The global squid market is expected to post a CAGR close to 4% during the period 2019-2023, according to the latest market research report by Technavio.
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Technavio predicts the global squid market to post a CAGR close to 4% by 2023. (Graphic: Business Wire)
A key factor driving the growth of the market is the high nutritional benefits. Squid is 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. A 3-oz serving of squid can provide more than 10% daily value (DV) of essential nutrients required for an average adult. Uncooked plain squid is also low on calories and fat. Sushi squid, without any additives, has a mere 26 calories per ounce, and less than half a gram of fat. Therefore, with such health benefits, the market for squid is expected to have a positive outlook during the forecast period.
As per Technavio, the rising sustainable fishing practices will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global squid market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
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Global squid market: Rising sustainable fishing practices
The demand for squids has increased the number of fishermen involved in overfishing and unsustainable fishing. Dynamite fishing, bottom trawling, electro-fishing, and fishing with poisons are examples of unsustainable fishing practices. These practices destruct the natural habitat and threaten the environment in which these sea creatures need to thrive. Thus, squid manufacturers and vendors are gradually putting efforts to follow a sustainable aquaculture practice. With commitments by large restaurant chains and retailers such as Walmart, Whole Foods, Ikea, and McDonald's to source seafood that is certified sustainable, the vendors are trying to involve and indulge in sustainable aquaculture practices. Thus, with such initiatives, the global market for squid is expected to thrive during the forecast period.
“The global squid market is witnessing growing consolidation activities, with many M&A in the seafood market. Most M&A transactions are driven by a focus on factors such as diversity in product portfolio, penetration in new markets, high market share, strong brand image, and improved control over the supply chain. Also, vendors participating in M&A try to improve their product innovation, supply chain efficiency, and growth through the acquisition of new product lines, flavors, and diversified operations to newer markets and sectors,” says a senior analyst at Technavio for research on consumer staples.
Global squid market: Segmentation analysis
This market research report segments the global squid market by product (processed and fresh) and geographical regions (APAC, EMEA, and the Americas).
The APAC region led the market in 2018 with a market share of over 55%, followed by EMEA and the Americas respectively. However, during the forecast period, the Americas is expected to register the highest incremental growth, followed by the EMEA region.
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