The global salmon market size reached US$ 23.2 Billion in 2020. Looking forward, the market expects to reach a value of US$ 36.2 Billion by 2026, according to the latest report by IMARC Group.
Salmon is one of the most popular and traded seafood species that belongs to the Salmonidae family. It is commonly found across the Northern Atlantic and Pacific oceans. Salmon is consumed by grilling, broiling, poaching, and pickling and can also be used in a wide variety of preparations. Salmon is rich in nutrients such as proteins, calcium, vitamins B3 and D, zinc, iodine, cholesterol, and omega-3 fatty acid. The presence of these nutrients is known to help in reducing the risk of cancer, improving cell function and lowering blood pressure levels.
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Salmon is considered a functional food that is used in an array of dishes, including pasta, sushi, burgers, salads, tartar sauce, and tacos. The growing disposable incomes and rising health consciousness have shifted the consumption patterns of individuals. An increasing number of consumers are now opting for lean meat and protein-rich foods like salmon in their daily diets, which is propelling the growth of the market.
Besides this, with the growing working population and busy lifestyles, there has been an escalated demand for ready-to-cook and convenient food products like frozen and canned salmon. Furthermore, the introduction of innovative packaging formats by manufacturers like vacuum skin-packed salmon, which keeps the product fresh by eliminating contact with air, is also providing a positive outlook for the market.
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The competitive landscape of the global salmon market has also been examined with some of the key players being Marine
- Cremaq Group ASA
- Leroy Seafood Group ASA
- Mowi ASA
- SalMar ASA.
The report has segmented the market on the basis of Type, Species, Distribution Channel and Region.
Market Breakup by Type
2. Wild Captured
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.
Market Breakup by Species
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.
Market Breakup by Distribution Channel
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.
Market Breakup by End-Product Type
There are numerous end-product types of salmon that are found including frozen, fresh and canned. Amongst these, frozen salmon represents the largest segment.
Market Breakup by Producing Region
5. Faroe Islands
1. United States
On a production-basis, Norway is the largest producer of farmed 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, Japan and Canada.
Market Breakup by Consuming Region
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.
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