Global Frozen Hake Market 2024-2031

Global Frozen Hake Market 2024-2031

Frozen Hake Market Size, Share & Trends Analysis Report by Type (Whole Fish and Fish Pieces), and by Application (Seafood Market, Supermarket, Restaurant, and Hotel, and Online Sales) Forecast Period (2024-2031)

Frozen hake market is anticipated to grow at a CAGR of 8.0% during the forecast period (2024-2031). The market growth is driven by the versatility, mild flavor, and health benefits of frozen hake. The rising consumer preference for convenient, ready-to-cook seafood options is also leading to market growth. The other factors contributing to the market growth are the expanding seafood retail sector, growing online grocery platforms, improvement in the supply chain, and the expansion of product portfolio by the market players.

Market Dynamics

Growing demand for Packaged Food

Frozen hake is a convenient and time-saving meal solution. It has a longer shelf life than fresh seafood and can be stored in the freezer. Pre-portioned fillets simplify the cooking process and reduce food waste. It is also a healthy option for protein-rich and low-fat meals, making it an attractive choice for health-conscious consumers. The demand for high-quality frozen seafood, including frozen hake, is expected to increase as consumers prioritize convenience, longer shelf life, and healthy eating.

Advancing Freezing Technologies in Food Preservation

Individually Quick Frozen (IQF) technology has improved the quality and preservation of frozen hake. By freezing the fillets rapidly, IQF prevents the formation of large ice crystals, which can damage the cellular structure of the fish. This ensures that the hake remains fresh and of high quality. Additionally, IQF allows for better packaging, and portion control, and retains the moisture and firmness of the fish. These advancements have made frozen hake more appealing to consumers and food service providers, driving increased consumption and demand in domestic and international markets.

Increasing Health Benefits

Hake is an excellent source of lean protein and omega-3 fatty acids, which are crucial for heart health and brain function. It also contains essential vitamins and minerals such as B vitamins and selenium. Sustainable fishing practices certified by organizations including the Marine Stewardship Council (MSC) ensure responsible harvesting of hake stocks without harming the marine ecosystem. The combination of health benefits and sustainability credentials makes Hake an appealing choice for health-conscious consumers who prioritize environmental stewardship.

Market Segmentation

Our in-depth analysis of the global frozen hake market includes the following segments by type and application.

Based on type, the market is bifurcated into whole fish and fish pieces.

Based on application, the market is segmented into seafood market, supermarket, restaurant and hotel, and online sales.

Supermarkets dominate this segment

Supermarkets dominate the frozen hake market as they offer a convenient and diverse shopping experience with extensive product offerings, including various cuts, species, and preparation styles of frozen hake. They prioritize high-quality and safe products through stringent quality control measures and adherence to safety standards. Certifications such as organic, sustainable, or eco-friendly sourcing further influence consumer choices. Pricing and promotional strategies employed significantly impact sales, with discounts, bundle deals, and promotions serving to attract and retain customers. Convenience is a key driver of sales as they offer competitively priced products with well-established distribution networks and convenient locations.

Whole Fish Sub-segment to Hold a Considerable Market Share

The popularity of whole fish in the frozen hake market can be attributed to its versatility, nutritional benefits, cultural significance, authenticity, and customization options. As a whole fish, it allows for various cooking methods, retains essential nutrients, and holds cultural significance, making it a preferred choice for health-conscious consumers seeking diverse culinary experiences. Its perceived freshness and authenticity also contribute to its enduring dominance in the market.

Regional Outlook

The global frozen hake market is further segmented based on geography including North America (the US, and Canada), Europe (the UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia-Pacific), and the Rest of the World (the Middle East & Africa, and Latin America).

APAC Countries to Grow Rapidly in this Market

The Asia-Pacific region, driven by countries such as China, Japan, India, and South Korea, is emerging in the global frozen hake market. The region benefits from its vast and burgeoning population, rising disposable incomes, and improving standards of living, leading to increasing demand for diverse and high-quality food options including frozen hake. Additionally, ongoing urbanization trends and cultural factors further bolster demand. Economic development and robust distribution networks also ensure wider accessibility to frozen hake products.

North America Holds Major Market Share

The dominance of the North American market is attributed to a well-established distribution infrastructure, rich consumers, the region’s advanced technological capabilities, and a great and stable economy. Additionally, reasons such as dietary preference changes, cuisine fashions, and a rising desire for comfortable meal choices contribute more to the growth of the frozen hake market in North America.

Market Players Outlook

The major companies serving the global frozen hake market include Altamar Foods Corp., Fisher Bay Seafood Ltd., Holmes Seafood Ltd., I&J Holdings Company (Pty) Ltd., and Seacore Seafood Inc., among others. The market players are increasingly focusing on business expansion and product development by applying strategies such as collaborations, mergers, and acquisitions to stay competitive in the market.