Groundfish Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2028
Global Groundfish Market: Overview
The market for groundfish has been recently evolving rapidly. Since 2000, significant stimulus in groundfish fishery has been driven by adoption of sustainable fisheries and concurrent rebounding of their numbers. Increasing interest of sustainable fishing companies in various groundfish species has helped fuel the prospects. That apart, heightened awareness of people about the rebounding back of commercial fisheries in coastal towns has been stirring consumer demand for groundfish. The fishing community, local organizations, and seafood companies have benefitted from growth in commercial quotas and revising of annual catch limits. As fish farming becomes more sustainable, restaurants and families will likely benefit from the increasing share of groundfish in seafood menus in various parts of the world, propelling strides in the groundfish market.
Global Groundfish Market: Notable Developments
A spate of developments are recently fueled by favorable government policies especially in the U.S.
Companies are expected to increasingly benefit from increased awareness about utilizing the strengths of sustainable fisheries for growing population of groundfish. Some of the well-entrenched players vying for substantial stakes in the global groundfish market are Trident Seafoods Corporation, Mowi ASA, High Liner Foods, Bluenose Seafood, and AS Møre Codfish Company.
Global Groundfish Market: Important Evolution Dynamics
Growing commercial and recreation value of numerous groundfish species is the key underpinning to the market’s evolution. The increasing sustainability of groundfish farming is attributed in large part to constant advances in aquaculture over recent decades. Prospects in the groundfish market have also been thriving on the back of understanding the biology of groundfish, helping their numbers of revival.
Groundfish providers and producers of processed groundfish have put large bets on e-commerce channels. Increasing reliance of online channels will help them open vast prospects in the groundfish market.
In developed countries, notably in the U.S., domestically harvested seafood provide sustenance to local fishermen as well offer seafood companies abundant scope for revenue generation from sustainable fisheries. Further, the global groundfish market will likely see an altogether new avenue in shift toward consolidated marketing efforts at national level. The trend recent gathered steam in North America. Moreover, growing adoption of safe aquaculture is further bolstering the prospects of the groundfish market.
Global Groundfish Market: Regional Assessment
Europe and North America are potentially lucrative markets for groundfish fisheries. Particularly, Europe with vast chunks of population consuming seafood is a key factor expected to accentuate its prospects. Growing volumes of exports and imports are keeping the other regional market North America potentially lucrative over the assessment period of 2018 – 2028. A large chunk of revenue is expected to come from the U.S. where sustainable harvesting of groundfish has been receiving robust impetus. Further, the regional Government has been focusing on promoting economic interest of local fishermen. Some other regional markets witnessing growing interest are Asia Pacific and the Middle East and Africa.
The study presents reliable qualitative and quantitative insights into:
The regional analysis covers:
The vast market research data included in the study is the result of extensive primary and secondary research activities. Surveys, personal interviews, and inputs from industry experts form the crux of primary research activities and data collected from trade journals, industry databases, and reputable paid sources form the basis of secondary research. The report also includes a detailed qualitative and quantitative analysis of the market, with the help of information collected from market participants operating across key sectors of the market value chain. A separate analysis of macro- and micro-economic aspects, regulations, and trends influencing the overall development of the market is also included in the report.
Highlights of the report:
Note: Immense care has been taken to present data with the highest levels of accuracy in all TMRResearch reports. Nevertheless, recent developments related to market/vendor landscape may take time to reflect in the analysis.
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