Groundfish Market Size, Share, Growth, and Industry Analysis, By Type (Alaska Pollock, Blue Whiting, Atlantic Cod, Hake, Others), By Application (Direct Retail, Food Processing) and Regional Insights and Forecast to 2033

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GROUNDFISH MARKET OVERVIEW

The groundfish market size was valued at approximately USD 11.69 billion in 2024 and is expected to reach USD 16.74 billion by 2033, growing at a compound annual growth rate (CAGR) of about 4.07% from 2025 to 2033.

Groundfish are fish that live on or near the bottom of a body of water, typically the sea. They often feed on invertebrates and other fish that inhabit the seabed. Some common examples of Groundfish include Cod, Haddock, Halibut, Flounder, and Sole. These fish are often commercially important and are used for food. Groundfish have been a cornerstone of global fisheries for centuries, providing a valuable source of protein and sustenance for countless populations. Their utilization extends far beyond local consumption, with Groundfish being processed and distributed worldwide. They are used in a variety of culinary applications, from traditional fish and chips to gourmet seafood dishes. Additionally, Groundfish are an important component of the fishmeal industry, which produces feed for aquaculture and livestock.

COVID-19 IMPACT

Market Growth Restrained by Pandemic Due to Restaurant Closures

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.

Unemployment of the COVID-19 pandemic affected the Groundfish Market in the global arena. Stringent measures including lockdowns and reduction in operations of food service such as restaurants and eateries due to economic challenges reduced the demand of seafood in the global market. The fishing activities were affected through restrictions, incidences of labor shortage and other operational hitches associated with logistical factors. Due to this, supply and demand in the market significantly reduced and most market players’ companies strived to make lower revenues and profits.. As the world emerges from the pandemic, the Groundfish Market is expected to gradually rebound, although it may face ongoing challenges and uncertainties

LATEST TRENDS

Growing Interest in Omega-3 Fatty Acids to Propel Market Growth

Another important trend to discuss is the increasing demand for omega-3 fatty acids which is a major contributing factor to the market growth of Groundfish. Some of these nutrients that are contained in Groundfish have been known to have various health benefits like reducing the incidences of heart diseases, stroke and dementia. With consumers being more conscious on the health benefits of omega-3 fatty acids, the market for Groundfish products is thus anticipated to go up. This tendency is especially notable in the regions, which are aimed at the promotion of healthy lifestyles, which includes Western Europe and North America.

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GROUNDFISH MARKET SEGMENTATION

By Type

Based on type the market can be categorized into Alaska Pollock, Blue Whiting, Atlantic Cod, Hake, Others.

• Alaska Pollock: HSTEM is commonly used as fish sticks, fillets and surimi. Popular for it’s a mild taste and largely used for the preparation of meals with white flesh.

• Blue Whiting: This species is mainly consumed in fishmeal and fish oil industries. It is also prepared for consumption as frozen fillets, and also in the form of surimi.

• Atlantic Cod: A well-known Groundfish, Atlantic cod is appreciated for its qualities of highly demanded fish with white and flaky meat. This can be consumed in a number of dishes such as in fish and chips or in fish cakes.

• Hake: This specie contains high amounts of omega-3 fatty acids and is usually utilized in place of cod fish. It is mainly utilized to produce frozen fillets and surimi products The Orthodox Church bans five types of fish: shark, stingray, skate, catfish, Fowler and lumpfish for religious reasons.

• Others: Other Groundfish species to be included in the market are; haddock, halibut, flounder and sole. Some of these species have economic value while others do not or they are valued in varying degrees and are used in various purposes.

By Application

Based on application the market can be categorized into Direct Retail, Food Processing.

• Direct Retail: This means the direct selling of Groundfish products to individuals as opposed to wholesalers, retailers or restaurants, and other eating facilities. One of the main outlets is direct selling which targets consumers of the fresh and frozen ground fish products.

• Food Processing: This includes: Groundfish in food products -Fishmeal and fish oil: These products are used in feeding animals and for supplements. Surimi: It is generally utilized for the preparation of imitation crab meat and most of the seafood products that are out in the market. Canned and Frozen Products: As a delicacy Groundfish is usually processed through canning or freezing to avoid spoilage or to be stored for a long time. Ready-to-Eat Meals: Groundfish is adopted in different products that are ready to be eaten like fish and fries, fish tacos and others.

DRIVING FACTORS

Growing Consumer Demand to Drive the Market Advancement

One of the key driving factors in the Groundfish Market growth is the Growing Consumer Demand. More people are becoming conscious of their health and the way they feed hence proteins that are good for human health such as Groundfish are on the market. Due to this increased demand, there has been upsurge in the advancement of fishing technology, fish processing, and fish products. In light of the consumers’ increasing demand for well-valued and lasting seafood products, the Groundfish Market is expected to expand and evolve.

Expanding Global Trade to Expand the Market

A key factor that has increased demand in the Groundfish Market is expansion of the international trade. Since economies are now more integrated, there has been the exportation of more seafood products some of which include Groundfish. This globalization has accorded new opportunities for market access by fishing nations, thereby enabling consumers to access fish in various quantities. Thirdly, the increase in the availability and efficiency of the means of transport has contributed to the Groundfish products’ export and access to consumers in other countries. Thus, the persistent growth of international trade is considered to be one of the primary contributors to the future development of the Groundfish Market.

RESTRAINING FACTOR

Environmental Impact of Fishing Practices Impediments to the Market Growth

Fisheries and fishing processes have remained one of the most major factors in the detriment of the natural environment and the Groundfish in particular; this limitation is a problem for the market. Such practices as overfishing, bycatch, and habitat destruction have adverse effects which result to the reduction of fish stocks and adverse effects on the marine environment, thus compromising the long-term viability of this industry. For these problems to be solved, there is need to practice and adopt sustainable fishing techniques and measures. Yet, it is often complicated to implement such measures and enforce compliance thereto, especially in the developing countries and / or with a constrained supply of resources. A possible implication of failure to embrace environmental sustainability is fluctuation in markets, lack of consumer confidence and restrictions of commerce.

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GROUNDFISH MARKET REGIONAL INSIGHTS

Europe and North America to Dominate the Market due to Long-Standing Fishing Traditions

The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.

Europe and North America have emerged as the most dominant regions in the Groundfish Market Share. Europe in particular, has been a major participant for many years since it was particularly involved in fishing, and due to developed facilities. Some of the most crucial countries include Norway through its leading companies – Aker Solutions, DoF Subsea and Kvaerner; Iceland’s biggest offshore firm – Marel; and the UK’s largest subsea engineering firm – ALSOS. North American countries inclusive of the United States and Canada have also made up a considerable market throughout this period due to adequate fishery and processing units. They have assisted in the establishment and implementation of be sustainable fishing measures, technology as well as conservation of Groundfish products in the global market. But pressures from other regions, particularly Asia Pacific are slowly shifting the dynamics hence the need for continuous product development to remain relevant in the market.

KEY INDUSTRY PLAYERS

Key Players Transforming the Groundfish Landscape through Innovation and Global Strategy

Major industry players are pivotal in shaping the Groundfish Market, driving change through a dual strategy of continuous innovation and a well-thought-out global presence. By consistently introducing inventive solutions and staying at the forefront of technological progress, these key players redefine the industry's standards. Simultaneously, their expansive global reach enables effective market penetration, addressing diverse needs across borders. The seamless blend of groundbreaking innovation and a strategic international footprint positions these players as not only market leaders but also as architects of transformative shifts within the dynamic domain of Groundfish.

List of Market Players Profiled

• AS More Codfish (Norway)
• Mowi ASA (Norway)
• Trident Seafoods (U.S)
• Bluenose Seafood (U.S)
• High Liner Foods (Canada)

INDUSTRIAL DEVELOPMENT

2022: On this front, the development of innovations in cold chain logistics of the Groundfish is a vital key to the progression of the Groundfish Market. Adherence to qualifying qualities and the freshness index of seafood products is maintained by a proper cold trail from the time of capture to the consumer table. There have been advancements put forward in the use of better equipment like better refrigeration systems, advanced temperature measuring instruments, and better and more efficient means of transport that have helped in better quality and safety of Groundfish products. It also aligns with minimizing wastage and losses in the food items, thus helping businesses within the sector to increase their returns.

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.