Squid Market Size

Squid Market size was valued at USD 11.8 billion in 2023 and is anticipated to register a CAGR of over 4% between 2024 and 2032. With its versatility and unique flavor profile, squid has gained immense popularity, making it a sought-after seafood choice. Squid can be found in numerous forms within the market, from whole, fresh specimens to processed products such as calamari rings, squid steaks, and dried squid snacks. Restaurants, both casual and fine dining establishments, often feature squid dishes on their menus, with calamari being a perennial favorite among appetizers. Additionally, the Asian market has a strong demand for dried and salted squid, which is a popular snack and beer accompaniment.

The market is supported by both wild-caught and farmed squid, with countries like China, Japan, and South Korea leading in production. Squid's sustainability, relatively short reproduction cycle, and adaptability to different fishing methods make it an attractive choice for both small-scale and industrial fisheries. As consumers increasingly seek out healthier and more sustainable food options, the squid market continues to evolve, with a growing emphasis on responsible and eco-friendly sourcing, further securing its place as a seafood staple on global dinner plates.

The rising global demand for seafood, fueled by health-conscious consumers seeking lean protein sources, has buoyed the squid market. Its versatility in various culinary traditions, including Asian, Mediterranean, and Western cuisines, has expanded its appeal. Moreover, a growing awareness of sustainable and eco-friendly food choices has positioned squid favorably, given its relatively low environmental impact. With robust demand from Asia, Europe, and North America, the market enjoys a broad and diverse consumer base. Additionally, technological advances in fishing and processing methods have enhanced efficiency and quality, reducing waste and production costs.

COVID-19 Impact

Initially, the pandemic disrupted global supply chains, affecting the availability of squid products. Travel restrictions, lockdowns, and social distancing measures hampered the seafood supply chain, making it challenging to harvest, process, and distribute squid. This led to supply shortages and price fluctuations, impacting both producers and consumers. The closure of restaurants and foodservice establishments, a primary market for squid dishes, resulted in reduced demand. With many consumers staying at home, the preference shifted towards cooking simpler meals, impacting the demand for restaurant-style squid dishes, like calamari.

Squid Market Trends

There is an increasing demand for convenience and ready-to-eat squid products. Consumers with busy lifestyles seek quick and easy meal solutions, leading to the growth of pre-packaged squid items, such as calamari rings and marinated squid salads. There's a notable expansion in value-added products within the market. Processors are developing innovative squid-based foods like snacks, sausages, and surimi, capitalizing on squid's versatility and unique texture. This diversification appeals to a broader range of consumers and culinary preferences.

The globalization of culinary tastes has also boosted the market. Squid, known for its adaptability to various cuisines, is increasingly featured in international dishes, contributing to its popularity worldwide. Technological advancements in fishing, processing, and distribution have improved efficiency and quality, reducing waste and costs. These innovations are instrumental in maintaining the industry's competitiveness while addressing sustainability concerns.

Squid Market Analysis

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Based on squid type, the market is segmented as Cuttlefish, European Squid, Argentine Shortfin Squid, Japanese Flying Squid & Other. Cuttlefish, known for their unique flavor and tender texture, hold a significant portion of the market share, appealing to a diverse range of consumers. European Squid, another prominent segment, is popular for its culinary versatility, making it a favorite choice among restaurants and households across Europe and beyond. Argentine Shortfin Squid, prized for its sweet and delicate taste, also commands a noteworthy market share, particularly in the South American and North American regions.

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Based on product type, the fresh squid market held over 40% of revenue share in 2022. Fresh Squid is a premium segment and holds a noteworthy share, appealing to consumers who prioritize the quality and taste of squid in its most natural form. Frozen Squid, another substantial segment, caters to a broader consumer base as it offers convenience without compromising on taste, making it a popular choice for both households and restaurants. Dried Squid, a unique category, enjoys a niche market share, appealing to those who seek a longer shelf life and a chewy, savory snack.

Based on distribution channel, the retail segment is poised to grow at 3.6% CAGR through 2032. The retail channel, which includes supermarkets, grocery stores, and online marketplaces. Retail allows consumers to purchase squid conveniently for home cooking and is a preferred choice for many due to its wide availability and variety. Seafood markets, often found in coastal regions or areas with strong seafood traditions, represent another substantial segment. These markets offer a unique shopping experience, where consumers can access a diverse range of fresh and sometimes live squid, which caters to those who prioritize freshness and authenticity.

Based on end-use application, the food processing segment will gain remarkable momentum during the forecast timeline. Squid finds extensive utilization, particularly in the production of seafood products like calamari rings, seafood salads, and canned squid. This category commands a substantial market share, driven by the demand for value-added, ready-to-cook squid options. The snack industry also plays a significant role in the squid market, as dried squid and squid-based snacks continue to gain popularity as a flavorful and protein-rich option. This segment enjoys a growing market share, driven by consumer preferences for convenient, on-the-go snacks with unique flavors.

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Asia Pacific squid market accounted for 53% of the revenue share in 2022. Partnerships and integrations are playing a pivotal role in propelling the market growth. Asia Pacific has long been a key player in the market, primarily due to the region's strong cultural ties to squid and its prominent position in global seafood production. Countries such as Japan, South Korea, China, and various Southeast Asian nations have a rich tradition of squid consumption, both as a staple in their cuisines and as a popular snack. In particular, Japan stands out as a significant consumer and exporter of squid products. The country's demand for fresh and processed squid, along with its role in the international distribution of squid-based products, makes it a prominent contributor to the region's market share.

Squid Market Share

Major companies operating in the squid industry include:

• Xiamen Taiseng Seafoods CO., LTD.
• Qingdao Seaflying Food Co., Ltd.
• Minh Khue Seafood
• Thai Union Group
• Lee Fishing Company
• Pescanova
• Holt Seafood
• Seaquest Seafood Corporation
• Holmes Seafood
• Bigsams Seafood
• Seafood Pride International
• Freshkatch

These companies focus on strategic partnerships, new product launch & commercialization for market expansion. Furthermore, these companies are heavily investing in research that allows them to introduce innovative products and garner maximum revenue in the market.

Xiamen Taiseng Seafoods & Qingdao Seaflying Foods are dominant players in the market due to their vast product catalogs, variety of squid products and global reach.

Squid Industry News

• In January 2023, Brasmar, a Portugal-based provider of sea products, acquired Holmes Seafood for an undisclosed amount. Holmes Seafood is a US-based seafood producer that specializes in squid and other cephalopods. This acquisition is expected to strengthen Brasmar's position in the global squid market.
  
• In March 2023, Universal Music Group entered a fresh collaboration with Deezer to foster a novel model music supporting streaming's ongoing growth. This partnership emphasizes recognizing the contributions of both artists and listeners, striving for a balanced approach that benefits all stakeholders involved in the streaming ecosystem.
  

The squid market research report includes in-depth coverage of the industry, with estimates & forecast in terms of revenue (USD Billion) from 2018 to 2032, for the following segments:

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Market, By Squid Type

• Cuttlefish
• European Squid
• Argentine Shortfin Squid
• Jumbo Flying Squid
• Japanese Flying Squid
• Other

Market, By Product Type

• Fresh Squid
• Frozen Squid
• Dried Squid
• Processed Squid
• Powder Squid

Market, By Distribution Channel

• Retail
• Seafood Market
• Foodservice

Market, By End-Use Application

• Food Processing
• Snack Industry
• Animal Feed
• Pharmaceutical
• Other

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Spain
  • Italy
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Indonesia
  • Malaysia 
• Latin America
  • Brazil
  • Mexico
  • Argentina
• MEA
  • South Africa
  • Saudi Arabia
  • UAE
  • Egypt