The price elasticity of demand for cod is poised is amplify the demand for its alternative, wild pollock in the approaching years.
ROCKVILLE, MD / ACCESSWIRE / September 15, 2020 / The global wild pollock market has foreseen a sluggish expansion at a CAGR of 1.2% over the past half-decade, however, is now poised to register a CAGR of 1.7% during 2020-2030. Myriad health advantages provided by wild pollock keep on to influence the market demand. However, the COVID-19 pandemic has concentrated demand for wild pollock as extended lockdowns in several nations have put a halt to the manufacturing and wild pollock-based product sales over the past month, as major manufacturing factories and units are shut.
"Customers' preference for protein-rich foods along the lines of increased health consciousness amid the COVID-19 pandemic is projected to boost the demand for wild pollock and quicken the pace of recovery from the crisis." says the Fact.MR analyst.
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Wild Pollock Market - Key Takeaways
- Based on species, Alaska Pollock holds the majority of the market revenue share due to its wide usage in end-use sectors. Moreover, it is one of the significant fishes comprehensively sold in the US market.
- Wild pollock applications in nutraceutical & pharmaceutical are anticipated to offer a push to the market development in mid-term of the projected timeframe.
- Europe continues to account for the prominent share of the global market for wild pollock.
- North America holds 1/3rd of the worldwide demand due to growing demand from the fast increasing foodservice sector.
Wild Pollock Market - Driving Factors
- Nutritional abundance, along with the low risk of ecological toxins acts as a foremost role in customer preference towards wild pollock.
- Wild pollocks are cheaper yet superior alternate to Cod which is slated to give impetus to the market over the years to come.
- Increased consumption in the household, pharmaceutical, and food service sector for its delivery of steady supply of end products for example nutraceuticals, medicines, frozen & fresh food, has bolstered the wild pollock market.
Wild Pollock Market - Constraints
- Low catches of Alaska Pollock and Atlantic Pollock will limit the growth of the global market.
Anticipated Market Impact by COVID-19 Outbreak
The COVID-19 pandemic has influenced the wild Pollock market due to several factors such as low demand, supply-chain disruption, shutdown key manufacturing factories, and units along with other macro-economic factors such as demand contraction, buying power, and others. Partial uplift of the lockdown is likely to restore manufacturing to normal in the global wild pollock market.
Explore the global wild pollock market with 168 figures, 113 data tables, along with the table of contents of the report. You can also find detailed segmentation on https://www.factmr.com/report/2086/wild-pollock-market
Competition Landscape
Companies identified in the wild pollock market include Russian Fishery Company, Norebo Holdings, Gidrostroy, C/P Northern Hawk Ltd, Starbound LLC, Trident Seafoods, Eastern Fish Company, Arctic Storm Limited, and Glacier Fish Company. Among the mentioned companies, American Seafoods, Russian Fishery Company, and Norebo Holdings hold almost a quarter of the worldwide supply of wild pollock.
More on the Report
The FACT.MR's market research report provides in-depth insights into the wild pollock market. The market is scrutinized on the basis of species (Alaska Pollock and Atlantic Pollock) form,( fresh, (whole fillet,) frozen, (whole fillet,) Canned), end-use industry (household(retail), foodservice(HORECA) and pharmaceutical & nutraceutical industry), and distribution channel (business to business, business to customer, grocery stores, supermarket/hypermarket and online sales channel) across seven major regions (North America, Europe, East Asia, South Asia, Oceania, Latin America, and Middle East & Africa (MEA).
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SOURCE: Fact.MR