Squid Market Analysis

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.

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.
 

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.