The global frozen mackerel market is expected to surpass US$ 1.05 Bn, growing at a 5.8% CAGR during the forecast period 2021-2031. The demand for frozen mackerel has been spurred during the pandemic, as consumers exhibited a higher inclination towards healthy eating, surging the sales by 5% between 2020 and 2021. COVID-19 spurred a surge in demand as consumers exhibited higher inclination for healthy eating.
Driven by this, frozen mackerel sales grew by 5% between 2020 and 2021. Against this backdrop, FMI projects the frozen mackerel market valuation to surpass US$ 1.05 Bn in 2021.
The demand for frozen mackerel derived from aquaculture will continue rising, propelled by its high yield at low cost. Despite this, wild catch is expected to account for over 55% of frozen mackerel sourced by 2031.
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Consumers are exhibiting higher inclination for nutritious frozen food products. Mackerel fish is high in protein and is a good source of omega-3 fatty acids, among other nutritional properties. This, coupled with impressive shelf-stable properties of frozen mackerel, are driving their sales. Consequently, the demand for frozen mackerel is increasing across various sectors, including households, restaurants, cafes, and hotels.
Food service applications are among the fastest growing sales channels for frozen mackerel. Over 75% of seafood consumers, from millennials to baby boomers felt the need for consuming sustainable food. Owing to this, the demand for seafood derived from well-managed sources rather than oceans has grown.
“Frozen mackerel product manufacturers are focusing on launching unique offerings to attract a wider base of consumers. Making products available in different cuts is among contemporary trends adopted to attract consumers. The strategy also have proven beneficial, helping market players to offer product differentiation,” said a lead analyst at FMI.
This indicates the readiness of the seafood consumers to accept the change of sources of their food, which also is reflected in their eating habits. Using frozen mackerel also helps restaurants in maintaining menu transparency, thereby aiding their growth. Spurred by these factors, frozen mackerel sales will continue rising through the course of the forecast period.
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Key Takeaways from the Frozen Mackerel Market Study
- Horse mackerel will continue leading the market with a share of 55% in 2021. Their easier availability in larger stocks will aid expansion in this segment.
- Whole round mackerel products dominates as top-selling type. It will account with a share of 39% in the year 2021, driven by advantages in logistics and shelf life.
- Inclusion of mackerel in menus, rising disposable income, and increasing awareness about health benefits are driving sales in the U.S. frozen mackerel market. It is estimated to be valued US$ 35.6 Mn in the year 2021.
- China will a value share of 42.9% in East Asia market in 2021. However, it is expected to lose ground to Japan and South Korea in East Asia by the end of 2031.
- Thailand will hold over 30% of the South Asia market in 2021, reflecting growth at a CAGR of 6.4% through the end of the assessment period.
Impact of the COVID-19 Crisis on the Frozen Mackerel Market
The COVID-19 pandemic has had a considerable impact on the global frozen mackerel business. In the face of the COVID-19 pandemic, restrictions on the food service industry have adversely affected short-term demand.
However, with relaxation of restrictions through 2021, improvements in distribution networks, and the establishment of new regulations for manufacturers and workers, the market is expected to witness recovery of operations. This could lead to rapid growth in the frozen mackerel sector through 2031.
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Competitive Landscape
Frozen seafood products account for almost one third of all seafood consumed worldwide, with finfish accounting for slightly more than half of all fresh and frozen items. Players in the frozen mackerel market are striving to develop novel product offering for ready-to-cook frozen mackerel with products like skinless and boneless fillets of frozen mackerel.
Some of the leading companies offering Frozen Mackerel are Ocean Treasure, Kihada Fisheries Co., Ltd, Seven Star Ocean Fisheries Limited, Pinetree Vietnam Company Limited, Subo International Holland, Oman Fisheries Co.S.A.O.G, LONGSHENG AQUATIC PRODUCTS CO.,LTD, Lotana LV LTD, DAISUI CO.,LTD, SARMA FISH S.A.R.L and other.
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