The Global Squid Shred Market is projected to rise at a considerable rate expanding at a significant CAGR over the forecast period of 2022-2030.
Overview : Global Squid Shred Market
Squid shred is defined as a type of edible sea food product that is made by shredding and seasoning squids or cuttlefish.
Shredded squid is later dried and used in a wide array of consumables such as meatballs, dumplings, and other snacks. It can also be minced as added in other sea food based dishes.
Squid shred is regarded as a healthy and tasty snack option and are moist and chewy in nature with a strong squid flavor. They are produced and processed with adherence to strict quality control regulations.
Further, the COVID-19 pandemic also had an adverse impact on the development of squid shred market. In order to curb the virus, spread the governments across the globe announced strict containment measures in the form of lockdowns, travel bans, and social distancing norms. This in turn hampered the export-import activities pertaining to sea food. Moreover, the manufacturing units were temporality shut which in turn hindered the production and processing of shred squid.
Key Market Trends
Every market has its growth determinant and challenges. One of the major factor that has fueled the market growth over the forecast period is the rising seafood consumption across the globe.
Squids are enriched with various nutritious components such as iron, Vitamin B-12, potassium, and phosphorous, among others. They are low in calories and improve heart and blood health. They are also known to protect human body from heart attack and strokes. This has increased the consumption of squid based food across the globe.
Also, squids and other sea food based products are expensive in nature since they are difficult to extract and are enriched with beneficial nutrients. Rapid economic developments have increased the per capita income of the masses. Therefore, this has led to a widespread surge in their spending capacity of expensive food products. These factors are creating lucrative expansion prospects for this business vertical.
Moreover, shifting inclination of individuals towards ready to eat consumables owing to their hectic lifestyle is positively swaying the dynamics of this marketplace.
Additionally, rich nutritional profile of squids, rise in the number of sea food based outlets, and increasing exports and import activities pertaining to sea food are adding momentum to the progression of this industry sphere. On the contrary, rising prevalence of sea food allergies among the masses is hindering the remuneration scope of this business vertical.
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Segmental analysis of the Market
Based on Type
- Fat free
- Fat
The fat free segment is slated to amass notable gains over the stipulated timeframe owing to the rising health consciousness of the masses across the globe.
Based on Application
- Fresh Food E-commerce
- Supermarket
- Convenience Store
- Third-party Online Shopping Platform
- Independent Retailer
- Other
The fresh food e-commerce segment is projected to garner significant returns over the estimated timeline ascribing to rapid internet proliferation and benefit of doorstep delivery offered by e-commerce stores.
North America is anticipated to amplify at a considerable CAGR
The Global Squid Shred Market is segmented into 4 major regions namely, North America, Europe, Asia Pacific, and Middle east and Africa. Among these, North America is anticipated to dominate the regional segment of the market. This is because of the rising per capita income of the masses, increasing health cognizance, and widespread availability of raw materials.
Competitive Landscape
Some of the prominent companies operating in the market are Hawaii Snacks, Wel Pac, Wismettac, Liangpin shop, Herbal Flavor, Mondu, Shudaoxiang, Naturalism, Old Chuandong, Xianghai, Pearl, Hua Weiheng, Qingzhifang, and Uncle Drifting (PIAOLINGDASHU).
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Major questions answered in this report
- What is the growth rate of the Global Squid Shred Market?
- What are the primary growth determinants of the market?
- Which are the major regions constituting the geographical landscape of the market?
- Which are the prominent companies operating in the market?
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