Global salmon market to reach $ 76.14 billion by 2028: Allied Market Research



Salmon market

International Investment Analysis and Business Overview of Major Salmon Market Players – Global Forecast to 2028

PORTLAND, OR, USA, Aug 9, 2021 / – According to a new report released 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.

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Salmon is one of the most consumed fish, well known for its high content of protein and omega-3 fatty acids. Salmon migrate in large numbers and their meat can be easily preserved. This makes salmon the staple food of many cultures for years to come. Salmon offers health benefits such as decreased obesity, prevention of heart disease, and control of diabetes. Additionally, salmon is viewed as a great substitute for chicken or beef because it provides a sufficient amount of protein with less saturated fat. This makes salmon an ideal source of protein that helps maintain normal weight and body mass index (BMI). These health benefits offered by the consumption of salmon are a key factor responsible for its growing demand among consumers around the world.

The growing awareness of health, sedentary lifestyles, the growing obesity of the population and the increase in disposable income are the factors promoting the demand for salmon fish. Consumers are more focused on adding high protein foods to their diets, and as a result, salmon is added in the preparation of various foods such as pasta, patties, burgers, and rice dishes. In addition, given the demand for salmon, manufacturers have developed different salmon products such as smoked salmon, salmon oil, salmon spreads, frozen salmon and canned salmon to meet to the different preferences of a large consumer base.

According to the United Nations, demand for salmon in a few European countries, the United States and Japan is declining while growth potential is high in Asia-Pacific and Latin America. Growing demand for salmon in emerging markets like Asia-Pacific and Latin America America offers lucrative growth opportunities for players operating in the global salmon market. According to a United Nations report, the demand for salmon is so high that it can absorb around 6-7% of the excess supply per year without any fluctuation in price levels. In addition, the demand for ecolabelled farmed salmon is increasing rapidly and the preference for fresh food products is trending in the salmon market.

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Sustainability will play a crucial role in attracting customers in the years to come and as a result companies are taking advantage of the latest technologies in sustainable salmon farming. For example, IBM and the Norwegian Seafood Association are working together to deploy a blockchain network to share sourcing data and improve transparency in the Norwegian seafood industry.

However, there are some factors that may restrain the future growth of the salmon market. Disclosure of acts of cruelty to animals on livestock farms and slaughterhouses is a significant constraint hampering the growth of the market. In addition, the growth of the vegan population is on the rise and is expected to increase significantly worldwide. Awareness programs run by NGOs such as People for Ethical Treatment of Animals (PETA) regarding animal welfare and animal rights can encourage people to embrace veganism. This is a major threat to the global salmon market during the forecast period.

The salmon market is segmented on the basis of type, type of end product, distribution channel and region. By type, the market is divided into Chinook Salmon, Coho Salmon, Pink Salmon, Sockeye Salmon, Salmosalar, Silverbrite Salmon. By type of final product, the market is categorized into fresh, frozen, canned and others. By distribution channel, it is fragmented into retail stores, online sales channel and supermarkets / hypermarkets. By region, the market is analyzed to North America, Europe, Asia-Pacific, and LAMEA.

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According to the forecast of the salmon market, on the basis of type, the pink salmon segment has been the largest contributor to the market, accounting for $ 13,402.7 million in 2020, and is expected to maintain its importance during the period of forecast, due to its lower fat content like compare to other types of salmon for this reason, it is widely preferred by consumers in the salmon market. In addition, it gets 64 percent of its calories from protein which plays an important role in the making, repairing and maintenance of cells, as well as it is vital for the growth and development of the fetus and childhood.

Based on the type of final product, the fresh segment is the most important segment. It won a market share of around 54.6% in 2020. Buying and eating freshly harvested is the best way to ensure that no preservatives, chemicals or colors have been added to food. Plus, fresh salmon actually loses its nutritional value over time, so it’s supposed to eat up quickly because it can get more nutrients from it.

According to the Global Salmon Market Analysis, in 2020 Asia-Pacific dominated the market, garnering around 38.9% of the total salmon market share, followed by Europe. In Asia-Pacific, the salmon market is growing strongly, due to the growing awareness of consumers in the region. Salmon is expected to experience maximum demand in the region, due to higher demand for seafood with higher nutritional value.

Consumers have become health conscious and are drawn to fish such as bluefin tuna, chile sea bass, tuile, imported marlin, as some of these fish contain too much mercury.

The main players operating in the salmon market are Cremaq Group ASA, Leroy Seafood Group ASA, Mowi ASA, SalMar ASA, Bakkafrost, Greig Seafood, Blumar, SalmonesCamanchaca, Nova Sea, AlsakerFjordbruk, Nordlaks. Other notable players in these markets are Cooke Aquaculture, Multiexport, Australis Seafoods, AlsakerFjordbruk and AquaChile.

David Corréa
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