According to the recent report by IMARC Group, titled “Salmon Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025,” the global salmon market size reached 3.8 Million Tons in 2019. Salmon is one of the most popular and widely consumed seafood species. It can be traced back to the Salmonidae family and is generally found in the northern Pacific and Atlantic Oceans. It is highly rich in essential nutrients like omega-3 fatty acids, calcium, vitamin B3 and D, proteins, zinc, and iodine. As these nutrients are associated with a healthy profile for consumers, salmon is considered as a functional food. Regular consumption of salmon can aid in improving the function of the cells in the arteries, lowering blood pressure, decreasing the risk of cancer, and reducing inflammation. Salmon can be roasted, pan fried, broiled, poached, and pickled, and is utilized in an array of dishes including pasta, sushi, burgers, salads, tartar, and tacos.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Global Salmon Market Trends:
One of the major factors stimulating the market growth is the shift in the consumption patterns of individuals. Rising income levels and growing health awareness have led consumers to opt for lean meat options and reduce carbohydrate-rich food. As a result, they are incorporating protein-rich foods like salmon in their regular diet. Besides this, the rising working population and busy schedules have increased the demand for read-to-cook food products. This, in turn, is contributing to the growing consumption of convenient food products, such as frozen and canned salmon. Furthermore, manufacturers are using innovative packaging formats like vacuum skin-packed salmon, which displays the salmon clearly and keeps it fresh by eliminating contact with the air. In addition to this, they are also introducing value-added products such as salmon spreads, salmon jerky, and salmon lox. Moreover, the continual launch of non-GMO variants is driving the market further. On account of these factors, the market is expected to witness moderate growth during the forecast period (2020-2025).
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Based on the type, the market has been bifurcated into farmed and wild captured salmon. Among these, farmed salmon accounts for the majority of the total market share.
On the basis of the species, Atlantic salmon is the most popular species as it is rich in vitamins and proteins. Other species include pink, coho, chum/dog, sockeye, and others.
Based on the end product type, the market has been divided into fresh, canned, frozen, and others. Currently, frozen salmon dominates the market due to its prolonged shelf-life.
On the basis of the distribution channel, the market has been segregated into the retail and foodservice sectors. At present, salmon is majorly distributed through the foodservice sector.
Based on the production, the United States, Russia, Canada, and Japan are some of the top regions where salmons are captured. On the other hand, farmed salmon is produced in Norway, Scotland, the Faroe Islands, Chile, Canada, and some other countries.
On the basis of consumption, the European Union holds the largest market share. Other regions include the United States, Russia, Japan, Brazil, China, and Others.
The competitive landscape of the market has been analyzed in the report, with some of the key players being Cremaq Group ASA, Mowi ASA, SalMar ASA, and Leroy Seafood Group ASA.
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