The global octopus market achieved a volume of 376,451 tons in 2023, reflecting its robust demand and popularity. With a projected growth rate of 1.24% CAGR from 2024 to 2032, the market is expected to reach a volume of 416,990 tons by 2032. This blog delves into the various facets of the octopus market, including its growth rate, key trends, nutritional profile, and regional analysis.

Octopus Market Outlook

As of March 2024, it is estimated that 350,000 to 500,000 tons of octopuses are harvested annually for human consumption. These octopuses belong to around 20-100 different species. Countries like Japan, South Korea, and those in the Mediterranean are significant consumers, integrating octopus into their culinary traditions. In Europe, octopuses are excluded from quota regulations under the Common Fisheries Policy, allowing for widespread harvesting across EU waters.

Global Octopus Market Growth Rate

The global production of fish and seafood was around 200 million tons annually as of March 2024. The nutritious and low-fat profile of octopus has bolstered its consumption. Rich in iron, vitamin B12, and selenium, octopus supports various health benefits, including improved blood health and immune function.

The trend of exploring exotic foods has significantly contributed to market growth. Octopus is featured in a variety of dishes such as salads, stews, and grilled preparations. In Europe, countries like Italy, Spain, Portugal, Greece, and France are notable consumers. Spain and Portugal, in particular, not only trade with each other but also supply octopuses to other EU countries, including Greece and Italy.

Sustainable and ethical fishing practices are gaining traction globally. Currently, two Marine Stewardship Council (MSC) certified octopus fisheries exist: Western Asturias Octopus Fishery in Spain and the Western Australia Octopus Fishery.

Key Trends and Developments

Several key trends are shaping the octopus market, including:

• Health Awareness: Increasing awareness of the health benefits of octopus is driving its consumption. The seafood is rich in essential nutrients like vitamin B12, omega-3 fatty acids, copper, and iron.
• Sustainability: Ethical sourcing and sustainable fishing practices are becoming more important to consumers. MSC certifications help fisheries expand their market share by ensuring environmental sustainability.
• Social Media Influence: The demand for exotic foods like octopus is rising, influenced by social media platforms that showcase unique culinary experiences.
• Technological Advancements: Companies like Nueva Pescanova Group are leveraging technology for sustainable aquaculture. Their collaboration with Microsoft to digitize aquafarms using AI, IoT, and Big Data is a notable development.

Nutritional Profile of Octopus

Octopus is a nutrient-dense food, offering a range of health benefits. It is a good source of vitamin B12, omega-3 fatty acids, copper, and iron. These nutrients are essential for maintaining health, particularly in managing diabetes. With the International Diabetes Federation predicting that 783 million people will have diabetes by 2045, the low-glycemic index (GI) of octopus makes it a favorable choice for diabetic consumers.

Sustainability in Octopus Sourcing

Consumers' emphasis on ethical sourcing provides opportunities for fisheries adhering to sustainable practices. Obtaining certifications such as the MSC can help companies enhance their market presence. Currently, there are two MSC-certified octopus fisheries, one in Spain and the other in Australia, which underscores the importance of sustainable practices in the industry.

Social Media’s Influence on Exotic Meat Demand

Octopus, with its unique flavor and texture, is considered an exotic meat. The influence of social media has expanded its demand beyond traditional consumption regions like Japan and South Korea, introducing it to a global audience.

Food Certifications and Eco-Certification

Food certifications such as IFS (International Featured Standards) and BRC (British Retail Consortium) ensure adherence to stringent food safety measures. Additionally, certifications like the MSC indicate that octopus is harvested using environmentally sustainable methods.

Octopus Market Trends

Octopus farming is becoming increasingly popular in the aquaculture sector. The biological characteristics of octopuses, such as rapid growth and short lifespan, make them suitable for aquaculture. This quick turnaround can lead to more frequent harvests and a consistent supply, meeting the rising consumer demand. Innovative product forms like frozen, brined, or smoked octopus also open new market opportunities. Food certifications ensure that consumers receive hygienically processed octopus, reducing the risk of foodborne illnesses.

Octopus Industry Segmentation

The “Global Octopus Market Report and Forecast 2024-2032” provides detailed segmentation based on product type, distribution channel, and region:

• By Product Type:

  • Fresh
  • Frozen
  • Others (Smoked, Dried, or Salted)

• By Distribution Channel:

  • Direct
  • Indirect

• By Region:

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa

Octopus Market Share

Frozen products account for a significant share of the market, driven by the popularity of ready-to-eat food. The sedentary lifestyle has increased the demand for frozen octopus products. Europe sources most of its frozen octopus from Morocco, Mauritania, and Indonesia. To alleviate pressure on wild octopus populations, companies are focusing on commercial-farmed octopuses, primarily the common octopus (Octopus vulgaris), with initiatives in Europe, the United States, Mexico, and Japan.

Direct sales channels, including purchases from fishermen, seafood markets, or specialized suppliers, lead the market. Indirect channels involve wholesalers, retailers, food service establishments, online platforms, exporters, and importers. Certifications like the Marine Stewardship Council and FAO Guidelines for eco-labeling support the demand for sustainable and clean label products.

Octopus Market Leaders

Key players in the octopus market include:

• Frigorificos De Camarinas S.L.: Specializes in octopus, headquartered in Spain, with products marketed across Europe.
• Mackay Reef Fish Supplies Pty Ltd.: Based in Queensland, specializes in freshly caught fish from the Northern Territory.
• Amigo Sea Food Co.: A reputable supplier of frozen seafood, including various shrimp, fish, squid, cuttlefish, and octopus.
• Siam Canadian Foods Co. Ltd.: A major global food exporter with offices in six Asian countries and product procurement from multiple regions.
• Nueva Pescanova, S.L.: A leading multinational in seafood fishing, farming, processing, and commercialization, headquartered in Spain.
• Others

Octopus Market Analysis by Region

The Asia Pacific region leads the octopus market due to high seafood consumption, with China being a key player. In 2020, global octopus landings reached 377,818 tons, with China contributing 27.8%. Japan's imports of octopus saw a 15.6% increase in H1 2023 compared to the same period in 2022, with major suppliers being Mauritania, China, and Vietnam.

In Europe, Spain is a significant market for the common octopus (Octopus vulgaris) and plays a vital role in the global trade of octopus products. Portugal also has a notable octopus catch using gear like pots and traps, with the common octopus being the most widely found species.

The global octopus market is poised for steady growth, driven by rising health awareness, sustainability practices, and the influence of social media on exotic food demand. Key players and regions are adapting to these trends, ensuring a sustainable and profitable future for the market. With continuous innovations and adherence to quality and sustainability standards, the octopus market is set to thrive in the coming years.