NEW YORK, Nov. 27, 2023 /PRNewswire/ — The groundfish market size is expected to grow by USD 11.44 billion from 2022 to 2027, according to Technavio. In addition, the growth momentum of the market will progress at a CAGR of 5.51% during the forecast period. Growing awareness about the health benefits of groundfish such as cod is notably driving the groundfish market. However, factors such as the threat of overfishing may impede market growth. The market is segmented 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). Technavio provides a comprehensive report summary describing the market size and forecast along with research methodology. The free sample report is available in PDF format
Key Segment Analysis
- The market share growth by the Alaska pollock segment is significant during the forecast period. The Alaska pollock refers to a mild-flavored fish with a delicate and flaky texture and is consumed in a variety of forms, such as 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. There is a growing popularity of this segment in North America and Europe which is fuelling the growth of this segment which in turn drives the market growth during the forecast period.
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Geographical Market Analysis
- Europe accounts for 44% of the growth of the global market during the forecast period. Factors such as the rising consumption of fish products, the high volume of imports and exports, and the high disposable incomes of people are fuelling the market growth in the region. Some of the main countries that contribute to the market growth in Europe include the UK, Denmark, France, Germany, Ireland, Italy, the Netherlands, Poland, Spain, and Sweden which is positively impacting the market growth in the region. Hence, such factors are driving the market growth in APAC during the forecast period.
Company Insights
The groundfish market is fragmented, and the companies are deploying organic and inorganic growth strategies to compete in the market. The report analyzes the market’s competitive landscape and offers information on several market companies, including 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.
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Groundfish Market Scope |
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Report Coverage |
Details |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 5.51% |
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Market growth 2023-2027 |
USD 11.44 billion |
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Market structure |
Fragmented |
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YoY growth 2022-2023 (%) |
5.31 |
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Regional analysis |
Europe, North America, APAC, South America, and Middle East and Africa |
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Performing market contribution |
Europe at 44% |
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Key countries |
US, China, UK, Spain, and The Netherlands |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
ToC:
Executive Summary
Market Landscape
Market Sizing
Historic Market Sizes
Five Forces Analysis
Market Segmentation by Type
Market Segmentation by Application
Market Segmentation by Geography
Customer Landscape
Geographic Landscape
Drivers, Challenges, & Trends
Company Landscape
Company Analysis
Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com
SOURCE Technavio
