About this market
The demand for squids has increased the number of fishermen involved in overfishing and unsustainable fishing. Governmental initiatives and organizations to promote sustainable aquaculture have led vendors and suppliers to make voluntary commitments such as full traceability and transparency of their supply chains of seafood landings and abhor from habitat destruction etc. The rising sustainable fishing practices is expected to drive market growth. The analysts have predicted that the squid market will register a CAGR of close to 4% by 2023.
Market Overview
High nutritional benefits
Squid is a seafood that has high vitamin and mineral content and healthy fats. Healthy eating trends and growing health awareness are increasing the demand for fish and seafood such as squid. The global demand for squid has increased due to its high nutritional content, including trace minerals, high Omega 3 content, and high health awareness.
Increasing prices of squids
The price of squid foods has increased in recent years. This has been due to the popularity of squid meat, awareness of its health benefits, and popularity among millennials. This has aggravated the supply-demand gap.
For the detailed list of factors that will drive and challenge the growth of the squid market during the 2019-2023, view our report.
Competitive Landscape
The market appears to be fragmented and with the presence of several companies including Maruha Nichiro and NISSUI the competitive environment is quite intense. Factors such as the high nutritional benefits and the rising sustainable fishing practices, will provide considerable growth opportunities to squid manufactures. GRUPO NUEVA PESCANOVA, Maruha Nichiro, NISSUI, OCEANA GROUP, and Thai Union Group are some of the major companies covered in this report.