The global salmon market held a market value of USD 20,880.5 Million in 2021 and is projected to reach USD 27,344.0 Million by the year 2027. The market is anticipated to grow at a CAGR of 4.6% from 2022 to 2027. Approximately, 3,282.72 kilo tons of salmon was estimated to be sold in 2021.
Salmon is a common name for a Salmonidae family?s species of the ray-finned fish. The market is expected to be driven by the rising prevalence of chronic conditions and global rise in penetration of e-commerce sector. Furthermore, rise in consumer awareness towards the health benefits of salmon are also expected to contribute to the market growth.
Despite the driving factors, depletion of sea species are anticipated to hinder the market growth. During the COVID-19 pandemic, the market was negatively impacted due to closure of fishing activities and hence, decrease in the supply of salmon in global markets.
Rise in consumer awareness towards the health benefits of salmon
Salmon provides various health benefits. It is rich in Omega-3 fatty acids, is a great source of protein, high in Vitamin B, good source of potassium, loaded with selenium, contains astaxanthin, reduced the risk of heart diseases, helps in weight management, helps to fight inflammation, and protects brain health. Consumers are getting aware regarding all these benefits, which is increasing its adoption, hence boosting the market growth.
The global salmon market is segmented into species, fish type, product type, and distribution channel.
The Atlantic segment is expected to witness the highest growth rate of 4.6% during the projected period owing to its high demand as it is a rich source of vitamins, omega-3 fatty acids, and proteins, as compared to the other species. The coho segment is estimated to surpass a market size of USD 1,000 million by 2025, as it is the next tasting salmon amongst the other varieties.
By Fish Type,
The farmed segment is anticipated to grow at the highest CAGR of about 4.8% over the forecast period owing to the growing aquaculture activities globally, to cater to the increasing demand for salmon.
By Product Type,
The fresh segment is estimated to generate a revenue of around USD 3,000 million by 2024, due to their high demand, as they are more nutrient rich as compared to the frozen or canned salmon. The canned segment is expected to hold a market opportunity of USD 4,700 million during 2021 to 2027, as it is easy to carry and store, which is leading to its rising adoption.
By Distribution Channel,
? E-Commerce (Online)
? Brick & Mortar Stores (Offline)
? HoReCa & Wholesale
? Processed Food Industry
? Other Institutional Customers
The retail segment is anticipated to grow at the fastest CAGR of 4.8% during the projected period owing to the increasing number of retail stores, that store fish and fish products, globally. The processed food industry segment is estimated to surpass a market size of USD 260 million during 2021 to 2027 owing to the tremendously growing processed food industry.
By region, the global salmon market is divided into Asia Pacific, Europe, North America, Middle East & Africa, and South America.
The Europe region accounted for the largest market share of more than 45% in 2021 owing to the presence of countries such as Norway, which are the largest producers of Salmon. According to Tridge, in 2020, Norway accounted to 20.66% share in export value globally. This is the highest in Europe as well as world. Other largest exporters of salmon include the UK, Sweden, Iceland, Netherlands, and Greece, among others, which are all European countries.
The Asia Pacific region is expected to witness the fastest growth rate of about 6%, owing to the presence of countries, such as Japan, China, South Korea, and Thailand, as these are amongst the top 5 largest importers of salmon. According to the OEC, in 2019, Japan, China, South Korea, and Thailand imported salmon, pacific, frozen, & whole, worth USD 857 million, USD 356 million, USD 109 million, and USD 68.6 million, respectively.
Major players in the global salmon market include Cermaq Group ASA, Leroy Seafood Group ASA, Mowi ASA, SalMar ASA, AquaChile, Cooke Aquaculture, Bakkafrost, Grieg Seafood, Multiexport, Blumar, Salmones Camanchaca, Australis Seafoods, Nova Sea, Tassal Group, Sinkaberg-Hansen, Nordlaks, Bremnes Seashore, Norway Royal Salmon, Alsaker Fjordbruk, and Other Prominent Players.
These market players are involved in collaborations, mergers & acquisitions, and new product launches, among other initiatives, to strengthen their market presence. For instance, in January 2022, Benchmark Animal Health and Cermaq received funding from the Research Council of Norway for research and development of Tenacibaculum vaccines for Salmon. Furthermore, Bekkafrost collaborated with the salmon industry through the Faroe Fish Farmer?s Association And Global Salmon Initiative (GSI).
The global Salmon market report provides insights on the below pointers:
? Market Penetration: Provides comprehensive information on the market offered by the prominent players
? Market Development: The report offers detailed information about lucrative emerging markets and analyzes penetration across mature segments of the markets
? Market Diversification: Provides in-depth information about untapped geographies, recent developments, and investments
? Competitive Landscape Assessment: Mergers & acquisitions, certifications, product launches in the global Salmon market have been provided in this research report. In addition, the report also emphasizes the SWOT analysis of the leading players.
? Product Development & Innovation: The report provides intelligent insights on future technologies, R&D activities, and breakthrough product developments
? Global Salmon Production: Total Harvest of Atlantic Salmon, 2016-2020
? Salmon Production Cost Breakdown
? Consumer Behavior Analysis: By Region, By Age, By Gender, By Annual Household Income, Seasonal of Fish
? Fresh Salmon Export: Trends & Predictions for the Supply of Salmon Consumed (USD Million) in the United States; Largest Fishing Companies
? Regulatory Landscape: Section 6 of Norwegian Aquaculture Act , Aquaculture Stewardship Council Salmon standard, RSPCA welfare standards for Farmed Atlantic salmon, A Greener World (AGW), Marine Stewardship Council (MSC)
The global Salmon market report answers questions such as:
? What is the market size and forecast of the Global Salmon Market?
? What are the inhibiting factors and impact of COVID-19 on the Global Salmon Market during the assessment period?
? Which are the products/segments/applications/areas to invest in over the assessment period in the Global Salmon Market?
? What is the competitive strategic window for opportunities in the Global Salmon Market?
? What are the technology trends and regulatory frameworks in the Global Salmon Market?
? What is the market share of the leading players in the Global Salmon Market?
? What modes and strategic moves are considered favorable for entering the Global Salmon Market?