DUBLIN, October 21, 2021--(BUSINESS WIRE)--The "Salmon Market by Type, End Product Type and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2021-2028" report has been added to ResearchAndMarkets.com's offering.
The global salmon market size was valued at $50,170.0 million in 2020, and is estimated to reach $76,145.3 million by 2028, registering a CAGR of 3.7% from 2021 to 2028.
Salmon is commonly defined as an oily fish with rich content of protein and omega-3 fatty acids. Its flesh is generally orange to red, although there are some examples of white-fleshed wild salmon. The natural color of salmon results from carotenoid pigments in the flesh. In addition, most Atlantic salmon are available in the global market are farmed, whereas the majority of Pacific salmon are wild-caught. Salmon is available in different varieties such as chinook, coho, pink, red, salmo salar, and silverbrite.
Asia-Pacific is the largest market for salmon and also anticipated to be the fastest-growing market due to the various health benefits of salmon such as proper functioning of cells including nervous system, manufacturing, repairing and maintaining cells as well as it is vital for fetal and child growth and development. In addition, it also helps to maintain the body's balance of calcium and phosphorus which is vital to bone health. In North America and Europe region it is expected to grow at a promising rate, owing to increase in various health issues such as obesity, systemic inflammation as well as the risk of developing atherosclerosis, hypertension, and stroke. These regions are forecasted to be growing significantly during the forecast period.
Key salmon market dynamics include changes in consumer lifestyle that impacted the changes in food consumption pattern at a global and regional level that has considerable health consequences. Populations in countries such as U.S., UK, China, France, Germany, and India are experiencing nutritional transition. North America is a traditional market for salmon fish. Being a developed region, there are numerous technological innovations and advancements in the production techniques.
According to the United Nations, the demand for the salmon in few European countries, U.S., and Japan is diminishing while the growth potential is high in Asia-Pacific and Latin America. The growing demand for salmon in emerging markets like Asia-Pacific and Latin America is offering lucrative growth opportunities to the players operating in the global salmon market. According to a report of United Nations, the demand for salmon is so high that it can absorb around 6% to 7% of excess supply per year without any fluctuations in the price levels. Moreover, demand for eco-labelled farmed salmon is rising rapidly and preference for fresh food products is trending in the salmon market.
There are certain factors that may restrict the further growth of the salmon market. The revelation of cruelty acts on animals at animal farms and slaughterhouses is one important constraint hindering the market growth. Moreover, the growth of the vegan population is on the rise and is expected to grow significantly around the globe. The awareness programs conducted by NGOs like PETA (People for Ethical Treatment of Animals) regarding animal welfare and animal rights, may encourage people to adopt veganism. This is a major threat to the global salmon market during the forecast period.
Key benefits for stakeholders
The report provides a quantitative analysis of the current market, estimations, trends, and dynamics of the global salmon market size from 2020 to 2028 to identify the prevailing market opportunities.
The key countries in all the major regions are mapped based on the market share and market trends.
Porter's five forces analysis highlights the potency of the buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the market segment and size assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global salmon industry.
Market player positioning segment facilitates benchmarking and provides a clear understanding of the present position of market players.
Rise in fish production to meet food supply
Changes in lifestyle and rise in demand for nutritious rich diet
Technological advancements in the field of fish harvesting/aquaculture
Rise in the act of animal cruelty in animal farms and slaughterhouses
Adoption of veganism
Evolution in inland fishing and use of more sustainable technology in salmon fish farming
Breeding of salmon to have enhanced quality of salmon
Cremaq Group ASA
Leroy Seafood Group ASA
For more information about this report visit https://www.researchandmarkets.com/r/74edbz
View source version on businesswire.com: https://www.businesswire.com/news/home/20211021005856/en/
Laura Wood, Senior Press Manager
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