Haddock Market Size Poised for Significant Growth, Projected to Reach $1.1 Billion by 2030 | CAGR of 4.8%

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.

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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.

Regional Analysis:

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.

Leading Key Companies:

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.

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Easy availability of haddock, despite being rarely produced and growing awareness regarding nutritional value and health benefits are expected to propel demand for haddock during the forecast period. For instance, haddock is a significant source of omega-3 fatty acids, which supports heart health. Omega-3 may also have benefits for skin health, preventing conditions such as dermatitis.

Key Findings Of The Study

-> The haddock market 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.

-> By type, the smoked segment is estimated to witness the significant growth, registering a CAGR of 7.0% during the forecast period.

-> In 2020, depending on distribution channel, the food service segment was valued at $125.7 million, accounting for 18.5% of the global haddock market share.

-> In 2020, the U.S. was the most prominent market in North America, and is projected to reach $208.2 million by 2030, growing at a CAGR of 5.0% during the forecast period.

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According to the haddock market analysis, on the basis of type, the frozen segment was the highest contributor to the market, with $221.8 million in 2020, and is estimated to reach $362.2 million by 2030, at a CAGR of 4.7% during the forecast period. Frozen haddock are freeze processed, which help in inhibiting bacterial formation in haddock and increase its shelf life.

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