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 commonly defined as an oily fish with rich content of protein and omega-3 fatty acids. Most Atlantic salmon available in the global market are farmed, whereas the majority of Pacific salmon are wild-caught. Salmon is available in different varieties such as chinook, coho, pink, red, salmo salar, and silverbrite. The demand for salmon is rapidly increasing globally due to the health benefits it provides such as reduced heart disease, maintaining body mass index, and growth & development of bones.
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The use of monitoring, control and surveillance (MCS), Vessel Monitoring System (VMS), and Automatic Identification System (AIS) in salmon farming are becoming a standard part of fisheries management and fishing operations. Moreover, technologies such as big data, smart weighing at sea, block chain, drones, artificial intelligence, Radio-frequency identification (RFID), and monitoring through smartphones are being used to efficiently and effectively manage various operations. These technologies are also helpful in facilitating sustainable aqua farming practices.
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.
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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.
According to the salmon market forecast, on the basis of type, the pink salmon segment was the highest contributor to the market, accounting for $13,402.7 million in 2020, and is expected to sustain its significance during the forecast period, owing to itslower fat content as compare to other types of salmon due to this it is widely preferred by consumer in the salmon market. In addition, it derives 64 percent of its calories from protein that play important roles in manufacturing, repairing and maintaining cells as well as it is vital to fetal and childhood growth and development.
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Based on end product type, the fresh segment is the largestsegment. It garnered market share of around 54.6% in 2020. Purchasing and eating freshly harvested is the best way to ensure no preservatives, chemicals, or dyes have been added in food. In addition, fresh salmon actually loses its nutritional value over time so it is supposed to consume quickly as more nutrients that can be gained from it.
By distribution channel, the retail stores segment was the prominent segment, owing to high popularity and wide scale penetration in leading salmon markets. Retail stores allows customers to see product including seafood such as salmon quite close and as opposed to online stores it provides instant gratification because the customer walks away with their purchases immediately. In addition, friendly and helpful staff also helps to build customer loyalty by offering good quality salmon that makes consumers to visit again and again.
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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.
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