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The frozen seafood market – with a current market value of $16.27 billion globally – is gaining popularity as an eco-friendly and healthy option that can supplement a red meat-heavy diet. In many urban areas, a growing trend towards packaged food is being driven by the fact that packaged foods with a longer shelf life that doesn’t compromise on product quality is an essential part of a busy lifestyle.
Within packaged food, the frozen seafood industry is growing driven by rising awareness among consumers regarding the health benefits of seafood. Seafood ready meals are helping drive the frozen seafood trend. These pre-made meals are seeing a lot of interest as they can be eaten as part of a ketogenic or pescatarian diet. Fish is a healthy food choice as it is packed with key nutrients like omega-3 fatty acids, vitamin D, vitamin B2 (riboflavin), and calcium.
During the pandemic, more families in the US opted for the flexibility of frozen seafood over fresh. Now, the adoption of new quick-freeze technologies along with better packaging is contributing to better access to frozen seafood. Cryogenic freeze technology allows fish to stay frozen longer, expanding the options of companies producing pre-made meals.
Companies Moving Towards Frozen Meals
With the trend toward frozen meals, more and more companies are moving into the industry. HF Foods Group Inc. HFFG, a food distributor for Asian restaurants in North America, acquired a leading frozen seafood supplier, Sealand Food Inc. This acquisition will allow HF Food to organically grow its position in the frozen food market and will increase its distribution network.
Nocera NCRA is also capitalizing on the frozen fish trend through its line of bento boxes, which are full meals with a protein, carbohydrate, and sides. Nocera is an integrated seafood company that provides sophisticated land-based recirculating aquaculture systems (RAS). It acquired a ready meal company in 2022 and has been developing a highly popular line of bento boxes. Now the company has opened a flagship bento box store. Nocera believes this business-to-consumer (B2C) model will increase margins by 200%, with this first store already seeing major success.
“We believe that this will be one of many and comes with significant profit margin effects. It’s clear we have an amazing product, and we will continue to look for our own ways to capitalize on it,” said Nocera CEO Jeff Cheng, commenting on the opening of the store. “I’m excited to see what else will come in 2023 in our B2C business!”
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