With a projection of 950 thousand tons marking global consumption volume by 2019 end, rainbow trout continues to witness healthy demand as a high-protein low-cholesterol fish variety. Characterized by its excellent omega-3 fatty acid profile, rainbow trout is likely to see sustained sales, strongly backed by a relatively cheaper price point.
The healthier and good-for-you trend has been adding to the market attractiveness of protein-rich foods, particularly seafood. Rainbow trout is being increasingly touted as a protein-rich ingredient, as thus is witnessing strong demand from the seafood processing sector. Once overshadowed by salmon, rainbow trout is now reflecting clear signs of entering the mainstream as a low-cost fish for consumption. The cheaper price point remains an added advantage, and is likely to be the pivotal factor responsible for expanding the existing seafood consumer base.
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.
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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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.
There has been a significant surge in the use of indirect distribution channels, such as modern trade, wet market, and speciality food stores, in recent years, which is enhancing the reach of rainbow trout. While this has been a key booster to sales of rainbow trout, indirect sales channels will remain a major contributor. Growing penetration of the indirect channels of distribution as a source of increasing product reach while eliminating distance barriers is creating lucrative growth opportunities for stakeholders.
China’s Rainbow Trout Market Undergoing a Major Unrest
In the backdrop of a recently released proposal that made it justifiable for China’s fishery sector operators to label rainbow trout as salmon, the rainbow trout sales saw a significant plunge owing to a strong disagreement of Chinese consumers. As a result of the plummeting sales of rainbow trout in the country, it was observed that the prices are witnessing a whopping 30-60% fall. Several online sellers are also shuttering their stores, in line with this declining rainbow trout sales scenario. However, on the other hand, companies may also tap the potential opportunities in rainbow trout sales as a cheaper alternative to the traditionally expensive salmon variants.
A holistic approach and a defined methodology form the foundation of exclusive insights provided in the rainbow trout market report. The Fact.MR study offers comprehensive information about the growth forecast of the rainbow trout market, and provides a systematic breakdown of the taxonomy and growth influencers of the rainbow trout market. Comprehensive primary as well as secondary research are employed to present actionable insights into the projection analysis of rainbow trout market. The report on rainbow trout market has gone through several validation tunnels to ensure that rainbow trout market dynamics provided in the are one of its kind.
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