Mexico Frozen Fish and Sea Food Market Overview, 2029

Mexico's fish and seafood market is a vital component of the nation's culinary identity and economic landscape. With a coastline stretching over 9,000 kilometers, Mexico boasts diverse marine ecosystems that support a wide array of fish species and shellfish. Throughout history, indigenous communities along Mexico's coastlines have practiced sustainable fishing methods, passing down traditional knowledge from generation to generation. The Spanish conquest in the 16th century brought significant changes to Mexico's fishing industry, introducing new technologies and trade networks that expanded the reach of Mexican seafood beyond its borders. Today, Mexico is one of the world's top seafood producers and exporters, with a robust industry that caters to both domestic and international markets. The country's seafood exports include fresh, frozen, and processed products, with shrimp, tuna, and octopus among the most sought-after items. Mexico's proximity to the United States, one of the largest seafood markets globally, has further bolstered its position as a key player in the industry. The Mexican government plays a crucial role in regulating and promoting sustainable fishing practices to ensure the long-term viability of marine resources. Measures such as quotas, marine protected areas, and fishing bans help mitigate the impact of overfishing and habitat destruction. Additionally, initiatives to combat illegal, unreported, and unregulated (IUU) fishing have been implemented to safeguard the integrity of Mexico's seafood supply chain. In recent years, Mexico has also seen a growing interest in sustainable and artisanal fishing practices, driven by consumer demand for ethically sourced seafood. This trend reflects a broader global shift towards responsible consumption and environmental stewardship. According to the research report "Mexico Frozen Fish & Seafood Market Overview, 2029," published by Bonafide Research, the Mexico Frozen Fish & Seafood market is anticipated to grow at more than 5.10% CAGR from 2024 to 2029. Mexico has a large population and buyers who can pay for premium-quality fish, making it a significant seafood market. The country's proximity to the United States and Canada, as well as its trade agreements with Spain and other countries, provides opportunities for exports to these markets. Mexico is poised to develop a strong aquaculture industry, with the government supporting the development of amberjack, yellowtail, and other aquaculture species. The country's diverse water temperature ranges and coastal areas make it suitable for various aquaculture species. Mexico imports fish and seafood mainly to complement insufficient local production or to provide species not produced domestically. The United States is Mexico's largest supplier of fresh fish and the fourth largest supplier of crustaceans. Mexican consumers are increasingly demanding healthier and more sustainable seafood options. This trend is expected to continue over the forecast period, driving growth in the industry. The Mexican fish and seafood industry is characterized by a mix of small fish market outlets and larger supermarket chains. La Nueva Viga, the biggest wholesale market in Mexico City, is a significant player in the industry. The prices of fish and seafood in Mexico vary depending on the species and quality. For example, popular fish species like jack mackerel and Lisa are relatively cheap, while higher-quality fish like bass or red snapper are more expensive. Mexico has a favorable import climate, with most import duties reduced to zero under the North American Free Trade Agreement (NAFTA). This has made US and Canadian products competitive in the Mexican market. Despite the potential for growth, the industry faces challenges such as the difficulty in convincing international investors that Mexico is a safe place to invest. Mexico's fish and seafood industry is a significant contributor to its economy. In 2005, total consumption of fresh and frozen fish and seafood in Mexico reached 1,423,443 tons. However, Mexico's imports of fish and seafood are mainly focused on species that either complement an insufficient local production or are not produced locally. Mexico exports a variety of fish and seafood products, including California sardine, Pacific mackerel, abalone, tuna, and shrimp. Fish encompasses a broad range of species, such as salmon, cod, and halibut, which are commonly consumed in various forms like fresh, frozen, or canned. Shrimp is another popular category, with various species like snow crab, king crab, and lobster being highly sought after. The "others" category includes a diverse range of seafood products, including mussels, clams, scallops, and squid, which are often used in various cuisines and dishes. These categories help consumers navigate the market and make informed purchasing decisions based on their preferences and dietary needs. Mexico has a great variety of natural resources for fish and seafood production, with more than 800 species that can be fished, of which only 305 species have been fully identified in national waters. However, the Mexican consumer is offered very few species of fish and seafood in the marketplace. There is an emerging trend in Mexico towards healthy eating, which some chefs consider an opportunity to include a wider variety of fish and shellfish in their menus. Consumers are expected to make healthier and more sustainable purchasing decisions over the forecast period. Market analysts see potential growth in the fish and seafood sector in Mexico, with more investments in marketing campaigns and education, as Mexican consumers continue to demand more health foods and become more aware of the positive health attributes of eating fish and seafood.

The fish and seafood market in Mexico is diverse, encompassing various forms such as canned, chilled, frozen, and processed products. Canned fish, like tuna and sardines, is highly popular due to its convenience, long shelf life, and affordability, making it a staple in many Mexican households. Chilled seafood, often including fresh fish, shrimp, and shellfish, is favored for its freshness and is commonly sold in local markets and supermarkets, appealing to consumers who prioritize fresh ingredients for home cooking. The frozen seafood segment is significant as well, offering a wide range of products such as fish fillets, shrimp, and octopus, ensuring year-round availability and convenience for both households and the food service industry. Processed seafood products, including items like fish sticks, seafood mixes, and ready-to-eat meals, cater to the growing demand for quick and easy meal solutions, reflecting changing consumer lifestyles and the increasing importance of convenience. In Mexico, the distribution channels for the fish and seafood market are multifaceted, reflecting the diverse consumption patterns across the country. The primary channels include traditional wet markets, supermarkets, specialty seafood stores, and restaurants. Wet markets, found in urban and rural areas, are crucial for fresh and locally caught seafood, often attracting consumers seeking the freshest options and supporting local fishermen. Supermarkets play a significant role, offering a range of fresh, frozen, and processed seafood products, catering to convenience-oriented consumers. Specialty seafood stores and fishmongers provide high-quality and often premium selections, appealing to discerning customers and culinary enthusiasts. Additionally, restaurants and foodservice outlets, including those specializing in seafood, form a vital distribution channels, significantly impacting the market by driving demand for diverse and high-quality seafood options. The rise of online grocery platforms and delivery services is also becoming increasingly important, especially in urban centers, providing consumers with convenient access to a wide variety of seafood products. These channels collectively ensure a broad and efficient distribution of fish and seafood across Mexico, accommodating various consumer preferences and market demands. Major companies in the market Cargill Incorporation, Nomad foods, Hormel food, Rich Product Corporation, Al Kabeer group

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Manmayi Raval

Research Consultant

Considered for the report: • Historic year: 2018 • Base year: 2023 • Estimated year: 2024 • Forecasted year: 2029 Aspects covered in this report • Frozen Fish & seafood Products with its value and forecast along with its segments • Various divers and challenges • Ongoing trends and developments • Top profiled companies By Product • Fish • Shrimp • Others By Form • Canned • Chilled • Frozen • Processed By Distribution Channel • Convenience Stores • Online • Others

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The approach of the report: This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third party sources such as press releases, annual report of companies, analyzing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started, verifying the details obtained from secondary sources. Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to Fish & Seafood products industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.