Global Haddock Market - 2023-2030

Overview

Global Haddock Market reached US$ 721.1 million in 2022 and is expected to reach US$ 1,002.2 million by 2030, growing with a CAGR of 4.2% during the forecast period 2023-2030.

The increasing consumer awareness regarding the health advantages associated with the consumption of seafood and seafood products contributed to the wide expansion of the seafood industry. Haddock provides an affordable and accessible source of protein and other essential nutrients to the body. The delicate flavor and low-fat content of this fish make it a popular choice for health-conscious consumers, increasing the market demand.

Government support and assistance in the development of the haddock market positively drive the market growth. For instance, in April 2021, UK government in agreement with the Scottish Fishermen's Federation announced financial assistance to the haddock fishing industry. In addition, the technological developments in the haddock aquaculture industry and haddock product production drives the market expansion.

The increasing environmental responsibility among the global population is trending the approach of sustainability in every industrial sector. For instance, in December 2021, the Marine Stewardship Council certified the North Sea haddock fishery as sustainable. The declaration of the sustainability of the North Sea haddock fishery resulted in wide popularity for haddock, resulting in the expansion of market demand.

Dynamics

Health Advantages Associated with the Consumption of Haddock

Seafood forms a healthy source of healthy nutrients including protein and omega-3 fatty acids. The increasing consumer preference towards seafood items including haddock and other fishes is increasing rapidly with the high consumer awareness regarding the health benefits associated with the consumption of these products. Haddock fish is rich in nutrients with a powerful flavor.

The fish is packed with vitamins and minerals. The rich omega-3 fatty acids in fish help in supporting heart health. In addition, the wide availability of B vitamins along with minerals including selenium and phosphorous make this fish a healthy product to adopt. Further, the lower mercury levels of haddock make it a beneficial option among other fishes to protect neurological and immune systems against the risk of heavy metals.

Technological Developments in Haddock Offering

The increasing demand for haddock made manufacturers invest in the expansion of the company offerings. For instance, in March 2020, Bristol Seafood, a U.S.-based supplier invested in new technology and equipment to meet the increasing demand of the groundfish business. The new investment in new equipment and technology helps the company to increase its processing capacity of haddock and cod. In addition, Bristol also announced the launch of a retail line of processed haddock portions.

Manufacturers are offering convenience platforms for the sales of these products expanding the market growth. For instance, in August 2021, Frozen Fish Direct announced the launch of its new e-commerce website that helps in the easy and stress-free shopping of a wide range of fish and seafood products. This user-friendly website from Frozen Fish Direct provides nearly 200 different types of high-quality fresh fish for consumers.

Increasing Demand for Plant-Based Seafood

The growing environmental responsibility and strategic regulations of overfishing led to the high adoption of plant-based seafood options including haddock. The increasing veganism and high demand for vegan options in seafood resulted in the launch of new plant-based seafood products in various processed forms for convenient consumption of those products.

As more consumers opt for plant-based seafood alternatives due to health, environmental, or ethical reasons, there may be a reduced demand for traditional animal-based seafood like haddock. This shift in consumer preferences can lead to a decrease in haddock consumption. Plant-based seafood products are designed to mimic the taste and texture of traditional seafood, including haddock.

Plnat-based seafood manufacturers are taking up high-protein ingredients to meet the protein content of these products with that of natural seafood. For instance, in October 2021, Karavela, Europe's largest canned fish producer, introduced a new range of products in its company portfolio. The company launched plant-based canned seafood products made from sustainable yellow peas under the Fish Peas brand.

Segment Analysis

The global haddock market is segmented based on type, distribution channel, application and region.

Taste and Health Benefits of Smoked Haddock

The global haddock market is segmented based on type into fresh, frozen and smoked. The smoked haddock accounted for the largest share of the global market. The distinctive taste of the smoked haddocks is capitative the consumers and increases its demand in the global market. The smoked haddocks are gaining popularity for their rich availability of minerals. It is estimated that smoked haddock fulfils 66 % and 17 % of the daily needs of selenium and phosphorous respectively.

The various product offerings from the manufacturers in this field of segment, drive the growth. In April 2023, New England Seafood International announced the launch of its new range of products including cheesy smoked haddock and cod Kyiv under its brand, Fish Said Fred. The products are marketed at U.K.'s largest seafood retailer, Tesco.

Geographical Penetration

Increased Seafood Production and Consumption in Europe

Europe dominated the global haddock market with the presence of high producers. U.K., Norway and Iceland are considered to be the largest producers of haddock in Europe, leading the market in this region. In 2020, according to the European Commission, the total production of fishery products in EU accounted for 4.5 million tons of catches and 5 million tons of aquaculture respectively.

According to the European Commission 2022, the EU is the fifth largest fisheries and aquaculture producer in the world. It is estimated that the average person consumes 24 kg of seafood annually in the EU, with Portugal and Spain leading the way. The high production and consumption of fishery products including haddock, drive the regional market growth.

The increased health consciousness among consumers of this region majorly impacts the adoption of seafood products, including haddock. The use of haddock in traditional recipes of U.K. and Germany helps in wide expansion of the target market in the region. Further, the increasing demand for processed and convenient haddock products and increasing sales of those products in European countries positively drive market growth.

Competitive Landscape

The major global players in the market include: Channel Fish Processing, Channel Seafoods International, Leroy Seafood, CTLE Seafood, Inc., Holmes Seafood, Marz Seafood, Ocean More Foods Co., Limited, Seacore Seafood Inc., Young's Seafood and High Liner Foods.

COVID-19 Impact Analysis:

The outbreak of the COVID-19 pandemic moderately impacted the global haddock market. The government's sudden declaration of lockdown caused huge losses to the local vendors. Fresh haddock's market was badly impacted due to improper reach conditions of reach of fresh products for consumer use. The raw materials were not distributed necessarily during the pandemic conditions, causing a scarcity of these materials in the processing industries. In addition, the labor shortages challenged the processing of processed products in this market.

On the other hand, with the unavailability of fresh products, the demand for smoked and processed haddock products increased rapidly in the pandemic situation. Greater demand for convenient and packed food products positively impacted the market growth. In addition, the accessibility and popularity of the e-commerce sector to various users and the wide availability of these products in online sales increased market demand.

Russia- Ukraine War Impact

The Russia-Ukraine war had a negative impact on many industrial sectors, including food. War between these countries created supply chain disruptions causing a halt in product distribution in the global market. The scarcity of resources and distribution channel disruption affected the market growth. The halt in trade transitions due to import and export trade disruptions resulted in greater economic losses for the market.

By Type

• Fresh
• Frozen
• Smoked

By Distribution Channel

• Supermarkets/Hypermarkets
• Convenience Stores
• E-Commerce
• Others

By Application

• Food Service Sector
• Retail Sector

By Region

• North America
  • U.S.
  • Canada
  • Mexico

• Europe
  • Germany
  • UK
  • France
  • Italy
  • Russia
  • Rest of Europe

• South America
  • Brazil
  • Argentina
  • Rest of South America

• Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific

• Middle East and Africa

Key Developments

• In March 2023, Bumble Bee Foods LLC, a North American seafood company, acquired Wild Planet Foods, a leading producer of sustainable canned seafood. With this acquisition, Bumble Bee Foods company is expected to expand its product offering to customers.
• In January 2023, StarKist Co, a United States seafood company, introduced a new line of sustainably sourced canned seafood products, increasing their product launches in commitment to sustainability.
• In September 2022, Young's Seafood, the UK's leading fish and seafood company introduced new product offerings into their product portfolio with the launch of Gastro Extra Large Battered Fish Fillets. The products are available in haddock and cod varieties and are served in Asda, Tesco and Sainsbury.

Why Purchase the Report?

• To visualize the global haddock market segmentation based on type, distribution channel, application and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of haddock market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.

The global haddock market report would provide approximately 61 tables, 60 figures and 210 Pages.

Target Audience 2023

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies