According to a new report published by Allied Market Research, titled, “Salmon Market by Type, Application, and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2021–2028,” the global Salmon market size is expected to reach $76,145.3 million by 2028 at a CAGR of 3.7% from 2021 to 2028.
Salmon is one of the most commonly consumed fish, well-known for its high protein and omega-3 fatty acids content. Salmon migrate in huge numbers and its meat can be easily preserved. This makes salmon the staple food of many cultures for years. The salmon offers health benefits such as decreased obesity, prevention of heart disease, and diabetes control. Moreover, salmon is perceived to be a great substitute to chicken or beef as it provides ample amount of protein with less saturated fat. This makes salmon an ideal source of protein that helps in maintaining normal weight and body mass index (BMI). These health benefits offered by salmon consumption is a key factor responsible for its growing demand among the consumers across the globe.
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The growing health consciousness, sedentary lifestyle habits, growing obesity among population, and rising disposable income are the factors fostering the demand for salmon fish. Consumers are more focused on adding protein rich food in their diets and hence salmon is added in the preparation of various food items such as pasta, patties, burgers, and rice dishes. Moreover, keeping in view the demand for salmon, manufacturers have come up with different salmon products such as smoked salmon, salmon oil, salmon spreads, frozen salmon, and canned salmon to serve different preferences of wide consumer base.
Furthermore, the demand for frozen and canned salmon is growing exponentially due to the rising number of working population. The busy and hectic lifestyle has led to the growth of ready-to-eat food products..
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According to the United Nations, the demand for the salmon in few European countries, U.S., and Japan is diminishing while the growth potential is high in Asia-Pacific and Latin America.The growing demand for salmon in emerging markets like Asia-Pacific and Latin America is offering lucrative growth opportunities to the players operating in the global salmon market. According to a report of United Nations, the demand for salmon is so high that it can absorb around 6% to 7% of excess supply per year without any fluctuations in the price levels. Moreover, demand for eco-labelled farmed salmon is rising rapidly and preference for fresh food products is trending in the salmon market.
Sustainability will play a crucial role in attracting customers in the upcoming years and hence the companies are leveraging the latest technologies in sustainable salmon farming. For example, IBM and Norwegian Seafood Association are working together for deploying block chain network to share supply data and improving transparency in Norway’s seafood industry.
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However, there are certain factors that may restrict the further growth of the salmon market. The revelation of cruelty acts on animals at animal farms and slaughterhouses is one important constraint hindering the market growth. Moreover, the growth of the vegan population is on the rise and is expected to grow significantly around the globe. The awareness programs conducted by NGOs like PETA (People for Ethical Treatment of Animals) regarding animal welfare and animal rights, may encourage people to adopt veganism. This is a major threat to the global salmon market during the forecast period.
Key findings of the study
The salmon market was valued at $50,170 million in 2020, and is estimated to reach $76,297.8 million by 2028, growing at a CAGR of 3.7% during the forecast period.
By type, the coho salmon segment is estimated to witness the fastest growth, registering a CAGR of 5.9% during the forecast period.
In 2020, depending on end product type, the fresh segment was valued at $27,439.9 million, accounting for 54.6% of the global salmon market share.
In 2020, the U.S. was the most prominent market in North America, and is projected to reach $2,012.5 million by 2028, growing at a CAGR of 2.8% during the forecast period.
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Key players operating in the salmon market include Cremaq Group ASA, Leroy Seafood Group ASA, Mowi ASA, SalMar ASA, Bakkafrost, Greig Seafood, Blumar, SalmonesCamanchaca, Nova Sea, AlsakerFjordbruk, Nordlaks. Other noticeable players in these markets are Cooke Aquaculture, Multiexport, Australis Seafoods, AlsakerFjordbruk and AquaChile.
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.