Global Groundfish Market 2019-2023 | Growth of Online Market to Boost Growth | Technavio

The global groundfish market is expected to post a CAGR close to 6%
during the period 2019-2023, according to the latest market research
report by Technavio.

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Technavio has published a new market research report on the global groundfish market from 2019-2023. (Graphic: Business Wire)

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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Some of the key topics covered in the report include:

Market Landscape

• Market ecosystem
• Market characteristics
• Market segmentation analysis

Market Sizing

• Market definition
• Market size and forecast

Five Forces Analysis

Market Segmentation

Geographical Segmentation

• Regional comparison
• Key leading countries

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

• Vendors covered
• Vendor classification
• Market positioning of vendors
• Competitive scenario

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