Fresh Squid Market Size, Share, Growth, And Industry Analysis, By Type (Living Body, & Frozen), By Application (Retail, Food Processed, & Others) And Regional Insights and Forecast To 2033

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FRESH SQUID MARKET REPORT OVERVIEW

The global fresh squid market stood at USD 1.52 billion in 2024 and is set to rise to USD 1.66 billion in 2025, maintaining a strong growth trajectory to reach USD 3.16 billion by 2033, at a CAGR of 8.80%.

This is because demand for seafood by consumers has gone up, and squid is increasingly becoming popular as a versatile ingredient in many cuisines. The market is driven by healthy trends and an increase in disposable incomes; innovations in value addition to processing and distribution channels ensure high-quality products. Key players in the market are highly investing in advanced technologies and expanding their production capacity to cater to the increasing demand for fresh squid due to global demand. Regions such as the Asia-Pacific and North America continue to retain their significant influence on market dynamics.

COVID-19 IMPACT

"supply chain disruptions led to slowed market operations"

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-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.

Strong turmoil within global supply chains has resulted in severe consequences of COVID-19 in the fresh squid market. Lockdown and travel ban restricted the activities of fisheries, while delays in processing and distribution disrupted the coming of fishery catches into the market and their prices.

LATEST TRENDS

"Increasing Demand For Sustainable And Eco-Friendly Fishing Practices Drive Market Trends"

Recent trends in the fresh squid market growth also show a rising demand in sustainable and environmentally friendly methods of fishing, owing to increasing consumer awareness and new regulatory pressures. Firms are utilizing advanced technologies to help improve traceability, reduce catch's environmental impact, while innovative packaging extends shelf life and improves product quality. Also, the growth in demand for value-added squid products which are pre-cooked, or flavored will further enhance the market demand in the coming years on account of rising demand for convenience.

FRESH SQUID MARKET SEGMENTATION

By Type

Based on type the global market can be categorized into living body, & frozen.

• Living Body: The living squid is normally sold to the luxury restaurants or niche markets. The living body would guarantee a higher level of freshness and quality of squid but needs processing and handling as soon as possible.

• Frozen: This segment deals with frozen squid as a means of preservation that provides long shelf life & better distribution facilities, therefore it is highly sought after by retailers & food processors.

By Application

Based on application the global market can be categorized into retail, food processed, & others.

• Retail: Squid distributed through retail channels includes fresh as well as frozen squid sold to consumers who would use them for cooking at home.

• Food Processed: In this category squid is distributed as an ingredient in prepared foods, value added foods including ready-to-eat meals and ready-to-eat snacks that provide enhanced convenience to consumers.

• Others: This would include a range of other applications or niche areas, from culinary research to pet food and even bait, which again not only underlines the versatility of squid outside of more traditional markets but also forms part of the product offering in the course of marketing such seafood

DRIVING FACTORS

"Rising Health Awareness Boosts Growth In The Market"

Recently, the trend has shifted to seafood for nutritional benefits such as high protein, omega-3 fatty acids, and essential vitamins with more consumers conscious of their health. Growing awareness and changes in eating patterns bring about a demand surge that is surging the fresh squid market growth, supposedly one of the healthier options apart from red meats and industrially processed foods. Hence, the market also keeps growing when people start consuming squid for health reasons.

"Growing Popularity Of Asian Cuisine Promotes Market Growth"

The global fascination for rich and varied Asian food has greatly increased the consumption of squid, one of the prime ingredients of several dishes. This phenomenon is increasing demand for fresh squid at restaurants and homes. The culinary versatility of squid, along with its popularity in food items such as calamari and stir-fries, drives market growth as restaurants and food producers introduce more squid-based options to restaurants to serve this growing interest.

RESTRAINING FACTORS

"Overfishing And Environmental Concerns May Restrain The Growth"

As such, over-fishing of squid species and unsustainable fishing practices are major threats to marine ecosystems, which result in species decline and regulatory restrictions on squid catch. So, concerns regarding the impact of environmental changes will, in turn, affect the availability of fresh squid and cost, therefore, affecting stability in the market and further expanding the same.

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FRESH SQUID MARKET REGIONAL INSIGHTS

"Asia-Pacific Dominates Global Markets Due To High Rates Of Consumption And Fishing Activities"

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

The Asia-Pacific region is the leading fresh squid market share, basically driven by its high rate of consumption and intensive fishing activities of the squid. Major consumers of squid are countries such as Japan, South Korea, Thailand, and China, which have strong culinary traditions involving the fish in their different recipe types. The region is also home to some of the world's largest squid fishing fleets, apart from advanced seafood processing facilities that guarantee a stable supply of quality squid products. High demand at the domestic level, together with robust infrastructure in fishing and broad use in cuisine, places the Asia-Pacific as the dominant player in the global fresh squid market.

KEY INDUSTRY PLAYERS

"Key players focus on investing in new processing technologies leading to enhanced product quality"

Key market players operating in the fresh squid market adopt multiple strategic initiatives to gain a pole position and achieve growth. They invest in advanced processing technologies in an effort to enhance the quality, freshness, and shelf life of their products, thus enabling them to meet the increasing consumers' demand for quality squid. The second important strategy executed by companies is the expansion of the production facilities to increase capacity and thus enable them to address the demands of the growing global marketplace. Most players stress sustainability by pursuing responsible fishing and various certifications, which help address the impact on the environment while appeasing eco-conscious consumers. Strategic mergers, partnerships, and acquisitions are resorted to with a view to improving the supply chains, enhancing market reach, and integrating new technologies. Product line diversification, including value-added and pre-cooked squid products, also enables enterprises to try their hand at different consumer preferences and opens up opportunities for more markets.

List of Top Fresh Squid Companies

• Super Royale Seafoods Int'l., Inc (Philippines)
• PT. Perintis Jaya Internasional (Indonesia)
• Maruha Nichiro (Japan)
• Grupo Nueva Pescanova (Spain)
• Nippon Suisan Kaisha (NISSUI) (Japan)
• Oceana Group (South Africa)
• Thai Union Group (Thailand)
• Nghi Loc Import Export Co., Ltd (Vietnam)
• Lucio Salvador Alcaraz Ley (Spain)
• VAITI FISHERIES PRIVATE LIMITED (India)
• Mah Protein (Turkey)
• PT. Sukses Lautan Indonesia (Indonesia)

INDUSTRIAL DEVELOPMENT

July 2023: Thai Union Group announced an extension in its fresh squid processing capacity by investing in a new facility equipped with state-of-the-art technology in Thailand. This development by the company would, therefore, improve their production capacity in order to meet the increasing global demand for high-quality fresh squid products.

REPORT COVERAGE

The fresh squid market research report provides an overview of the current situation and future prospects of the market, based on market size, growth estimates, and regional dynamics until 2029. The report also focuses on the expansion of the market due to the growing demand from consumers for seafood and the increasing popularity of squid, besides the effects of COVID-19 on supply chains. The report further expounds the recent trends, drivers, and restraining factors that assist the dynamics of the market. Additionally, it delivers comprehensive segmentation-based on types and applications. Besides, it covers an overview of leading key participants, recent developments, and answers to frequently asked questions by leading regions and segments of the fresh squid market.