Whitefish is a commercial fisheries term which is used to denote various edible fish species that possess pure white meat. The whitefish differs from oily fish as it possess oils only in liver while oily fishes also possess oil in gut as well. Whitefish includes various species such as Tilapia, Catfish, Haddock, Cod, Seabass and others which are used in preparing variety of dishes and salads. Asia accounts for approximately 87% of the global production of freshwater whitefish owing to China’s largest contribution in world production. Owing to increasing awareness of health benefits of fishes and taste developed for whitefishes among individuals across the globe is expected to increase the demand for whitefish over the forecast period. Owing to relatively longer shelf life of whitefish species than that of oily fishes, the whitefish market is expected to expand with relatively high CAGR over the forecast period.
Owing to increasing demand for seafood domestically as well as globally, the producers finds a robust opportunity of growth of whitefish market over the forecast period.
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Whitefish Market: Segmentation
Whitefish market is segmented on the basis of species, product type, sales channel and region.
On the basis of species, whitefish market is segmented into Tilapia, Catfish, Haddock, Cod, Seabass and others. Tilapia, Cod and Seabass collectively holds the relatively high share and expected to dominate the market over the forecast period.
Whitefish market is segmented on the basis of product type into fresh and processed. The processed segment is further sub-segmented into frozen, canned, smoked and others. The smoked whitefish is exclusively used for salads and dressings.
Whitefish market is further segmented on the basis of sales channel into direct sales and retail sales. Retail sales is further sub-segmented into modern trade, convenience stores, specialty outlets, modern grocery stores, online retailing and other retailing formats. Modern trade segment is expected to exhibit relatively high value CAGR over the forecast period.
Whitefish market: Drivers, Restraints, and Trends
Increasing health consciousness and developing interest for seafood and whitefish among individuals across the globe is expected to drive the growth of whitefish market across the globe. Whitefish possess multiple vitamins, proteins as well as essential fatty acids, owing to which it is preferred by individuals. Whitefish also possess low content of fat and oils which are mainly concentrated in the liver, hence it is an excellent option for individuals looking for healthy food. Millennial demographic of the world is increasingly inclined towards natural source of proteins and snacks which are clean label, which is a factor driving growth of whitefish market. Increasing use of whitefish in salads, stews etc. is also expected to boost the sales of whitefish over the forecast period. Because of all these factors, people are preferring to consume whitefish, which is driving growth of the whitefish market and this is expected to continue over the forecast period.
On the other side, climatic conditions could possibly affect the production of whitefish, hence could be considered as a restraint, impeding the market’s trajectory over the forecast period and affecting the growth of whitefish market.
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Whitefish Market: Regional Outlook
On the basis of region, Whitefish market is segmented into five different regions: North America, Latin America, Europe, Asia Pacific and MEA. Among these regions, Asia-Pacific Whitefish market is expected to dominate with relatively high value and volume share. China holds relatively high value share of whitefish market among the Asia-Pacific as well as global whitefish market. Europe and the U.S. is also expected to have the significant value share of whitefish market, as both of these regions accounts for significant consumption of whitefish. The Latin America whitefish market is expected to grow significantly over the forecast period. The MEA whitefish market is also expected to increase with substantial value CAGR over the forecast period.
Whitefish Market: Key Players
Some of the key players in Whitefish market are Selonda Aquaculture S.A., Amacore B.V., Leroy Seafood, American Seafoods Group, Belardi Food Trading, Vinh hoan, Bien dong seafood, Navico, Hung Vuong Corp, Seafood Denmark, Scanfish Danmark A/s, Marine Foods (NZ) Ltd and others.