Global Squid Shred Market

Market Overview:

The global Squid Shred market was valued at USD 267.76 million in 2022 and expected to grow at a CAGR of 3.5% during the forecast period. Squid shred, also known as shredded squid or squid flakes, is a popular seafood product made from dried and shredded squid. It is commonly used as a savory ingredient in a variety of dishes, such as sushi, stir-fries, salads, and noodle dishes. Squid shred is usually sold in packets or bags, and it can be found in many Asian markets and specialty food stores around the world.

The process of making squid shred involves cleaning and gutting fresh squid, removing the skin, and slicing the meat into thin strips. The strips are then dried and shredded into small pieces, which can be used as a flavorful seasoning or ingredient in various dishes. Some varieties of squid shred are seasoned with spices or sauces, such as soy sauce or chili, to enhance their flavor.

Squid shred is a good source of protein, vitamins, and minerals, including vitamin B12, selenium, and phosphorus. It is also low in fat and calories, making it a healthy addition to meals. Squid is a fast-growing and abundant species, and it is considered a sustainable and eco-friendly seafood choice.

The demand for squid shred is primarily driven by the food industry, particularly in countries such as Japan, China, and South Korea, where it is a popular ingredient in traditional dishes. Squid shred is also gaining popularity in Western countries, where it is used as a gourmet ingredient in high-end restaurants and food products.

In summary, squid shred is a versatile and flavorful seafood product that is widely used in various cuisines around the world. It is a healthy and sustainable food choice that is expected to continue to grow in popularity in the coming years.

Covid-19 Impact:

The COVID-19 pandemic has had an impact on the squid shred market, as it has affected the seafood industry as a whole. The closure of restaurants and food service establishments in many countries has led to a decrease in demand for squid shred and other seafood products. The disruption of global supply chains has also led to a decrease in the availability of squid shred in some markets.

However, the impact of the pandemic on the squid shred market has been less severe compared to other seafood products, as squid is a fast-growing and abundant species that can be harvested year-round. The demand for squid shred has remained relatively stable in some markets, such as Japan, where it is a popular ingredient in traditional dishes.

The pandemic has also led to a growing interest in sustainable and locally sourced food products, which could benefit the squid shred market in the long term. Squid is a sustainable seafood choice, and the demand for sustainable food products is expected to continue to grow in the post-pandemic world.

In conclusion, the COVID-19 pandemic has had a mixed impact on the squid shred market, with some markets experiencing a decrease in demand, while others remaining relatively stable. The long-term impact of the pandemic on the squid shred market will depend on factors such as the recovery of the food service industry and the growing demand for sustainable food products.

Market Dynamics:

Drivers:

Taste and texture: Squid shred has a unique savory flavor and a slightly chewy texture, which makes it a popular ingredient in many dishes, particularly in Asian cuisine.

Nutritional value: Squid is a good source of protein, vitamins, and minerals, including vitamin B12, selenium, and phosphorus. It is also low in fat and calories, making it a healthy addition to meals.

Versatility: Squid shred can be used as a savory seasoning or ingredient in a variety of dishes, such as sushi, stir-fries, salads, and noodle dishes.

Sustainable seafood choice: Squid is a fast-growing and abundant species, and it is considered a sustainable seafood choice, which is increasingly important to consumers concerned about the environmental impact of their food choices.

Growing interest in ethnic cuisine: The growing popularity of ethnic cuisines, particularly Asian cuisine, has led to an increase in demand for squid shred and other seafood products used in these cuisines.

Gourmet ingredient: Squid shred is also used as a gourmet ingredient in high-end restaurants and food products, which has helped to increase its popularity and demand.

In summary, the demand for squid shred is driven by its unique taste and texture, nutritional value, versatility as an ingredient, sustainability, and growing interest in ethnic cuisine and gourmet food products.

Restraints:

Price volatility: The price of squid shred can be volatile due to fluctuations in the supply and demand of squid. This can make it difficult for suppliers and manufacturers to plan their production and pricing strategies.

Availability: The availability of squid and squid shred can be affected by weather conditions, fishing quotas, and other factors that are beyond the control of suppliers and manufacturers. This can limit the supply of squid shred and increase its price.

Competition from other seafood products: Squid shred faces competition from other seafood products, such as shrimp, crab, and fish, which can limit its market share and growth potential.

Health concerns: Some consumers are concerned about the high sodium content of some varieties of squid shred, which can limit its appeal to health-conscious consumers.

Processing challenges: The processing of squid shred can be labor-intensive and time-consuming, which can increase its production costs and limit its availability.

In summary, the squid shred market is restrained by price volatility, availability, competition from other seafood products, health concerns, and processing challenges. These factors could limit its growth potential in certain markets and industries.

Segment Analysis:

The squid shred market can be segmented based on the type of product, including fat-free and fat-containing squid shred.

Fat-free Squid Shred: Fat-free squid shred is a healthier option for consumers who are conscious about their diet and are looking for low-fat or fat-free food options. This type of squid shred is made by processing squid meat without any added fats or oils. It is often used in salads, sushi, and other seafood dishes where a lean protein source is desired.

Fat-containing Squid Shred: Fat-containing squid shred is made by processing squid meat with added fats or oils, which can enhance the flavor and texture of the product. This type of squid shred is often used in dishes that require a richer, more savory flavor, such as stews, soups, and pasta sauces.

Both types of squid shred are popular in different markets and are used in various types of dishes. The choice of which type of squid shred to use depends on the culinary traditions and preferences of consumers, as well as the specific applications in which the squid shred will be used. Overall, the market for squid shred is growing, driven by the popularity of seafood-based dishes and the increasing demand for healthier and sustainable food options.

Regional Analysis:

Asia-Pacific: Asia-Pacific is the largest market for squid shred, driven by the popularity of squid in traditional Asian cuisines such as Japanese, Korean, and Chinese. Japan is the largest consumer of squid shred, followed by South Korea, China, and Taiwan. The growing popularity of Asian cuisine in Western markets is also expected to drive the demand for squid shred in North America and Europe.

North America: North America is a growing market for squid shred, driven by the increasing popularity of seafood-based dishes and the growing demand for healthier food options. Squid shred is commonly used in Mexican and Latin American cuisine, where it is known as "pulpo" or "calamar." The increasing demand for sustainable seafood choices is also expected to drive the growth of the squid shred market in North America.

Europe: Europe is a mature market for squid shred, with a long history of consuming seafood-based dishes. Spain is the largest consumer of squid shred in Europe, followed by Italy and Portugal. The growing demand for ready-to-eat meals and convenience foods is also expected to drive the growth of the squid shred market in Europe.

Rest of the World: The demand for squid shred in the rest of the world is driven by factors such as the growing popularity of seafood-based dishes, the increasing demand for healthier food options, and the growing interest in ethnic cuisines. The Middle East, Africa, and Latin America are emerging markets for squid shred, with a growing demand for seafood-based dishes and convenience foods.

In summary, the demand for squid shred varies by region, with Asia-Pacific being the largest market, followed by North America, Europe, and the rest of the world. The growth of the squid shred market in each region is driven by factors such as culinary traditions, consumer preferences, market trends, and the growing demand for healthier and sustainable food options.

Competitive Landscape:

The global Squid Shred market is highly competitive and fragmented with the presence of several players. These companies are constantly focusing on new product development, partnerships, collaborations, and mergers and acquisitions to maintain their market position and expand their geographical presence. Some of the key players operating in the market are:

·         Hawaii Snacks

·         Wel Pac

·         Wismettac

·         Liangpin shop

·         Herbal Flavor

·         Mondu

·         Shudaoxiang

·         Naturalism

·         Old Chuandong

·         Xianghai

·         Pearl

·         Hua Weiheng

·         Qingzhifang

·         Uncle Drifting (PIAOLINGDASHU)

·         Others

Segments

By Type

·         Fat free

·         Fat

By Application

·         Fresh Food E-commerce

·         Supermarket

·         Convenience Store

·         Third-party Online Shopping Platform

·         Independent Retailer

·         Other

By Geography

·         North America

o   U.S.

o   Canada

o   Mexico

·         Europe

o   U.K.

o   Germany

o   France

o   Italy

o   Spain

o   Russia

·         Asia-Pacific

o   Japan

o   China

o   India

o   Australia

o   South Korea

o   ASEAN

o   Rest of APAC

·         South America

o   Brazil

o   Argentina

o   Colombia

o   Rest of South America

·         MEA

o   South Africa

o   Saudi Arabia

o   UAE

o   Egypt

o   Rest of MEA