DUBLIN, Jan. 18, 2021 /PRNewswire/ -- The "Salmon Market - Growth, Trends, and Forecast (2020-2025)" report has been added to ResearchAndMarkets.com's offering.
The global salmon production was peaked at 3.6 million metric tons in 2018 and is anticipated to register a CAGR of 7.1% during the forecast period, with farmed salmon capturing nearly 74% of the overall salmon production in the world.
Atlantic salmon is one of the most commonly cultured species of salmon across the world. The overall production of farmed Atlantic salmon was marked at 2.42 million metric tons in 2018.
Good production of farmed Atlantic salmon had experienced a steep decline in the prices in both Norway and Chile in the first half of 2019. Subsequently, this declining price trend was sharply reversed and prices soared to near-record heights, primarily attributing to the ever-strengthening demand in traditional and emerging markets such as China.
Key Market Trends
Healthy Boost in the Salmon Production
The global production of farmed salmon peaked at 2.68 million metric tons in 2018, with Chile's aquaculture sector performance gradually improving over the past few years. This had resulted in increased salmon culture, especially Atlantic salmon culture, which is garnering nearly 74% of the salmon production in the world. The bulk of production increase is observed in Chile, at around 14% from 2018 to 2019, where a new regulatory regime is producing results. Similarly, in Norway, the world's largest producing country, a cold winter, and fish health issues translated into a modest 5% increase in salmon harvests.
Moreover, the growth in supply is unable to satiate the salmon demand globally. As demand for salmon continues to strengthen globally, a combination of geographic and regulatory constraints on traditional open net-pen farming has limited the ability of producers to keep pace. However, increasing investments in the salmon production in the Chinese market, coupled with the technological approaches such as land and off-shore based culture, and genetically engineered salmon are some of the potential opportunities for pacing up the production further.
Chile leads the Salmon Market as Norway Grapple with Fish Health
The global supply growth of farmed salmon was led by Chile in 2018, surpassing the constraints pertaining to the mass algal bloom mortalities experienced in 2016, thereby maintaining its profitability. A relatively lower rate of production growth was observed in Europe, especially in Scotland during the same period. For the past two years, Norwegian production has also been growing at a relatively slow rate, due to regulatory constraints and sea lice difficulties. In Scotland, a variety of disease and environmental factors such as plankton blooms reduced the Atlantic salmon production to 150,800 tonnes.
The Chilean salmon farming sector achieved very prospecting results in 2018. Production costs have fallen and biological conditions at farms have reportedly improved, reflected in higher harvests that have even surpassed those of Norway. This is particularly driving the efforts to develop new approaches to farming, mainly focused on closed containment technologies, both on land and at sea. Also, new aquaculture operations are being set up in a variety of geographically dispersed countries, such as Iceland, the Russian Federation, and China, which is likely to spikeup the salmon supply in the years to come.
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Supply Chain Analysis
5 MARKET SEGMENTATION
5.1 Species Type
5.1.1 Atlantic Salmon
5.1.2 Coho Salmon
5.1.3 Masu Salmon
5.1.4 Chinook Salmon
5.2.2 Wild Captured
6 MARKET OPPORTUNITIES AND FUTURE TRENDS
7 IMPACT OF COVID-19
For more information about this report visit https://www.researchandmarkets.com/r/i1if21
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