A key factor driving the growth of the market is the rise in sustainable fishing practices. Sustainable practices such as land-based aquaculture, even though expensive, are practiced as it eliminates many environmental concerns by confining fish to indoor tanks inside facilities. This practice eliminates interactions between the farmed fish and the external environment, thereby increasing the quantity of fish production and improving fish supply. Apart from sustainable practices, some vendors are also coming out with products that carry MSC label in stores and restaurants around the world to spread awareness about environmental sustainability. In recent years, most of the fisheries have gained MSC sustainability certification in several countries. For instance, cod fisheries or suppliers are usually given a blue MSC label, which signifies that the cod are sustainable. Such initiatives and movements are expected to drive the growth of the global groundfish market in the coming years.
As per Technavio, the growth of the online market will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global groundfish market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global groundfish market: Growth of online market
Online and e-commerce channels have significantly pervaded the global groundfish market. These platforms support both business-to-business (B2B) and business-to-consumer (B2C) operations. At a B2C level, vendors offer their products on their websites or through established e-commerce sites. Major retailers also offer home delivery or in-store pick up of groundfish products. The growth of e-commerce can drive market growth in the future. This is because of the rise in the number of customers preferring to shop online and pay with credit or debit cards. This trend has encouraged many vendors to target Internet-savvy customers and venture into the growing online retail format. Several vendors are also selling groundfish such as cod via dedicated online channels to capture the rising e-retail opportunity, thereby driving the growth of the overall global market.
“Apart from the growth of the online market, the growing awareness about health benefits of groundfish such as cod is another major factor that is driving the growth of the market. Groundfish species such as cod are rich in protein, selenium, and phosphorus. The increasing demand for seafood products from athletes and bodybuilders is another criterion that can positively impact the market during the forecast period as they are low-fat protein sources for muscle building. Cod also contains omega-3 fatty acids, proteins, iron, and vitamin B12. These factors make cod popular, thereby increasing the growth of the overall global market,” says an analyst at Technavio.
Global groundfish market: Segmentation analysis
This market research report segments the global groundfish market by product (Alaska pollock, Blue whiting, Atlantic cod, Hake, others) and geographical regions (APAC, Europe, MEA, North America, and South America).
The European region led the market in 2018, followed by North America, APAC, South America, and MEA respectively. However, during the forecast period, the APAC region is expected to register the highest incremental growth because of the rising demand for and the growing awareness about cod liver oil in the region.
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Five Forces Analysis
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