Wild Pollock Gains Traction as Better Substitute to Cod; Market to Record Relatively Slow Growth Rate Through 2030
Published : 02 Jul 2020 Industry: Food & Beverage
The wild pollock market is estimated to be valued at more than US$ 7 Bn in 2020 and grow at a CAGR of 1.7% over the forecast period of 2020-2030. Wild Pollock is one of the key delicacies for the developed regions such as Europe and North America. Moreover, a myriad of health benefits offered by wild pollock continues to influence its demand.
Unlike saltwater, freshwater, and anadromous water fishes such as salmon, cod, tuna, and bundle of other fishes, wild pollock has benefits such as high protein flesh and non-toxic. Furthermore, wild pollock is a cheaper yet better substitute to Cod which is set to provide impetus to the market in the long-run. Moreover, consumer inclination towards wild pollock is expected in the post-COVID-19 period and during economic recession, owing to its better price and availability compared to its counterpart Cod. Above-stated factors are set to drive the market in nominal pace over the forecast period of 2020-2030.
Key Takeaways of Global Wild Pollock Market Study
- The global wild pollock market is anticipated to create a value opportunity of around US$ 1.2 Bn during the forecast period, adding 1.2X value to that recorded in 2020.
- Alaska Pollock is estimated to account for 90% share of the market revenue in 2020, and gain 12 BPS in its market share by 2030 over 2020.
- With growing preference for frozen and canned wild pollock, the fresh segment is anticipated to lose around 11BPS in its share during the forecast period.
- Europe continues to hold the leading share of the global wild pollock market.
“Price elasticity of demand for cod is set is magnify the demand for its substitute, wild pollock in the coming years,” says the Fact.MR analyst.
Wild Pollock Market Shows a High Level of Consolidation
The wild pollock market is highly consolidated with key players such as Russian Fishery Company, Norebo Holdings, and American Seafoods accounting for a relatively high market share. Penetration of the new entrants is highly unlikely, owing to the regional dominance of the stakeholders and experience for more than a decade in the fisheries market.
COVID-19 Impact on the Wild Pollock Market
The COVID-19 pandemic has affected the global economy in several ways. Demand for various products across several industrial verticals has fallen, directly impacting production. Supply chains have been disrupted, causing a gap in the demand-supply equation. A significant market crunch is anticipated for the food and beverage sector, attributed to shortfalls in the macroeconomic factors such as buying power, demand contraction and others. While the wild pollock market is adversely affected by a drop in foot traffic in foodservice sectors and reluctance of consumers to seafood, it is anticipated to rebound post two quarters of market reopening.
More Valuable Insights on Wild Pollock Market
Fact.MR, in its new offering, presents an unbiased analysis of the global wild pollock market, presenting historical demand data (2015-2019) and forecast statistics for the period of 2020-2030. The study divulges essential insights on the wild pollock market on the basis of species (Alaska Pollock, Atlantic Pollock), form (fresh (whole & fillet), frozen (whole & fillet), canned), end-use industry (household(retail), foodservice (HORECA), pharmaceutical & nutraceutical industry), and distribution channel (business to business, business to customer(grocery stores, hypermarket/ supermarket, online sales channel) across six major regions.
About the Food & Beverages Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations – the food & beverage team at Fact.MR helps clients from all over the globe with their unique business intelligence needs. With a repertoire of over 1,000 reports and 1 million plus data points, the team has analysed the food & beverage industry lucidly in 50+ countries for over a decade. The team provides end-to-end research and consulting services; reach out to explore how we can help.