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The squid market size is projected to increase by USD 2.85 billion, at a CAGR of 4.63% between 2023 and 2028.
The escalating growth rate in the retail landscape, coupled with the surging popularity of sushi based dishes, alongside the increasing purchasing power of consumers, will significantly drive the demand for such products in the APAC markets during the forecast period. This trend aligns with global consumption trends and forecasts, highlighting the convenience and benefits associated with consumption. As consumers embrace convenience and diverse culinary experiences, such products stand to gain considerable traction in APAC markets, reflecting evolving consumer preferences and market analysis.
The market shows an Accelerated CAGR during the forecast period.
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The growing popularity of sushi dishes among consumers in developed countries is notably driving the market growth. The rising popularity of Japanese dish sushi and squid-based dishes such as calamari and others drive the growth of the market. Sushi is one of the popular Japanese dishes in which squid is added as one of the main ingredients. Factors such as rising disposable income and changing food preferences among consumers contribute to the growing popularity of sushi in different parts of the world.
Moreover, sushi rolls have become a hit and have started selling at supermarkets and retail shops. The emergence of conveyor belt sushi restaurants has made sushi more popular among the masses, and knowledge about sushi has grown among consumers. Therefore, the growing popularity of sushi and other dishes among consumers in developed countries propels the development of the market during the forecast period.
The emergence of sustainable aquaculture practices is one of the primary market trends. With the increasing awareness about the health benefits of consuming seafood, the demand for seafood varieties is increasing globally. In addition to aquaculture, seafood retailers in the market are trying to find alternative solutions to increase sustainability in fishing activities. Organizations such as the International Seafood Sustainability Foundation are focusing continuously on sustainable fishing practices by facilitating long-term conservation and the sustainable use of global fish stocks, reducing the issue of bycatch, and promoting a healthy fishing and seafood ecosystem.
As a result, with the rising concern about sustainable fishing and an increase in demand across the globe, efforts to promote sustainable fishing and seafood consumption are expected to increase during the forecast period. Therefore, such factors will accelerate the expansion of the market during the forecast period.
The growing popularity of vegan seafood is a significant challenge hindering market development. Rising consumer awareness about the health benefits of vegan diets has led to an increasing number of people adopting vegan lifestyles. Vegan diets provide more fiber, antioxidants, and beneficial plant compounds. They are also rich in potassium, magnesium, folate, and vitamins A, C, and E. Vegan diets help improve kidney function and lower blood sugar levels. They also help in lowering the risk of heart disease significantly.
However, to address the growing consumer demand for plant-based seafood alternatives due to health and sustainability reasons, certain manufacturers of seafood products have come up with vegan variants. Consequently, the growing popularity of vegan seafood has led to its increased demand, and its availability is increasing in the market. This factor can restrain the growth of the market during the forecast period.
The offline distribution channel segment accounts for the largest share of the market in 2023. The offline distribution channel generates revenue from the sales of such products through hypermarkets, supermarkets, clubhouse stores, departmental stores, and independent retailers. As a part of the marketing and offline sales strategy, resellers in the offline distribution channel place attractive displays to generate higher sales. With the growth in the number of offline retail outlets in different cities and regions, customers have become familiar with different variants of seafood, such as processed squid. This is expected to increase the sales of such products in the offline distribution channel during the forecast period.
The market share by the processed segment will be significant during the forecast period. Processed segment refers to the variant of this seafood prepared for consumption through different processing methods. Processed can be found in many forms, such as frozen, dried, and smoked. It is often used as an ingredient in various dishes, including salads, soups, and stir-fries.
The fresh segment was valued at USD 3.90 billion in 2018.
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Additionally, the increased demand for convenience and ready-to-eat food products, including squid products, spur the demand in the processed squid segment. Consumers are seeking quick and easy meal solutions such as processed food due to their hectic lifestyles, which has increased the demand for processed products. The increase in the number of producers and suppliers of processed and advances in food processing techniques are expected to drive the growth of the processed segment of the market during the forecast period.
APAC is estimated to contribute 45% to the growth of the global market during the forecast period
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Technavio's analysts have provided extensive insight into the market forecasting, detailing the regional trends and drivers influencing the market's trajectory throughout the forecast period. The APAC region is a significant hub for squid consumption and production. In 2021, landing in China's primary center, Zhoushan, surged, with over 190,000 tonnes landing in the Southwest Atlantic and East Pacific, marking a 61% increase from 2020. Japanese squid imports rose by 6.5%, while Chinese imports soared by 29.6%. APAC's growing, affluent population, especially in China, Japan, South Korea, and Southeast Asia, drives this demand. Urbanization fuels a preference for convenient foods like processed products, catering to diverse culinary traditions. However, export capacity is limited due to high regional consumption and US-China trade tensions imposing tariffs on seafood. Thus, such factors are expected to maintain moderate growth of the regional market during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market forecasting growth and analysis.
The market growth and forecasting report also includes detailed analyses of the competitive landscape of the market and information about 10 market companies, including:
Austevoll Seafood ASA, Brasmar Group SGPS SA, Holt Seafood Company Pty Ltd., Indepesca Overseas Pvt. Ltd., KING FISH PRODUCTS PVT. LTD., Lee Fishing Co., Maruha Nichiro Corp., MINH KHUE SEAFOODS CO., Nissui Corp., Nueva Pescanova SL, Oceana Inc., PT. Sukses Lautan Indonesia, Qingdao Seaflying Food Co. Ltd., Seafood Pride International, Super Royale Seafoods Intl Inc., Thai Union Group PCL, Xiamen Taiseng Seafoods CO. LTD., and High Liner Foods Inc
The market analysis and report of qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market research and growth report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
The market presents a diverse array of offerings, ranging from calamari rings to squid steaks and dried squid snacks. With options including wild-caught squid and farmed squid, both small-scale fisheries and industrial fisheries contribute to the seafood supply chains. As consumers increasingly seek sustainable food options and lean protein sources, the market responds with convenience and ready-to-eat squid products like pre-packaged squid items and marinated squid salads. Value-added products such as squid-based snacks and surimi cater to evolving preferences.
Additionally, the globalization of culinary tastes fuels the demand for diverse squid varieties like Cuttlefish, European Squid, and Argentine Shortfin Squid. Price fluctuations impact restaurants and foodservice establishments, as well as the retail segment encompassing grocery stores and online marketplaces. Seafood markets thrive with offerings ranging from fresh squid market to frozen squid market and dried squid market, while the food processing segment innovates with seafood salads and canned squid. The snack industry embraces squid-based snacks, highlighting the adaptability and versatility of this marine delicacy within various culinary landscapes.
Squid Market Scope |
|
Report Coverage |
Details |
Page number |
159 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.63% |
Market Growth 2024-2028 |
USD 2.85 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
4.08 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 45% |
Key countries |
China, India, Japan, Spain, and Peru |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Aksha Fish Meal And Oil Co., Austevoll Seafood ASA, Brasmar Group SGPS SA, Freshkatch, Holt Seafood Company Pty Ltd., Indepesca Overseas Pvt. Ltd., KING FISH PRODUCTS PVT. LTD., Lee Fishing Co., Maruha Nichiro Corp., MINH KHUE SEAFOODS CO., Nissui Corp., Nueva Pescanova SL, Oceana Inc., PT. Sukses Lautan Indonesia, Qingdao Seaflying Food Co. Ltd., Seafood Pride International, Super Royale Seafoods Intl Inc., Thai Union Group PCL, Xiamen Taiseng Seafoods CO. LTD., and High Liner Foods Inc |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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