The global market for the species is expected to surpass $7 billion by the end of 2033.
Be it baked, grilled or steamed; rainbow trout is proving increasingly popular among millennial “foodies”. Some of this popularity is driven by the fish’s mild, nut-like flavour and tender texture, while other consumers are being drawn by its high nutritional value and its relative affordability compared with other species. Market research conducted by Fact.MR predicts the consumption of rainbow trout will surge at a compound annual growth rate (CAGR) of 5.2% over the coming decade. The study also estimates rainbow trout sales will climb from a current level of US$4.2 billion to $7 billion by the end of 2033.
Retailers are playing a prominent role in expanding this market through sampling, marketing and merchandising strategies, while the penetration of online delivery platforms and e-commerce has seen the availability of canned and frozen rainbow trout increase at an incredible pace. This trend will benefit rainbow trout suppliers immensely, especially those in the United States, Japan and Germany.
The global market for rainbow trout consists of both farm-raised and wild variants, with the study, suggesting that farm-raised trout is likely to generate substantial demand in the coming years. This is largely due to advancements taking place in the fish farming sector, with the technology leveraged allowing round-the-clock monitoring of fish health.
Despite the species’ promising potential, there are some challenges for companies and fisheries to overcome – most prominently, the costs necessary for establishing, operating and maintaining farms. As such, emerging players are likely to find it hard competing with the bigger names in the market. At the same time, several environments where rainbow trout thrive are at an increasing risk of habitat destruction, which is likely to affect biodiversity in the long run and reduce wild rainbow trout populations.
Europe on top
Europe is expected to cement its position as the dominant regional market for rainbow trout in the 10 years through 2033, with the research suggesting the region has a 50% share of the global industry. This is largely due to Europe’s thriving fish farming sector.
North America is set to follow in Europe’s footsteps, with the United States also poised to register significant sales. This will be supported by efforts made by the US government and health agencies to promote fish consumption. Rainbow trout farming is also on the rise in the States, with the sector governed by the United States Trout Farmers Association.
In Asia, Japan looks set to lead the way with fish imports in the country skyrocketing in recent years. This island nation’s proximity to the Pacific Ocean also allows its fish farmers to source wild trout.
Key players operating in the rainbow trout market are focusing on establishing bases across regions where the demand is significant. Fact.MR expects fish farming costs to rise in the years to come, and that’s why players should spring into action and capitalise on the opportunities available now.
Market participants also need to be mindful of the regulations enforced by governments across different regions to protect biodiversity. Sourcing wild trout by going against stringent regulations is likely to lead to harsh sanctions. All in all, there are lucrative opportunities for players to explore and risks to steer clear of.
With growing demand for rainbow trout, key players are tapping into fish imports and aquaculture. For instance, in November 2021, Finnforel Oy, a leading ecological fish farm announced plans for breeding rainbow trout. The Finnish company’s production capacity will expand from 1 million to 3 million kg. It also intends to export to European countries such as Germany, the United Kingdom and the Netherlands.
Headquartered in Dubai, UAE, with offices in the United States and India, Fact.MR is leading provider of syndicated and custom market research reports across several industries.
