Wild Pollock Market: Alaska Pollock is Estimated to Account for 90% Share of the Market Revenue by 2031

The global wild pollock market has witnessed a slow growth at a CAGR of 1.2% over the past half-decade. Since the past half-decade, consumers have been inclining towards protein rich fishes such as wild pollock, salmon, tuna and cod, of which wild pollock are highly preferred, owing to its good source of protein, selenium, vitamin B12, and phosphorous. Apart from the nutritional abundance, its low risk of environmental toxins and price play a major part in consumer inclination towards wild pollock.

In recent years, rapid expansion of the foodservice industry across the globe has been significantly contributing to the increased demand for wild pollock. However, due to the ongoing outbreak of the COVID-19, supply chain of the food industry has been completely disrupted, which has further stunted the wild pollock market growth in fiscal year 2020. With gradual reopening of markets by the mid-2nd quarter of FY2020, the demand for wild pollock is set to gain pace by the 4th quarter of 2020 and record a CAGR of 1.7% during the forecast period (2020-2030).

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Global Wild Pollock Market Analysis by Species
Of the two major species of wild pollock – Alaska Pollock and Atlantic Pollock – the former accounts for more than more than 90% of the market revenue share, owing to its extensive utilization in end-use industries. Fish population and price factor also play a major role in capturing the majority of the wild pollock market. Moreover, Alaska Pollock is one of the key fishes extensively sold in the US market.

Atlantic Pollock is relatively expensive than its counterpart due to seasonal availability of the fish. This fish is mostly served as an expensive delicacy and used in pharmaceutical & nutraceuticals rather than household purposes. Due to the limited availability, Atlantic Pollock accounts for less than 10% share of the global wild pollock market.

Global Wild Pollock Market Analysis by End-use Industry
Wild pollock has been widely consumed in household, foodservice, and pharmaceutical industry, for its provision of stable supply of end products such as frozen & fresh food, medicines, nutraceuticals. Moreover, wild pollock applications in lucrative business such as pharmaceutical & nutraceutical are set to provide thrust to the market growth in mid-term of the forecast period.

Wild Pollock Market: Key Segmentation
Fact.MR has studied the wild pollock market with detailed segmentation on the basis of species, form, end-use industry, distribution channel, and key regions.

Species
• Alaska Pollock
• Atlantic Pollock

Form
• Fresh
• Whole
• Fillet
• Frozen
• Whole
• Fillet
• Canned

End-use Industry
• Household(Retail)
• Foodservice (HORECA)
• Pharmaceutical & Nutraceutical Industry

Distribution Channel
• Business to Business
• Business to Customer
• Grocery Stores
• Hypermarket/ Supermarket
• Online Sales Channel

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Global Wild Pollock Market: Competitive Analysis
The global wild pollock market shows a fair level of consolidation. Norebo Holdings, Russian Fishery Company, Gidrostroy, Starbound LLC, C/P Northern Hawk Ltd, Trident Seafoods, Arctic Storm Limited, Eastern Fish Company, and Glacier Fish Company are the key market players. Of the mentioned players, Norebo Holdings, Russian Fishery Company, and American Seafoods account for nearly quarter of the global supply of wild pollock.

Key strategies adopted by the companies are aggressive and take an organic market approach. For instance, Maruha Nichiro Corp.’s decision to increase their production capacity and product innovation strategy will play an instrumental role in improving its market share over the forecast period.

COVID-19 Impact Analysis
The coronavirus pandemic has brought the whole world to a standstill. Business activities have registered a downturn in the form of spiraling down sales due to reduced harvest and demand. The wild pollock market is no different. The foodservice industry is one of the prominent end users of wild pollock. However, the ongoing pandemic has led to a decline in foot traffic in various foodservice sectors, thereby directly affecting the demand for wild pollock.

Extended lockdowns in different countries have a put a halt to the production and sales of wild pollock-based products for the past month, as key manufacturing units and factories are shut. Following the uplift of the lockdown, it will still take at least a couple of months to restore production to normal. Thus, contracting demand from allied industries in the second quarter of 2020 will have prolonged effects on the global wild pollock market.

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Key Takeaways of Global Wild Pollock Market Study
• The global wild pollock market is anticipated to create a value opportunity of around US$ 1.2 Bn during the forecast period, adding 1.2X value to that recorded in 2020.
• Alaska Pollock is estimated to account for 90% share of the market revenue in 2020, and gain 12 BPS in its market share by 2030 over 2020.
• With growing preference for frozen and canned wild pollock, the fresh segment is anticipated to lose around 11BPS in its share during the forecast period.
• Europe continues to hold the leading share of the global wild pollock market.
“Price elasticity of demand for cod is set is magnify the demand for its substitute, wild pollock in the coming years,” says the Fact.MR analyst.

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