“Global Haddock Market to reach a market value of USD 16.8 Billion by 2031 growing at a CAGR of 4.6%”
The Global Haddock Market size is expected to reach $16.8 billion by 2031, rising at a market growth of 4.6% CAGR during the forecast period. In the year 2023, the market attained a volume of 4,67,442.13 tonnes, experiencing a growth of 18.7% (2020-2023).
Europe has a strong tradition of seafood consumption. Countries such as the United Kingdom, Norway, and Iceland have diets that are significantly reliant on fish, with haddock being particularly popular. European countries have well-established fishing industries. Thus, the Europe region acquired 47.8% revenue share in the market 2023. In terms of volume the Europe region is expected to attain a volume of 3,33,119.20 tonnes of haddock by 2031. The North Sea is one of the most significant sources of haddock, supporting local supply chains and ensuring fresh product availability. Europe could strengthen its market position by continuing to lead in sustainable fishing and traceability initiatives, which are increasingly important to consumers.
As populations become more health-conscious, many are turning away from red and processed meats, which have been linked to various health issues, including heart disease and certain types of cancer. Seafood, rich in essential nutrients and typically lower in fats, presents a favorable alternative.
Additionally, because of the globalization of food culture, the global food industry has become more interconnected and diverse, substantially influencing eating habits and culinary preferences on a global scale. Therefore, the globalization of food trends is aiding the growing demand for it.
However, overfishing has severe repercussions for the market, affecting both the ecological health of marine environments and the economic stability of the seafood industry. The detrimental effects are broad, creating a chain of challenges that could jeopardize the sustainability and profitability of haddock fisheries for years to come.
On the basis of distribution channel, the market is classified into retail stores, food service, supermarkets/hypermarkets, online sales, and others. The retail stores segment acquired 32.9% revenue share in the market in 2023. Thus, the retail stores segment would attain a volume of 2,14,900.20 tonnes by 2031. Retail stores are typically more accessible to the average consumer, providing easy access to fresh, frozen, and smoked haddock.
Based on type, the market is characterized into fresh, frozen, and smoked. The frozen segment procured 35.6% revenue share in the market in 2023. IN the terms of volume Frozen segment would attain a volume of 3,24,469.94 tonnes by 2031. haddock's significant position is driven by its longer shelf life and convenience, appealing to consumers who may not have immediate access to fresh seafood.
Free Valuable Insights: Global Haddock Market size to reach USD 16.8 Billion by 2031
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The Asia Pacific segment garnered 24.6% revenue share in the market in 2023. In terms of volume the Asia Pacific region is expected to attain a volume of 1,99,609.82 tonnes by 2031. The demand for a variety of high-quality protein sources, such as seafood or haddock, is on the rise in many countries due to the growing middle class.
| Report Attribute | Details |
|---|---|
| Market size value in 2023 | USD 11.8 Billion |
| Market size forecast in 2031 | USD 16.8 Billion |
| Base Year | 2023 |
| Historical Period | 2020 to 2022 |
| Forecast Period | 2024 to 2031 |
| Revenue Growth Rate | CAGR of 4.6% from 2024 to 2031 |
| Quantitative Data | Volume in Thousand Units, Revenue in USD Million, and CAGR from 2020 to 2031 | Number of Pages | 269 |
| Tables | 550 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Type, Distribution Channel, Region |
| Country scope |
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| Companies Included | Ocean More Foods Co., Limited, Channel Fish Processing, Channel Seafoods International, LLC, CTLE Seafood, Inc., Holmes Seafood Ltd. (Brasmar), Hottlet Frozen Foods N.V., Marz Seafood, Seacore Seafood Inc., Polar Seafood Greenland A/S, The Fish Company ltd. |
By Type (Volume, Tonnes, USD Billion, 2020-2031)
By Distribution Channel (Volume, Tonnes, USD Billion, 2020-2031)
By Geography (Volume, Tonnes, USD Billion, 2020-2031)
This Market size is expected to reach $16.8 billion by 2031.
Growing demand for seafood across the world are driving the Market in coming years, however, Overfishing and sustainability concerns restraints the growth of the Market.
Ocean More Foods Co., Limited, Channel Fish Processing, Channel Seafoods International, LLC, CTLE Seafood, Inc., Holmes Seafood Ltd. (Brasmar), Hottlet Frozen Foods N.V., Marz Seafood, Seacore Seafood Inc., Polar Seafood Greenland A/S, The Fish Company ltd.
In the year 2023, the market attained a volume of 4,67,442.13 tonnes, experiencing a growth of 18.7% (2020-2023).
The Fresh segment is leading the Market by Type in 2023; thereby, achieving a market value of $7.9 billion by 2031.
The Europe region dominated the Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $7.8 billion by 2031.
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