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The growing interest in trying exotic cuisines and food preparations is one of the factor that propels the growth of the global octopus market. Traditionally, some cultures consume arms and other body parts of octopus. However, recently innovative preapartion ideas for seafood has led to the increased popularity of octopuses across the globe. Octopus is rich in vitamin B, zinc, selenium and various amino acids. The growing demand for nutrious low-fat food which prevents lifestyle related health consitions also supports the growth of the octopus industry.
Octopus fishery is an important resource for coastal communities throughout the Western Indian Ocean region. In many coastal regions, octopus fishing dominates small-scale fishing businesses. The other key factor fuelling the market growth is the growing consumer interest in gourmet and regional ethnic foods. Millennial generation seeks out novel flavous as part of their enjoyment and adventurous eating. The growing demand for canned food is also expected to positively reflect on octopus consumption in forthcoming years.
The reduced leisure time due to busy work schedules of consumers across the globe has contributed to the rising prevalence of nutrient deficiencies and obesity related health disorders. Consumers are rapidly shifting their dietary preferences to reduce the risk of such deficiencies. The growing popularity of keto, atkins and other protein-centric diets primarily drives the demand for protein-rich foods. Furthermore, the higher content of vitamin B12 and selenium in octopuses fuels their demand among consumers. The expansion of foodservice sector and rising culture of dining out positively affects the growth of the market. Cafes, restaurants and raw bars offer innovative seafood appetizers including grilled octopuses to attract more consumer base. The emerging categories such as canned and packaged octopus snacks and ready-to-cook frozen meals are anticipated to drive the market growth in forthcoming years.
The emerging trend of plant-based foods as consumers incline towards healthy and sustainable food choices has necessitated food manufacturers to innovate plant-based seafood alternatives. The trend of veganism and vegeteranism is also driven by rising animal welfare concerns. However, consumers look for food options which fulfil their cravings for seafoods. The increasing activities to develop innovative plant-based or vegan seafood alternatives by manufacturers primarily hamper the growth of the global octopus market.
Key Market Driver -
Rising Demand for Seafoods due to their High Nutrient Content
Key Market Restraint -
Emergence of Plant-based Seafood Imitations
Frigorificos de Camariñas S.L., Galveston Shrimp Company, Joe Patti's Seafood Company, Pescanova Hellas EPE, Thai Union Group, Nueva Pescanova, SL, Siam Canadian Foods Co. Ltd., Tulip Group Indonesia, Mackay Reef Fish Pty Ltd., and Amigo Seafod Co. are the key players operating in the global octopus market.
Fresh octopuses are expected to witness strong sales performance owing to their rising popularity across foodservice sector. The trend of eating alive grilled octopuses has contributed to their increasing sales in cafes, restaurants and bars. The rising demand for fresh octopuses is also attributed to the consumer knowledge that octopus is high in nutrients such as vitmin B12, selenium and amino acids that reduce the risk of various chronic diseases. The emerging trend of healthy snacking and ready-to-cook meals is anticipated to support the growth of the processed products such as canned octopus & octopus snacks.
Supermarkets and hypermarkets segment is projected to witness robust growth owing to the availability of a wide variety of products and purchase convenience in these type of sales channels. Specific aisles are allocated for products in such stores providing a plethora of options to consumers. The discounts and offers launched by these mass merchandisers are also expected to boost their sales performance. Online retail is an emerging sector expected to exhibit promising growth in foreseeable years on account of the easy purchase and home delivery options.
North America is expected to witness substantial growth owing to the increasing popularity of nutritious seafood diets in the region. In 2017, the Food and Agricultural Organization, United States (FAO) mentioned in one of its articles that the global apetite for octopus is increasing rapidly in all developed markets, including United States. The rising trend of ready-to-cook foods has fuelled the growth of frozen seafood sector including frozen octopuses. Well-established distribution channel and growth of online sales heavily contribute to the growth of the market in the region.
Europe is anticipated to exhibit promising growth attributed to the increasing consumption of seafood to reduce the risk of heart diseases. The high content of vitamins and minerals has increased their demand in consumers. The trend of healthy snacking has led manufacturers to expand the product portfolio with octopus snacks that can be consumed on-the-go. The increasing tourism in the region is another factor that fuels the growth of octopus market due to the rising interest in trying various cuisines and food preparations.
Asia Pacific is projected to exhibit promising growth owing to the booming foodservice sector in the region. The emerging culture of dining in cafes, bars and restaurants has led the product innovations such as fresh and alive octopus preparations. The strengthening supply chain in the region also fuels the growth of the market in Asia Pacific.
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