Growth of Global Salmon Market Fuelled by Increasing Aquaculture

According to the latest report by IMARC Group, titled “Salmon Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global salmon market reached a volume of 3.7 Million Tons in 2018. Salmon belong to the Salmonidae family and can be found in the Northern Atlantic and Pacific oceans. These are anadromous in nature as they are born in freshwater, migrate to the sea and later return to freshwater in order to lay eggs. Salmon are capable of jumping more than four metres to stay clear of obstacles and climb waterfalls. Generally, young salmon consume plankton, invertebrates and insects, whereas adult salmon eat squid, shrimp, eels, and other fish. Currently, salmon are used for various purposes such as broiling, pickling, grilling, smoking, roasting, poaching as well as for the preparation of different food dishes such as tartar, salads, burgers along with several pasta dishes.

Salmon provides the highest amount of calcium as compared to other types of fish owing to which the salmon market has been witnessing a positive growth. Along with this, salmon has also become a popular food product among health-conscious consumers as it is a rich source of omega-3 fats, EPA and DHA and, therefore offers numerous health benefits such as decreasing the risk of obesity, diabetes and heart diseases. Moreover, the escalating global demand for salmon can be attributed to the introduction of new product variations, availability of convenient packaging and rising disposable incomes of consumers across both developing and developed nations. Further, increasing aquaculture is another emerging trend which has been acting in favour of the global salmon market. On account of the aforementioned forces, the market is expected to reach a volume of 4.7 Million Tons by 2024, expanding at a CAGR of 4% during 2019-2024.

Market Summary:

• The salmon market is segmented according to type which include farmed and wild captured. Farmed salmon is currently being preferred by the majority of the consumers owing to a significant rise in salmon aquaculture.
• Based on species, the market is categorised into Atlantic, Pink, Chum/Dog, Sockeye and Coho. At present, Atlantic salmon is being consumed at a major rate across the globe.
• Currently, there are various means available for consumers to obtain the desired type of salmon some of which include foodservice and retail. Foodservice is the most popular distribution channel being used by consumers.
• There are numerous end-product types of salmon that are found including frozen, fresh and canned. Amongst these, frozen salmon represents the largest segment.
• On a production-basis, Norway is the largest producer of salmon followed by Chile, Scotland, Canada and Faroe Islands. Whereas, for wild capture salmon, the United States is the biggest producing region followed by Russia, China, Brazil and Japan.
• The salmon market analysis has been done on the basis of end-markets which mainly include Europe, United States, Russia, China, Brazil and Japan. Amongst these, Europe exhibits a clear dominance, holding the majority of the market share.
• The competitive landscape of the global salmon market has also been examined with some of the key players being Marine Harvest, Leroy Seafood Group, Cremaq and SalMar.

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