LONDON–(BUSINESS WIRE)–Apr 15, 2019–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.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190415005256/en/
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.
Looking for more information on this market?
Request a free sample report
Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
If you are interested in more information, please contact our media team at firstname.lastname@example.org.
View source version on businesswire.com:https://www.businesswire.com/news/home/20190415005256/en/
CONTACT: Technavio Research
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
INDUSTRY KEYWORD: ONLINE RETAIL HEALTH FITNESS & NUTRITION NATURAL RESOURCES OTHER NATURAL RESOURCES ENVIRONMENT RETAIL FOOD/BEVERAGE
SOURCE: Technavio Research
Copyright Business Wire 2019.
PUB: 04/15/2019 10:15 AM/DISC: 04/15/2019 10:15 AM