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 refers to a species of ray-finned fish belonging to the Salmonidae family which are found in the northern Atlantic and Pacific oceans. Salmon is widely consumed across the world as it is rich in calcium, iodine, vitamin D, vitamin B3, zinc, protein and omega 3 fatty acids. Since it is considered one of the best sources of eicosapentaenoic acid (EPA) and docosahexaenoic acid (DHA), its consumption offers numerous health benefits such as aiding in decreasing inflammation, reducing the risk of cancer, lowering blood pressure and improving the function of the cells lining the arteries. Salmon forms an integral part in the preparation of a vast array of dishes which include sushi, salads, tartar, burgers and pasta.
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Market Trends:
Growing consciousness amongst the consumers regarding the benefits offered by regular consumption of salmon is one of the major growth-inducing factors. Also, consumers are now seeking less fattening meat options for maintaining their protein intake, which has increased their inclination toward the consumption of fishes such as salmon. Moreover, the increasing working population and busy schedules are driving the sales of ready-to-eat and easy-to-cook products. Convenient packaging and easy availability of frozen and canned salmon in confluence with inflating disposable income levels of consumers are thereby providing a boost to the market growth. Furthermore, governments of several countries are taking initiatives to promote the production of salmon through sustainable farming methods, which is expected to create a positive outlook for the market. On account of the aforementioned factors, the global salmon market size is expected to reach a volume of 4.7 Million Tons by 2024, growing at a CAGR of 3.9% during 2019-2024.
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Market Summary:
- On the basis of the type, the market has been bifurcated into farmed and wild captured segments, wherein farmed salmon represents the most preferred type.
- Based on the species, the market is divided into Atlantic, Pink, Chum/Dog, Sockeye and Coho. Currently, Atlantic salmon accounts for the majority of the total market share.
- On the basis of the distribution channel, the foodservice segment exhibits a clear dominance in the market, followed by retail.
- Based on the end product, the market has been categorized into frozen, fresh, canned and others. Amongst these, frozen salmon holds the dominant market share.
- On the basis of the production, farmed salmon is majorly produced in Norway, followed by Chile, Scotland, Canada and Faroe Islands. On the other hand, the United States is the biggest region of wild capture salmon, followed by Russia, Japan and Canada.
- Based on the end market, the European Union, the United States, Russia, China, Brazil and Japan represent the major regions. At present, the European Union accounts for the majority of the overall market share.
- The competitive landscape of the market has also been studied with some of the major players being Marine Harvest, Leroy Seafood Group, Cremaq and SalMar.
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