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Globally, wild pollock is amongst the top ten, most consumed fish, and it has continued to witness a healthy demand from consumers as a high-protein, low-cholesterol fish variant. Wild pollock has gained significant traction among consumers as an affordable alternative to cod fish. Brimming with potential, the wild pollock market is projected to grow at a CAGR of 6% as revealed by Fact.MR. This growth is backed by rigorous initiatives by GAPP (Genuine Alaska Pollock Producers) organization for marketing wild pollock thus increasing its market share in the global cod fish market. Within the supply chain, tier-1 players have also ventured into the production of several ready-to-eat products containing wild pollock as an ingredient.Key Takeaways from the Wild Pollock Market
- Together North America and Europe have grabbed more than 2/3rd of the market share and consumption in these regions is growing at a higher pace as compared to other regions.
- Vertical integration is the key strategy of manufacturers for gaining more control over supply chain and reducing production costs
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- Over the last three years, the government in Russia has pioneered investments in fleet renewal and has also allocated a fishing quota for new vessels, thereby increasing the wild pollock supply capacity of Russian companies
- Russia is supplying wild pollock to a majority of European countries at a significantly low cost, thereby offering strong competition to North American suppliers
- Leading wild pollock harvesting companies are focused on increasing their harvesting quota and controlling primary processing as part of the value chain at a relatively low cost
- Mergers and acquisitions have been observed in the recent past among European companies, especially for increasing business and vessel fleet renewal
“The global wild pollock market is witnessing significant volatility in prices due to the trade war between United States and China. While Russian companies are banking upon low cost, their U.S. counterparts are highlighting MSC certification as their key value proposition.”, -says the Fact.MR analyst
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Europe to Witness Two Fold Growth as Russian Companies Introduce Innovative Variants
Europe is leading the wild pollock market in terms of demand and production. Wild pollock demand in Europe is projected to grow 2X over the forecast period. Russian players are investing in building shore-side processing plants for converting whole fish to other variants such as fillets, surimi, and minced fish. This will help to fulfill the increasing demand from China.
North American manufacturers are conducting consumer surveys with GAPP for understanding target consumers and preference for wild pollock. The wild pollock market in Latin America is in its growth phase and is anticipated to create lucrative opportunities for manufacturers. Being both a production and a consumption cluster, East Asia is expected to witness moderate growth over the forecast period, where countries including Vietnam and Thailand largely influence demand.
Find More Valuable Insights on the Wild Pollock Market
Fact.MR, in its new offering, brings to fore an unbiased analysis of the global wild pollock market, presenting historical demand data (2014-2018) and forecast statistics for the period, 2019-2029. The study divulges compelling insights on the wild pollock market on the basis of form species (alaska pollock and atlantic pollock), form (fresh, frozen and canned), end use industry (household (retail), food services (HORECA), and pharmaceutical & nutraceutical industry), and distribution channels (business to business and business to consumer) across six major regions.
To get more information on wild pollock market, visit- https://www.factmr.com/report/2086/wild-pollock-market
About the Food & Beverage Division at Fact.MR
From food ingredients, to finished food products, Fact.MR caters to the requirement of the entire value chain of the food and beverages sector. A team of passionate food and beverages industry analysts track the performance of existing food and beverages as well as those that have just entered their product life cycle. Having over 1,000 published as well as upcoming reports, Fact.MR boasts of having over 1 million plus data points that are collected from 50+ countries for over a decade. The food and beverages team at Fact.MR has been assisting clients in their business expansion as well as new ventures, through their analysis and recommendation. For more information on our deep domain expertise, click here.
Contact Info:
Name: James Martin
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Organization: Fact.MR
Website: https://www.factmr.com/
Release ID: 88935348
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