, the global frozen seafood market size was valued at $31.4 billion in 2020 and is expected to reach $35.4 billion by 2027, growing at a CAGR of 2.2% during the forecast period. This growth is attributed to the increasing demand for ready-to-eat seafood products, especially in the retail club stores and foodservice channels.
Frozen Seafood in Retail Club Stores
Retail club stores, such as Costco, Sam’s Club, and BJ’s Wholesale Club, are popular destinations for consumers looking to purchase bulk quantities of frozen seafood at competitive prices. These stores offer a wide selection of frozen seafood products, including fish fillets, shrimp, scallops, and more, catering to the needs of both individual consumers and foodservice businesses.
In 2020, frozen seafood sales in the United States totaled $6.6 billion, with retail club stores accounting for a significant portion of these sales. According to the National Fisheries Institute, frozen seafood sales in club stores increased by 5.3% in 2020, outpacing the overall seafood market growth.
Frozen Seafood in Foodservice Channels
Foodservice channels, including restaurants, cafeterias, and catering services, also play a crucial role in the frozen seafood market. These channels rely on frozen seafood products to meet the demand for seafood dishes while ensuring freshness and quality. Frozen seafood offers foodservice operators the convenience of having a consistent supply of seafood products without the risk of spoilage.
In the foodservice sector, frozen seafood sales have been on the rise, with many operators turning to frozen seafood as a cost-effective and efficient solution. According to Technomic’s Seafood Consumer Trend Report, 43% of consumers prefer seafood dishes made with frozen seafood in foodservice establishments.
Key Players in the Frozen Seafood Market
Several major players dominate the frozen seafood market, supplying products to retail club stores and foodservice channels. These companies have established strong distribution networks and offer a wide range of frozen seafood products to cater to diverse consumer preferences.
Some of the key players in the frozen seafood market include Trident Seafoods Corporation, High Liner Foods, Aqua Star, Clearwater Seafoods, and Thai Union Group. These companies are known for their high-quality seafood products, sustainable sourcing practices, and innovative product offerings.
Trends and Opportunities in the Frozen Seafood Market
The frozen seafood market is continually evolving, with new trends and opportunities emerging to meet consumer demands and preferences. One major trend is the increasing popularity of value-added frozen seafood products, such as seasoned fillets, breaded shrimp, and pre-marinated seafood skewers.
Another trend in the frozen seafood market is the growing demand for sustainable and responsibly sourced seafood products. Consumers are becoming more conscious of the environmental impact of seafood production and are seeking products that are sourced ethically and sustainably.
In terms of opportunities, the frozen seafood market presents potential for growth in emerging markets, as well as through online sales and direct-to-consumer channels. E-commerce platforms and meal kit services are expanding their offerings of frozen seafood products, providing consumers with convenient access to a variety of seafood options.
Conclusion
The frozen seafood market in retail club stores and foodservice channels is thriving, driven by consumer demand for convenient, high-quality seafood products. With key players dominating the market and new trends shaping product offerings, the frozen seafood market is poised for continued growth and innovation in the coming years. As consumers seek out sustainable and value-added frozen seafood products, industry players will need to adapt to meet these evolving preferences and capitalize on the opportunities presented by this dynamic market.
