Groundfish Market projected to grow by USD 13.04 Billion from 2024-2028 driven by AI’s impact and increasing awareness of groundfish health benefits – Technavio

NEW YORK, Oct. 14, 2024 /PRNewswire/ — Report with market evolution powered by AI – The Global Groundfish Market size is estimated to grow by USD 13.04 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  5.92%  during the forecast period. Growing awareness about health benefits of groundfish is driving market growth, with a trend towards growth of sustainable fishing practices. However, threat of overfishing  poses a challenge – Key market players include American Seafoods Group LLC, Carsoe Seafood ApS, Clipper Ship Inc., Glacier Fish Co, 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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Market Driver

The global groundfish market is projected to experience significant growth due to the increasing adoption of sustainable fishing practices. Sustainable methods, such as land-based aquaculture, address environmental concerns associated with traditional sea cage aquaculture. While more costly, land-based farming eliminates external hazards that can impact fish production. The MSC label, given to sustainable cod products, is increasingly preferred by major consumers like the UK. Fisheries and suppliers receiving this certification are on the rise, attracting new customers and driving market expansion. 

The Groundfish market is experiencing significant trends in the retail landscape. E-commerce sites are on the rise, offering home delivery and in-store pick up options for fresh groundfish from companies like Royal Greenland, Pacific Dream Seafood, Pescafresh, Surapon Foods, Fishin, Trident Seafoods, and more. The ongoing outbreak has increased demand for seafood products, ensuring food security and sustaining livelihoods and employment in fisheries. Sustainable fishing practices are crucial, with private label brands prioritizing groundfish varieties like cod. E-commerce sales of processed seafood, including canned and frozen groundfish, are growing. The health advantages of groundfish, rich in protein, selenium, phosphorus, and other essential nutrients, make them a popular choice for bodybuilders and those seeking low-fat protein for muscle building. These trends contribute to the market’s resilience and growth in the face of challenges. 

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 Market Challenges

• The global groundfish market is primarily driven by commercial fishing, but this activity has led to overexploitation and depletion of fish stocks due to overfishing. Illegal, unregulated, and unreported fishing account for approximately 20% of the world’s fish catch, with some fisheries reporting over 50%. This illegal industry is estimated to be worth over USD20 billion annually. Overfishing, particularly of cod, has significantly impacted sustainability, with stocks declining in the last decade. Regulatory standards against overfishing, such as temporary fishing bans, can hinder market growth by reducing production and increasing prices. Current risks of overfishing include those for cod in the UK, Canada, and other Atlantic countries. Unregulated and illegal fishing, as well as TAC regulations, pose challenges to the recovery of fishing stocks and market growth.
• The Groundfish market encompasses various species like Alaska Pollock, Blue Whiting, Atlantic Cod, Hake, and more. These protein-rich fishes offer health advantages with high levels of Selenium, Phosphorus, Vitamin B12, and low-fat. Groundfish is essential for food security and livelihoods in coastal communities, providing employment and export earnings. However, challenges persist. Environmental toxins in some species like Codfish can pose health concerns. Renub Research highlights the need for sustainable fishing practices and regular testing to ensure consumer safety. Seafood products from the Groundfish market are in demand by grocery retail, full service restaurants, quick service restaurants, hotels, and institutional foodservice. Consumers value the meaty texture, mild flavor, and blistering white flesh of these fishes, making them popular among bodybuilders, athletes, and the general public. Species like Rockfish, Sole, Sablefish, Lingcod, Pacific Cod, Thornyheads, Flounders, and Skates, as well as Pacific Sanddabs, are sought after for their nutritional benefits and delicious taste. The market is significant in regions like the West Coast, Oregon, and Washington State.

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Segment Overview 

This groundfish market report extensively covers market segmentation by  

1. Application 

• 1.1 Direct retail
• 1.2 Food processing

Type 

• 2.1 Alaska pollock
• 2.2 Blue whiting
• 2.3 Atlantic cod
• 2.4 Hake
• 2.5 Others

Geography 

• 3.1 Europe
• 3.2 North America
• 3.3 APAC
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Direct retail-  The direct retail segment holds a significant share in the global groundfish market, expected to remain dominant due to the expansion of organized retailers, particularly supermarkets and hypermarkets. Supermarkets and hypermarkets are the primary distribution channels for groundfish, with high penetration in countries like the UK, US, Italy, Poland, Portugal, Spain, Germany, Russia, Turkey, France, and Canada. In APAC, the growth of urban populations, driven by urbanization and rising disposable income, has led in the number of supermarkets and hypermarkets. This trend is expected to continue, benefiting groundfish product vendors in the region. The direct retail segment’s growth is attributed to these factors and is anticipated to dominate the market during the forecast period.

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Research Analysis

The Groundfish market encompasses a diverse range of edible fish species, primarily found in the Pacific Ocean along the West Coast of North America. These fish, including Cod, Lingcod, Pacific Cod, Thornyheads, Flounders, Skates, and Sanddabs, provide essential food security and livelihoods for communities in Oregon, Washington State, and beyond. The market for groundfish is significant, with high demand for both fresh and processed seafood products in the retail landscape. The health advantages of consuming groundfish as a source of protein are well-documented, making them a popular choice for consumers. Sustainable fishing practices are crucial to maintaining the long-term health of groundfish populations and the industry as a whole. Companies like Pescafresh, Surapon Foods, Fishin, and Trident Seafoods play key roles in the supply chain, ensuring the availability of these valuable seafood products while prioritizing sustainable practices.

Market Research Overview

The Groundfish Market encompasses a wide range of nutritious and delicious seafood products, primarily focusing on species such as Alaska Pollock, Blue Whiting, Atlantic Cod, Hake, and various other Protein-rich fishes. These fishes are not only a vital source of Food security and livelihoods for numerous communities, but they also offer significant Employment opportunities and export earnings. Groundfish are renowned for their Health advantages, including being a rich source of Selenium, Phosphorus, and Vitamin B12, making them an ideal choice for Bodybuilders, Athletes, and those seeking Low-fat protein for Muscle building and weight management. The Groundfish market caters to various sectors, including Grocery Retail, Full Service Restaurants, Quick Service Restaurants, Hotels, Institutional Foodservice, E-commerce sites, and Home delivery services. The market is spread across the West Coast, with significant players in Oregon and Washington State. The ongoing outbreak of environmental toxins in certain fish species necessitates adherence to Sustainable fishing practices. Private label brands like Royal Greenland, Pacific Dream Seafood, Pescafresh, Surapon Foods, Fishin, Trident Seafoods, and Cod continue to dominate the retail landscape, offering a diverse range of processed seafood products to meet the evolving consumer demands.

Table of Contents:

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation

• Application
• Direct Retail
• Food Processing
• Type
• Alaska Pollock
• Blue Whiting
• Atlantic Cod
• Hake
• Others
• Geography
• Europe
• North America
• APAC
• South America
• Middle East And Africa

7 Customer Landscape

8 Geographic Landscape

9 Drivers, Challenges, and Trends

10 Company Landscape

11 Company Analysis

12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides 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.

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