Global Salmon Market 2024-2032
The global salmon industry is significantly benefiting from continuous advancements in aquaculture technologies.
SHERIDAN, WYOMING, USA, January 30, 2024 /EINPresswire.com/ -- IMARC Group's report titled "Salmon Market Report by Type (Farmed, Wild Captured), Species (Atlantic, Pink, Chum/Dog, Coho, Sockeye, and Others), End Product Type (Frozen, Fresh, Canned, and Others), Distribution Channel (Foodservice, Retail), and Region 2024-2032". The study provides a detailed analysis of the industry, including the global salmon market size, share, trends, and growth forecast.
How big is the salmon market?
The global salmon market size reached 3.6 Million Tons in 2023. Looking forward, IMARC Group expects the market to reach 4.8 Million Tons by 2032, exhibiting a growth rate (CAGR) of 3.1% during 2024-2032.
Factors Affecting the Growth of Salmon Industry:
• Increasing Demand for Healthy and Sustainable Protein Sources:
The salmon market has experienced significant growth due to the increasing demand for healthy and sustainable protein sources. Salmon is renowned for its high-quality protein content, rich in essential amino acids, and omega-3 fatty acids. Consumers, especially in developed countries, are becoming increasingly health-conscious and seeking out nutritious food options. Salmon fits perfectly into this trend as it is considered a heart-healthy food choice. Additionally, the focus on sustainability in the food industry has also contributed to the rise of the salmon market. Farmed salmon producers have made substantial efforts to improve their practices, including minimizing environmental impacts, reducing antibiotic use, and adopting responsible aquaculture practices. As a result, consumers are more confident in choosing farmed salmon as an environmentally friendly and ethical source of protein.
• Expanding Global Market Access and Trade Agreements:
Another driving factor for the salmon market is the expansion of global market access and the establishment of trade agreements. Salmon-producing countries, such as Norway, Chile, and Canada, have actively engaged in trade negotiations and agreements to gain access to new markets. This has opened up opportunities to export salmon to regions where demand is growing, including Asia and the Middle East. Trade agreements, such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the European Union's trade deals, have reduced tariffs and trade barriers, making it easier for salmon-producing nations to reach a wider consumer base. The ease of access to these markets has further boosted the global salmon industry.
• Significant Technological Advancements:
Technological advancements have played a pivotal role in driving the salmon market forward. Innovations in aquaculture practices have led to increased production efficiency, better disease management, and improved feed formulations. These advancements have boosted production volumes and also enhanced the overall quality of farmed salmon. Moreover, developments in processing and packaging technologies have extended the shelf life of salmon products, making them more accessible to consumers globally. Vacuum-sealing, flash freezing, and modified atmosphere packaging have helped preserve the freshness and flavor of salmon, ensuring that it reaches consumers in optimal condition, even when transported over long distances.
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Leading Companies Operating in the Global Salmon Industry:
• Cermaq Group ASA
• Leroy Seafood Group ASA
• Mowi ASA
• SalMar ASA
Salmon Market Report Segmentation:
By Type:
• Farmed
• Wild Captured
Farmed salmon holds maximum number of shares as it offers a consistent and controlled supply, meets consumer demand for sustainability, and reduces pressure on wild salmon populations.
By Species:
• Atlantic
• Pink
• Chum/Dog
• Coho
• Sockeye
• Others
Atlantic dominates the market due to its widespread availability, popularity among consumers, and well-established aquaculture production, making it a dominant and highly demanded variety within the salmon market.
By End Product Type:
• Frozen
• Fresh
• Canned
• Others
Frozen holds maximum number of shares as it offers convenient, long-lasting storage options while maintaining the quality and freshness of salmon, appealing to both consumers and the foodservice industry.
By Distribution Channel:
• Foodservice
• Retail
Foodservice represents the largest segment due to its extensive reach and widespread consumption in restaurants, cafeterias, and other food establishments, catering to a diverse consumer base.
Regional Insights:
• Based on Production
Farmed:
• Norway
• Chile
• Scotland
• Canada
• Faroe Islands
• Others
Wild Captured:
• United States
• Russia
• Japan
• Canada
• Others
Norway’s and the United States’s dominance in the salmon market is attributed to their well-developed and highly efficient salmon aquaculture industries, coupled with favorable geographical conditions for salmon farming.
• Based on Consumption
• European Union
• Russia
• United States
• Brazil
• Japan
• China
• Others
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European Union’s dominance in the salmon market is attributed to its substantial and diverse population, high seafood consumption per capita, and the popularity of salmon as a healthy and versatile protein source among European consumers.
Global Salmon Market Trends:
One of the driving factors for the salmon market is the continued shift toward health-conscious consumer trends. As individuals become more aware of the importance of a balanced diet, nutritional benefits of salmon have garnered attention. Its high protein content, low saturated fat levels, and omega-3 fatty acids make it an attractive choice for health-conscious consumers looking to maintain a nutritious diet. This demand is expected to persist as individuals prioritize healthier eating habits.
Additionally, emerging markets, particularly in Asia and South America, have seen a rising popularity of seafood, including salmon. As disposable incomes increase in these regions, consumers are exploring new culinary experiences and incorporating more seafood into their diets. Salmon, with its perceived health benefits and adaptability to different cooking methods, has gained traction among these populations, leading to increased demand and market growth in emerging economies.
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