Allied Market Research published a report, titled, “Haddock Market by Type (Fresh, Frozen, and Smoked) and Distribution Channel (Retail Stores, Supermarkets/Hypermarkets, Food Services, Online Sales, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030″. According to the report, the global Haddock industry generated $0.6 billion in 2020, and is anticipated to generate $1.1 billion by 2030, witnessing a CAGR of 4.8% from 2021 to 2030.
Prime Determinants of Growth
Rise in fish production to meet food supply, surge in demand for nutritious diet, and technological advancements in the field of fish harvesting/aquaculture drive the growth of the global haddock market. However, adoption of veganism and volatility in the prices of haddock hinder the market growth. On the other hand, high growth potential in developing countries presents new opportunities in the coming years.
According to CXOs, increase in disposable income and dynamic changes in food habits around the world, propels consumer demand for unique cuisines. As a result, customers are more inclined toward premium food products, which propels the market growth.
Currently, Europe is the largest market and has been witnessing huge demand for haddock. One of the major reasons contributing toward growth of the haddock market is health benefits such as it prevents irregular heart beat and combats high blood pressure. Haddock is a rich source of minerals that help to build bone strength and regulate heart rate.
On the other hand, CXOs are concerned about increasing demand-supply gap, which leads to price fluctuation of haddock in the global market. However, CXOs are very optimistic about the rising demand of haddock in the food service sector, such as hotel, restaurants, and Quick service restaurant (QSR). This in turn fosters the market growth.
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- The outbreak of the COVID-19 pandemic has had a slight impact on the growth of the global haddock market, owing to reduction in orders from the food service industry.
- Also, owing to the global lockdown, fish production was temporarily halted, especially in the initial period, which in turn, had hampered the haddock market growth to some extent.
- However, the market is recovering at a steady pace.
The fresh segment to maintain its leadership status throughout the forecast period
Based on type, the fresh segment held the highest market share in 2020, accounting for nearly half of the global haddock market, and is estimated to maintain its leadership status throughout the forecast period. Fresh haddock provides many health benefits such as weight loss, heart health, strong bones and teeth, better mood, and energy level as well as improved memory and brain health, which is one of the growth factors in the haddock market. Moreover, the smoked segment is projected to manifest the highest CAGR of 7.0% from 2021 to 2030. Rise in demand for ready to cook & ready to eat food and popularity for the processed seafood are likely to propel the growth of the smoked haddock.
The retail stores segment to maintain its lead position during the forecast period
Based on distribution channel, the retail stores segment accounted for the largest share in 2020, contributing to one-third of the global haddock market, and is projected to maintain its lead position during the forecast period. This is because retail stores help to build customer loyalty by offering good quality haddock that makes consumers to visit again. However, the online stores segment is expected to portray the largest CAGR of 7.8% from 2021 to 2030, due to rise in adoption of mobile phones and increase in penetration of internet.
Europe, followed by Asia-Pacific & North America, to maintain its dominance by 2030
Based on region, Europe, followed by Asia-Pacific & North America, held the highest market share in terms of revenue 2020, accounting for nearly half of the global haddock market. Rise in health awareness among consumers has fueled the demand for healthy seafood, such as haddock, in the region. Moreover, the Asia-Pacific region is expected to witness the fastest CAGR of 5.9% during the forecast period, owing to increasing consumer awareness in the region.
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Leading Market Players
- Channel Fish Processing
- Channel Seafoods International
- CTLE Seafood, Inc.
- Holmes Seafood
- Hottlet Frozen Foods
- Marz Seafood
- Ocean More Foods Co., Limited
- Polar Seafood Greenland A/S
- Seacore Seafood Inc.
- The Fish Company.
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