Fresh and Frozen Octopus Market Size, Share, Growth, and Industry Analysis, By Type (Fresh Octopus, Frozen Octopus), By Application (Supermarkets and Hypermarkets, Convenience Stores, Specialist Retailers, Online Retailers, Food Service Sector) and Regional Forecast to 2032

Updated On: 04 November 2024

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FRESH AND FROZEN OCTOPUS MARKET RESEARCH REPORT

The Fresh and Frozen Octopus Market Size is Projected to be worth US$ 3078.2 million in 2023. The market is likely to surpass US$ 4053.42 Million by 2032 at a CAGR of 3.5% During the Forecast period [2024-2032].

The octopus trade thrives due to rising seafood consumption and the high nutritional value of octopus meat. Octopus contains substantial amounts of vitamins and minerals including vitamin B12, potassium, phosphorus, and selenium. It is also an excellent source of protein and low in calories compared to other seafood.

The majority of traded octopus is either fresh or frozen. Fresh octopus has a short shelf life and must be cooked and consumed quickly. Frozen octopus allows for longer storage but still delivers a tasty meat when thawed. Over 80% of globally traded octopus enters international markets in frozen form. The frozen octopus segment currently makes up the largest share of the fresh and frozen octopus market. China and Japan are leading exporters of frozen octopus. However, growing demand for fresh and live octopus in high-end food markets is expected to drive the fresh segment at the fastest growth rate.

COVID-19 Impact: Market Growth Restrained by Pandemic due to Price Fluctuation

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

The COVID-19 pandemic has significantly disrupted the fresh and frozen octopus market since 2020. Comprehensive lockdowns and transport restrictions halted fishing and seafood trade globally, causing prices to fluctuate. China, the key exporter of frozen octopus, saw production fall by 30-50% in early 2020. Import dependent markets in Europe and North America also recorded substantial declines in octopus intake during peak pandemic months. Now as vaccination drives recover lost economic ground, the octopus supply chain is rebuilding. However, the unpredictable reemergence of new variants continues to challenge smooth market functioning. Overall the market is projected to fully rebound and continue growth by 2024.

LATEST TRENDS

"Culinary Trends and Sustainable Practices Propel Growth in the Octopus Market"

The octopus market continues to be influenced by the health food movement. Consumers perceive octopus meat as a nutritious protein worthy of premium prices. To capture this demand, suppliers now focus on sustainable wild caught and artisanal octopus. Traceability features to prove authentic, humane capture are also trending. Resalable pouches, ingredient-specific thawing, and tenderizing techniques are value-added areas rising in frozen octopus segments. Additionally, the market sees greater processing beyond whole forms, like octopus carpaccio and tentacle-specific products. With growing seafood appetites for Asian flavors globally, flavored and marinated ready-to-cook octopus packs are advancing as well. These latest trends promise strong tailwinds for fresh and frozen octopus merchants.

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FRESH AND FROZEN OCTOPUS MARKET SEGMENTATION

By Type

Based on type the market can be categorized into fresh octopus, frozen octopus.

• Fresh Octopus: The fresh octopus segment refers to newly caught, unprocessed octopus with a short shelf life. It must be cooked almost immediately after catching to be safely consumed. Fresh octopus is prized for its texture and flavor when prepared.

• Frozen Octopus: The frozen octopus segment encompasses processed octopus that has been cleaned, portioned, flash frozen, and packaged for longer term storage and distribution. Freezing preserves the octopus for 6-12 months.

By Application

Based on application the market can be categorized into Supermarkets and Hypermarkets,  Specialist Retailers, Online Retailers, & Food Service Sector.

• Supermarkets and Hypermarkets - Mass retail stores selling groceries, seafood, frozen products. They purchase both fresh and frozen octopus in bulk for retail sale to consumers.

• Convenience Stores - Neighborhood small-format stores focused on daily essentials. They primarily carry frozen octopus for easy storage and to eliminate fresh spoilage concerns.

• Specialist Retailers - Dedicated seafood markets, high-end grocers, fishmongers sell premium fresh octopus and gourmet frozen varieties. The target discerning shoppers.

• Online Retailers - Ecommerce sites sell and deliver frozen octopus direct to consumers. They increase access to harder-to-find octopus like imported varieties or portioned cuts.

• Food Service Sector - Restaurants, sushi suppliers, cafeterias, catering companies where octopus is on menus for diners. Mostly utilize fresh whole octopus and only minimally processed frozen for specific applications.

DRIVING FACTORS

"Global Fresh and Frozen Octopus Market Growth Rising Due To Health Awareness "

A major driving factor for the fresh and frozen octopus market is rising health awareness among consumers globally. Octopus meat is increasingly seen as a nutritious seafood option, rich in key vitamins and minerals including vitamin B12, potassium, phosphorus, and selenium. Per 100 grams, octopus contains around 140 calories and over 25 grams of protein, with low fat and cholesterol levels. This exceptionally nutritional profile makes octopus a healthier substitute over other red meats. As more shoppers actively adopt diets and lifestyles targeting heart health, weight management, improved immunity, and sustainability, the inclusion of octopus and other seafood is expanding. With greater recognition of these health benefits, demand growth for fresh and frozen octopus products is expected to expand strongly.

"Growing Food Service Adoption In Market Leading To the Increment In Market."

Another driver stemming demand for octopus is rising usage in food service establishments from mainstream restaurants to upscale establishments. Creative fusion cuisine is incorporating more octopus elements like tentacles, suction cups, and even ink or heads for visual appeal. The unique textures provided by octopus complement popular Asian, Mediterranean, and South American flavors that are gaining wider appeal globally. For sushi and Japanese eateries, fresh and frozen octopus remains a bestselling menu item. As celebrity chefs continously reinvent octopus and elevated consumer access through restaurants increases its familiarity, more individuals are experimenting with their own octopus purchases and preparations at home as well. Hence growing food service innovation and its influence on consumer preferences provides key momentum for both fresh and frozen octopus markets around the world.

RESTRAINING FACTOR

"Short Shelf Life of Fresh Octopus Potential Impediments to the Market Growth "

A major restraining factor, however, for greater category growth is the ultra short shelf life posed by fresh octopus products. The highly perishable nature of fresh octopus meat means that it has an extensive supply chain requiring exceptional handling from the point of catch to delivery within 1-2 days max for retail use. Any temperature regulation issues or shipment delays can easily lead to spoilage and food waste. From the consumer side as well, usage requires carefully scheduled meal planning and preparation soon after purchase. These usage limitations can dampen volume demand as segments like lower-income groups, smaller households, and novice cooks may find it too high risk and inconvenient. Here frozen octopus offers a better value equation with its extended 6-12 month shelf life while still delivering great taste when thawed. Enhancing freezing, storage, and thawing techniques can alleviate such pressures on fresh octopus allowing the entire category greater stability.

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FRESH AND FROZEN OCTOPUS MARKET REGIONAL INSIGHTS

The market is primarily segregated into Europe, South America, Asia Pacific, North America, and Middle East & Africa.

"North America to Dominate the Market due to Favorable Regulatory Policies"

Currently valued at close to $3 billion, the global fresh and frozen octopus market share shows attractive growth potential in the coming 5-6 years. By 2032, the market is forecast to reach $3.65 billion, expanding at a steady compound annual growth rate of 3.5% from present levels. This projected market expansion stems from a confluence of socioeconomic factors elevating consumer appetites for nutritious, sustainable seafood like octopus. As the world's population grows in size and affluence, octopus is shedding its niche status for more mainstream popularity. Already we see rising adoption in Europe, North America and food service sectors. For suppliers, this growing market size signifies ample room to jostle for market share across both fresh and frozen product categories. Opportunities abound to build efficient, transparent supply chains while innovating on product differentiation to meet swelling consumer demand in retail and households. With market value expected to add over $600 million in the next six years, the fresh and frozen octopus global market size paints an attractive picture for fisheries, processors, distributors and other players seeking to capitalize on this mollusk’s commercial success. The key will be balancing production expansion with the maintenance of quality, availability and responsible sourcing as the king of cephalopods takes center stage on dinner plates worldwide.

KEY INDUSTRY PLAYERS

"Key Players and Nations Dominating the Global Fresh and Frozen Octopus Trade"

The global fresh and frozen octopus trade is concentrated among a few key exporting countries and companies that dominate supply. Just five countries – China, Japan, India, Chile and Taiwan - account for almost 90% by volume of internationally traded octopus products. This concentration is even more pronounced when viewed at the company level. Industry behemoths like Thai Union Group PCL, Pescanova and Acadia Harvest Inc. control large, vertically integrated octopus operations including fishing, processing, cold chain logistics and marketing for export markets. Combined with domestic players like Nippon Suisan Kaisha Ltd. and Maruha Nichiro Corporation in Japan, roughly 60% market share lies with just 8-10 transnational producers. These operators with advanced capture and cold storage technology maintain tight grip over quality, costs and access to high-demand markets like Europe, North America and East Asia.

LIST OF MARKET PLAYERS PROFILED

• Frigorificos de Camarinas (Spain)
• Nueva Pescanova (Spain)
• Thai Union Group (Thailand)
• Viveros Merimar (Spain)
• Tridaya Jaya Manunggal (Indonesia)
• Fesba SL (Spain)
• Soguima (Spain)
• Zhangzidao Group Co. Ltd (ZONECO) (China)
• Zhenjiang Xingye (China)
• Yantai City Luxing Aquatic Products (China)
• Zhenjiang Ocean Family (China)
• Zhanjiang Guolian Aquatic Products (China)
• Fremantle Octopus (Australia)

INDUSTRIAL DEVELOPMENT

May, 2022: Raceability adoption via blockchain and IoT to assure catch origins and foster sustainability claims. With growing appreciation foroctopus, more refinement in handling from boat to plate is revolutionizing quality. Meanwhile, digitalization solutions and rising catch regulations pressure stakeholders to embed responsible practices. Aligning with these trends promises to drive the next generation of efficiency and value for progressive companies participating across fresh and frozen octopus supply chains worldwide.

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.