Global Salmon Market shall be US$ 37.40 Billion by 2027, according to Renub Research. Propelled by Growing demand for ready-to-eat product and popular ingredient in commercial dishes
Renub Research has recently released a report titled “Global Salmon Market, Volume, Size, Forecast 2023-2027, Industry Trends, Growth, Share, Outlook, Impact of Inflation, Opportunity Company Analysis” providing a detailed industry analysis that includes market share insights. The report also includes competitor and regional research and contemporary advancements in the market. The Global Salmon market shall grow with a CAGR of nearly 3.9% from 2023 to 2027. In the realm of luxury, there is a clear preference for wild salmon over farmed varieties, particularly for specific species like Chinook, which is also referred to as king salmon.
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Salmon is a fish variety renowned for its unique pink colour and delectable taste. It is a well-liked food item in several regions globally, and the preparation is by grilling, baking, or smoking. Salmon is an abundant source of heart-healthy omega-3 fatty acids, essential vitamins B12 and D, protein, and minerals like selenium and potassium. Moreover, it is classified as a low-mercury fish, rendering it a safer option for frequent consumption than various other types of seafood.
Most of the salmon consumed today comes from aquaculture or fish farming, and this industry has experienced significant growth on a global scale. Technological advancements have made salmon farming more efficient and sustainable, with improvements in areas such as feed production, breeding techniques, and water quality management making it easier and more cost-effective to produce salmon, contributing to the Salmon market growth.
Salmon Popularity is growing due to Frozen and Canned salmon-based Products
Salmon is a popular ingredient in commercial dishes like pizza, pasta, burgers, salads, and mac and cheese commonly served in restaurants and food outlets; this, combined with the rapid expansion of the food and beverage (F&B) industry, is a significant driver of Salmon market growth.
Furthermore, the acceleration in demand for frozen and canned salmon-based products is due to the increasing consumption of ready-to-eat (RTE) food products because of hectic lifestyles, swift urbanization, and the rising purchasing power of individuals. Additionally, the Salmon market shall experience growth by introducing value-added products like smoked salmon, salmon jerky, salmon oil, salmon lox, and salmon spreads. These factors contribute to a positive outlook for the global salmon market.
The limited domestic supply of salmon market, particularly during the off-season, has created a demand for imported salmon to meet year-round demand in the United States. Imports from countries like Chile, Norway, and Canada are often priced competitively compared to domestic salmon, making them an attractive option. In addition, salmon’s versatility finds its usage in various dishes, and its convenience, as frozen and canned salmon products are widely available, has made it a popular choice for restaurants and other food outlets.
Norway is the leading Exporter in Global Salmon Market
Norway’s leadership in salmon fish export can be due to multiple factors, including favorable farming conditions due to its long coastline and fjords, strict regulations ensuring high standards, and reliable supply. Investment in salmon farming technology and government support has also contributed to developing a robust and competitive export for the global salmon market.
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Pink salmon’s abundance makes it more cost-effective to farm, increasing availability and accessibility for consumers. Its mild taste and firm texture have made it a versatile ingredient, increasing demand from restaurants and food service companies. Technological advancements in salmon farming, such as improved feed formulations, water quality management, and disease prevention measures, have made it easier to produce pink salmon in larger quantities. Additionally, pink salmon is a more sustainable option, increasing awareness and demand among environmentally conscious consumers. These factors have all contributed to the growth in the production of pink salmon.
Market Summary:
- Import– By importin the Global salmon Market division in 10 viewpoints (Norway, Sweden, Denmark, Poland, Chile, United Kingdom, Germany, Canada, United States, and Australia).
- Export– The market for Global Salmon Market by exportis broken up into ten viewpoints (Denmark, United States, Germany, France, Spain, Poland, Italy, Brazil, Portugal, and Finland).
- Production Species– The break-up of the Global Salmon Market into 5 viewpoints based onproduction species (Atlantic Salmon, Pink Salmon, Sockeye Salmon, Coho Salmon, and other species).
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