The global octopus market, characterized by a robust demand and a steady supply, has shown significant growth over recent years. In 2023, the market reached a volume of 376,451 tons and is projected to grow at a compound annual growth rate (CAGR) of 1.24% from 2024 to 2032, aiming to achieve a volume of 416,990 tons by 2032. This growth is driven by several factors, including increasing global demand for exotic and nutritious seafood, advancements in aquaculture technologies, and rising awareness of sustainable fishing practices.
Octopus Market Outlook
As of March 2024, the global harvest of octopuses for human consumption ranges between 350,000 to 500,000 tons annually, involving around 20 to 100 different species of octopods. Countries like Japan, South Korea, and those in the Mediterranean are significant consumers of octopus due to its culinary popularity. In Europe, octopuses are widely harvested because they are excluded from quota regulations under the Common Fisheries Policy and EU Member States.
Global Octopus Market Growth Rate
Annually, around 200 million tons of fish and seafood are produced globally, with octopus consumption increasing due to its low-fat, nutritious profile. Rich in iron, vitamin B12, and selenium, octopus offers substantial health benefits, which contribute to its growing popularity. The trend of exploring exotic foods and cuisines also fuels market growth, with octopus being a versatile ingredient in various dishes such as salads, stews, and grilled delicacies.
Sustainable and Ethical Fishing Practices
The increasing emphasis on sustainable and ethical fishing practices is gaining traction globally. Currently, there are two Marine Stewardship Council (MSC) certified octopus fisheries: the Western Asturias Octopus Fishery in Spain and the Western Australia Octopus Fishery in Australia. These certifications assure consumers of the sustainability and quality of the octopus sourced from these fisheries.
Key Trends and Developments
Several key trends and developments are influencing the octopus market:
Health Awareness: The rising awareness of the health benefits of octopus, which is rich in essential nutrients, supports its consumption.
Sustainability: Growing focus on sustainability in seafood sourcing, with significant food certifications ensuring the quality and safety of seafood, boosts market confidence.
Social Media Influence: Social media has a notable impact on the demand for exotic foods like octopus, expanding its popularity beyond traditional markets.
Technological Advancements: Innovations in aquaculture, driven by collaborations such as the Nueva Pescanova Group and Microsoft's partnership, enhance the efficiency and sustainability of octopus farming.
Nutritional Profile of Octopus
Octopus is a nutritious food source, rich in vitamin B12, omega-3 fatty acids, copper, and iron. With the International Diabetes Federation (IDF) predicting that by 2045, around 783 million people will be living with diabetes, the low-glycemic index (GI) of octopus makes it an appealing choice for diabetic consumers.
Octopus Industry Segmentation
The global octopus market can be segmented based on product type, distribution channel, and region.
Product Type:
- Fresh
- Frozen
- Others (Smoked, Dried, or Salted)
Distribution Channel:
- Direct
- Indirect
Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Market Share Analysis
Product Type: Frozen products hold a significant share of the market due to their convenience and longer shelf life. Frozen octopuses, sourced primarily from Morocco, Mauritania, and Indonesia, can be stored for up to 24 months while retaining their freshness.
Distribution Channel: Direct sales channels, involving purchases directly from fishermen or specialized suppliers, dominate the market. Indirect channels, including wholesalers, retailers, and online platforms, also play a crucial role in distributing octopus products globally.
Key Market Players
Several key players are shaping the global octopus market:
Frigorificos De Camarinas S.L.: Specializes in octopus, with a strong presence across Europe.
Mackay Reef Fish Supplies Pty Ltd.: A seasoned seafood processing firm in Queensland, focusing on fresh fish and octopus.
Amigo Sea Food Co.: A reputable supplier of frozen seafood, including various shrimp varieties and octopus.
Siam Canadian Foods Co. Ltd.: A major global food exporter with a diverse product range and offices across Asia.
Nueva Pescanova, S.L.: A leading multinational company in seafood production, headquartered in Spain, with a significant global presence.
- Others
Regional Analysis
Asia Pacific: Leading the market with China as a key player, significant consumption of seafood in the region drives the market. Japan, a major importer, sourced 20,837 tons of octopus in the first half of 2023.
Europe: Spain and Portugal are major markets for octopus, with Spain being a significant exporter. The common octopus (Octopus vulgaris) is a staple in traditional diets across Mediterranean countries.
The global octopus market is poised for steady growth, driven by increasing demand for nutritious and exotic seafood, advancements in sustainable fishing practices, and the influence of social media. With key players focusing on enhancing supply chains and adopting sustainable methods, the market is expected to witness significant developments in the coming years. The continued emphasis on health benefits, technological innovations in aquaculture, and the growing popularity of ready-to-eat and frozen octopus products will further bolster market expansion.
