The octopus market is experiencing a significant growth, and will grow considerably in next few years. Octopus is heavily consumed in countries like Spain and Italy in Southern Europe. However, the extensive supply of Octopus comes from countries such as Indonesia and Mexico. Octopus growth rates are relatively high and they also have a short life cycle, making them suitable for commercial aquaculture. The major producer of Octopus are China and Japan. Globally, the importers of Octopus are; the United States, Italy, and Spain. Octopus meat is enriched in minerals, nutrients, and healthy fats. It is also a good source of fatty acids and traces minerals and Omega-3. Besides, the presence of high iron content in octopus meat helps to maintain a healthy immune system.
COVID-19 Impact analysis
- The industry is expected to have Positive impact due to the spread of COVID-19 virus. The market will have Direct impact due to the spread. Even if the spread of virus is contained, we expect that it may take more than two quarters (six months) to reach a normal state of economic activity.
- In the short term, the market demand will show Superior growth due to the increase in infections and reduced economic activity.
- However, the fact cannot be ignored that the spread of COVID-19 led to the lockdowns and supply chain disruptions and created problems in supply of the product.
Top Impacting Factors
- The main drivers of the market's growth are; increasing exotic meat demand, rising disposable income, the world's taste preferences are shifting towards Octopus, raising awareness around the world of healthy food consumption, increasing aquaculture farming of Octopus.
- Octopus meat is enriched in minerals, nutrients, and healthy fats. It is also a good source of fatty acids and traces minerals and Omega-3. Besides, the presence of high iron content in octopus meat helps to maintain a healthy immune system. Thus, promoting the growth of the Octopus market.
- The growth in the demand for exotic cuisines and food preparations is also a factor that propels the flourishment of the Octopus Market.
Market Trends
Rise on demand and benefits
Octopus meat has gained popularity among health-conscious consumers as a natural and healthy source of iron, selenium, Vitamin B12, and Omega-3 fatty acids. The lean meat of octopus is rich in vitamins, minerals, and healthy fats. Octopus meat is a rich source of nutrients, including trace minerals and Omega-3 fatty acids. The demand for Octopus meat is likely to grow in the forthcoming years as it has high iron content and helps in keeping the immune system healthy while aiding in brain development and cell growth. The presence of omega-3 fatty acids in octopus meat helps in lowering the chances of strokes and heart attacks among patients.
Rise in demand for exotic meat
The increasing demand for exotic meat is one of the key trends which will drive the market growth. The increasing disposable income and evolving taste preferences of people worldwide have resulted in an increasing demand for octopus, and it is gaining popularity among exporters and chefs. Millennials form one of the major consumer segments for octopus, attributable to their inclination toward newer tastes, flavors, and experiences. In many countries, octopus is eaten as a delicacy, such as miruhulee boava in the Maldives, arroz de polvo in Portugal, and hongzhang in Singapore. The above-mentioned factors are augmenting the demand for octopus as exotic food, which is driving the growth of the market.
Key Benefits of the Report
- This study presents the analytical depiction of the Octopus industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the Octopus market share.
- The current market is quantitatively analyzed to highlight the Octopus market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed Octopus market analysis based on competitive intensity and how the competition will take shape in coming years
Questions answered in the Report
- Who are the leading market players active in the Octopus market?
- What current trends will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What future projections would help in taking further strategic steps?
- What is " Octopus " Market prediction in the future?
- Which will be the niches at which players profiling with recent advancements should set a presence?
- What are the driving factors and opportunities in the market?
- What are the current trends and predicted trends?
- What are the challenges faced in the “Octopus " Market?
Key Market Segments
- By Product Type
- By Application
- Commercial
- Food and Beverage
- By Distribution Channel
- By Region
- North America
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- Australia
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- Galveston Shrimp Company
- Pescanova Hellas EPE
- Joe Pattis Seafood Company
- Frigorificos de Camarinas S.L.