COD (Fish) Market Size, Industry Share, Price Analysis, Revenue, Report 2024-2032

According to IMARC Group latest report titled "COD Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032", offers a comprehensive analysis of the industry, which comprises insights on COD (fish) market share. The report also includes competitor and regional analysis, and contemporary advancements in the global market.

The global COD market size reached US$ 10.9 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 16.2 Billion by 2032, exhibiting a growth rate (CAGR) of 4.4% during 2024-2032.

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Factors Affecting the Growth of the COD Industry:

• Growing Demand for Seafood Products:

The increasing demand for seafood products across the globe, is one of the major factors bolstering the market growth. Moreover, the rising awareness among consumers about the health benefits associated with seafood consumption, including high protein content, essential omega-3 fatty acids, and vital nutrients, is creating a positive outlook for the market growth. Along with this, the ongoing shift in dietary preferences towards more sustainable and healthier protein options is bolstering the market growth. Additionally, the rapid expansion of the middle class, leading to increased purchasing power and a greater propensity to consume diverse seafood products, is acting as a growth-inducing factor. Besides this, the increasing globalization of cuisine, coupled with the rise of online and retail industries that offer a wide variety of seafood, is driving the market growth.

• Rising Focus on Sustainable Fishing Practices and Regulations:

The rising influence of sustainable fishing practices and regulatory frameworks to ensure the long-term viability of fish stocks is positively impacting the market growth. In line with this, the imposition of various regulations and quotas by international and regional bodies to manage and protect cod fisheries from overfishing and illegal fishing activities is catalyzing the market growth. Along with this, the introduction of sustainable fishing certifications, prompting producers to adhere to regulations and influence consumer preference towards ethically sourced products, is anticipated to drive the market growth. Moreover, the growing efforts to balance the ecological need to maintain healthy fish populations with the economic interests of fishing communities and the seafood industry are fueling the market growth.

• Rapid Technological Advancements in Fishing and Processing:

The rapid technological advancements in fishing and processing techniques that improve the efficiency and sustainability of fishing operations while allowing for more precise and less wasteful catch methods are creating a positive outlook for the market growth. Moreover, the rising innovations, such as satellite-based monitoring, electronic reporting systems, and advanced sonar technology that enhance the ability to locate fish stocks accurately, thereby reducing the time and resources spent on unproductive fishing, are contributing to the market growth. Along with this, rapid advancements in refrigeration and freezing technology that extend the shelf life of cod products and enable distribution without compromising quality are stimulating the market growth. Furthermore, the development of value-added products, such as ready-to-cook meals and refined fish products, that cater to the convenience-oriented segment of consumers is promoting the market growth.

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Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

• Aalesundfish AS
• Alliance Seafood AS
• ANDREAS BJØRGE SEAFOOD AS
• Arctic Catch AS
• Iceland Seafood International hf
• Lerøy Seafood Group ASA
• Norebo Holding JSC
• Norges Sjømatråd AS
• Norsk Sjømat AS.

COD Market Report Segmentation:

By Species:

• Atlantic Cod Fish
• Pacific Cod Fish
• Greenland Cod Fish
• Others

Atlantic cod fish represented the largest segment due to its widespread availability, high consumer preference, and significant role in global fisheries.

By Source:

• Farmed
• Wild Capture

Wild capture accounted for the largest market share owing to the traditional dominance of ocean-sourced cod over aquaculture and the established fishing industries and consumer demand for wild-caught flavors.

By Product Type:

• Fresh
• Canned
• Frozen
• Others

Frozen represented the largest segment due to its longer shelf life, convenience, and ability to maintain quality over time.

By Distribution Channel:

• Institutional
• Retail
o Direct Sales
o Supermarkets and Hypermarkets
o Online Stores
o Others

Institutions hold the largest market share owing to the bulk purchases by entities, such as schools, hospitals, and military bases.

Regional Insights:

• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

North America's dominance in the COD market is attributed to high seafood consumption, a well-established distribution network, and the growing awareness about the health benefits associated with cod consumption.

Global COD Market Trends:

The increasing consumer preference for organic and traceable seafood products, encouraging producers and suppliers to adopt transparent practices, including blockchain technology, is providing a thrust to the market growth. Additionally, the widespread integration of aquaculture and fisheries management that help in controlling cod farming while potentially alleviating pressure on wild stocks is creating a positive outlook for the market growth. Moreover, the heightened application of advanced data analytics and artificial intelligence (AI) in fisheries management to optimize harvest strategies and market forecasting is offering remunerative growth opportunities for the market growth.

Key highlights of the report:
• Market Performance (2018-2023)
• Market Outlook (2024-2032)
• Porter's Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

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This release was published on openPR.