Haddock Market to Approach $ 1,123.4 Mn by 2030 end

The Haddock market size was valued at $679.2 million in 2020 and is estimated to reach $ 1,123.4 million by 2030, registering a CAGR of 4.8% from 2021 to 2030. Growth in demand for processed seafood and production of haddock is expected to propel growth of the haddock market during the forecast period. Haddock is one of the favorite fish species and is majorly consumed in the UK and Ireland. It is similar to cod and is majorly found in the North Atlantic Ocean. These fish were commonly fished in Northern Europe and imported as market fresh or frozen.

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Prominent Market Players

The players operating in the global market have adopted various developmental strategies to expand their market share, increase profitability, and remain competitive in the market. The key players profiled in this report include 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., and The Fish Company.

Regional Outlook:

According to the haddock market opportunities, region wise, Asia-Pacific garnered a second highest share in the haddock market in 2020, and is expected to maintain its share throughout forecast period. China has been gaining major traction for the haddock market, and is expected sustain its traction during the forecast period. China holds highest share in exporting haddock to other countries including the U.S., South Korea, Japan, and other European countries. Rise in middle class population in China, Japan, and other developing countries drives demand for higher-value western seafood such as haddock. Furthermore, growth of frozen and smoked haddock expanded sales channels and a strong preference for environmentally friendly packaged products.

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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.

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