Freezing Fishing Vessels Market is expected to reach USD 2.4 billion by 2030

Freezing Fishing Vessels Market Size 

Global Freezing Fishing Vessels Market reached USD 1.6 billion in 2022 and is expected to reach USD 2.4 billion by 2030, growing with a CAGR of 5.5% during the forecast period 2023-2030.  

Consumer demand for value-added seafood products like marinated fish fillets and battered ready-to-fry fish portions is on the rise. This trend has prompted companies to take various measures to meet the growing demand for seafood products. 

One such measure involves making new vessel acquisitions to expand fishing operations. For example, in September 2022, Brim, a significant Icelandic fishing company, acquired a freezing fishing vessel and fishing quotas from a struggling competitor in a deal valued at USD 79.4 million. This acquisition enables Brim to increase its fishing capacity and enhance its ability to meet the demand for seafood products, especially value-added options. 

The seafood industry is adapting to changing consumer preferences and market dynamics, with companies making strategic moves to ensure a consistent supply of seafood products to meet the evolving demands of consumers. 

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Market Dynamics 

The increasing global consumption of fish and seafood products has raised significant concerns about overfishing and the sustainability of oceanic ecosystems. The World Wildlife Fund (WWF) estimates that approximately 24% of global fisheries are overexploited, with an additional 52% being fully exploited. Furthermore, according to projections by the environmental non-profit NGO earth.org, if current trends persist, global fish stocks could be depleted by 2048. 

To address this issue, governments and regulatory organizations are implementing various measures aimed at preventing overfishing. These measures include seasonal closures, catch quotas, and area restrictions to regulate fishing activities. One industrial-scale fishing approach involves freezing fishing vessels, which are designed to catch and process fish efficiently. However, the implementation of strict overfishing measures may result in reduced investment in freezing fishing vessels, as large-scale fishing becomes economically unviable due to catch limits and restrictions. This reflects the growing global effort to balance the need for seafood production with sustainable fishing practices to protect marine ecosystems. 

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Market Segmentation 

By Type 

• Commercial Fishing Vessels 
• Artisanal Fishing Vessels 
• Recreational Fishing Vessels  

By System 

• Air Blast Freezing 
• Plate Freezing 
• Brine 
• IQF (Individual Quick Freezing)  

By Vessel Length 

• Less than 20M 
• 21-30M 
• 31-40M 
• More than 40M  

By Freezing Capacity 

• Less than 50 Tons 
• 50-150 Tons 
• 150-300 Tons 
• More than 300 Tons 

Market Key Players 

Major players are Astilleros Armon, Karstensens Skibsværft A/S, Ulstein Group ASA, Damen Shipyards Group, Integrated Marine Systems, Inc., Kongsberg Maritime, Thoma-Sea Ship Builders, LLC, Aresa Shipyard, Havyard Leirvik AS and United Shipbuilding Corporation. 

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