NEWARK, Del, July 24, 2023 (GLOBE NEWSWIRE) -- According to Future Market Insights (FMI), the Global Cod Fish market is valued at US$ 1,678.9 Million in 2023 and is anticipated to reach US$ 3,241.4 Million by 2033. Over the next decade, global Cod Fish demand is likely to increase at a CAGR of 6.8%.
Cod fish is used in multiple food products and in food processing due to its high protein content and fewer fats and carbohydrates, making it an ideal fish to be used in Fish fillets, fish entrees, and fish finger foods. Cod fish is also used to manufacture cod liver oil, which is rich in vitamin A, vitamin D, and omega-3 fatty acids with a wide range of health benefits. Studies suggest that the consumption of cod liver oil supplements helps in the prevention of heart attacks and improves cardiovascular health.
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Codfish is rich in protein content and is considered a lean protein. It acts as a good replacement for meat products that are consumed for protein. Atlantic cod are generally larger and weigh ~5-10kg whereas Pacific cods are smaller and weigh ~2-6kg. As a result, Atlantic cods are generally sold in bulk to big restaurant chains and food processing industries, and Pacific cods are generally sold directly to consumers in smaller quantities and at the retail level.
Key Takeaways from the Cod Fish Report:
- The global Cod Fish market is expected to reach a valuation of US$ 3,241.4 million by 2033.
- Global demand for Cod Fish is likely to soar at 6.8% CAGR over the forecast period.
- U.S. Cod Fish Market is projected to hold a dominant value share of 38.9% globally by 2033.
- The United States Cod Fish market is projected to reach a valuation of US$ 1,260.9 million by 2033
- Japan's Cod Fish Market is expected to register a CAGR of 4.0% over the forecast period and is expected to reach a market valuation of US$ 307.9 Million
“There is an increase in demand for cod fish in seafood products due to their applications across various industries like food processing, and animal feed” – says a lead analyst at Future Market Insights (FMI)
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Top 10 Companies in Cod Fish Market and Their Marketing Strategy
- Ice fish AS
- Norway Royal Salmon ASA
- Alliance Seafood AS
- Andenesfisk AS
- American Seafood Group
- Norges Sjomatrad AS
- Leory Seafood AS
- Norsk Sjomat AS
- A.R.C. Hasson Trading
- Aalesundfisk As
These companies are concentrating on expanding their portfolios by launching new products. They also use strategies such as advertisements, partnerships, acquisitions, agreements, and mergers to stay relevant in the market. For instance,
- 2023: Schouten Europe, launched plant-based fish fillets which are made up of wheat and rice and are intended to replicate the taste and texture of whitefish ‘cod’
- 2023: Loki Foods, Loki Foods has released a statement in a press conference that they aim to make a ‘cod fish’ alternative with the help of plant-based sources that mimic the texture, content, and taste of actual cod fish
- 2022: Young’s Seafood, launched two-garlic themed products, Scottish Mussels in White Wine and Creamy Garlic Sauce and Creamy Garlic Topped Cod Fillets in the United Kingdom. The Cod fillets are also available on e-commerce platforms like Tesco.
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Segmentation Analysis of Cod Fish Market
By Product Type:
- Atlantic Cod Fish
- Pacific Cod Fish
- Greenland Cod Fish
- Others
By Source:
- Farmed
- Wild Captured
By End Product:
- Fresh
- Canned
- Frozen
By Sales Channel:
- Direct Sales
- Indirect Sales
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa
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Get More Valuable Insights
Future Market Insights (FMI), in its new offering, provides an unbiased analysis of the global Cod Fish market presenting historical demand data (2018 to 2022) and forecast statistics for the period from 2023 to 2033.
About the Food & Beverage Division at Future Market Insights (FMI)
Expert analysis, actionable insights, and strategic recommendations – the Food & Beverage team at Future Market Insights (FMI) helps clients from all over the globe with their unique business intelligence needs. With a repertoire of over 1,000 reports and 1 million+ data points, the team has analyzed the food & beverage industry lucidly in 50+ countries for over a decade. The team provides end-to-end research and consulting services; reach out to explore how we can help.
Explore other relevant reports in the food and beverage domain to gain deeper insights into industry trends and opportunities.
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