According to Future Market Insights (FMI), the worldwide Cod Fish Market is valued at USD 1,678.9 million in 2023 and it is anticipated to reach USD 3,241.4 million by 2033. Over the next decade, global Cod Fish demand is likely to increase at a CAGR of 6.8%.
Cod fish is used in multiple food products as well as in food processing due to its characteristic of high protein content and fewer fats and carbohydrates which make it an ideal fish to be used in Fish fillets, fish entrees, and fish finger foods. Additionally, Cod fish is also used in the manufacture of cod liver oil which is rich in vitamin A, vitamin D, and omega-3 fatty acids that have a wide range of health benefits. Studies suggest that the consumption of cod liver oil supplements helps in the prevention of heart attacks and improves cardiovascular health.
Codfish is rich in protein content and is considered a lean protein. It acts as a good replacement for meat products that are consumed for protein. Atlantic cod are generally larger in size and weigh ~5-10kg whereas Pacific cods are smaller in size and weigh ~2-6kg. As a result of which Atlantic cods are generally sold in bulk to big restaurant chains and food processing industries and Pacific cods are generally sold directly to consumers in smaller quantities and at the retail level.
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Key Takeaways from the Cod Fish Report:
- The global Cod Fish market is expected to reach a valuation of US$ 3,241.4 million by 2033.
- Global demand for Cod Fish is likely to soar at 6.8% CAGR over the forecast period.
- U.S. is projected to hold a dominant value share of 38.9% in the global market by 2033.
- The United States Cod Fish market is projected to reach a valuation of US$ 1,260.9 million by 2033
- Japan is expected to register a CAGR of 4.0% over the forecast period and is expected to reach a market valuation of US$ 307.9 Mn
Who is Winning?
Ice fish AS, Norway Royal Salmon ASA, Alliance Seafood AS, Andenesfisk AS, American Seafood Group, Norges Sjomatrad AS, Leroy Seafood AS, Norsk Sjomat AS, A.R.C. Hasson Trading, Aalesundfisk AS are key Cod Fish manufacturers listed in the report.
These companies are concentrating on expanding their portfolios by launching new products. They also use strategies such as advertisements, partnerships, acquisitions, agreements, and mergers to stay relevant in the market.
For instance,
- 2023: Schouten Europe, launched plant-based fish fillets which are made up of wheat and rice and are intended to replicate the taste and texture of whitefish ‘cod’
- 2023: Loki Foods, Loki Foods has released a statement in a press conference that they aim to make a ‘cod fish’ alternative with the help of plant-based sources that mimic the texture, content, and taste of actual cod fish
- 2022: Young’s Seafood, launched two-garlic themed products, Scottish Mussels in White Wine and Creamy Garlic Sauce and Creamy Garlic Topped Cod Fillets in the United Kingdom. The Cod fillets are also available on e-commerce platforms like Tesco.
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Cod Fish Market by Category
By Product Type:
- Atlantic Cod Fish
- Pacific Cod Fish
- Greenland Cod Fish
- Others
By Source:
- Farmed
- Wild Captured
By End Product:
- Fresh
- Canned
- Frozen
By Sales Channel:
- Direct Sales
- Indirect Sales
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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