Frozen Hake Market By Species (Atlantic Hake, Pacific Hake, Others) , By Form (Frozen Whole Hake, Frozen Hake Fillets, Others) By Distribution Channel (Local Distributors, Supermarkets/Hypermarkets, Online Channels) : Global Opportunity Analysis and Indus

Frozen Hake Market By Species (Atlantic Hake, Pacific Hake, Others) , By Form (Frozen Whole Hake, Frozen Hake Fillets, Others) By Distribution Channel (Local Distributors, Supermarkets/Hypermarkets, Online Channels) : Global Opportunity Analysis and Industry Forecast, 2024-2034

The frozen hake market was valued at $1.4 billion in 2023, and is projected to reach $3.1 billion by 2034, growing at a CAGR of 7.3% from 2024 to 2034.
Hake is a deep-water fish that is low in saturated fats and hence has low calories. It is a rich source of proteins, omega-3 fatty acids, vitamins such as B12 and D, and minerals, thus serving as one of the key sources of essential nutrients. Its mild flavor, delicate texture, and nutritional benefits makes it a preferred choice for various culinary applications. The freezing process helps to lock in its nutrients and flavor, ensuring its longer shelf life and retaining its quality until it reaches the consumer.
The growth of the global frozen hake market is majorly driven by increase in awareness among health-conscious consumers about the health benefits of frozen hake and shift in consumer preference toward healthy and natural foods, including frozen hake, which is a healthier protein option as compared to red meat. Furthermore, alarming increase in prevalence of cardiac diseases significantly contributes toward the market growth. This is attributed to the fact that research findings have determined that the consumption of seafood, including hake, significantly alleviates the risk of strokes and hypertension. Moreover, increase in demand for frozen hake from both home cooking and the food service industry fosters the market growth, as its mild flavor and versatility in various recipes make it a popular choice. Moreover, rise in consumer awareness about sustainable and ethical sourcing of hake propels the growth of the market. This drives the demand for hake sourced from sustainable fisheries that are certified by organizations such as the Marine Stewardship Council (MSC). Approximately 674 fisheries are engaged in the MSC program, which aims to promote sustainable fishing practices and ensures the health and viability of the world's oceans. Increase in popularity of convenience and ready-to-cook products due to increasing workforce and hectic lifestyle fosters the demand for frozen hake products that save time and effort in meal preparation. However, availability of healthier alternatives and rise in trend of veganism act as the key deterrent factor of the global market. On the contrary, advancements in freezing and packaging technologies that help to maintain the quality and shelf life of frozen hake are expected to offer remunerative opportunities for the growth of the market during the forecast period. Moreover, to cater to changing consumer preferences, companies are introducing innovative product formats such as hake fillets, portions, nuggets, and value-added products with various seasonings, thus strengthening the market growth.
The global frozen hake market is segmented into species, form, distribution channel, and region. On the basis of species, the market is divided into Atlantic hake, Pacific hake, and others. By form, it is segregated into frozen whole hake, frozen hake fillets, and others. Depending on distribution channel, it is classified into local distributors, supermarkets/hypermarkets, and online channels. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Key Findings

On the basis of species, the Atlantic hake segment is expected to dominate the market by 2034.
Depending on form, the frozen whole segment is anticipated to exhibit highest growth during the forecast period.
By distribution channel, the local distributors segment is projected to lead the market in the coming years.
Region wise, frozen hake is likely to gain high prominence in Asia-Pacific in the near future.

Competition Analysis

Competitive analysis and profiles of the major players in the global frozen hake market include Pacific Seafood, High Liner Foods, Iglo Group, Trident Seafoods, Nomad Foods, Cooke Aquaculture, Thai Union Group, Pescanova, Maruha Nichiro, and Oceana Group. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships to strengthen their foothold in the competitive market.

Key Market Segments

By Species

Atlantic Hake
Pacific Hake
Others

By Form

Frozen Whole Hake
Frozen Hake Fillets
Others

By Distribution Channel

Local Distributors
Supermarkets/Hypermarkets
Online Channels

By Region

North America
U.S.
Canada
Mexico
Europe
France
Germany
Italy
Spain
UK
Russia
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Australia
Thailand
Malaysia
Indonesia
Rest of Asia-Pacific
LAMEA
Brazil
South Africa
Saudi Arabia
UAE
Argentina
Rest of LAMEA
Key Market Players
Pacific Seafood
High Liner Foods
Iglo Group
Trident Seafoods
Nomad Foods
Cooke Aquaculture
Thai Union Group
Pescanova
Maruha Nichiro
Oceana Group