Global Octopus Market to Grow at a CAGR of 1.2% During 2024-2032, Aided by the Growing Demand for Exotic Seafoods and Increased Production through Aquaculture

The global octopus market is primarily propelled by the increasing global demand for seafoods and innovative dishes. The production of fish and seafood stands at nearly 200 million tons annually, with octopus harvests estimated between 350,000 to 500,000 tons per year, covering 20 to 100 species. Octopuses are rich in nutrients like iron, vitamin B12, and selenium, which is boosting their global consumption.

The trend towards exotic foods is driving the demand, especially in regions like Japan, South Korea, and the Mediterranean, where octopus is a staple in many dishes. Countries such as Spain and Portugal also export octopus within Europe. There is a growing emphasis on sustainable fishing practices, with two octopus fisheries currently certified by the Marine Stewardship Council. Additionally, innovative product forms, such as frozen or smoked octopus, along with strict quality standards, are expanding market opportunities while ensuring food safety and sustainability.

According to the FAO data, the trend of aquaculture is increasing, which reached 94.4 million tonnes in 2022 which was only 87.7 million tonnes in 2020. The same trend can be observed for octopus production. Octopus farming is gaining traction in the aquaculture industry due to the biological advantages of octopuses. They grow quickly and have short lifespans of one to two years, allowing for faster harvest cycles and a steady supply to meet the rising demand.

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Market Breakup by Product Type, Distribution Channel, and Region:

• Based on product type, the market is divided into fresh, frozen, and others (smocked, dried, or salted).
• The market by distribution channel is segmented into direct and indirect.
• Region-wise, the market is divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The major players in the global octopus market are Frigorificos De Camarinas S.L., Mackay Reef Fish Supplies Pty Ltd., Amigo Sea Food Co., Siam Canadian Foods Co. Ltd., and Nueva Pescanova, S.L., amongst others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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