The global salmon market reached a volume of 3.7 Million Tons in 2018. Salmon is a species of ray-finned fish which belongs to the Salmonidae family. It is usually found in the northern Atlantic and Pacific oceans and currently represents the most widely traded seafood species. It is low in saturated fats but rich in nutrients, such as protein, calcium, vitamin B3 and D, zinc, iodine, cholesterol and omega-3 fatty acids. Its regular consumption aids in calming inflammation, lowering blood pressure, minimizing the risk of developing cancer and improving the function of the cells that are lining the arteries. On account of these health benefits, it is used for grilling, broiling, poaching, pickling and roasting and in the preparation of a wide variety of dishes.
Owing to various factors, including sedentary lifestyle habits, inflating income levels, rising prevalence of chronic conditions and the growing awareness about health and wellness, there is a shift in the consumption patterns of individuals. They are focusing on eliminating or reducing carbohydrate-laden food products from their daily diet and increasing the consumption of protein-rich food items. As a result, they are increasingly employing salmon in the preparation of pasta, salads, burgers, tartar sauce and other dishes usually consumed as a part of their daily diet. Apart from this, manufacturers are introducing numerous value-added products, such as canned salmon, frozen salmon, smoked salmon, salmon jerky, salmon oil, salmon lox and salmon spreads. Furthermore, the increasing working population, in confluence with the busy schedules of individuals, is increasing the sales of ready-to-eat (RTE) and easy-to-cook food products. In line with this, convenient packaging and easy availability of frozen and canned salmon is anticipated to propel the market growth in the coming years. On account of these factors, IMARC Group expects the market volume to reach 4.7 Million Tons by 2024, at a CAGR of 3.9% during 2019-2024.
Breakup by Type:
Farmed salmon exhibits a clear dominance in the market.
Breakup by Species:
Atlantic currently represents the most widely consumed salmon species as it is a rich source of proteins, vitamins and omega-3 fatty acids.
Breakup by End Product Type:
The process of freezing salmon aids in increasing its shelf-life, halting the bacterial growth and preserving the nutritional value. Consequently, there is a high demand for frozen salmon across the globe.
Breakup by Distribution Channel:
Salmon is widely distributed through the foodservice sector, which primarily includes restaurants, hotels and fast-food chains.
Regional Insights (Based on Production):
Norway represents the leading market for farmed salmon as the country has around 101,000 kilometers of mainland and island coastline. In line with this, suitable temperature, well-developed infrastructure, and a supportive regulatory environment are also contributing to the market growth. On the other hand, the United States represents the biggest producer for wild captured salmon.
Regional Insights (Based on Consumption):
European Union holds the leading position in the market as salmon products play a vital role in the traditional European dishes.
The competitive landscape of the market has been analyzed in the report, along with the detailed profiles of the major players operating in the industry. Some of these players are:
Key Questions Answered in This Report:
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