Global Groundfish Market Trends Insights 2024-2030
Groundfish Market Analysis: A Growing Global Industry
Groundfish are a critical component of global food security, supporting livelihoods, employment, and economic growth. Groundfish Market These fish, harvested from near the ocean floor, provide essential nutrients like protein, selenium, and phosphorous, making them a crucial part of the human diet. The growing recognition of their health benefits has spurred significant growth in the groundfish market. As more people turn to seafood for its low-fat protein, especially for muscle building among athletes and bodybuilders, the global demand for groundfish is expected to surge. According to Renub Research, the global groundfish market is projected to reach US$ 13.18 billion by 2027.
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Global Groundfish Market Overview
Over the past few years, consumers have increasingly favored protein-rich fish such as Alaska Pollock, Atlantic cod, Hake, and Blue Whiting. Alaska Pollock is especially popular due to its high nutritional value, offering essential vitamins and minerals like selenium, vitamin B12, and phosphorous, alongside its lower environmental toxin risks and affordable price point. The market for these fish is expected to grow as demand for protein-rich, sustainable seafood continues to rise.
Atlantic cod, known for its meaty texture and mild flavor, also holds a prominent place in the groundfish market. Its livers are used in food processing to produce cod liver oil, further contributing to its market share. The global groundfish industry is estimated to grow at a compound annual growth rate (CAGR) of 4.07% from 2020 to 2027.
Types of Groundfish
Groundfish encompass a variety of species that inhabit the ocean floor. The market includes over 50 species of Rockfish, eight species of Sole, and other fish such as Sablefish (Black Cod), Lingcod, Pacific Cod, and Flounders. Notably, the West Coast of the United States is home to more than 90 species of groundfish, especially abundant off the coasts of California, Oregon, and Washington.
Groundfish Market Segmentation
The groundfish market is segmented based on application, with major sectors including:
- Grocery Retail: Holding the largest market share, grocery retail includes both B2B and B2C sales, with retailers offering groundfish products through physical stores, online platforms, and home delivery services.
- Full Service Restaurants: Groundfish is a popular menu item for restaurants that offer dine-in experiences.
- Quick Service Restaurants: Fast food chains and casual eateries also rely on groundfish as part of their offerings.
- Hotels and Institutional Foodservice: Groundfish is in high demand at hotels, resorts, and institutional food service providers, contributing to its widespread use in large-scale catering.
In 2020, the global groundfish market was valued at US$ 9.97 billion.
Regional Market Insights
North America remains the largest market for groundfish, driven by robust production in the region. In Europe, the United Kingdom sees significant consumption, particularly within the restaurant and hotel sectors. The region’s growing popularity of beach vacations and culinary tourism has fueled demand for groundfish in high-end eateries and resorts. Key players in the groundfish market include Mowi ASA, Nomad Foods Ltd, Royal Greenland, and Performance Food Group.
Impact of COVID-19 on the Groundfish Market
The COVID-19 pandemic severely disrupted the food industry’s supply chain, with the groundfish market experiencing setbacks in production and distribution. The foodservice industry, a major consumer of groundfish, faced a decline in demand due to reduced foot traffic at restaurants and hotels. However, frozen and packaged groundfish products saw increased demand as consumers shifted preferences due to health concerns and convenience.
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Future Outlook
The global groundfish market is poised for significant growth in the coming years. Rising awareness of the nutritional benefits of groundfish, combined with increasing demand for sustainable seafood, will drive the market forward. As consumers continue to prioritize protein-rich, low-fat food options, groundfish will play an essential role in the global food landscape.
Renub Research’s latest report on the “Global Groundfish Market” provides a detailed analysis of market trends, key players, and growth opportunities across various regions, including North America, Europe, Asia Pacific, the Middle East, and South America.
Key Companies in the Groundfish Market
- Mowi ASA
- Nomad Foods Ltd
- Royal Greenland
- Performance Food Group
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