Global Salmon Market Size Will Reach USD 27,344.0 Million by 2027, at CAGR of 4.6%: Astute Analytica

NEW DELHI, May 26, 2022 /PRNewswire/ -- The study undertaken by Astute Analytica foresees a tremendous growth in revenue of the market for global salmon market from US$ 20,880.5 Million in 2021 to US$ 27,344.0 Million by 2027. The market is anticipated to grow at a CAGR of 4.6% during the forecast period 2022-2027. Moreover, in terms of volume, the global salmon market is expected to project a CAGR of 4.2% during the forecast period 2022-2027.

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The salmon is a fish food that is loaded with nutrients which may even reduce certain risk factors for several different diseases. It is the one of the best sources of the long-chain omega-3 fatty acids eicosatetraenoic acid (EPA) and docosahexaenoic acid (DHA), which is an essential part for human diet. As salmon consist of low total fat and has high number of proteins, vitamins, calcium, omega-3 fatty acid and others which reduces the risk of heart stoke and other chronic disease.

On the basis of species, the Atlantic salmon segment held the largest share in the market in 2021 and is expected to project the highest CAGR over the forecast period. Moreover, in terms of fish type, the farmed segment is estimated to hold the largest market share and highest CAGR over the forecast period, Furthermore, by product type, the canned segment dominated the salmon market in 2021, whereas fresh segment is expected to project the highest CAGR over the forecast period due to its longer shelf-life and high nutritional value. In addition, based on distribution channel, the retail segment dominated the salmon market in 2021 and projected to grow at the highest CAGR during the forecast period.

Market Dynamics and Trends

Drivers

Rise in consumer awareness towards the health benefit of salmon and rising prevalence of chronic conditions will boost the global salmon market during the forecast period. Growing demand for healthy food, owing to rapidly expanding population, rising literacy level, and technological advancement leads to high expectations from food services. The individual's interest has grown more responsive in the health and hygiene standards related to food products. Moreover, with the adoption of sedentary lifestyles and irregularity in routine healthcare checkups in emerging and developed countries, resulting an increase in lifestyle related chronic diseases such as obesity, heart disease and hypertension. This has shift consumer to opt for healthy food options like salmon which is full of nutrients, vitamins, proteins and many more, therefore this will boost the growth of the global salmon market.

Restraints

Depletion of sea species is a restraining factor which inhibits the growth of the salmon market during the forecast period. The rising demand for organic seafood and salmon is the main key factor that depletes the marine species, which results in restraining the growth of the market.

Global Salmon Market Country Wise Insights

• North America Salmon Market

US holds the major share in terms of revenue in the North America salmon market in 2021. Whereas, Mexico is projected to grow with the highest CAGR during forecast period due to presence of leading manufacturers. Furthermore, based on species, the Atlantic salmon segment held the largest share in the market in 2021 and is expected to grow at the highest CAGR during the forecast period.

• Europe Salmon Market

Germany is the highest shareholder region in 2021, whereas Russia is projected to grow with the highest CAGR of 5.0% over the forecast period. Moreover, among the fish type, farmed holds the major share in term of revenue in the Europe salmon market during the forecast period. Also, farmed fish type is projected to grow at a highest CAGR of 5.1% during the forecast period.

• Asia Pacific Salmon Market

China is the highest shareholder region, and ASEAN is projected to grow with the highest CAGR of 6.7% in the Asia Pacific salmon market owing to increasing consumer awareness in the region and rapid surge in E-commerce sector. Moreover, based on product type, canned segment contributed the major share in the Asia Pacific market. Where, the fresh product type in Asia Pacific salmon is growing at the highest CAGR over the forecast period.

• Middle East & Africa Salmon Market

South Africa is the highest shareholder country in 2021 and is also projected to grow with the highest CAGR during the forecast period in the MEA salmon market. Moreover, by distribution channel, retail holds the major share in the Middle East & Africa salmon market, and further it is projected to grow at a highest CAGR 5.5% during the forecast period.

• South America Salmon Market

Brazil is the highest shareholder country in the South America salmon market in 2021 and is projected to grow with the highest CAGR over the forecast period. Furthermore, on the basis of distribution channel, retail holds the major share in the South America salmon market, and further it is projected to grow at the CAGR during the forecast period.

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Competitive Insight

Global Salmon Market is highly competitive in order to increase their presence in the marketplace. Some of the key players operating in the market includes Cermaq Group AS, Leroy Seafood Group ASA, Mowi ASA, SalMar ASA, AquaChile, Cooke Aquaculture Inc., Greig Seafood, Multiexport Foods S.A., Blumar S.A., Camanchaca S.A., Nova Sea AS, Tassal Limited, Sinkaberg Hansen AS, Nordlaks Produkter AS, Bremnes Seashore AS and Norway Royal Salmon ASA among others.

Segmentation Overview

Global Salmon Market is segmented based on species, fish type, product type, distribution channel and region. The industry trends in the global salmon market are sub-divided into different categories in order to get a holistic view of the global marketplace.

Following are the different segments of the Global Salmon Market:

By Species segment of the Global Salmon Market is sub-segmented into:

• Atlantic
• Pink
• Chum/Dog
• Coho
• Sockeye
• Others

By Fish Type segment of the Global Salmon Market is sub-segmented into:

• Farmed
• Wild

By Product Type segment of the Global Salmon Market is sub-segmented into:

• Frozen
• Fresh
• Canned
• Others

By Distribution Channel segment of the Global Salmon Market is sub-segmented into:

• Retail
• E-commerce (online)
• Brick & Mortar Stores (offline)
• HoReCa & Wholesale
• Processed Food Industry
• Other Institutional Customers

By Region segment of the Global Salmon Market is sub-segmented into:

• North America
• The U.S.
• Canada
• Mexico
• Europe
• The UK
• Germany
• France
• Italy
• Spain
• Poland
• Russia
• Rest of Europe
• Asia Pacific
• China
• South Korea
• Japan
• Australia & New Zealand
• ASEAN
• Rest of Asia Pacific
• Middle East & Africa (MEA)
• UAE
• Saudi Arabia
• South Africa
• Rest of MEA
• South America
• Argentina
• Brazil
• Rest of South America

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SOURCE Astute Analytica