Octopus Market

Global Octopus Market Size (2024 to 2029)

Global Octopus market share value is expected to grow at a CAGR of 3.3% during the forecast period 2024-2029 to reach USD 12.4 billion by 2029 and USD 10.54 by 2024. 

Octopus aquaculture pertains to the captive breeding of octopuses for the purpose of commercially selling their meat. This intricate and labour-demanding farming practice has gained momentum due to robust market demand in regions like the Mediterranean, South America, and various Asian countries. The global yearly request for octopus has surged significantly, doubling from around 180,000 to approximately 370,000 tons between 1980 and 2019. The octopus, a boneless marine creature, has captivated human interest for centuries, both as a culinary delight and a subject of fascination. It holds significant importance as a protein source in coastal communities worldwide and is held in high regard as a culinary delicacy across diverse cultures. Notably, the abundant omega-3 fatty acids found in octopus are recognized as "healthy fats" associated with various cardiovascular benefits. These fats can help lower blood pressure, mitigate arterial plaque buildup, and subsequently alleviate strain on the heart. Octopus also offers a wealth of vitamins and minerals while maintaining low-fat content, positioning it as a valuable source of complete protein for individuals focused on weight management. The expanding popularity of seafood, including octopus, can be attributed to its appeal among travellers and explorers, a trend driven by the influence of food bloggers and social media influencers, which is anticipated to further boost the octopus market.

There is a growing fascination with biologically active substances (BASs) sourced from marine organisms, a trend that offers unexplored prospects within the Octopus market. These compounds serve as a foundation for the development of novel pharmaceuticals and biopreparations utilized in the realms of food production and agriculture and play a pivotal role in crafting functional foods, biologically enriched dietary supplements, and cosmetics. Augmenting research and development endeavors is integral to harnessing an increased yield of these BASs, thereby unlocking their full potential.

Global Octopus Market Drivers:

Growing demand for exotic meats, the rise in disposable income, shifting global taste preferences towards Octopus, heightened awareness of healthy food consumption, and the increasing adoption of aquaculture practices for Octopus cultivation are majorly propelling the octopus market shares.Moreover, the nutritional composition of octopus is noteworthy, encompassing vital minerals such as selenium, omega-3 fatty acids, iron, copper, vitamin B12, potassium, magnesium, and calcium. Scientific research underscores that the cumulative presence of these minerals plays a pivotal role in diminishing the risk of strokes and fostering cardiovascular well-being.The surge in demand for unique culinary experiences and diverse food preparations significantly bolsters the Octopus Market's growth trajectory. Heightened disposable income coupled with evolving taste preferences across the globe has spurred a heightened desire for octopus, rendering it a sought-after choice among both exporters and chefs. Notably, millennials constitute a substantial consumer segment for octopus, driven by their affinity for novel flavors and experiences. Octopus holds a revered status as a delicacy in numerous countries, such as miruhulee boava in the Maldives, arroz de polvo in Portugal, and hongzhang in Singapore. These factors collectively contribute to the increasing demand for octopus as an exotic food, thereby propelling the expansion of the market.

Global Octopus Market Restraints:

The factors likely to hamper the market growth of the Octopus market are the emergence of more plant-based sea foods. The growing shift towards healthy and sustainable dietary choices, including plant-based foods, has compelled food manufacturers to creatively devise alternatives to seafood using plant-based ingredients. This inclination towards plant-based options is further driven by the escalating trend of veganism and vegetarianism, which is rooted in heightened concerns for animal welfare. For instance, organizations advocating animal welfare, such as Compassion in World Farming and Eurogroup for Animals, have expressed significant reservations regarding Nueva Pescanova's proposal to establish an octopus farm in the Canary Islands. These groups have vehemently urged for the abandonment of the farm project, citing concerns about potential "animal cruelty and environmental repercussions" revealed through the development plans.However, consumers continue to seek food selections that satiate their seafood cravings. The ongoing efforts of food manufacturers to introduce innovative plant-based or vegan substitutes for seafood have a notable impact on the trajectory of the global octopus market. This trend introduces a competitive dynamic that poses challenges to the conventional growth of the market.

Impact Of COVID-19 on the Octopus Market:

Throughout the worldwide COVID-19 pandemic, businesses spanning diverse industries encountered significant upheavals as governments enforced lockdown measures to curb the virus's propagation. Manufacturing facilities were compelled to temporarily shutter, causing interruptions in production processes. Moreover, the global availability of Octopus faced disruption due to disruption in the supply chain, stemming from import and export limitations imposed by various nations. Notably, Mediterranean countries experienced a decline in demand for octopus, causing a pronounced decrease in prices. The situation was further inflamed as processors were required to deplete substantial existing inventories before re-engaging in procurement activities. In the initial half of 2020 (from January to July 19), European imports of Moroccan octopus witnessed a substantial decline, reaching as much as 27 percent.

REPORT COVERAGE: 

This research report on the global octopus market has been segmented and sub-segmented based on product, distribution channel, & region.

Global Octopus Market Segmentation - By Product:

• Fresh
• Processed

Based on product type, the processed product segment dominated the Octopus market in 2022, and it is anticipated to grow at the highest CAGR during the projected period. While fresh food items generally carry a preference over processed alternatives, an interesting anomaly exists within the octopus market. Here, processed variants dominate a larger market share. Processing octopus encompasses various techniques such as cooking, canning, freezing, packaging, and altering the product's composition through diverse preparations. Freezing octopus doesn't compromise its moisture content; instead, it effectively breaks down its inherent fibers, rendering it tender and facilitating easier cooking. This process brings about a desirable transformation in texture. Additionally, the processing approach extends the octopus's shelf life significantly. This enhancement in longevity permits the product to endure longer shipping distances without compromising its texture, nutritional value, or flavor profile.

Global Octopus Market Segmentation - By Distribution Channel:

• Supermarkets/Hypermarkets
• Convenience Stores
• Specialty Stores
• Online Retail

Based on the distribution channel, supermarkets are expected to dominate the Octopus market during the forecast period. Live and fresh octopus are most in demand in the Asian regions, and there you can find hypermarkets and supermarkets specifically dedicated to the seafood market. With rising demands for octopus in the North American region, this region also has seafood supermarkets. On the other hand, online retail is growing at the fastest rate in recent periods, thus expected to record the fastest CAGR during the forecast period. Furthermore, the notable increase in online sales has made a substantial contribution to the expansion of the octopus market. This expansion is further reinforced by the presence of strong and well-established distribution networks, which serve to enhance the upward trajectory of the market.

Global Octopus Market – By Region:

• APAC
• MEA
• Latin America
• North America
• Europe

Based on region, North America is poised to secure a notable portion of the octopus market, primarily driven by the escalating preference and demand for wholesome seafood within the region. Octopus, recognized as a convenient ready-to-cook option, has gained traction due to its hassle-free preparation and appealing flavour profile. This trend has caught the attention of individuals seeking effortless culinary solutions. 

Europe is expected to undergo noteworthy market growth driven by mounting concerns about heart diseases within the region. Seafood consumption, known for its potential to mitigate the risk of heart ailments, is a compelling factor propelling this growth. A prevailing trend towards healthy snacking in Europe has spurred manufacturers to capitalize on the market, particularly by offering octopus-based snacks. European consumers' inclination towards exploring unconventional foods and meats is further bolstering the market's expansion. This openness to trying novel culinary offerings contributes significantly to the region's market development.

On the other hand, the Asia Pacific region is anticipated to showcase favorable growth prospects driven by the flourishing food service industry in the area. The evolving trend of dining in cafes, bars, and restaurants has spurred innovations in octopus offerings, including the introduction of fresh and live preparations. This dynamic has contributed to the diversification of product choices. Furthermore, the region's increasingly robust supply chain plays a pivotal role in advancing the market's expansion within Asia Pacific. The enhancement of this supply chain infrastructure serves as a catalyst for the growth of the octopus market.

KEY MARKET PLAYERS:

Key market players of global octopus market are Frigorificos de Camariñas S.L, Galveston Shrimp Company, Joe Patti's Seafood Company, Pescanova Hellas EPE, Thai Union Group, Nueva Pescanova, SL, Siam Canadian Foods Co. Ltd, Tulip Group Indonesia, Mackay Reef Fish Pty Ltd, Amigo Seafood Co.

RECENT HAPPENIGS IN THE MARKET:

In March 2020, Grupo Nueva Pescanova, the multinational Spanish company, revealed its plans to enhance its presence in the US market by introducing an extended line of products. This expansion includes the introduction of octopus tentacles and Patagonian toothfish to their existing range of offerings for US retail