Groundfish Market Analysis
Groundfish, such as Alaska Pollock, Atlantic cod, and Hake, are crucial for food security, global employment, and economic growth. They are considered vital for long-term sustainability in fisheries worldwide. With growing awareness about their health benefits, including being rich in protein, selenium, and phosphorous, the global groundfish market is expected to grow significantly in the coming years. Renub Research projects that the global groundfish market will reach US$ 13.18 billion by 2027, driven by the increasing demand for seafood products, which are essential sources of low-fat protein, especially for athletes and bodybuilders.
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Global Groundfish Market Trends
Over the past few years, consumer preference has shifted toward protein-rich fish varieties, such as Alaska Pollock, Blue whiting, Atlantic cod, and Hake. Among these, Alaska Pollock is highly favored due to its rich nutritional profile, including selenium, protein, and vitamin B12. Its relatively low environmental toxin levels and affordable pricing have further boosted its popularity. Atlantic cod, known for its meaty texture and mild flavor, is also in demand, particularly for its use in food processing, such as cod liver oil production.
The global groundfish market is estimated to grow at a CAGR of 4.07% from 2020 to 2027. This growth is driven by the increased consumption of groundfish products, spurred by their health benefits and nutritional value.
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Types of Groundfish
Groundfish refers to various fish species that dwell near the ocean floor. Some of the most common species include:
- Rockfish: Over 50 species of rockfish are harvested globally.
- Sole: Eight species of sole are commonly caught.
- Sablefish (Black Cod): Known for its rich taste and texture.
- Lingcod and Pacific Cod: These fish are highly valued for their meat.
- Thornyheads, Flounders, Skates, and Pacific Sanddabs: These fish are also important to the groundfish industry.
On the U.S. West Coast alone, more than 90 species of fish are caught, with many being native to the Pacific Ocean off the coasts of California, Oregon, and Washington State.
Groundfish Market by Application
The global groundfish market can be segmented into various application categories:
- Grocery Retail: The largest market share, catering to both business-to-business (B2B) and business-to-consumer (B2C) operations. Retailers often sell groundfish through e-commerce platforms, offering delivery and in-store pickup.
- Full-Service Restaurants: Increasing demand for premium seafood options in the foodservice industry.
- Quick Service Restaurants (QSR): These establishments also contribute significantly to the groundfish market.
- Hotels and Institutional Foodservice: The growing number of hotels, resorts, and institutional cafeterias around the world is driving the demand for groundfish products.
Regional Analysis of the Groundfish Market
- North America: The largest market for groundfish, driven by increased production and consumption.
- Europe: The United Kingdom is a major consumer, with a rising demand for groundfish due to the growing restaurant and hotel industry, as well as the popularity of beach holidays.
- Asia Pacific, Middle East, and South America: These regions are also experiencing growth in demand for groundfish, particularly in the foodservice industry.
Impact of COVID-19 on the Groundfish Market
The COVID-19 pandemic has had a profound effect on the groundfish market, particularly in the foodservice sector. The disruption of global supply chains led to challenges in production, and the closure of restaurants and hotels significantly impacted demand. The preference for frozen and packaged groundfish products has increased, as consumers turned to more convenient and shelf-stable options during lockdowns. However, prices for fresh fish have been under pressure, leading to shifts in consumer purchasing behavior.
Market Insights and Key Players
Leading players in the groundfish market include:
- Mowi ASA
- Nomad Foods Ltd
- Royal Greenland
- Performance Food Group
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