Global Octopus Market Size To Grow At A CAGR Of 1.20% In The Forecast Period Of 2023-2028
The ‘Global Octopus Market Size, Share, Price, Trends, Growth, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global octopus market, assessing the market on the basis of its segments like product type, distribution channel, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
Octopus Market Size, Share, Price, Trends, Growth, Key Players, Report and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 1.20%
The demand for octopus is being driven by its growing usage in variety of cuisines and food products. It offers various health benefits due to its nutritional profile which comprises of iron, omega-3, selenium, and vitamin B12, among others. Hence, the increasing inclination towards health and fitness is leading to growing consumption of octopus.
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Moreover, the consumption of octopus-based preparations is also driven by curiosity which is a major octopus market driving factor. Increasing popularity of octopus-based dishes such as sushi, sashimi, karaage, and sour salad, among others, is further adding to the market growth. Increasing footfall in luxurious restaurants, hotels, and high-quality fast-food chains which serve unusual foods is attracting customers, further increasing the popularity of octopus. The exponential growth of sea fishing across the emerging economies, coupled with policies of various governments encouraging aquaculture and seafood trade, is another crucial driving factor of the global market for octopus.
Over the forecast period, the anticipated increase in demand for fresh octopus across commercial and household end-users is likely to generate greater revenue for the market. Moreover, the growing availability of fresh octopus across supermarkets and hypermarkets is leading to higher sales of raw octopus for home cooking. The increasing demand for frozen octopus, owing to its greater shelf-life, is also bolstering the octopus market dynamics.
Octopus Industry Definition and Major Segments
Octopus is a mollusc of the Octopoda order with eight tentacles, a round body, and bulging eyes. Typically found at the bottom of seas, octopus are widely consumed as a source of food as they are rich in vitamins, minerals, and proteins. They can be prepared in a variety of ways; however, beaks are generally avoided for consumption.
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Based on product type, the market is segmented into:
• Fresh
• Processed
• Others
By distribution channel, the market is bifurcated into:
• Direct
• Indirect
On the basis of region, the market is categorised into:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Octopus Market Trends
The key trends in the global octopus market include the rising investments by the major food and beverage producers towards social media marketing and advanced advertising strategies targeted at spreading awareness about innovative recipes and packaged products derived from octopus. The thriving e-commerce sector is leading to a heightened sale of canned and premium packaged octopus products. Increasing demand for octopus among athletes, to improve sports performance is a crucial trend in the octopus market.
Technological advancements in octopus processing technologies, involving high-end machineries with enhanced capabilities are expected to improve the supply chain of octopus in the forecast period. Increasing efforts by major market players aimed towards developing user-friendly distribution channels with quick transportation facilities are playing a pivotal role in the market.
In regional terms, Asia Pacific accounts for a significant share in the market, driven by the high demand for seafood across Japan, China, and South Korea. These nations are traditional consumers of octopus and restaurants and fast-food stalls provide a variety of octopus-based dishes. Meanwhile, North America is expected to witness a steady growth in the forecast period, owing to the increasing health consciousness leading to a higher consumption of nutritional seafoods.
Key Market Players
The major players in the global octopus market report are:
• Pescanova Hellas EPE
• Frigorificos De Camarinas S.L.
• Siam Canadian Foods Co. Ltd.
• Tulip Group Inc
• Mackay Reef Fish Pty Ltd.
• Amigo Sea Food Co.
• Others
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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