Global Salmon Market Bolstered by Increasing Demand from EU

Salmon belongs to the Salmonidae family and is used in a wide variety of food items, such as salads, burgers, pasta, etc. It is considered as a super food since it provides more proteins as compared to chicken, pork or beef, and is a rich source of omega-3 fatty acids. Salmon also offers significant amounts of zinc, iron, phosphorus, docosahexaenoic acid (DHA), eicosapentaenoic acid (EPA), and vitamin A, D and B12. Over the last few decades, continuous research and development have led to the introduction of advanced system designs, and enhanced breeding and feeding technologies which have helped in the expansion of the salmon industry. According to IMARC Group, the global salmon market size was estimated to be 3.6 Million Tons in 2017.

Numerous health benefits are catalysing the market growth

On account of the growing number of health-conscious consumers, there has been a rise in the preference for salmon as it helps in boosting brain function, lowering cholesterol and blood pressure, preventing heart diseases. It also reduces the risk of  cancer, arthritis, stroke, asthma, depression, and Alzheimer’s and Crohn’s diseases. Apart from this, salmon is widely utilized in pet food, specifically cat food, in the form of deboned, whole, smoked or fresh salmon. Further, the manufacturers, particularly in the European Union, are introducing a wide variety of value-added packaged and fresh salmon products. In line with rising environmental concerns, the leading salmon producers worldwide have established the Global Salmon Initiative (GSI) which aims to improve the sustainability in the salmon farming industry. On account of these factors, the global salmon market is expected to grow at a CAGR of 3.8% during 2018-2023, reaching a volume of more than 4.5 Million Tons by 2023.

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Farmed Salmon: Most popular product type
On the basis of type, the market has been segmented into farmed and wild captured salmon. Currently, farmed salmon is the most popular product type. It is provided with processed high-fat feed to produce a healthy yield. It also contains higher amount of saturated fats, Vitamin C, calories and polyunsaturated fatty acids as compared to wild salmon. However, wild salmon consists of more minerals, including zinc, iron and potassium. It depends on other aquatic organisms for its nutrition.

Atlantic Salmon accounts for majority of the global share

Based on species, the market has been segregated into Atlantic, Pink, Chum/Dog, Sockeye and Coho salmon. Amongst these, Atlantic salmon, also known as salmo salar, dominates the market, accounting for the majority of the global share. Majority of Atlantic salmon available in the market is farmed and has a milder flavour as compared to the wild salmon species. The flesh of Atlantic salmon ranges from pink to orange and has a medium fat content. Farmed Atlantic salmon has 20%-70% more omega-3 fat per serving as compared to wild Pacific salmon. It is also less expensive as compared to the wild salmon varieties.

Foodservice represents the leading distribution channel

Foodservice is the largest distribution channel for salmon as it is used in the preparation of dishes from diverse cuisines. This segment covers a range of outlets including restaurants, cinemas and theatres, cafés, cafeterias, airports, schools, hospitals and hotels. Whereas, retail stores offer smaller quantity of products to the consumers  for their domestic consumption. These channels of distribution include departmental stores, specialty stores, e-retailers, etc.

Frozen salmon dominates the global salmon market

According to the global salmon market report, frozen salmon represents the most widely consumed product. Owing to hectic lifestyles, the consumers prefer frozen salmon as it is easy to cook and more affordable than fresh salmon. In addition, there is a variety of frozen salmon products available in the market. Frozen salmon is followed by fresh and canned salmon. The demand for fresh salmon has remained constant over the years. However, due to significant growth in farmed salmon supplies worldwide, the manufacturers have been trying to expand the international markets for fresh salmon. Canned salmon, on the other hand, has a longer shelf-life and can be easily added to on-the-go meals. 

EU is the largest consumer of salmon across the globe

Currently, Norway is the largest producer of farmed salmon, followed by Chile, Scotland, Canada and Faroe Islands. Whereas, the United States represents the biggest producing region for wild captured salmon, followed by Russia, Japan and Canada. On the basis of consumption, the EU represents the leading market, followed by the United States, Russia, China, Brazil and Japan. Within the EU, the demand for fresh salmon has witnessed a growth in countries such as France, the United Kingdom and Italy.

The global salmon market is fragmented in nature with the presence of a large number of players. Some of the major companies operating in the market are Marine Harvest, Cermaq, Leroy Seafood Group and SalMar. Presently, Marine Harvest is the leading player in the global salmon market, accounting for around a fifth of the total share.