Haddock Market Size Share Growth Trend Analysis Outlook and Forecast 2024-31

Market Overview :

The increasing consumer awareness regarding the health advantages associated with the consumption of seafood and seafood products contributed to the wide expansion of the seafood industry. Haddock provides an affordable and accessible source of protein and other essential nutrients to the body. The delicate flavor and low-fat content of this fish make it a popular choice for health-conscious consumers, increasing the market demand.

Government support and assistance in the development of the haddock market positively drive the market growth. For instance, in April 2021, UK government in agreement with the Scottish Fishermen's Federation announced financial assistance to the haddock fishing industry. In addition, the technological developments in the haddock aquaculture industry and haddock product production drives the market expansion.

The increasing environmental responsibility among the global population is trending the approach of sustainability in every industrial sector. For instance, in December 2021, the Marine Stewardship Council certified the North Sea haddock fishery as sustainable. The declaration of the sustainability of the North Sea haddock fishery resulted in wide popularity for haddock, resulting in the expansion of market demand.

Market Trends :

Health Advantages Associated with the Consumption of Haddock

Seafood forms a healthy source of healthy nutrients, including protein and omega-3 fatty acids. The increasing consumer preference towards seafood items, including haddock and other fishes, is increasing rapidly with the high consumer awareness regarding the health benefits associated with the consumption of these products. Haddock fish is rich in nutrients with a powerful flavor.

The fish is packed with vitamins and minerals. The rich omega-3 fatty acids in fish help in supporting heart health. In addition, the wide availability of B vitamins along with minerals including selenium and phosphorous make this fish a healthy product to adopt. Further, the lower mercury levels of haddock make it a beneficial option among other fishes to protect neurological and immune systems against the risk of heavy metals.

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Market Segmentation :

The global haddock market is segmented based on type, distribution channel, application and region.

Taste and Health Benefits of Smoked Haddock

The global haddock market is segmented based on type into fresh, frozen and smoked. The smoked haddock accounted for the largest share of the global market. The distinctive taste of the smoked haddocks is capitative the consumers and increases its demand in the global market. The smoked haddocks are gaining popularity for their rich availability of minerals. It is estimated that smoked haddock fulfils 66 % and 17 % of the daily needs of selenium and phosphorous respectively.

The various product offerings from the manufacturers in this field of segment, drive the growth. In April 2023, New England Seafood International announced the launch of its new range of products including cheesy smoked haddock and cod Kyiv under its brand, Fish Said Fred. The products are marketed at U.K.'s largest seafood retailer, Tesco.

Geographical Share :

Increased Seafood Production and Consumption in Europe

Europe dominated the global haddock market with the presence of high producers. U.K., Norway and Iceland are considered to be the largest producers of haddock in Europe, leading the market in this region. In 2020, according to the European Commission, the total production of fishery products in EU accounted for 4.5 million tons of catches and 5 million tons of aquaculture respectively.

According to the European Commission 2022, the EU is the fifth largest fisheries and aquaculture producer in the world. It is estimated that the average person consumes 24 kg of seafood annually in the EU, with Portugal and Spain leading the way. The high production and consumption of fishery products including haddock, drive the regional market growth.

The increased health consciousness among consumers of this region majorly impacts the adoption of seafood products, including haddock. The use of haddock in traditional recipes of U.K. and Germany helps in wide expansion of the target market in the region. Further, the increasing demand for processed and convenient haddock products and increasing sales of those products in European countries positively drive market growth.

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Competitive Landscape

The major global players in the market include Channel Fish Processing, Channel Seafoods International, Leroy Seafood, CTLE Seafood, Inc., Holmes Seafood, Marz Seafood, Ocean More Foods Co., Limited, Seacore Seafood Inc., Young's Seafood and High Liner Foods.

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