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The Groundfish Market size is projected to increase by USD 11.44 billion and the market size is estimated to grow at a CAGR of 5.51% between 2022 and 2027. This groundfish market report extensively covers market segmentation by type (Alaska pollock, blue whiting, atlantic cod, hake, and others), application (direct retail and food processing), and geography (Europe, North America, APAC, South America, and Middle East and Africa). Our report examines historic data from 2017 to 2021, besides analyzing the current market scenario.
The expansion of the retail landscape is driving growth in the groundfish market. The growing presence of supermarkets, hypermarkets, and specialty stores worldwide is indicative of the proliferation of the organized retail sector. A large, organized retailer is the main source of fish and fishery products such as groundfish. For consumers, satisfaction and value for money are crucial parameters. Organized retailers meet these parameters by stocking a wide variety of products, such as packaged cod fillets, frozen cod fillets, packaged halibut fillets, and others under one roof. The preference of the consumer shifted to supermarkets and hypermarkets. This has increased the importance of organized retailers for companies. Such factors are expected to drive the growth of the market focus during the forecast period.
The Groundfish Market shows an Accelerate CAGR during the forecast period.
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The growth of sustainable fishing practices is estimated to be a key driver for the global groundfish market during the forecast period. Moreover, it costs more than marine aquaculture to adopt sustainability practices, such as land-based aquaculture, they can eliminate many environmental concerns associated with sea cage aquaculture, where fish are grown inside cages in the sea.
However, there are different cod products carrying the MSC label in stores and restaurants around the world, with increasing awareness about environmental sustainability. To draw in new customers, certain distributors are starting to introduce a new MSC-certified fish product. Most of the fisheries have gained MSC sustainability certification in recent years in these countries. This is estimated to drive the growth of the global groundfish market during the forecast period.
The threat of groundfish contamination and product recalls is a major challenge faced by the groundfish market. The increase in recall rates of products is one of the major challenges for global fishing market growth. Any product that has the potential to cause health hazards, is contaminated, or contains allergens not mentioned on labels is recalled by manufacturers or regulatory agencies.
Moreover, product recalls hamper market growth by negatively impacting companies' reputations, lowering consumers' trust and loyalty, and resulting in a financial and operational burden on the companies by means of compensation for settling various proceedings brought against them. Product recalls increase the financial and operational burden for market vendors, which, in turn, may hamper the growth of the market in focus during the forecast period.
Direct retail segment by application of the global groundfish market dominated in 2022. It is expected to maintain its dominance during the forecast period. Globally, organized retailers are expanding, led by the establishment of supermarkets, convenience stores, and specialty stores. The major, organized retail chains are the main buyers of groundfish products. The main distribution channels for groundfish are supermarkets and hypermarkets. The growth of the population leads to a rise in demand for supermarkets. Urban populations in APAC countries like China and Japan are expected to grow, which would benefit the groundfish product vendors operating in the region. Such factors are expected to drive the growth of the direct retail segment of the market in focus during the forecast period.
The market share growth by the Alaska pollock segment will be significant during the forecast period. The Alaska pollock is a mild-flavored fish with a delicate and flaky texture and is consumed in a variety of forms, including fresh and frozen fillets, fish sticks, and other breaded and battered fish products, as well as surimi, which is a paste made from fish meat. In North America and Europe, wild-caught Alaska pollock fillets are one of the most popular fish products.
The Alaska pollock segment was valued at USD 12.28 billion in 2017 and continued to grow until 2021.
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Alaska pollock was one of the top five seafood species consumed in the US in the last five years. Only wild Alaskan pollock caught from oceans are farmed in the world, and no commercial aquaculture has been established for this species. Several companies are launching new products to tap the rising demand for sustainable fish products. These factors are expected to drive the growth of the Alaska pollock segment of the market in focus during the forecast period.
Europe is estimated to contribute 44% to the growth of the global market during the forecast period
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Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The groundfish market in Europe is expected to grow steadily due to the rising consumption of fish products, the high volume of imports and exports, and the high disposable incomes of people. The UK, Denmark, France, Germany, Ireland, Italy, the Netherlands, Poland, Spain, and Sweden are the key contributors to the growth of the market in the region.
Moreover, in the UK, Atlantic cod is one of the most widely consumed species of fish. It is widely used in fish and chips. Demand for groundfish in Europe is likely to increase as a result of increased demand for organic food and the trend towards better eating habits. The rise in the per capita consumption of fish in Europe is also expected to increase the demand for groundfish products during the forecast period.
The outbreak of COVID-19 had a negative impact on the growth of the regional groundfish market in 2020. However, the administration of vaccination drives by the government across the region in the first half of 2021 helped to stabilize the situation. Demand for fish and fishery products grew due to the resumption of commercial operations in restaurants and hotels, leading to an increase in sales of groundfish. An increase in the consumption of fish in the household sector will enhance the demand for groundfish in the region. Therefore, all such factors will help the groundfish market in the region to register an accelerating growth momentum 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.
The groundfish market report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
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 groundfish market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Groundfish Market Scope |
|
Report Coverage |
Details |
Page number |
164 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.51% |
Market growth 2023-2027 |
USD 11.44 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
5.31 |
Regional analysis |
Europe, North America, APAC, South America, and Middle East and Africa |
Performing market contribution |
Europe at 44% |
Key countries |
US, China, UK, Spain, and The Netherlands |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
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., and Trident Seafoods Corp. |
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 Type
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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