Groundfish Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2028

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Groundfish Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2028

Status : October, 2020 | Food and Beverages | PPT format

Report Digest


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. 

  • A case in point is the grant of exempted fishing permits (EFPs) for groundfish vessels in West Coast of the United States in May 2019. These EPFs have been granted for a short period as trial to revive interest of fishing vessels in groundfish. The program is supported by NOAA Fisheries to enable the sustainable fisheries to take full advantage of rising numbers of groundfish in the West Coast. On the other hand, this will also help protect other endangered species, notably salmon, against overfishing. To this end, the organization will garner the gains from rebuilding campaign of the rockfish. 
  • In another favorable event distributors of processed and frozen groundfish have been looking to seafood companies that strive to excel in quality. A Portland-headquartered company Bristol Seafood has recently decided that it will offer frozen cod and haddock fillets. The company uses Individual Quick Freezing processing technology to meet the highest standard of quality. The processed groundfish will soon be available in the U.S. and also be exported to certain areas. 

Companies are expected to increasingly benefit from increased awareness about utilizing the strengths of sustainable fisheries for growing population of groundfish.

Some of the most prominent competitors operating in the competitive landscape of global groundfish market include –

  • Trident Seafoods Corporation
  • Mowi ASA
  • High Liner Foods
  • Bluenose Seafood
  • 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.

This study provides a particularized anatomy according to the L.E.A.P mechanism

  • Latest trends and cardinal growth prospects
  • Existing and future insights in growth
  • Ascensions in technology
  • Pain points

The regional analysis offers market assays across:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The study, prepared through the L.E.A.P mechanism adds a dimension of infallibility and assures precise information on all the growth dynamics.

Latest Trends and Cardinal Growth Prospects

The study assists in burnishing the knowledge of the stakeholder in terms of the emerging trends. The study provides an expansive coverage on the latest developments and novel profit-yielding sources that augur well with the market. A dedicated and determined team of experts conduct an out-and-out research on diverse aspects to offer ultimate breakthroughs in the market.

Existing and Future Insights in Growth

The interfusion of ubiquitous primary and secondary research through modern tools invites perfection and accuracy in every aspect. Primary research is circumspectly conducted through exhaustive interactions and interviews of experts. These valuable opinions are then neatly inducted in the report to allow the stakeholder for reaping the benefits. A treasure of secondary data is extracted via famed paid sources, yearly estimates and statements, renowned journals, and government documents. These sources assist in creating a robust database comprising existing and subsequent growth dynamics.

Ascensions in Technology

Diverse technological advancements and cutting-edge innovations in the market have been covered in this study to assist the stakeholder in research and development activities. Recent upgrades have also been added in the study, thus helping the stakeholder to paint the strokes of growth on the canvas of the market.

Pain Points

The study presents a plethora of challenges and obstacles that can hinder the growth of the market to allow the stakeholder to prepare their strategies accordingly.

The world ushered in the new decade with the shadow of the COVID-19 pandemic. The outbreak has damaged the growth prospects of several businesses and has crippled the entire economy. The study is in tandem with the changing dynamics of the market due to the SARS-CoV-2 outbreak. The study focuses on the coronavirus pandemic and analyses every aspect that impacts the growth positively or negatively.

An aerial perspective of the regions covered in this study enables the stakeholder to design strategies accordingly. The 360-degree assessment of every aspect associated with growth offers information on a rainbow of growth opportunities available across the market.

The exhaustive study motivates the stakeholder to take the 'LEAP' of faith and achieve success!

This report is the key to questions such as:

What are the prominent factors that will help in reshaping the market growth?

Which trends have the potential to bring expansive growth for the market?

What are the necessary strategies to overcome the ill-effects of the COVID-19 pandemic?

Which regions will emerge as champion growth contributors for the market?

Which aspects will serve as game-changers for the market?

What are the latest innovations in the market?

Which factors will hinder the growth of the market?