Groundfish Market Analysis Europe, North America, APAC, South America, Middle East and Africa - US, UK, Spain, China, The Netherlands - Size and Forecast 2024-2028

Groundfish Market Size 2024-2028

The groundfish market size is forecast to increase by USD 13.04 billion at a CAGR of 5.92% between 2023 and 2028.

• The market is experiencing significant growth, driven by increasing consumer awareness regarding the health benefits associated with consuming groundfish. This trend is further bolstered by the adoption of sustainable fishing practices, which are gaining popularity due to concerns over overfishing and the need for long-term sustainability. However, the market faces challenges, including the threat of overfishing and the need for effective regulation to ensure the long-term viability of groundfish populations. Groundfish is a staple in many diets due to its high protein content, including essential amino acids, selenium, and phosphorus. To remain competitive, market participants must stay abreast of these trends and adapt to the evolving market landscape. By implementing sustainable fishing practices and focusing on consumer education, the market players can capitalize on the growing demand for this nutritious and sustainable food source. This market analysis report provides an in-depth examination of these factors and more, offering valuable insights for stakeholders looking to capitalize on the opportunities presented by the market.

What will be the Size of the Groundfish Market During the Forecast Period?

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• The market encompasses a diverse range of species, including cod, lingcod, pacific cod, thornyheads, flounders, skates, and pacific sanddabs, among others. This sector plays a crucial role in food security and livelihoods for numerous communities, particularly in coastal regions. Employment and export earnings are significant contributors to the economies of fisheries-dependent countries. The health advantages of consuming groundfish as a source of protein further underscore its importance In the retail landscape. Processed seafood products, such as fillets, smoked, and canned varieties, dominate market sales. Sustainable fishing practices are increasingly prioritized to ensure the long-term viability of this industry. The market caters to various sectors, including foodservice, retail, and industrial, with grocery retail being a major consumer. Key players In the market include entities specializing in seafood products, such as Pacific Dream Seafood, PescaFresh, Surapon Foods, Fishin, and Trident Seafoods.

How is this Groundfish Industry segmented and which is the largest segment?

The groundfish industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

• Application
  • Direct retail
  • Food processing
• Type
  • Alaska pollock
  • Blue whiting
  • Atlantic cod
  • Hake
  • Others
• Geography
  • Europe
    • UK
    • Spain
  • North America
    • US
  • APAC
    • China
  • South America
  • Middle East and Africa

By Application Insights

• The direct retail segment is estimated to witness significant growth during the forecast period.

The market is primarily driven by the direct retail segment, which held a significant market share in 2023. This trend is anticipated to continue due to the expansion of organized retailers, including supermarkets, convenience stores, and specialty stores. These nutrients contribute to muscle building, making it a popular choice for bodybuilders, athletes, and individuals seeking low-fat protein sources. Supermarkets and hypermarkets are the primary distribution channels for groundfish, with a high penetration in countries like the US, UK, Italy, Poland, Portugal, Spain, Germany, Russia, Turkey, France, and Canada.

In the Asia Pacific region, the growth rate of supermarkets and hypermarkets has been, driven by urbanization and rising disposable income. The market players include Royal Greenland, Pacific Dream Seafood, Pescafresh, Surapon Foods, Fishin, Trident Seafoods, and others. Groundfish species, such as Alaska Pollock, Blue Whiting, Atlantic Cod, Hake, and various protein-rich fishes, are popular for their meaty texture, mild flavor, and blistering white flesh. However, potential environmental toxins, such as mercury and PCBs, can pose health concerns, particularly in codfish and cod liver oil. Sustainable fishing practices and private label brands are essential for ensuring consumer safety and trust. The market landscape includes various channels, including grocery retail, full-service restaurants, quick-service restaurants, hotels, institutional foodservice, e-commerce sites, home delivery, and in-store pick up. Processed seafood and sustainable fishing practices are key trends In the market.

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The direct retail segment was valued at USD 21.23 billion in 2018 and showed a gradual increase during the forecast period.

Regional Analysis

• Europe is estimated to contribute 43% to the growth of the global market during the forecast period.

Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

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The European market is experiencing consistent expansion due to the increasing demand for seafood products, substantial imports and exports, and the growing disposable income of consumers. Key contributing countries include the UK, Denmark, France, Germany, Ireland, Italy, the Netherlands, Poland, Spain, and Sweden. In the UK, Atlantic cod is a popular fish species, commonly used in traditional dishes like fish and chips. This species is also favored in Portugal and Spain. As of 2020, the primary imported product categories from developing nations into the EU are pollock, pangasius, and cod. These protein-rich fishes offer numerous health benefits, including high levels of vitamin B12 and minerals like selenium and phosphorus.

They are sought after for muscle building, making them essential for bodybuilders, athletes, and other health-conscious individuals. The market caters to various sectors, including grocery retail, full-service restaurants, quick-service restaurants, hotels, institutional foodservice, and e-commerce sites. Sustainable fishing practices are increasingly important, with private label brands prioritizing this aspect. The market landscape includes major players such as Pacific Dream Seafood, Pescafresh, Surapon Foods, Fishin, Trident Seafoods, and others. The market is expected to continue growing due to the rising popularity of seafood as a low-fat protein source and the health advantages it offers.

Market Dynamics

Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

What are the key market drivers leading to the rise In the adoption of Groundfish Industry?

Growing awareness about health benefits of groundfish is the key driver of the market.

• Groundfish, including species such as Alaska Pollock, Blue whiting, Atlantic cod, Hake, and various rockfishes, are prized for their protein-rich content and health advantages. These fish are a significant source of selenium and phosphorus, providing over 35% of the daily required protein intake in a 3.5-ounce serving. Additionally, they offer a low-fat protein source, making them ideal for muscle building and popular among athletes and bodybuilders. Cod, in particular, is known for its meaty texture, mild flavor, and blistering white flesh. Other groundfish, such as sole, sablefish, lingcod, Pacific cod, thornyheads, flounders, skates, and Pacific sanddabs, offer similar nutritional benefits.
• The growing awareness of these health advantages, coupled with the increasing demand from the foodservice industry, including grocery retail, full-service restaurants, quick-service restaurants, hotels, institutional foodservice, and e-commerce sites, is expected to drive the market during the forecast period. Consumers are also increasingly seeking out sustainable fishing practices and private label brands, further boosting market growth.

What are the market trends shaping the Groundfish Industry?

Growth of sustainable fishing practices is the upcoming market trend.

• The market encompasses a range of protein-rich fishes, including Alaska Pollock, Blue whiting, Atlantic cod, Hake, and various other meaty textured and mild flavored species like Rockfish, Sole, Sablefish, Lingcod, Pacific Cod, Thornyheads, Flounders, Skates, and Pacific Sanddabs. These seafood products are essential sources of nutrients, particularly Selenium and Phosphorous, which contribute to muscle building and are beneficial for bodybuilders, athletes, and those seeking low-fat protein. Sustainable fishing practices are gaining traction In the market, driven by the health advantages and food security implications. Land-based aquaculture, a sustainable alternative to traditional marine farming, is expected to increase in popularity due to its reduced environmental impact.
• This method of farming eliminates the hazards associated with sea cage aquaculture, such as storms, predators, and harmful algal blooms, ensuring a consistent supply of fresh fish. The market caters to various sectors, including grocery retail, full-service restaurants, quick-service restaurants, hotels, institutional foodservice, and e-commerce sites. Consumers can opt for home delivery or in-store pick-up options, with major players like Royal Greenland, Pacific Dream Seafood, Pescafresh, Surapon Foods, Fishin, Trident Seafoods, and others contributing to the market's growth. Sustainable fishing practices are crucial to the ongoing health of the market, as they ensure the long-term availability of these valuable protein sources while minimizing environmental concerns. The market landscape is evolving, with an increasing focus on processed seafood and private label brands, further driving demand for groundfish.

What challenges does the Groundfish Industry face during its growth?

Threat of overfishing is a key challenge affecting the industry growth.

• The market encompasses a wide range of protein-rich fishes, including Alaska Pollock, Blue whiting, Atlantic cod, Hake, and various species of Rockfish, Sole, Sablefish, Lingcod, Pacific Cod, Thornyheads, Flounders, Skates, and Pacific Sanddabs. These seafood products offer numerous health advantages, such as being a low-fat protein source, aiding muscle building, and providing essential nutrients like Vitamin B12 and minerals such as Selenium and Phosphorous. Despite their benefits, groundfish populations face challenges due to overfishing, which is illegal, unregulated, and often unreported. This issue affects both small-scale and large, industrialized fisheries, with estimates suggesting that around 20% of the world's fish catch is derived from illegal sources. Overexploitation of cod stocks is a significant concern, with commercial fishing driving the decline in fish populations over the last decade. The market caters to various sectors, including grocery retail, full-service restaurants, quick-service restaurants, hotels, institutional foodservice, and e-commerce sites. Consumers can enjoy fresh fish through home delivery and in-store pick-up services provided by companies like Royal Greenland, Pacific Dream Seafood, Pescafresh, Surapon Foods, Fishin, Trident Seafoods, and others. Sustainable fishing practices are increasingly important in the market, with private label brands emphasizing their commitment to environmental stewardship.
• The ongoing outbreak of the ongoing outbreak in some fisheries may impact foot traffic in the retail landscape, making it crucial for processors to maintain high-quality, consistent products. Thus, the market offers a diverse range of nutritious and flavorful seafood products, from meaty textured and mild-flavored cod to the blistering white flesh of Pacific Cod. However, the industry faces challenges related to overfishing and sustainability, necessitating ongoing efforts to ensure the long-term health of fish stocks and the livelihoods and employment of those who depend on them.

Exclusive Customer Landscape

The groundfish market forecasting report includes the adoption lifecycle of the market, market growth and forecasting, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the groundfish market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.

Customer Landscape

Key Companies & Market Insights

Companies are implementing various strategies, such as strategic alliances, groundfish market forecast, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence In the industry.

The industry research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:

• American Seafoods Group LLC
• Carsoe Seafood ApS
• Clipper Ship Inc.
• Glacier Fish Co
• Global Seafoods North America LLC
• High Liner Foods Inc.
• KARRO FOOD GROUP
• LEE FISH
• Lenger Seafoods Group
• Metro Seafood Ltd.
• MORE CODFISH COMP.
• NISBET OYSTER CO INC.
• Nissui Corp.
• OM Seafood Co.
• Pacific Dream Seafood
• Pescafresh
• Shark Sea Foods Online
• Surapon Foods Public Co. Ltd.
• The Fishin Co.
• Trident Seafoods Corp.

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 industry 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.

Research Analyst Overview

Groundfish, a category of edible fish that inhabit the continental shelves and slopes, play a significant role in global food systems. These fish species, which include Alaska pollock, blue whiting, Atlantic cod, hake, and various rockfish varieties, among others, provide essential nutrients and contribute to food security and livelihoods worldwide. The market encompasses a diverse range of seafood products, making it a valuable source of protein for various consumer segments. Protein-rich fishes like groundfish offer numerous health advantages, including being a low-fat protein source, aiding muscle building, and providing essential nutrients such as selenium, phosphorus, and vitamin B12. Groundfish are popular among bodybuilders, athletes, and individuals seeking a nutritious diet. Their mild flavor and meaty texture make them versatile ingredients in various culinary applications, from fresh fish preparations to processed seafood products. The market caters to various market segments, including grocery retail, full-service restaurants, quick-service restaurants, hotels, institutional foodservice, and e-commerce sites. Consumers increasingly prefer home delivery and in-store pick-up options, further expanding the market's reach.

Similarly, sustainable fishing practices are increasingly important In the market, as concerns about environmental toxins and the impact of overfishing on fish populations continue to grow. Companies such as Royal Greenland, Pacific Dream Seafood, PescaFresh, Surapon Foods, Fishin, Trident Seafoods, and others are committed to implementing sustainable fishing practices and producing private label brands. Groundfish species, such as cod, are also integral to traditional cuisines and cultural practices. For instance, codfish and cod liver oil have been a staple in European diets for centuries. However, ongoing outbreaks of diseases affecting certain groundfish populations pose challenges to the market's stability. The market landscape is dynamic, with various factors influencing its growth and development. These factors include consumer preferences, market trends, environmental concerns, and regulatory requirements. Understanding these dynamics is crucial for stakeholders seeking to capitalize on the opportunities presented by the market.

Thus, the market is a vital component of the global food industry, offering a rich source of protein and essential nutrients. Its versatility and appeal to various consumer segments make it an attractive market for businesses and investors. Sustainable fishing practices and ongoing research and development efforts will continue to shape the market's future.

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What are the Key Data Covered in this Groundfish Market Research and Growth Report?

• CAGR of the Groundfish industry during the forecast period
• Detailed information on factors that will drive the growth and forecasting between 2024 and 2028
• Precise estimation of the size of the market and its contribution of the industry in focus to the parent market
• Accurate predictions about upcoming growth and trends and changes in consumer behaviour
• Growth of the market across Europe, North America, APAC, South America, and Middle East and Africa
• Thorough analysis of the market's competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the groundfish market growth of industry companies

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