Haddock Market Analysis Released in Latest Industry a CAGR of 4.8% By 2030 | Holmes Seafood, Hottlet Frozen Foods

Rise in production of the haddock is expected to spur growth of the market during the forecast period

PORTLAND, OR, US, November 28, 2023 /EINPresswire.com/ -- Allied Market Research published a report, titled, "Haddock Market by Type (Fresh, Frozen, and Smoked) and Distribution Channel (Retail Stores, Supermarkets/Hypermarkets, Food Services, Online Sales, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030". According to the report, the global Haddock industry generated $0.6 billion in 2020, and is anticipated to generate $1.1 billion by 2030, witnessing a CAGR of 4.8% from 2021 to 2030.

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Easy availability of haddock, despite being rarely produced and growing awareness regarding nutritional value and health benefits are expected to propel demand for haddock during the forecast period. For instance, haddock is a significant source of omega-3 fatty acids, which supports heart health. Omega-3 may also have benefits for skin health, preventing conditions such as dermatitis.

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.

According to the haddock market analysis, on the basis of type, the frozen segment was the highest contributor to the market, with $221.8 million in 2020, and is estimated to reach $362.2 million by 2030, at a CAGR of 4.7% during the forecast period. Frozen haddock are freeze processed, which help in inhibiting bacterial formation in haddock and increase its shelf life. Increase in export and import activities of the frozen haddock from haddock producing countries including Canada, Norway, China, and Ireland are expected to contribute toward growth of the market through the frozen segment. Frozen haddock is majorly chosen category of haddock for export and import, owing to its convenience and longer shelf life.

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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.

Region wise, the Asia-Pacific Haddock market is expected to witness significant growth at a CAGR of 5.9% during the forecast period. This is majorly attributed to growing demand for ready to eat and cook seafood and rise in disposable income. People have become more aware of newer types of products and offerings, which have raised consumer awareness and understanding. Owing to increased health concerns about negative consequences of excessive red meat eating, the Asia-Pacific market is expected to see a major increase in demand for smoked and frozen haddock in the future. People in the country are increasingly turning to seafood to meet their protein needs.

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According to the haddock market trends, on the basis of distribution channel, the online segment was the significant contributor to the market, with $110.0 million in 2020, and is estimated to reach $241.9 million by 2030, at a CAGR of 7.8% during the forecast period. Online distribution is one of the fast-emerging sales channels in the haddock market. Consumers prefer online platforms, owing to ease of accessibility and convenience. This platform offers a number of discounts on online purchases of haddock to attract more customers.

Key Findings Of The Study

The haddock market was valued at $679.2 million in 2020, and is estimated to reach $ 1,123.4 million by 2030, registering a CAGR of 4.8% from 2021 to 2030.

By type, the smoked segment is estimated to witness the significant growth, registering a CAGR of 7.0% during the forecast period.

In 2020, depending on distribution channel, the food service segment was valued at $125.7 million, accounting for 18.5% of the global haddock market share.

In 2020, the U.S. was the most prominent market in North America, and is projected to reach $208.2 million by 2030, growing at a CAGR of 5.0% during the forecast period.

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