Enjoy complimentary customisation on priority with our Enterprise License!
The Poke Foods Market size is projected to increase by USD 849.19 million and the market size is estimated to grow at a CAGR of 8.53% between 2022 and 2027.
This poke foods market report extensively covers market segmentation by distribution channel (offline and online), product (varieties of tuna and other species), and geography (North America, Europe, APAC, South America, and Middle East and Africa). Our report examines historic data from 2017 to 2021, besides analyzing the current market scenario.
One of the key factors driving growth in the poke foods market is the health benefits of poke foods. Poke food is significantly high in nutrient content, such as omega-3 fatty acids and vitamin A, and demand for poke foods has grown in major regions of the world. Compared to other meat types, raw and diced meat used in the preparation of poke bowls is low in fat content, making it an essential source of protein, which could contribute to the enhancement of cardiovascular health. Furthermore, poke food contains a significant amount of iron and vitamin B, which aid in producing red blood cells, thereby improving blood circulation. Moreover, poke food contains various nutrients, promoting weight loss. Such effective health benefits will propel the market growth during the forecast period.
To get additional information about the market, Request Free Sample
The global poke food market is being driven by the rising trend of organic seafood and poke foods. Demand for organic seafood is increasing, especially in North America and Western Europe, as it is made from natural ingredients without preservatives and has lower calorie and gluten content. This growth is beneficial for poke food market players, as they predominantly use organically-sourced raw products. Poke bowls, which feature various organically-sourced ingredients like sesame oil, sea salt, and limu seaweed, are gaining rapid popularity. The market is further fueled by the increasing number of organized retailing outlets offering organically-sourced poke foods and regular product launches in this category.
The increasing prices of tuna present a significant challenge for the global poke food market. Tuna is a key ingredient in poke food, and price fluctuations impact the final product's cost. COVID-19 measures have led to reduced catches and difficulty meeting demand, causing higher prices for tuna in key hubs like Thailand, Ecuador, and Spain. Such price volatility poses challenges, as it can raise poke food prices and deter customers, particularly in developing countries. As a result, rising tuna prices are expected to hinder the growth of the global poke food market during the forecast period.
The poke food market is dominated by poke foods made from various tuna varieties, particularly ahi tuna and bigeye tuna, which are commonly used in Hawaii. Pokeworks, Sweetfin, Ahipoki Bowl, FRESHFIN POKE, and Western United Fish Co. are major players in this segment. Oceania, Western Europe, and North America are expected to drive market growth.
On the other hand, poke foods made from other species like salmon, shrimps, shellfish, and octopus form a smaller segment. The market is moderately concentrated with fewer regional and global players. Growing consumer awareness about the health benefits of poke foods using other species is expected to boost market growth.
The market share growth by the offline segment will be significant during the forecast period. The offline distribution channel generates revenue from the sales of products through channels such as hypermarkets, supermarkets, clubhouse stores, department stores, and independent retailers. Retailers are introducing new business and retail strategies, such as better pricing strategies and more comprehensive assortments, to survive in the competition.
The Offline segment was valued at USD 955.86 million in 2017 and continued to grow until 2021.
For a detailed summary of the market segments Request for Sample Report
Retailers use attractive displays and expand store operations to boost offline sales. Growing global retail channels increase customer familiarity with frozen seafood, leading to higher poke food sales. Better pricing strategies also contribute to market growth.
Online sales of poke food are increasing due to changing shopping preferences. Key e-retailers like Amazon and Alibaba Group offer poke foods, and retailers like Walmart and Costco have introduced their e-commerce portals. High internet penetration and preference for online shopping further drive market growth.
North America is estimated to contribute 71% to the growth of the global market during the forecast period
Get a glance at the market share of various regions View PDF Sample
Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The US, Canada, and Mexico are the key markets in North America with significant potential for poke food products amid strong demand for raw and organic seafood. Tuna imports from these countries have increased over the last five years. Pokeworks, Sweetfin, Acme Smoked Fish, and Western United Fish are some of the key players operating in the North American poke food market.
Moreover, due to the growing awareness about the health benefits of frozen fish and seafood, their demand has been rising in North America. To promote the consumption of different varieties of fish in various forms, regional consumers are prompting government authorities, such as the FDA. The influx of new vendors and growing consumption of raw tuna fish and the rising consumption of seafood, including fish and seafood products will contribute to the demand in the regional poke foods market during the forecast period.
In 2020, the COVID-19 pandemic had a negative impact on several economies in the region. However, from Q4 2020, supply chain activities resumed as the lockdowns were lifted due to the initiation of vaccination drives by governments in the region. The high demand owing to the benefits associated with poke foods, such as muscle recovery, and more are expected to fuel the growth of the poke products. Hence, the regional poke foods market is expected to grow positively 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 poke foods 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 poke foods 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.
|
Poke Foods Market Scope |
|
|
Report Coverage |
Details |
|
Page number |
153 |
|
Base year |
2022 |
|
Historic period |
2017-2021 |
|
Forecast period |
2023-2027 |
|
Growth momentum & CAGR |
Accelerate at a CAGR of 8.53% |
|
Market growth 2023-2027 |
$ 849.19 million |
|
Market structure |
USD Fragmented |
|
YoY growth 2022-2023(%) |
8.1 |
|
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
|
Performing market contribution |
North America at 71% |
|
Key countries |
US, Canada, Australia, Germany, and UK |
|
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
|
Key companies profiled |
Acme Smoked Fish Holding Corp., Ahipoki Bowl, ALOHA POKE Co., Annasea Foods Group, Fishbowl Venture Sdn Bhd, HARTFORD POKE Co., HEALTHY POKE SL, ia poke, Island Fin Poke Co., MTY Food Group Inc., OnoPoke Food Shop, FreshFin Poke, Poke Me Group Pty Ltd., POKED, Pokeworks, Red Poke, Sweetfin, The Poke Co. and wings, The Poke Lab, and white rabbit projects LLP |
|
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, Market condition analysis for 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. |
BUY NOW Full Report and Discover more
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Distribution Channel
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
Certified ISO 9001 : 2015
We are ISO 9001:2015 recognized that ensures quality services and product delivery to our clients.
We are GDPR and CCPA compliant! Your transaction & personal information is protected from unauthorized use.
Get lifetime access to our
Technavio Insights
Get the report (PDF) sent to your email within minutes.
