Haddock Market

Global Haddock Market Size (2024 to 2029)

Global Haddock market size is expected to be USD 724.38 million in 2024 and to reach USD 915.74 million by 2029, growing at a 4.8% CAGR in the forecast period 2024 to 2029.

Haddock is frequently eaten fish found in the North Atlantic. It is a cold-water fish that may be purchased fresh or frozen. Haddock is an adaptable fish that may be used in a variety of cuisines, including fish & chips, fish pies, and fish cakes. Haddock has grown in popularity and consumption as a result of its nutritional value since it contains more vitamins A, B12, B6, and B3. Haddock is favored over other fish because it is low in calories, has no carbs, and is excellent for those with diabetes or on a low-carbohydrate diet. The global market for haddock is being driven by rising seafood demand, notably in the United States, Europe, and Asia. Haddock is often more expensive than other whitefish species, such as cod or pollock. Prices might vary according to supply and demand, as well as the quality and availability of the fish. Overall, the haddock market is likely to expand as demand rises.

The increased demand for sustainably sourced fish products is the key opportunity in the haddock market. As customers become more concerned about the environmental impact of their food choices, they look for items produced through sustainable fishing practices. This opens opportunities for businesses that can provide high-quality, sustainably sourced haddock. With the advent of technology, frozen seafood has become a popular alternative for consumers since it provides convenience, a longer shelf life, and year-round access to seafood. Haddock is a popular fish for freezing because of its firm texture, moderate flavor, and ability to withstand freezing temperatures. The prospect is also accessible in the haddock market. Also, some customers are willing to pay a higher price for high-quality seafood that is sustainably sourced, traceable, and has a distinct flavor profile. The haddock market may capitalize on this opportunity by marketing itself as a premium whitefish that is responsibly obtained and has a distinct taste and texture when compared to other whitefish species. Overall, this market potential can boost haddock market demand and provide new doors for enterprises involved in the production, processing, and distribution of haddock goods.

Global Haddock Market Drivers:

The growing demand for seafood goods, especially in the United States, Europe, and Asia, is one of the primary drivers of the haddock market. Haddock is a popular fish in these areas, and customers are seeking healthier and more sustainable protein sources. This has resulted in increasing demand for haddock and other marine items. The rising demand for haddock is propelling the haddock market by providing chances for producers, processors, and distributors to develop their companies and gain market share. Several reasons are driving the increased demand for haddock, including population expansion, changing consumer tastes, and rising income levels. Furthermore, there is a rising consumer awareness of the health advantages of seafood eating, and haddock is seen as a healthy and nutritious dietary option. This has resulted in increasing demand for haddock and other fish items, particularly in countries with a high concentration of health-conscious customers. Increased demand for haddock is also creating opportunities for companies to differentiate themselves by offering sustainably sourced and high-quality products. Climate change is also influencing the haddock market by changing fish distribution and abundance in the North Atlantic. This has resulted in adjustments in fishing patterns as well as an emphasis on sustainable fishing practices to maintain the fishery's long-term survival, promoting development in the haddock market. Overall, consumer demand, sustainability concerns, shifting legislation, and climate change are all influencing the haddock industry. Companies that can adapt to these changes and provide high-quality, sustainably produced haddock will succeed in the market.

Global Haddock Market Restraints:

The increased competition from other seafood items is one of the primary limitations on the haddock market. Consumers are increasingly turning to various forms of seafood, such as salmon, tuna, and prawns, as they become more aware of the health advantages of seafood eating. As firms battle to maintain their market share in a crowded and competitive industry, this tendency is placing pressure on the haddock market. Also, the influence of climate change on fish populations is another key constraint on the haddock market. Changes in ocean temperatures and currents caused by climate change can alter the range and abundance of haddock and other fish species. This can make sourcing haddock more difficult and expensive for businesses, resulting in supply chain interruptions and increased consumer pricing. And the increased regulatory monitoring of the seafood business is also a drag on the haddock market. Companies are experiencing more scrutiny and harsher rules as governments and regulatory agencies strengthen their control of the seafood business. Companies engaged in the haddock sector may face higher compliance expenses and decreased profit margins because of this. Overall, the haddock market's principal restraints are placing pressure on enterprises to find methods to differentiate themselves and preserve market share in a competitive and demanding environment.

Impact of COVID-19 on the market:

The COVID-19 pandemic has had a major influence on the fish business, particularly the haddock market. Many restaurants and catering enterprises were closed or operating at reduced capacity because of the pandemic, resulting in a fall in demand for fish items such as haddock. This resulted in a decrease in prices for haddock and other seafood products and affected the haddock market. Additionally, the pandemic has disrupted global supply chains and produced logistical issues, including shipping delays and labor shortages, which have further damaged the haddock market. On the other side, the pandemic has also resulted in an increased demand for frozen seafood products, particularly haddock, as customers have stocked up on non-perishable commodities. This has helped to minimize some of the detrimental impacts on the haddock market. In general, the COVID-19 pandemic has had both positive and negative effects on the haddock market.

REPORT COVERAGE: 

This research report on the haddock market has been segmented and sub-segmented based on product type, distribution channel, and region. 

Global Haddock Market - By Product type: 

• Fresh
• Frozen
• Smoked
• Canned

In terms of product type, fresh haddock is leading with the highest shares of the market. Fresh haddock is a popular product in local markets and is predominantly consumed in areas where haddock can be obtained, such as the North Sea and the Northeast Atlantic. Fresh haddock is favored by people who value the flavor and texture of freshly caught fish and is frequently sold at local fish markets.

Frozen haddock, on the other hand, is the dominating product in the retail market, where it is sold in supermarkets and other retail stores. Frozen haddock is more convenient for consumers since it can be preserved for a longer period of time and is available all year, independent of the fishing season. Frozen haddock is widely employed in the catering business, where it is used in dishes such as fish and chips.

Global Haddock Market - By Distribution channel:

• Supermarkets
• Specialty seafood stores 
• Online retailers

Supermarkets are the dominant distribution means in the haddock market. Most people get their seafood from supermarkets, and haddock is no exception. Fresh and frozen haddock, smoked haddock, and canned haddock are among the many haddock goods available in supermarkets. They also provide a convenient and accessible platform for consumers to buy haddock because they are frequently placed in convenient locations and are open for extended hours.

Another key distribution way to distribute the haddock market is specialty seafood stores, particularly in areas where fresh fish is in high demand. Fresh and high-quality seafood goods, including haddock, are available in specialty seafood stores. They are frequently located near fishing ports or along coastlines and cater to clients seeking quality seafood items.

Online merchants have also emerged as an essential distribution method for the haddock market, especially in areas where people are increasingly shopping for groceries online.

Global Haddock Market – By Region:

• North America
• Europe
• Asia Pacific
• Middle East, Africa &
• Latin America 

In terms of both production and consumption, Europe is the dominant market for haddock market. Norway, the United Kingdom, and Iceland are Europe's top haddock producers. Haddock is a popular fish in nations such as the United Kingdom, Germany, France, and Spain, where it is eaten as a main course or as an ingredient in traditional recipes. North America Haddock market is next in having the largest shares as haddock is popular US and Canada. It is often used in meals like fish and chips. Haddock is widely consumed in Atlantic provinces such as Nova Scotia and Newfoundland in Canada. Asia Pacific haddock market is likely to have the highest growth rate in the coming years. Haddock is mostly imported into the region by China and Japan, where it is utilized in traditional cuisines such as sushi and sashimi. Haddock is also eaten throughout Latin America and, the Middle East & Africa; the market value is limited in comparison to Europe and North America.

KEY MARKET PLAYERS:

Key Market Players of Haddock Market are Icelandic Group, Marine Harvest, Leroy Seafood, Young's Seafood, High Liner Foods, Fish Market, Kroger.

RECENT DEVELOPMENTS IN THE MARKET:

• The Marine Stewardship Council (MSC) announced in December 2021 that the North Sea haddock fishery had been certified as sustainable. This certification certifies that haddock caught in the North Sea meets the MSC's sustainable fishing practices standards.
• Young's Seafood, one of the UK's major seafood enterprises, said in September 2021 that it would debut a new range of frozen haddock products in collaboration with Tesco. There are battered haddock fillets, breaded haddock fillets, and haddock fish cakes on the menu.
• In July 2021, Norway declared that it was boosting its haddock quota for the 2021/2022 fishing season. This decision was made based on the most recent scientific data, which showed that the haddock population in the Norwegian Sea was robust and healthy.
• The Scottish Fishermen's Federation stated in April 2021 that it had reached an agreement with the UK government to provide financial assistance to the haddock fishing industry. The agreement was intended to assist in mitigating the economic impact of Brexit-related trade disruptions.