“Global Frozen Hake Market to reach a market value of 2.2 Billion by 2031 growing at a CAGR of 7%”
The Global Frozen Hake Market size is expected to reach $2.2 billion by 2031, rising at a market growth of 7.0% CAGR during the forecast period.
Online channels often offer home delivery services, which bring frozen hake directly to consumers’ doorsteps. This ease of access supports increased consumption, especially in urban areas where time constraints may limit shopping opportunities. Therefore, the Online segment is expected to capture more than 1/5th share in the market by the year 20231. The rise of online grocery shopping platforms allows consumers to purchase frozen hake from the comfort of their homes. This convenience particularly appeals to those who prefer not to visit physical stores.
As the food service and restaurant sectors expand globally, there is a growing demand for seafood on menus. Frozen hake, a versatile and relatively affordable fish, is becoming popular among chefs and restaurant operators. Its mild flavour and ease of preparation make it suitable for various dishes, from simple fillets to elaborate culinary creations. This rising demand for seafood in the food service industry drives the need for high-quality frozen hake. Thus, the expansion of the food service and restaurant sectors is driving the market's growth.
Additionally, Seafood, including hake, is recognized for its high nutritional value. It is rich in essential nutrients such as protein, omega-3 fatty acids, vitamins, and minerals. Consumers increasingly turn to seafood as a healthier alternative to other protein sources as consumers become more health conscious. Health organizations and dietary guidelines often recommend including seafood in the diet for its benefits in cardiovascular health, brain function, and overall wellness. Hence, increased seafood consumption is driving the growth of the market.
However, Fluctuating fish prices can create uncertainty in production and procurement costs for frozen hake. Producers and processors struggle to maintain consistent profit margins when raw material prices vary significantly. Companies may struggle to set stable retail prices for frozen hake due to the volatility of fish prices. This can lead to pricing strategies that either absorb cost increases or pass them onto consumers, potentially affecting sales and profitability. Variability in fish prices can lead to challenges in procurement. Thus, Fluctuating Fish Prices are hampering the growth of the market.
Based on species, the market is divided into Atlantic hake, pacific hake, and others. The Atlantic segment attained a 52% revenue share in the market in 2023. Atlantic hake is known for its high nutritional content, including protein, vitamins, and minerals. It is considered a healthy choice for consumers seeking nutritious seafood options. Atlantic hake has a mild flavour and firm texture, making it versatile for various culinary preparations. Its palatability appeals to a wide range of consumers.
On the basis of form, the market is segmented into frozen whole hake, frozen hake fillets, and others. The frozen whole hake segment recorded 41% revenue share in the market in 2023. Whole hake offers versatility in cooking methods, including baking, grilling, frying, and poaching. This flexibility appeals to a wide range of culinary preferences and allows chefs and home cooks to prepare it in various ways. Whole hake retains all its natural nutrients, including omega-3 fatty acids, vitamins, and minerals.
By distribution channel, the market is divided into local distributors, supermarkets & hypermarkets, and online channels. In 2023, the supermarkets & hypermarkets segment registered 47% revenue share in the market. Supermarkets and hypermarkets offer a one-stop shopping experience where consumers can conveniently purchase frozen hake and other groceries. This ease of access is a major driver of demand. These retail formats typically stock frozen hake products, including whole fish, fillets, and portions.
Free Valuable Insights: Global Frozen Hake Market size to reach USD 2.2 Billion by 2031
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The Europe region witnessed 34% revenue share in the market in 2023. European consumers are increasingly adopting busy lifestyles, leading to a higher demand for convenient food options. Frozen and chilled foods offer a quick and easy solution for meals, catering to the needs of working professionals, families, and individuals. The popularity of ready-to-eat and easy-to-prepare meals is growing, with frozen and chilled products fitting well into this trend.
| Report Attribute | Details |
|---|---|
| Market size value in 2023 | USD 1.3 Million |
| Market size forecast in 2031 | USD 2.2 Billion |
| Base Year | 2023 |
| Historical Period | 2020 to 2022 |
| Forecast Period | 2024 to 2031 |
| Revenue Growth Rate | CAGR of 7.0% from 2024 to 2031 |
| Number of Pages | 212 |
| Tables | 350 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Species, Form, Distribution Channel, Region |
| Country scope |
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| Companies Included | Nueva Pescanova, S.L., Oceana Group, Pacific Seafood Group, Maruha Nichiro Corporation, Profand Fishing Holding S.L., Royal Greenland A/S,Unilever PLC, Thai Union Group PLC, High Liner Foods, Kingsun Foods Co., Ltd. |
By Species
By Form
By Distribution Channel
By Geography
This Market size is expected to reach $2.2 billion by 2031.
Expansion of Food Service and Restaurant Sectors are driving the Market in coming years, however, Impact of Fluctuating Fish Prices restraints the growth of the Market.
Nueva Pescanova, S.L., Oceana Group, Pacific Seafood Group, Maruha Nichiro Corporation, Profand Fishing Holding S.L., Royal Greenland A/S,Unilever PLC, Thai Union Group PLC, High Liner Foods, Kingsun Foods Co., Ltd.
The expected CAGR of this Market is 7.0% from 2024 to 2031.
The Frozen Hake Fillets segment is leading the Market by Form in 2023; thereby, achieving a market value of $1.1 billion by 2031.
The Europe region dominated the Market by Region in 2023; thereby, achieving a market value of $725.6 million by 2031.
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