Rainbow trout service providers are pushing for research to improve viability of eggs, fingerlings, and fish stocks for sustainable operations.
NEW YORK, NY / ACCESSWIRE / April 12, 2021 / Fact.MR: The global rainbow trout market is projected to exhibit a steady 5% CAGR between 2021 and 2031, as per a study by Fact MR. The rapid growth in global seafood consumption, increased consumer awareness about the health benefits of fish, and advances in the field of aquaculture are key factors supporting growth in the market. According to Fact.MR's market study, the market is likely to be moderately impacted by covid-19 pandemic owing to the manpower and raw material issues being faced by producers during the crisis.
"The rapidly increasing adoption of innovations in terms of food and beverage processing has emerged as a key factor boosting the global rainbow trout market. Furthermore, increasing awareness about nutritional benefits of rainbow trout, which is a rich a source of omega-3 fatty acids, phosphorus, potassium, selenium, and other nutrients is also anticipated to give impetus to the market," says the FACT.MR analyst.
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Rainbow Trout Market- Key Takeaways
- Wild rainbow trout sales remain popular owing to higher levels of consumer health awareness.
- Frozen products are rapidly gaining traction, supported by increasing international trade and cuisine trends.
- United States will continue as a major market for rainbow trout products owing to the availability of larger wild stocks and robust supply chain infrastructure.
- India is emerging as a regional market with high potential for growth, with government incentives for viable aquaculture sites being identified in northern states.
Rainbow Trout Market- Driving Factors
- Increasing investments into infrastructure for aquaculture businesses will generate new opportunities.
- Favorable changes in government policies towards sustainable fishing and aquaculture businesses, support market growth.
- Advances to cold chain and international trade infrastructure will increase the penetration of the rainbow trout market.
Rainbow Trout Market- Major Restraints
- Widespread prevalence of unsustainable fishing practices is a key factor affecting yields and hurting growth prospects.
- Competition from alternative fish sources remains a challenge for global rainbow trout producers.
Discover more about the rainbow trout market with figures data tables and table of contents. You can also find detailed market segmentation at https://www.factmr.com/report/2084/rainbow-trout-market
COVID-19 Impact on Rainbow Trout Market
The rainbow trout market has moderately impacted by the coronavirus pandemic. While food and beverage services have largely been deemed essential, lockdown restrictions have hurt fishing and aquaculture activities hindering short-term growth in the rainbow trout market.
On the other hand, demand for convenience foods has gone up during the pandemic, which in turn has bolstered demand for value-added rainbow trout products. Demand is likely to continue growing strongly in the post pandemic period, supported by a strong consumer interest in seafood offerings.
Competitive Landscape
Torre Trout Farms Ltd., Mowi ASA, Clear Springs Foods Inc., Leroy Seafood ASA, Grieg Seafood ASA, and Cermaq ASA are some of the leading rainbow trout producers in the global market.
Major manufacturers in the rainbow trout industry are pushing for product diversification strategies, in with value-added offerings, in addition to strategic collaborations for production and distribution with regional players.
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In March 2021, FreshToHome announced a partnership with Zarin, a startup in India to market Himalayan rainbow trout products for boost popularization and sales prospects on an international scale. Also, the Springcress Trout Farm announced a new program for the sales of farm-raised rainbow trout around the year for sales in Pennsylvania. In December 2020, Aquasearch, a trout breeding specialist company has revealed the commercial launch of genetic marker assisted rainbow trout eggs for use in diverse environmental conditions including a fresh water and salt water compatibility in addition to breeding in a wide temperature range.
About the Report
This study offers readers a comprehensive market forecast of the rainbow trout market. Global, regional and country-level analysis of the top industry trends impacting the rainbow trout market is covered in this Fact.MR study. The report offers insights on the rainbow trout market on the basis of product type (large and small), catch type (wild and aquaculture), form (fresh, frozen, canned, and others), and distribution channel (direct and indirect), across seven regions (North America, Latin America, Europe, East Asia, South Asia, Oceania, and Middle East & Africa).
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SOURCE: FactMR