Rainbow Trout Market: ‘Small-sized’ Remain Preferred for Whole Intact Fillets

From: FactMR
Published: Mon Aug 05 2019

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.

According to the study, seafood consumers have been showing marked preferences for fresh rainbow trout over frozen and canned variants. Highly versatile nature of fresh rainbow trout, with practically endless preparation alternatives, will continue to drive adoption in food products. Growing demand for farm raised, natural, and sustainable products across Europe will continue to create lucrative opportunities for fresh fish in the region.

The study opines that Europe will continue to lead the rainbow trout marketowing 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.

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.

While strategic collaborations/partnerships and joint ventures with local players are likely to remain the primary developmental strategies of leading players, in high-demand regions, a large number of companies dealing in rainbow trout are investing efforts in tapping fish imports of key countries of specific regional markets. Rainbow trout market players are also considering it imperative to establish aquaculture sites in high-demand regions, which is eventually expected to underpin gains, through steady supply of rainbow trout to the seafood processing sector.

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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