Rainbow Trout Market Size, Growth, Forecast | Opportunities by 2019 to 2029
A recently piloted study of Fact.MR, titled “Rainbow Trout Market Forecast, Trend Analysis & Competition Tracking – Global Market Insights 2019-2029,” offers a detailed analysis on the rainbow trout market worldwide. Size of the rainbow trout market has been analyzed thoroughly and is provided in terms of value (US$ Bn) and volume metric tons. The report also gives a comprehensive analysis and futuristic outlook of the segments and the competitive landscape of the rainbow trout market.
Rainbow Trout Market in Numbers
- Rainbow trout sales are envisaged to witness an incremental opportunity of ~US$ 2 Bn between 2019 and 2029. With health & wellness trend firming up, seafood consumption is observing a significant rise, thereby contributing to the market value of rainbow trout.
- The rainbow trout market is estimated to register a healthy CAGR of ~5% through 2029.
- Russia will remain the leading market for rainbow trout, with an annual per capita fish consumption of ~22 kg. Being the second leading importer of rainbow trout, Russia continues to remain a mine of opportunities for stakeholders, who are keen on capitalizing on the unmet demand for fish.
- East Asia is expected to remain the high-growth market for rainbow trout, as Japan’s consumption of seafood has progressed drastically over the recent past. Japan is currently the world’s leading importer of seafood, specifically rainbow trout.
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‘Small-sized’ Remain Preferred for Whole Intact Fillets
According to the report, small rainbow trout is likely to witness impressive sales in 2019 and beyond, with the volume likely to near 660 thousand tons by the end of 2019. The study indicates that the demand for small rainbow trout has grown considerably in recent years, in line with the shifting preference of chefs and caterers for whole intact fillets that constitute a single portion. Growing market preference for plate-size whole fillets is propelling sales of small rainbow trout, thereby underpinning a solid position of fish on the restaurant and foodservice menus.
The study opines that Europe will continue to lead the rainbow trout market owing to the high fish farming visibility in the region that has been further creating favorable environment for companies to poach in. The study identifies R&D optimization, increased purchasing and bargaining power of consumers, a rapidly expanding customer base, and improving export possibilities to firm up the already strong base for rainbow trout sales within European markets. Strong presence of leading companies that are technologically sound and are capable of catering to the massive growth in demand for rainbow trout, particularly in Russia, will assist in further growth of the market in Europe.
Key Determinants Shaping the Rainbow Trout Market
- Growing focus of consumers on healthful ingredients, coupled with grocers’ swimmingly successful merchandising, promotions and sampling, is assisting the sales of rainbow trout.
- A relatively cheaper price point of rainbow trout has been a strong factor accounting for the healthy growth in consumption.
- As ‘protein-rich’ remains a paramount inclusion of dietary recommendations, rainbow trout and other similar fish varieties continue to reflect high sales potential. The revenues of rainbow trout market remain significantly influenced by the sustained consumption registered by consumers as well as food processing companies. The rich protein profile of rainbow trout continues to position it as a viable substitute for protein.
Competition Landscape – Rainbow Trout Market
According to the latest Fact.MR study, the competition landscape of rainbow trout market is characterized by a large number of small-scale companies, which collectively hold 3/5th shares in the global market revenues. Market forerunners, such as Cermaq Group AS, Clear Springs Foods, Grieg Seafood ASA, Lerøy Seafood Gropup ASA, and Mowi ASA are emphasizing strategic M&A and expansions. Diversification of the current offerings will be a key differentiating strategy of participants in the rainbow trout market. In an effort to explore multiple facets of the value chain, an increasing number of players are opting for indirect distribution channels to improve sales.
Heavy investments in improving fish farming infrastructure and growing focus on revisiting the alignment of core competencies with different regional regulations, are collectively complementing the growth of rainbow trout market. Companies, such as Grieg Seafood ASA are well equipped with the latest digital innovations that are capable of tracking the growth of rainbow trout to help companies arrive at well informed decision regarding farming of rainbow trout.
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