Wild Pollock Market
Wild Pollock Market By Species (Alaska & Atlantic Pollock), By Form (Fresh, Whole, Fillet, Frozen, Canned), By End-use Industry (Household(Retail), Foodservice (HORECA), Pharmaceutical & Nutraceutical Industry), By Distribution Channel, By Region - Global Mraket Forecast 2020-2030
Global Wild Pollock Market Insights
The global wild pollock market has witnessed a slow growth at a CAGR of 1.2% over the past half-decade. Since the past half-decade, consumers have been inclining towards protein rich fishes such as wild pollock, salmon, tuna and cod, of which wild pollock are highly preferred, owing to its good source of protein, selenium, vitamin B12, and phosphorous. Apart from the nutritional abundance, its low risk of environmental toxins and price play a major part in consumer inclination towards wild pollock.
In recent years, rapid expansion of the foodservice industry across the globe has been significantly contributing to the increased demand for wild pollock. However, due to the ongoing outbreak of the COVID-19, supply chain of the food industry has been completely disrupted, which has further stunted the wild pollock market growth in fiscal year 2020. With gradual reopening of markets by the mid-2nd quarter of FY2020, the demand for wild pollock is set to gain pace by the 4th quarter of 2020 and record a CAGR of 1.7% during the forecast period (2020-2030).
Global Wild Pollock Market Analysis by Species
Of the two major species of wild pollock – Alaska Pollock and Atlantic Pollock – the former accounts for more than more than 90% of the market revenue share, owing to its extensive utilization in end-use industries. Fish population and price factor also play a major role in capturing the majority of the wild pollock market. Moreover, Alaska Pollock is one of the key fishes extensively sold in the US market.
Atlantic Pollock is relatively expensive than its counterpart due to seasonal availability of the fish. This fish is mostly served as an expensive delicacy and used in pharmaceutical & nutraceuticals rather than household purposes. Due to the limited availability, Atlantic Pollock accounts for less than 10% share of the global wild pollock market.
Global Wild Pollock Market Analysis by End-use Industry
Wild pollock has been widely consumed in household, foodservice, and pharmaceutical industry, for its provision of stable supply of end products such as frozen & fresh food, medicines, nutraceuticals. Moreover, wild pollock applications in lucrative business such as pharmaceutical & nutraceutical are set to provide thrust to the market growth in mid-term of the forecast period.
Global Wild Pollock Market: Regional Analysis
Europe accounts for relatively high share of the global wild pollock market value. This trend is anticipated to continue throughout the forecast period. Growth prospects of the market also remain high in North America, which accounts for nearly one-third of the global demand. Consumption of wild pollock in North America is mainly backed by increasing demand from rapidly growing foodservice industry.
East Asia was the fastest growing market for wild pollock during the historical period. This is attributed to increasing consumption of wild pollock in the foodservice industry as well as households. Followed by East Asia, South Asia & Oceania’s market registered a CAGR of around 1.25% in the historical period, owing to the rise in the demand from foodservice and pharmaceutical industries in the region.
However, the COVID-19 pandemic has contracted demand, thus affecting the production of wild pollock. This trend is anticipated to continue for more than 2 quarters. By the 1st quarter of 2021, the market is set to recover its pace. The market will gain momentum once the consumers tend to incline towards non-vegetarian food post waning of COVID-19 stigma and demand from foodservice sectors resume.
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Global Wild Pollock Market: Competitive Analysis
The global wild pollock market shows a fair level of consolidation. Norebo Holdings, Russian Fishery Company, Gidrostroy, Starbound LLC, C/P Northern Hawk Ltd, Trident Seafoods, Arctic Storm Limited, Eastern Fish Company, and Glacier Fish Company are the key market players. Of the mentioned players, Norebo Holdings, Russian Fishery Company, and American Seafoods account for nearly quarter of the global supply of wild pollock.
Key strategies adopted by the companies are aggressive and take an organic market approach. For instance, Maruha Nichiro Corp.’s decision to increase their production capacity and product innovation strategy will play an instrumental role in improving its market share over the forecast period.
The Analyst’s Viewpoint
“Consumer inclination towards protein-rich foods in line with increased health consciousness during the COVID-19 pandemic is expected to bolster the demand for wild pollock and accelerate the rate of recovery from the crisis.”
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COVID-19 Impact Analysis
The coronavirus pandemic has brought the whole world to a standstill. Business activities have registered a downturn in the form of spiraling down sales due to reduced harvest and demand. The wild pollock market is no different. The foodservice industry is one of the prominent end users of wild pollock. However, the ongoing pandemic has led to a decline in foot traffic in various foodservice sectors, thereby directly affecting the demand for wild pollock.
Extended lockdowns in different countries have a put a halt to the production and sales of wild pollock-based products for the past month, as key manufacturing units and factories are shut. Following the uplift of the lockdown, it will still take at least a couple of months to restore production to normal. Thus, contracting demand from allied industries in the second quarter of 2020 will have prolonged effects on the global wild pollock market.
About the Report
Fact.MR published an exclusive forecast report on the wild pollock market for the period of 2020-2030. The foremost objective of the wild pollock market report is to pitch spearhead insights on market scenario, demand generators, and new development in the wild pollock market. Also, the wild pollock market study addresses key dynamics, which are expected to diversify the sales and future prominence of wild pollock market.
The wild pollock market report begins with an executive overview in which product definition has been provided. The report further proceeds with taxonomy of the wild pollock market, elaborating on the key segments. Also, the report outlines visionary insights on dynamics of the wild pollock market including drivers, restraints, opportunities and trends and pricing analysis along with the key buying factors.
Supply chain analysis and pricing analysis of the wild pollock market along with varying applications of wild pollock have also been included in the report to help readers clearly understand the product framework map in the wild pollock market.
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Wild Pollock Market: Key Segmentation
Fact.MR has studied the wild pollock market with detailed segmentation on the basis of species, form, end-use industry, distribution channel, and key regions.
- Alaska Pollock
- Atlantic Pollock
- Foodservice (HORECA)
- Pharmaceutical & Nutraceutical Industry
- Business to Business
- Business to Customer
- Grocery Stores
- Hypermarket/ Supermarket
- Online Sales Channel
- North America
- Latin America
- East Asia
- South Asia & Oceania
- Middle East & Africa
“This taxonomy prepared is confidential and intended exclusively for the individual or entity with whom it is being shared. Reading, disseminating, distributing, or copying this to any party other than addressee(s) is unauthorized and prohibited.”
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