Groundfish Market Analysis
The global groundfish market is projected to reach USD 13.18 billion by 2027, growing at a CAGR of 4.07% from 2020 to 2027, according to Renub Research. This growth is driven by rising demand for protein-rich, low-fat seafood, particularly among health-conscious consumers and athletes. Groundfish, including Alaska Pollock, Atlantic cod, and Hake, are recognized for their rich nutritional profile and role in sustainable fisheries.
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Key Trends in the Groundfish Market
- Growing Popularity of Protein-Rich Fish
- Increased consumption of groundfish such as Alaska Pollock, Blue Whiting, and Atlantic Cod, valued for their high protein content and essential nutrients like selenium and vitamin B12.
- Alaska Pollock is particularly favored for its affordability and low environmental toxin levels.
- Rising Demand in Food Processing
- Groundfish is widely used in producing value-added products such as fish sticks, fillets, and cod liver oil.
- Its mild flavor and versatile applications drive demand in processed food industries.
- Sustainability Focus
- Groundfish harvesting is considered essential for sustainable fisheries worldwide. Efforts to improve fishing practices and reduce overfishing are shaping the industry.
- Impact of COVID-19
- The pandemic disrupted supply chains and affected the foodservice sector, shifting consumer preference toward frozen and packaged groundfish products.
Key Groundfish Types
Groundfish species dwell near the ocean floor and include:
- Rockfish: Over 50 species are commercially harvested globally.
- Sole: Eight common species are highly prized for their flavor and texture.
- Sablefish (Black Cod): Known for its rich taste and premium value.
- Pacific Cod and Lingcod: Popular for their meaty texture.
- Flounders, Thornyheads, and Skates: Essential to the broader groundfish market.
Market Segmentation by Application
- Grocery Retail
- Largest segment catering to both B2B and B2C markets.
- E-commerce platforms offer convenience with delivery and in-store pickup options.
- Foodservice Sector
- Full-service restaurants and quick-service restaurants (QSRs) contribute significantly to market demand.
- Hotels and institutional food services drive growth in premium seafood offerings.
- Processed Food Industry
- Groundfish is used extensively in producing ready-to-cook and value-added seafood products.
Regional Insights
- North America
- The largest groundfish market, driven by robust production and consumption.
- High demand for frozen and fresh seafood across retail and foodservice channels.
- Europe
- Key markets include the United Kingdom and Nordic countries.
- Rising tourism and growing demand for seafood in hotels and restaurants bolster market growth.
- Asia Pacific
- Emerging economies like China and India experience increased consumption due to growing disposable incomes and urbanization.
- Middle East & South America
- Expansion in foodservice industries boosts groundfish demand.
Key Players in the Groundfish Market
Leading companies shaping the global groundfish market include:
- Mowi ASA
- Nomad Foods Ltd
- Royal Greenland
- Performance Food Group
Impact of COVID-19 on the Groundfish Market
The pandemic caused significant disruption in supply chains and foodservice operations. While fresh fish sales declined due to restaurant closures, the demand for frozen and packaged groundfish surged as consumers turned to shelf-stable options.
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