Salmon Market Poised to Reach $76,145.3 Million by 2028, Fueled by Rising Health Consciousness and Demand for Protein-Rich Foods

According to a new report published by Allied Market Research, titled "Salmon Market by Type, Application, and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2021-2028," the global salmon market size is expected to reach $76,145.3 million by 2028 at a CAGR of 3.7% from 2021 to 2028.

👉 𝐆𝐞𝐭 𝐅𝐮𝐥𝐥 𝐀𝐜𝐜𝐞𝐬𝐬 𝐭𝐨 𝐒𝐚𝐦𝐩𝐥𝐞 𝐂𝐨𝐩𝐲 https://www.alliedmarketresearch.com/request-sample/A12024

Salmon is one of the most commonly consumed fish, well-known for its high protein and omega-3 fatty acids content. Salmon migrate in huge numbers and its meat can be easily preserved. This has made salmon the staple food of many cultures for years. Salmon offers health benefits such as decreased obesity, prevention of heart disease, and diabetes control. Moreover, salmon is perceived to be a great substitute to chicken or beef as it provides ample amount of protein with less saturated fat. This makes salmon an ideal source of protein that helps maintain a normal weight and body mass index (BMI). These health benefits offered by salmon consumption is a key factor responsible for its growing demand among consumers across the globe.

Growing health consciousness, sedentary lifestyle habits, growing obesity among population, and rising disposable income are the factors fostering the demand for salmon fish. Consumers are more focused on adding protein-rich food in their diets and hence salmon is added in the preparation of various food items such as pasta, patties, burgers, and rice dishes. Moreover, keeping in view the demand for salmon, manufacturers have come up with different salmon products, such as smoked salmon, salmon oil, salmon spreads, frozen salmon, and canned salmon, to serve different preferences of wide consumer base.

Furthermore, the demand for frozen and canned salmon is growing exponentially due to the rising number of working people. The busy and hectic lifestyle has led to the growth of ready-to-eat food products.

According to the United Nations, the demand for 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 by 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.

Sustainability will play a crucial role in attracting customers in the upcoming years and hence the companies are leveraging the latest technologies in sustainable salmon farming. For example, IBM and Norwegian Seafood Association are working together to deploy block chain network to share supply data and improve transparency in Norway's seafood industry.

However, 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 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.

The salmon market is segmented on the basis of type, end product type, distribution channel, and region. By type, the market is divided into chinook salmon, coho salmon, pink salmon, red salmon, salmosalar, and silver brite salmon. By end product type, the market is classified into fresh, frozen, canned and others. By distribution channel, it is fragmented into retail stores, online sales channelsand supermarkets and hypermarkets. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

👉 𝐓𝐚𝐥𝐤 𝐭𝐨 𝐨𝐮𝐫 𝐄𝐱𝐩𝐞𝐫𝐭 https://www.alliedmarketresearch.com/connect-to-analyst/A12024

According to the salmon market forecast, on the basis of type, the pink salmon segment was the highest contributor to the market, accounting for $13,402.7 million in 2020, and is expected to sustain its significance during the forecast period, owing to its slower fat content as compared to other types of salmon Due to this, it is widely preferred by consumer in the salmon market. In addition, it derives 64 percent of its calories from protein that play important roles in manufacturing, repairing and maintaining cells, as well as being vital to fetal and childhood growth and development.

Based on end product type, the fresh segment is the largest segment. It garnered a market share of around 54.6% in 2020. Purchasing and eating freshly harvested food is the best way to ensure no preservatives, chemicals, or dyes have been added to the food. In addition, fresh salmon actually loses its nutritional value over time, so it is supposed to be consumed quickly as more nutrients can be gained from it.

By distribution channel, the retail store segment was the most prominent segment, owing to its high popularity and wide-scale penetration in leading salmon markets. Retail stores allow customers to see products, including seafood such as salmon, quite close, and as opposed to online stores, they provide instant gratification because the customer walks away with their purchases immediately. In addition, friendly and helpful staff also helps to build customer loyalty by offering good-quality salmon that makes consumers want to visit again and again.

According to the global salmon market analysis, in 2020, Asia-Pacific dominated the market, garnering around 38.9% of the total salmon market share, followed by Europe. In Asia-Pacific, the salmon market is growing significantly, owing to increasing consumer awareness in the region. Salmon is anticipated to gain maximum demand in the region, owing to the higher demand for seafood containing higher nutritional value.

Consumers have become health conscious and are attracted to fish such as bluefin tuna, Chilean sea bass, tilefish, and imported marlin because some of these fish contain too much mercury.

𝐊𝐞𝐲 𝐌𝐚𝐫𝐤𝐞𝐭 𝐏𝐥𝐚𝐲𝐞𝐫𝐬

→ 𝐁𝐥𝐮𝐦𝐚𝐫 𝐒𝐀,
→ 𝐆𝐫𝐞𝐢𝐠 𝐒𝐞𝐚𝐟𝐨𝐨𝐝,
→ 𝐂𝐫𝐞𝐦𝐚𝐪 𝐆𝐫𝐨𝐮𝐩 𝐀𝐒𝐀,
→ 𝐒𝐚𝐥𝐦𝐨𝐧𝐞𝐬 𝐂𝐚𝐦𝐚𝐧𝐜𝐡𝐚𝐜𝐚,
→ 𝐒𝐚𝐥𝐌𝐚𝐫 𝐀𝐒𝐀,
→ 𝐁𝐚𝐤𝐤𝐚𝐟𝐫𝐨𝐬𝐭,
→ 𝐋𝐞𝐫𝐨𝐲 𝐒𝐞𝐚𝐟𝐨𝐨𝐝 𝐆𝐫𝐨𝐮𝐩 𝐀𝐒𝐀,
→ 𝐍𝐨𝐯𝐚 𝐒𝐞𝐚,
→ 𝐌𝐨𝐰𝐢 𝐀𝐒𝐀,
→ 𝐍𝐨𝐫𝐝𝐥𝐚𝐤𝐬

👉 𝐌𝐚𝐤𝐞 𝐚 𝐃𝐢𝐫𝐞𝐜𝐭 𝐏𝐮𝐫𝐜𝐡𝐚𝐬𝐞 https://www.alliedmarketresearch.com/salmon-market/purchase-options

𝐊𝐞𝐲 𝐟𝐢𝐧𝐝𝐢𝐧𝐠𝐬 𝐨𝐟 𝐭𝐡𝐞 𝐬𝐭𝐮𝐝𝐲

The salmon market was valued at $50,170 million in 2020 and is estimated to reach $76,297.8 million by 2028, growing at a CAGR of 3.7% during the forecast period.

By type, the coho salmon segment is estimated to witness the fastest growth, registering a CAGR of 5.9% during the forecast period.

In 2020, depending on end product type, the fresh segment was valued at $27,439.9 million, accounting for 54.6% of the global salmon market share.

In 2020, the U.S. was the most prominent market in North America and is projected to reach $2,012.5 million by 2028, growing at a CAGR of 2.8% during the forecast period.

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Allied Market Research (AMR) is a full-service market research and business consulting wing of Allied Analytics LLP, based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view of providing business insights and consulting to assist its clients in making strategic business decisions and achieving sustainable growth in their respective market domains.

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