The global octopus market size is expected to experience substantial growth with the rise in the consumption of exotic cuisines. This information is published by Fortune Business Insights™ in its report, titled “Octopus Market, 2021-2028.” The consumption of octopus parts has been a tradition in many Asian countries. It is a rich source of zinc, vitamin B, and amino acids. Traditionally, they are consumed by coastal communities, which is their main source of food. Experiments with seafood by renowned chefs have opened the market for its consumption. The current trend of consuming exotic diets supplement nutritional needs is also fueling this market.
A significant decline in meat consumption was witnessed as rumors associated with COVID-19 were prevalent, which claimed consumption of exotic meat was the root of this virus. The fishing of octopus was limited during the lockdown. As this meat is considered more of a luxury, fishing was limited. Moreover, seafood giants had also been non-operational due to various COVID-19 protocols. Various restaurants, cafes, and raw bars that provide exotic meat on the menu were closed for business. Only the local fishermen who survived on exotic meats had access to this product. With businesses opening up again, there are chances of this market becoming stable.
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The product type segments the market into fresh and processed. The product is sold at supermarkets/hypermarkets, convenience stores, specialty stores, and online retail by distribution channel. The market’s geography is spread across North America, Europe, Asia Pacific, South America, and Middle East & Africa.
What Does the Report Contain?
The report gives a detailed picture of the market by summing the data from multiple sources. The point of research has been profit, pricing, competition, and others. Various market faces have been identified and meticulously studied to present an authentic report. The primary and secondary information was collected from key market participants to facilitate the research. Research of this market was aimed at improving the position of the client in the market. For the same reason, specific strategies have been incorporated in this report to deal with this market’s challenges. Market trends in the forthcoming years have been predicted to facilitate well-informed decisions by the clients.
High Nutritional Deficiency among Working Professionals to Favor Market Growth
Octopus meat is a rich source of various nutrients, which has ensured the high popularity. Busy schedules of the working professional have led to nutritional deficiency and other health disorders. Consumers are therefore willing to try out new meat diet to fulfil their deficiency.
The growing interest in gourmet and regional ethnic food is developing this market. Several food bloggers and food shows have advertised consuming exotic meat, which is further boosting this industry.
Various raw bars and seafood stalls in Asian countries have introduced foreigners to such meat, which has further created a market in other countries. Also, canned and packaged meat has made it possible to consume this product worldwide. These factors are expected to contribute to the global octopus market growth during the forecast period.
Demand for Ready-to-Cook Products in North America to Propel Growth
North America is expected to experience substantial growth in octopus market share with the growing seafood diet in the region. The frozen section of seafood is growing with the rising trend of ready-to-cook food shall boost the market. Well-established distribution channels in this region are expected to fuel this market.
Europe is also shifting to the consumption of such meat to reduce heart diseases. The high nutritional content of this meat is expected to increase consumption in the forecast timeline. The growing hospitality and tourism sector is developing the consumption of exotic meat.
Asia Pacific has an already booming food service industry. The growing culture of dining outside and the local supply chain is expected to boost the demand for the product in the region.
Collaboration Between Prominent Players to Strengthen Their Market Positions
Prominent players are investing in processing meat products to export in their distribution territory. The hospitality sector is also developing its consumer base by introducing new dishes to its menu. Important vendors of this industry are investing in the commercialized cleaning process to help market growth. This product is a niche market which means players are also focused on consumer demand and customizing their products accordingly. On the other hand, small local businesses do not have established distribution channels and focus on collaborating with local restaurants, cafes, diners, and others to supplement their business.
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List of Key Players Profiled in the Market for Octopus:
- Galveston Shrimp Company
- Thai Union Group
- Pescanova Hellas
- Joe Patti’s Seafood Company
- Frigorificos de Camarinas
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