Groundfish Market

• In June 2022, Mitsubishi Corporation (MC) and Maruha Nichiro Corporation (Maruha Nichiro) announced an agreement to establish a new joint venture company, ATLAND Corporation, that specializes in the land-based production of salmon.

This report extensively covers different segments of Global Groundfish Market has been segmented by Applications, Product and Geography.

The global groundfish market is segmented by applications into the food industry, which includes ready-to-eat meals and fish-based snacks, and retail and supermarkets, featuring fresh fish counters and packaged frozen products. This segmentation highlights the diverse utilization of groundfish in various consumer and commercial food settings. The Global Groundfish Market has been segmented by product into Alaska pollock, blue whiting, Atlantic cod, hake, and others. This segmentation categorizes the market based on specific groundfish species, highlighting their individual contributions to the overall market. The global groundfish market is segmented by geography into major regions such as North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa, reflecting regional variations in consumption, production, and regulatory frameworks affecting groundfish fisheries and markets worldwide.

Global Groundfish Segment Analysis

In this report, the Global Groundfish Market has been segmented by Applications, Product and Geography.

Global Groundfish Market, Segmentation by Applications

Global Groundfish Market, Segmentation by Applications into Food Industry, Retail and Supermarkets.

The food industry is a major application segment of the global groundfish market, utilizing various groundfish species in numerous products. Groundfish are commonly used in ready-to-eat meals, fish sticks, surimi, and other processed foods. Their firm texture and mild flavor make them versatile ingredients in a wide range of culinary applications, from gourmet dishes in fine dining restaurants to convenient frozen dinners for busy households. The demand for groundfish in the food industry is driven by consumer preferences for healthy, protein-rich, and easy-to-prepare meals. Retail and supermarkets represent another significant application segment in the groundfish market. Fresh groundfish products, such as whole fish and fillets, are prominently featured at fish counters, attracting customers who prefer cooking with fresh ingredients. Additionally, supermarkets offer a variety of frozen groundfish products, including fillets and value-added options like breaded fish sticks, catering to the growing demand for convenient and long-lasting food options. Canned groundfish products also occupy shelf space in supermarkets, providing consumers with versatile and ready-to-eat choices. The segmentation of the global groundfish market by applications into the food industry and retail and supermarkets highlights the extensive utilization of groundfish in various consumer markets. While the food industry focuses on incorporating groundfish into processed and ready-to-eat meals, retail and supermarkets emphasize the availability of both fresh and frozen groundfish products. This segmentation underscores the importance of groundfish in meeting diverse consumer needs, from health-conscious home cooks to convenience-seeking shoppers, thereby driving the overall growth of the groundfish market.

Global Groundfish Market, Segmentation by Product

The Global Groundfish Market has been segmented by Product into Alaska pollock, Blue whiting, Atlantic cod, Hake and Others.

Alaska pollock is a dominant segment in the global groundfish market due to its widespread use in various food products, including fish fillets, surimi, and fish sticks. Known for its mild flavor and flaky texture, Alaska pollock is highly favored by both consumers and the food industry. Its versatility and relatively low cost make it a staple in processed seafood products, catering to the high demand for affordable and convenient protein sources. The extensive harvesting of Alaska pollock, particularly in the North Pacific, underscores its critical role in the groundfish market. Blue whiting and Atlantic cod are also significant segments within the groundfish market. Blue whiting, mainly harvested in the North Atlantic, is valued for its use in fish meal and surimi production, contributing to both human consumption and animal feed industries. Atlantic cod, a traditional favorite in many cuisines, is prized for its firm, white flesh and delicate flavor. Despite facing challenges from overfishing, Atlantic cod remains a popular choice for fresh and frozen fillets, supporting various culinary applications and sustaining its market presence. Hake, another important groundfish species, is commonly found in both the Atlantic and Pacific Oceans. Known for its tender flesh and mild taste, hake is a popular choice in European and South American markets. It is frequently used in frozen and processed forms, such as fillets and fish sticks. The Others category encompasses a variety of lesser-known groundfish species that also contribute to the market. These include species like flounder, haddock, and sole, which are harvested globally and serve diverse regional markets. This segmentation by product type highlights the broad range of groundfish species that collectively drive the global market, each with its unique attributes and market dynamics.

Global Groundfish Market, Segmentation by Geography

In this report, the Global Groundfish Market has been segmented by Geography into five regions; North America, Europe, Asia Pacific, Middle East and Africa and Latin America.

Global Groundfish Market Share (%), by Geographical Region, 2024

North America, including the United States and Canada, is a major player in the market due to its significant consumption and production of groundfish, particularly species like Alaska pollock and Atlantic cod. The region benefits from robust fishing industries and advanced processing facilities, supplying both domestic and international markets with a wide range of groundfish products. Europe, encompassing countries such as Norway, Iceland, and the United Kingdom, also holds a substantial market share. These countries are known for their sustainable fishing practices and high-quality groundfish exports, meeting the demand across Europe and beyond.

Asia-Pacific is another key region in the global groundfish market, driven by countries like China, Japan, and South Korea. These nations are major consumers and importers of groundfish, utilizing them extensively in traditional and modern cuisine. The region's growing population and rising disposable incomes contribute to increasing demand for seafood, including groundfish products. Additionally, Latin America and regions in the Middle East and Africa play significant roles in the market, albeit with smaller market shares compared to North America and Asia-Pacific. These regions are characterized by emerging markets and evolving consumer preferences, influencing the demand for various groundfish species.

Overall, the segmentation of the global groundfish market by geography reflects the diverse regional contributions to production, consumption, and trade. Each region's economic, environmental, and regulatory factors shape its role in the global seafood industry, influencing the supply chain from fishing grounds to consumer markets worldwide. Understanding these geographical segments is crucial for stakeholders in navigating market opportunities, challenges, and trends affecting the global groundfish market.