Salmon Market by Types (Chinook Salmon, Coho Salmon, Pink Salmon, Red Salmon, Silverbrite Salmon, and Salmo Salar), End Products (Fresh Salmon, Frozen Salmon, Canned Salmon, and Others), and Distribution Channels (Retail Stores, Supermarkets/Hypermarkets, and Online Sales Channels), and Regions (Asia Pacific, North America, Europe, Latin America, and Middle East & Africa) Forecasts, 2021-2028

The global salmon market is anticipated to expand at CAGR of 3.8% during the forecast period, between 2021 and 2028. Salmon refers to an oily fish which is rich in protein and omega 3 fatty acids. It is a common name for a certain species of ray finned fish in the family of Salmonidae. Various varieties of salmon are available in the market including chinook, coho, pink salmon, and red salmon. Typically, salmon hatch in fresh water and then migrate to the ocean, returning to the fresh water for reproduction.

Market Trends, Drivers, Restraints, and Opportunities:

• Increasing demand for salmon owing to the health benefits such as preventing heart diseases, maintenance of body mass index, and growth & development of bones is a major driver of the market.
• Sedentary lifestyle habits of consumers and rising disposable income is estimated to positively impacting the market growth.
• Rising consumer preference towards the consumption of seafood is driving the growth of the market.
• The attack on salmon by sea lice, algae, and other diseases can hamper the quality of salmon, which serves as a restraint to the market.
• The adoption of salmon in various recipes for taste and health benefits and the addition of salmon in ready to eat food items are factors that are expected to provide lucrative opportunities for the market growth.
• Rising demand for frozen and canned salmon owing to the rising working population which can subsequently increase the market growth.

Scope of the report:

The report on the global salmon market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.

Salmon Market Segment Insights:

Lower fat content drives the pink salmon segment

Based on types, the salmon market can be segmented into chinook salmon, coho salmon, pink salmon, red salmon, silverbrite salmon, and Salmo salar. The pink salmon segment is estimated to register a robust CAGR during the forecast period as pink salmon has a lower fat content as compared toother types of salmon fish. High consumer preference owing to the rich proteins content primarily drives the segment growth. increasing consumer awareness about the health benefits offered by pink salmon such as maintenance and repair of body cells along with better growth and development of the body drives the pink salmon segment.

Fresh salmon segment to gain momentum in the coming years

On the basis of end products, the market can be classified into fresh, frozen, canned, and others. High consumer preference toward the fresh salmon segment has resulted in the fresh segment growth. The purchase and consumption of freshly harvested salmon ensures no added preservatives, chemicals, or dyes that eliminates health threats. Fresh salmon requires immediate consumption as it can lose its nutritional value over time. The frozen salmon segment is projected to expand at a high growth rate due to the consumption of salmon in frozen and ready to eat food products. The hectic lifestyle of people owing to the increasing workforce has compelled the growth of the frozen segment.

Retail stores segment to grow at a robust pace during the forecast period

Based on distribution channels, the market can be categorized into retail stores, hypermarkets/supermarkets, and online sales channels. The retail stores segment is anticipated to grow significantly in the coming years due to the large establishment of infrastructure of hypermarket and retail stores, which ensure proper facilities for storage of salmon, both fresh and canned. Moreover, consumers can easily and instantly buy the products without waiting for product delivery.

Europe is likely to dominate the market

In terms of regions, the global salmon market can be categorized as North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Asia Pacific accounted for a large share of the market in 2019 and is projected to dominate the market during the forecast period owing to population growth, urbanization, and high consumption of salmon due to its nutritional value. However, the market of North America is anticipated to grow significantly during the projected period due to rising demand for salmon for preparation of various authentic recipes.

Segments

By Types

• Chinook Salmon
• Coho Salmon
• Pink Salmon
• Red Salmon
• Silverbrite Salmon
• Salmo Salar

By End Products

• Fresh Salmon
• Frozen Salmon
• Canned Salmon
• Others

By Distribution Channels

• Retail Stores
• Supermarkets/Hypermarkets
• Online Sales Channels

By Regions

• North America
• Europe
• Latin America
• Asia Pacific
• Middle East & Africa

Competitive Landscape

Key players in the global salmon market include Cremaq Group ASA, Leroy Seafood Group ASA, Mowi ASA, SalMar ASA, Bakkafrost, Greig Seafood, Blumar, Salmones Camanchaca, Nova Sea, Alsaker Fjordbruk, Nordlaks, Cooke Aquaculture, Multiexport, Australis Seafoods, Alsaker Fjordbruk, and AquaChile. These players are widely engaged in various business development strategies including mergers & acquisitions, collaborations, agreements, and partnerships to strengthen their geographical presence and expand their consumer base globally.