Press release
Haddock Market to generate $1.1 billion by 2030, with a CAGR of 4.8%
Haddock Market
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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Growing demand for processed seafood, increase in awareness of health benefits regarding haddock, and rise in production of the haddock is expected to spur growth of the market during the forecast period.
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.
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The haddock market segmented on the basis of type, distribution channel, and region. On the basis of type, the market is categorized into fresh, frozen, and smoked. By distribution channel, it is segmented into retail stores, supermarkets/hypermarkets, food service, online sales, and others. Region wise, it is analyzed across North America (the U.S. and Canada), Europe (the UK, Ireland, Russia, Poland, Germany, Norway, France, Netherlands, Sweden, Denmark, and rest of Europe), Asia-Pacific (China, Vietnam, Singapore, Japan, Australia, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).
Outbreak of COVID-19 has adversely impacted the haddock market growth. In addition, owing to COVID-19, production activities were temporarily shut down, which consequently lowered export and import activities. Furthermore, reduced demand from the food services sector has majorly and adversely impacted the haddock market in 2020. As foodservice units in the U.S. and Europe are starting to re-open, demand is expected to improve.
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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 size. 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 Market Players
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.
The Fish Company.
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