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 : August, 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.

The study presents a granular assessment and quantitative evaluation of:

  • Key growth factors and prominent trends
  • Size and share of key segments in overall market
  • Key challenges and winning imperatives
  • Factors shaping competitive landscape
  • Insights into how contours of market will change in coming years
  • Technological advances
  • New avenues and imminent investment pockets
  • Regulatory landscape shaping current and future strategies of companies

The region-wise assessment includes market dynamics in:

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

The study is prepared with the help of an extensive primary and secondary research. Primary research includes but not limited to interactions, interviews, surveys, and events. Opinions of policy makers and industry experts are carefully integrated into the insights to complement primary research. Volumes of secondary data gleaned through renowned paid sources, annual statements, reputed journals, and government documents offer insights into current dynamics and key evolution trajectories the market is likely to assume. The research employs various industry-wide analytics methods and well-established methodologies to ascertain the attractiveness of key segments. Further, it evaluates the lucrativeness of key regions and factors underlying their maturity. The insights notably include a detailed analysis of forces behind vendor differentiation and offers insight into investment-decision making by prominent players.

The report strives to enlighten businesses and industry stakeholders on multiple facets of the growth dynamic of the market, the key of which include answers to:

  • Which key factors will shape the competitive landscape?
  • Which trends will stimulate research and development activities in different geographies?
  • Which are the lucrative growth areas and what is the size of potential they are likely contribute to the overall market?
  • Which disruptions in market growth are likely to come with the new business models?
  • Which are some of the recent overhauls in policies that may change the course of the market significantly?
  • Which are the geographies that will form sizable sources of new streams to new and established players alike?
  • How are top players likely to realign their strategy to counter the forces of competition?
  • Which key strategies emerging players are likely to focus on to consolidate their position?
  • Which changes in end-user preferences might affect the status quo held by the leading players?
  • Which are some of the game-changing innovations influencing the projected share and revenue of the market and its segments?

Note: Utmost care has invariably been taken to present data and arrive at statistics at all the TMR Research reports. Meanwhile, some recent developments and new industry trends may take time to be included in the reports.