Haddock Market to Reach $1.1 Bn, Globally, by 2030 at 4.8% CAGR: Allied Market Research

Prime determinants of growth Prime determinants of growth 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. Request Sample...

Prime determinants of growth

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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Covid-19 Scenario

The fresh segment to maintain its leadership status throughout the forecast period

Based on type, the fresh segment held the highest market share in 2020, accounting for nearly half of the global haddock market, and is estimated to maintain its leadership status throughout the forecast period. Fresh haddock provides many health benefits such as weight loss, heart health, strong bones and teeth, better mood, and energy level as well as improved memory and brain health, which is one of the growth factors in the haddock market. Moreover, the smoked segment is projected to manifest the highest CAGR of 7.0% from 2021 to 2030. Rise in demand for ready to cook & ready to eat food and popularity for the processed seafood are likely to propel the growth of the smoked haddock.

The retail stores segment to maintain its lead position during the forecast period

Based on distribution channel, the retail stores segment accounted for the largest share in 2020, contributing to one-third of the global haddock market, and is projected to maintain its lead position during the forecast period. This is because retail stores help to build customer loyalty by offering good quality haddock that makes consumers to visit again. However, the online stores segment is expected to portray the largest CAGR of 7.8% from 2021 to 2030, due to rise in adoption of mobile phones and increase in penetration of internet.

Europe, followed by Asia-Pacific & North America, to maintain its dominance by 2030

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. 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.

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