Estimated to be worth more than $7 billion in 2020, the market for wild-caught pollock is expected to grow at a CAGR of 1.7% between now and 2030, according to a report by Fact MR.
Pollock is seen as a cheaper yet better substitute to cod which is set to provide impetus to the market in the long-run, while consumer inclination towards pollock is expected in the post-COVID-19 period and during economic recession, owing to its better price and availability compared to cod.
The report states that demand for various products across several industrial verticals has fallen, directly affecting production. Supply chains have been disrupted, causing a gap in the demand-supply equation. A significant market crunch is anticipated for the food and beverage sector, attributed to shortfalls in the macroeconomic factors such as buying power, demand contraction and others.
“While the wild pollock market is adversely affected by a drop in foot traffic in foodservice sectors and reluctance of consumers to seafood, it is anticipated to rebound post two quarters of market reopening,” Fact MR’s analysis states.
The Global Wild Pollock Market Study forecasts that the global wild pollock market is anticipated to create a value opportunity of around US$ 1.2 billion during the forecast period, adding 1.2X value to that recorded in 2020.
It also forecasts that Alaska pollock is estimated to account for 90% share of the market revenue in 2020, and gain 12 BPS in its market share by 2030 over 2020, while due to a growing preference for frozen and canned pollock, the fresh segment is anticipated to lose around 11BPS in its share during the forecast period.
“Price elasticity of demand for cod is set is magnify the demand for its substitute, wild pollock in the coming years,” the report states.
The pollock market is highly consolidated with key players such as Russian Fishery Company, Norebo Holdings, and American Seafoods accounting for a relatively high market share, and according to Fact MR’s analysis, the dominance of the established stakeholders with their experience of this market is such that new entrants are unlikely to appear.
