Rainbow Trout Market in Numbers
- Rainbow trout sales are envisaged to witness an incremental opportunity of ~US$ 2 Bn between 2019 and 2029. With health & wellness trend firming up, seafood consumption is observing a significant rise, thereby contributing to the market value of rainbow trout.
- The rainbow trout market is estimated to register a healthy CAGR of ~5% through 2029.
- Russia will remain the leading market for rainbow trout, with an annual per capita fish consumption of ~22 kg. Being the second leading importer of rainbow trout, Russia continues to remain a mine of opportunities for stakeholders, who are keen on capitalizing on the unmet demand for fish.
- East Asia is expected to remain the high-growth market for rainbow trout, as Japan’s consumption of seafood has progressed drastically over the recent past. Japan is currently the world’s leading importer of seafood, specifically rainbow trout.
Competition Landscape – Rainbow Trout Market
According to the latest Fact.MR study, the competition landscape of rainbow trout market is characterized by a large number of small-scale companies, which collectively hold 3/5th shares in the global market revenues.
Market forerunners, such as Cermaq Group AS, Clear Springs Foods, Grieg Seafood ASA, Lerøy Seafood Gropup ASA, and Mowi ASA are emphasizing strategic M&A and expansions. Diversification of the current offerings will be a key differentiating strategy of participants in the rainbow trout market. In an effort to explore multiple facets of the value chain, an increasing number of players are opting for indirect distribution channels to improve sales.
While strategic collaborations/partnerships and joint ventures with local players are likely to remain the primary developmental strategies of leading players, in high-demand regions, a large number of companies dealing in rainbow trout are investing efforts in tapping fish imports of key countries of specific regional markets.
Rainbow trout market players are also considering it imperative to establish aquaculture sites in high-demand regions, which is eventually expected to underpin gains, through steady supply of rainbow trout to the seafood processing sector.
Heavy investments in improving fish farming infrastructure and growing focus on revisiting the alignment of core competencies with different regional regulations, are collectively complementing the growth of rainbow trout market.
Companies, such as Grieg Seafood ASA are well equipped with the latest digital innovations that are capable of tracking the growth of rainbow trout to help companies arrive at well informed decision regarding farming of rainbow trout.
Key Determinants Shaping the Rainbow Trout Market
- Growing focus of consumers on healthful ingredients, coupled with grocers’ swimmingly successful merchandising, promotions and sampling, is assisting the sales of rainbow trout.
- A relatively cheaper price point of rainbow trout has been a strong factor accounting for the healthy growth in consumption.
- As ‘protein-rich’ remains a paramount inclusion of dietary recommendations, rainbow trout and other similar fish varieties continue to reflect high sales potential. The revenues of rainbow trout market remain significantly influenced by the sustained consumption registered by consumers as well as food processing companies. The rich protein profile of rainbow trout continues to position it as a viable substitute for protein.
- Digitalisation is enabling the health monitoring of rainbow trout, which is further contributing to improved fish supply. Rainbow trout farming companies have been thus using a range of digital tools to achieve enhanced yield through their health check.
- The seafood processing sector has been expanding at a pace, and is generating significant demand for healthier ingredients, such as rainbow trout fillets.
Key Challenges Facing Stakeholders in Rainbow Trout Market
- As food processing companies are investing considerable efforts in alignment of their offerings with the vegan trend, vegan substitutes for seafood are gaining ground at a rapid pace. An emerging trend of fish-free seafood is creating significant challenges for the stakeholders in fish farming landscape, including those dealing in rainbow trout.
- High capital investments required for fish farming, coupled with high maintenance and operating costs, continue to forestall new investment projects in the rainbow trout market. Increasing adoption of advanced technologies and the continuing research in non-conventional fish farming practices are however expected to create a novel, economically sustainable market outlook for rainbow trout.
- High vulnerability of rainbow trout to sea lice continues to be a longstanding impedance to high-quality, clean production of rainbow trout, which is among the most concerning factor restricting rapid growth of the rainbow trout market.
- Habitat destruction has been the toughest threat to biodiversity, and rainbow trout is no exception. The market growth thus remains restricted in the long run.
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Indirect Sales- A Vital Revenue Pocket for Rainbow Trout Vendors
There has been a significant surge in the use of indirect distribution channels, such as modern trade, wet market, and speciality food stores, in recent years, which is enhancing the reach of rainbow trout. While this has been a key booster to sales of rainbow trout, indirect sales channels will remain a major contributor. Growing penetration of the indirect channels of distribution as a source of increasing product reach while eliminating distance barriers is creating lucrative growth opportunities for stakeholders.
China’s Rainbow Trout Market Undergoing a Major Unrest
In the backdrop of a recently released proposal that made it justifiable for China’s fishery sector operators to label rainbow trout as salmon, the rainbow trout sales saw a significant plunge owing to a strong disagreement of Chinese consumers.
As a result of the plummeting sales of rainbow trout in the country, it was observed that the prices are witnessing a whopping 30-60% fall. Several online sellers are also shuttering their stores, in line with this declining rainbow trout sales scenario.
However, on the other hand, companies may also tap the potential opportunities in rainbow trout sales as a cheaper alternative to the traditionally expensive salmon variants.
An Adaptive Approach to Modern-day Research Needs
Rainbow Trout Market – Research Methodology
A holistic approach and a defined methodology form the foundation of exclusive insights provided in the rainbow trout market report. The Fact.MR study offers comprehensive information about the growth forecast of the rainbow trout market, and provides a systematic breakdown of the taxonomy and growth influencers of the rainbow trout market.
Comprehensive primary as well as secondary research are employed to present actionable insights into the projection analysis of rainbow trout market. The report on rainbow trout market has gone through several validation tunnels to ensure that rainbow trout market dynamics provided in the are one of its kind.
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