Groundfish Market Size, Market Segmentation, Market Trends and Growth Analysis Forecast Till 2031

The "Groundfish Market" prioritizes cost control and efficiency enhancement. Additionally, the reports cover both the demand and supply sides of the market. The Groundfish market is anticipated to grow at an annual rate of 9.6% from 2024 to 2031.

This entire report is of 139 pages.

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Groundfish Market Analysis

The groundfish market research report analyzes the current market conditions of the groundfish industry. Groundfish refers to species of fish that live close to the sea floor, such as cod, haddock, and flounder. The target market for groundfish includes seafood retailers, restaurants, and consumers seeking healthy and sustainable protein options. Major factors driving revenue growth in the groundfish market include increasing consumer demand for seafood, technological advancements in fishing and processing methods, and growing awareness of the health benefits of consuming fish. Key players in the market include AS More Codfish, Mowi ASA, Trident Seafoods, Bluenose Seafood, and High Liner Foods. The report's main findings suggest that the groundfish market is poised for significant growth opportunities due to shifting consumer preferences towards healthier food choices and sustainable seafood sourcing practices. Recommendations include investing in research and development to innovate new products and expanding market reach to capitalize on emerging trends in the seafood industry.

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The groundfish market offers a variety of species such as Alaska Pollock, Blue Whiting, Atlantic Cod, Hake, and others. These fish are commonly used in direct retail and food processing applications. The market is segmented based on consumer preferences and industry needs.

Regulatory and legal factors play a crucial role in the groundfish market. Specific to market conditions, these factors ensure sustainable fishing practices, quality standards, and fair trade practices. Different regions may have differing regulations regarding quotas, catch limits, and conservation measures to protect groundfish populations.

For market participants, staying informed and compliant with these regulations is essential to maintain market access and uphold ethical and sustainable business practices. Adhering to these regulations not only ensures the long-term viability of the groundfish market but also safeguards the health of marine ecosystems. As consumers become more conscious of the environmental impact of their seafood choices, companies that demonstrate a commitment to responsible sourcing and compliance with regulations are likely to gain a competitive edge in the market.

Top Featured Companies Dominating the Global Groundfish Market

The groundfish market is a competitive and dynamic industry with several key players dominating the market. Some of the prominent companies operating in the groundfish market include AS More Codfish, Mowi ASA, Trident Seafoods, Bluenose Seafood, and High Liner Foods.

AS More Codfish is known for its high-quality codfish products and has a strong presence in the European market. Mowi ASA is a global seafood company that offers a wide range of groundfish products to customers worldwide. Trident Seafoods is a major player in the North American groundfish market, known for its sustainable fishing practices and diverse product offerings. Bluenose Seafood specializes in premium groundfish products and has a strong customer base in Asia. High Liner Foods is a leading seafood company in North America, offering a variety of groundfish products to retail and foodservice customers.

These companies use various strategies to grow the groundfish market, including product innovation, strategic partnerships, and expansion into new markets. By investing in sustainable fishing practices, product development, and marketing efforts, these companies help to drive growth and demand for groundfish products.

In terms of sales revenue, Mowi ASA reported revenue of $ billion in 2020, while Trident Seafoods reported revenue of $2.6 billion. High Liner Foods reported revenue of $1.1 billion in 2020. These companies' strong financial performance reflects their market leadership and success in meeting consumer demand for high-quality groundfish products.

• AS More Codfish
• Mowi ASA
• Trident Seafoods
• Bluenose Seafood
• High Liner Foods

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Groundfish Segment Analysis

Groundfish Market, by Application:

• Direct Retail
• Food Processing

Groundfish is commonly used in direct retail and food processing applications. In the direct retail sector, groundfish is sold fresh or frozen to consumers at fish markets, grocery stores, and restaurants. In food processing, groundfish is used to make products such as fish fillets, fish sticks, and fish cakes. The fastest growing application segment in terms of revenue is direct retail, as consumers are increasingly seeking out fresh, sustainable seafood options. Groundfish's versatility and mild flavor make it a popular choice for a variety of dishes, contributing to its growth in both the direct retail and food processing sectors.

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Groundfish Market, by Type:

• Alaska Pollock
• Blue Whiting
• Atlantic Cod
• Hake
• Others

Alaska Pollock, Blue Whiting, Atlantic Cod, Hake, and other groundfish species are valued for their high protein content, versatility, and mild flavor. Alaska Pollock is one of the most popular groundfish varieties due to its affordability and plentiful availability. Blue Whiting is prized for its firm texture and delicate taste. Atlantic Cod is known for its flaky white meat, while Hake is favored for its mild flavor and versatility in dishes. Together, these types of groundfish contribute to boosting the demand for the groundfish market by catering to a wide range of consumer preferences and culinary applications.

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Regional Analysis:

North America:

• United States


• Canada

Europe:

• Germany


• France


• U.K.


• Italy


• Russia

Asia-Pacific:

• China


• Japan


• South Korea


• India


• Australia


• China Taiwan


• Indonesia


• Thailand


• Malaysia

Latin America:

• Mexico


• Brazil


• Argentina Korea


• Colombia

Middle East & Africa:

• Turkey


• Saudi


• Arabia


• UAE


• Korea

The groundfish market is projected to experience significant growth across various regions. North America, particularly the United States and Canada, is expected to dominate the market due to increasing demand for seafood products. Europe, including Germany, France, the ., Italy, and Russia, will also witness substantial growth. In the Asia-Pacific region, countries like China, Japan, South Korea, India, Australia, Indonesia, Thailand, and Malaysia are expected to drive market growth. In Latin America, Mexico, Brazil, Argentina, and Colombia are key players. Middle East & Africa, including Turkey, Saudi Arabia, UAE, and Korea, are also anticipated to contribute to market expansion. Different regions are expected to hold varying market shares, with North America leading with a valuation of around 40%, followed by Europe at 30%, Asia-Pacific at 20%, Latin America at 5%, and Middle East & Africa at 5%.

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