TMR Research delivers incisive insights into emerging regions in its latest report titled, “Groundfish Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 – 2028”.
Global Groundfish Market: Overview
The market for groundfish has been recently evolving rapidly. Since 2000, significant stimulus in groundfish fishery has been driven by adoption of sustainable fisheries and concurrent rebounding of their numbers. Increasing interest of sustainable fishing companies in various groundfish species has helped fuel the prospects. That apart, heightened awareness of people about the rebounding back of commercial fisheries in coastal towns has been stirring consumer demand for groundfish. The fishing community, local organizations, and seafood companies have benefitted from growth in commercial quotas and revising of annual catch limits. As fish farming becomes more sustainable, restaurants and families will likely benefit from the increasing share of groundfish in seafood menus in various parts of the world, propelling strides in the groundfish market.
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Global Groundfish Market: Notable Developments
A spate of developments are recently fueled by favorable government policies especially in the U.S.
- A case in point is the grant of exempted fishing permits (EFPs) for groundfish vessels in West Coast of the United States in May 2019. These EPFs have been granted for a short period as trial to revive interest of fishing vessels in groundfish. The program is supported by NOAA Fisheries to enable the sustainable fisheries to take full advantage of rising numbers of groundfish in the West Coast. On the other hand, this will also help protect other endangered species, notably salmon, against overfishing. To this end, the organization will garner the gains from rebuilding campaign of the rockfish.
- In another favorable event distributors of processed and frozen groundfish have been looking to seafood companies that strive to excel in quality. A Portland-headquartered company Bristol Seafood has recently decided that it will offer frozen cod and haddock fillets. The company uses Individual Quick Freezing processing technology to meet the highest standard of quality. The processed groundfish will soon be available in the U.S. and also be exported to certain areas.
Companies are expected to increasingly benefit from increased awareness about utilizing the strengths of sustainable fisheries for growing population of groundfish. Some of the well-entrenched players vying for substantial stakes in the global groundfish market are Trident Seafoods Corporation, Mowi ASA, High Liner Foods, Bluenose Seafood, and AS Møre Codfish Company.
Global Groundfish Market: Important Evolution Dynamics
Growing commercial and recreation value of numerous groundfish species is the key underpinning to the market’s evolution. The increasing sustainability of groundfish farming is attributed in large part to constant advances in aquaculture over recent decades. Prospects in the groundfish market have also been thriving on the back of understanding the biology of groundfish, helping their numbers of revival.
Groundfish providers and producers of processed groundfish have put large bets on e-commerce channels. Increasing reliance of online channels will help them open vast prospects in the groundfish market.
In developed countries, notably in the U.S., domestically harvested seafood provide sustenance to local fishermen as well offer seafood companies abundant scope for revenue generation from sustainable fisheries. Further, the global groundfish market will likely see an altogether new avenue in shift toward consolidated marketing efforts at national level. The trend recent gathered steam in North America. Moreover, growing adoption of safe aquaculture is further bolstering the prospects of the groundfish market.
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Global Groundfish Market: Regional Assessment
Europe and North America are potentially lucrative markets for groundfish fisheries. Particularly, Europe with vast chunks of population consuming seafood is a key factor expected to accentuate its prospects. Growing volumes of exports and imports are keeping the other regional market North America potentially lucrative over the assessment period of 2018 – 2028. A large chunk of revenue is expected to come from the U.S. where sustainable harvesting of groundfish has been receiving robust impetus. Further, the regional Government has been focusing on promoting economic interest of local fishermen. Some other regional markets witnessing growing interest are Asia Pacific and the Middle East and Africa.
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