Selbyville, Delaware, Feb. 06, 2024 (GLOBE NEWSWIRE) --
The squid market valuation is poised to be worth USD 16.5 billion by 2032, as reported in a research study by Global Market Insights Inc.
The rising seafood consumption, particularly within the industry is surging the demand for squids and squid products. Amidst the growing popularity of seafood, squid has emerged as a flavorful and protein-rich option for snack formulations. The growing preference for innovative and exotic snack choices also matches the versatility of squids, leading to the creation of diverse squid-based options, such as calamari chips and seasoned squid strips. With consumers seeking unique and globally inspired flavors, the integration of squid into snack products is likely to surge, further accelerating the industry expansion.
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Frozen squid market is expected to depict 3.4% growth from 2024 to 2032. Frozen squids offer convenience, extended shelf life, and year-round availability, emerging as preferred choices for consumers and the food service industry. The freezing process helps retain their freshness and nutritional value while ensuring a stable supply chain. Frozen squids also cater to various culinary applications, from appetizers to main courses. The convenience factor coupled with the growing demand for seafood is likely to foster the segment growth.
Squid market from the snacks industry end-use application segment is projected to record over 17.4% revenue share by 2032. Squid is gaining popularity as a savory snack option due to its unique texture and versatile flavor profile. With consumers seeking innovative and protein-rich alternatives in their snack choices, squid-based snacks are offering a convincing and exotic option. The incorporation of squid into various snack formats, such as dried or seasoned squid strips, calamari chips, and other creative formulations to cater to the evolving taste preferences of consumers will also propel the market growth.
North America squid market is set to exhibit robust growth at 3.5% CAGR between 2024 and 2032, owing to the rising demand for diverse and sustainable seafood options within the region. Due to their versatility and mild flavor, squids are gaining popularity among American consumers seeking alternative and nutritious protein sources. Additionally, the presence of culinary diversity and the increasing preference for international cuisines coupled with the emerging trend of health-consciousness with a focus on lean protein will boost the regional industry growth.
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Some of the leading companies operating in the squid market are Pescanova, Bigsams Seafood, Thai Union Group, Qingdao Seaflying Food Co., Ltd., Xiamen Taiseng Seafoods CO., LTD., Minh Khue Seafood, Lee Fishing Company, Holmes Seafood, Holt Seafood, Seaquest Seafood Corporation, Seafood Pride International, and Freshkatch. Strategic initiatives, such as acquisitions and partnerships are increasingly undertaken by these industry players to enhance supply chain efficiency, expand market reach, and bring innovative squid-based products to consumers. For instance, in October 2023, Oceano Seafood acquired Sea Fresh USA, one of the major suppliers of premium squid in the U.S.
Partial chapters of report table of contents (TOC):
Chapter 1 Methodology & Scope
1.1 Market scope & definition
1.2 Base estimates & calculations
1.3 Forecast calculation
1.4 Data sources
1.4.1 Primary
1.4.2 Secondary
1.4.2.1 Paid sources
1.4.2.2 Public sources
Chapter 2 Executive Summary
2.1 Squid market 3600 synopsis, 2018 - 2032
2.2 Business trends
2.2.1 Total Addressable Market (TAM), 2023 - 2032
2.3 Squid type trends
2.4 Product type trends
2.5 Distribution channel trends
2.6 End-use application trends
2.7 Regional trends
Chapter 3 Squid Market Insights
3.1 Impact of COVID-19
3.2 Impact of the Russia-Ukraine war
3.3 Industry ecosystem analysis
3.4 Technology & innovation landscape
3.5 Patent analysis
3.6 Key news and initiatives
3.6.1 Partnership/Collaboration
3.6.2 Merger/Acquisition
3.6.3 Investment
3.6.4 Product launch & innovation
3.7 Regulatory landscape
3.8 Impact forces
3.8.1 Growth drivers
3.8.1.1 Rising Seafood Consumption
3.8.1.2 Growing popularity of ethnic cuisines
3.8.1.3 Health benefits associated with squid
3.8.2 Industry pitfalls & challenges
3.8.2.1 Overfishing
3.8.2.2 Price Volatility of Squid
3.9 Growth potential analysis
3.10 Porter’s analysis
3.11 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
