How much is the salmon industry worth?
The global salmon market size reached 3.5 Million Tons in 2022. Looking forward, IMARC Group expects the market to reach 4.3 Million Tons by 2028, exhibiting a growth rate (CAGR) of 3.54% during 2023-2028.
Salmon is an edible fish with pink flesh that matures in the sea and migrates to freshwater reservoirs to spawn. It is a rich source of protein, vitamins B3, B5, B6, B12, D and E, selenium, iron, magnesium, selenium, sodium, potassium, and zinc. It is available as a whole fish or frozen fillets that include tryptophan, which is essential for regulating the sleep cycle efficiently. It offers omega-3 fatty acids, which help prevent the occurrence of heart diseases, stroke, eczema, lupus, and rheumatoid arthritis.
It improves skin elasticity by preventing ultraviolet (UV) induced enzymes from breaking down collagen. It also boosts hair growth,provides shine, and reduces the formation of split ends. It acts as a vital component in the diet of pregnant women as salmon facilitates the brain and bone development of the fetus. It strengthens the immune system, prevents inflammation, and lowers the risk of thyroiditis. It facilitates cell production, improves muscle quality, lowers hypertension, and reduces the levels of insulin and cholesterol in the body. It also maintains a healthy metabolic rate and increases bone density and strength. As it can be baked, grilled, fried, and barbequed, salmon is utilized in preparing various dishes, such as sushi, steaks, salads, sandwiches, curries, and stews, across the globe.
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Impact of COVID-19:
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.
Competitive Scenario with Key Players:
The competitive landscape of the market has also been analyzed, with some of the salmon companies being
Cremaq Group ASA, Lerøy Seafood Group ASA, Mowi ASA, and SalMar ASA.
What are the major market drivers in the salmon Industry?
At present, the increasing consumption of salmon due to the rising health consciousness among the masses represents one of the primary factors influencing the market positively. Besides this, the growing occurrence of various chronic diseases, such as diabetes, and cancer, due to rising sedentary lifestyles and consumption of unhealthy diets is offering a favorable market outlook.
In addition, the increasing availability of innovative salmon products, such as smoked and canned variants and salmon oil and spreads, is contributing to the growth of the market. Apart from this, the rising number of restaurants, fast food joints, and cafes serving exotic dishes is propelling the growth of the market. Additionally, the escalating demand for protein-rich food items among gym goers and fitness enthusiasts to build muscles and gain energy is supporting the growth of the market.
Moreover, key companies are producing genetically engineered salmon to conduct low-impact fish farming and reduce carbon emissions. They are also introducing organic and eco-labeled salmon with high levels of antioxidants. Furthermore, governing agencies of various countries are undertaking initiatives to strengthen the aquaculture sector by encouraging pisciculturists to adopt precise feeding practices and effective methods of breeding salmon, which is bolstering the growth of the market.
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Report Segmentation:
The report has segmented the market into the following categories:
Breakup by Type:
- Farmed
- Wild Captured
Breakup by Species:
- Atlantic
- Pink
- Chum/Dog
- Coho
- Sockeye
- Others
Breakup by End Product Type:
- Frozen
- Fresh
- Canned
- Others
Breakup by Distribution Channel:
- Foodservice
- Retail
Farmed:
- Norway
- Chile
- Scotland
- Canada
- Faroe Islands
- Others
Wild Captured:
- United States
- Russia
- Japan
- Canada
- Others
Breakup by Region (Based on Consumption):
- European Union
- Russia
- United States
- Brazil
- Japan
- China
- Others
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