Salmon Market: Sustainable Growth and Global Expansion
Insights into Growth Trends, Sustainability, and Market Dynamics Driving the Salmon Industry
WILMINGTON,NEW CASTLE, DELAWARE, UNITED STATES, May 6, 2024 /EINPresswire.com/ -- According to a new report published by Allied Market Research, titled โSalmon Market by Type, Application, and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2021โ2028,โ the global salmon market size is expected to reach $76,145.3 million by 2028 at a CAGR of 3.7% from 2021 to 2028.
The projected value of $76,145.3 million for the salmon market by 2028 indicates a substantial growth trajectory for the industry. Several factors could contribute to this growth, including:
๐๐ฏ๐๐ข๐ฅ๐๐๐ฅ๐ ๐๐๐ฆ๐ฉ๐ฅ๐ ๐๐๐ฉ๐จ๐ซ๐ญ ๐ฐ๐ข๐ญ๐ก ๐๐ซ๐๐ฉ๐ก๐ฌ ๐๐ง๐ ๐ ๐ข๐ ๐ฎ๐ซ๐๐ฌ @ https://www.alliedmarketresearch.com/request-sample/A12024
๐๐ก๐ข๐ฅ๐ ๐๐ฆ๐๐ซ๐ ๐๐ฌ ๐๐ฌ ๐ญ๐ก๐ ๐๐จ๐ฆ๐ข๐ง๐๐ง๐ญ ๐๐จ๐ซ๐๐ ๐ข๐ง ๐ญ๐ก๐ ๐๐๐ฅ๐ฆ๐จ๐ง ๐๐๐ซ๐ค๐๐ญ ๐ฐ๐ก๐ข๐ฅ๐ ๐๐จ๐ซ๐ฐ๐๐ฒ ๐๐๐๐๐ฌ ๐๐ก๐๐ฅ๐ฅ๐๐ง๐ ๐๐ฌ ๐ฐ๐ข๐ญ๐ก ๐๐ข๐ฌ๐ก ๐ก๐๐๐ฅ๐ญ๐ก.
Chile has taken the lead in global farmed salmon supply, overcoming obstacles like mass algal bloom mortalities and maintaining profitability. In 2020, Chile harvested over one million metric tons of salmon, marking its highest production value since 2007, according to Salmon Chile, a Chilean trade body. Notably, farmed salmon production utilizes significantly less water and has a much lower carbon footprint compared to livestock.
The industry made strides in sustainability by partnering with the Monterey Bay Aquarium in 2019 to reduce antibiotic usage by 25% by 2050. By 2020, the industry had already lowered its antibiotic use rate to 298 grams per metric ton of biomass harvested, down from 621 grams per metric ton in 2016, representing a 14.6% decrease from 2019.
In contrast, Europe, particularly Scotland, experienced slower production growth during the same period. Norway, facing regulatory constraints and challenges with sea lice, also saw relatively sluggish production growth over the past two years, despite a 3.5% increase in total salmonid harvest quantity in 2020 compared to 2019.
Norway's salmon industry successfully advocated for significant changes in soy supply chains, ensuring a 100% deforestation- and conversion-free soybean value chain by 2020, implemented by all Brazilian soy suppliers to the Norwegian salmon farming industry.
Chile's salmon farming sector has seen promising developments, with reduced production costs and improved biological conditions at farms leading to higher harvests even surpassing those of Norway. This success is driving efforts to explore new farming approaches, particularly those focused on closed containment technologies both on land and at sea. Additionally, new aquaculture operations are emerging in various geographically dispersed countries like Iceland, the Russian Federation, and China, promising further growth in the industry.
๐๐ง๐๐ซ๐๐๐ฌ๐ข๐ง๐ ๐๐๐ฆ๐๐ง๐
Salmon is a popular seafood choice globally due to its taste, nutritional value, and versatility in culinary applications. The growing preference for healthy and protein-rich foods could drive increased demand for salmon products.
๐๐ฑ๐ฉ๐๐ง๐ฌ๐ข๐จ๐ง ๐จ๐ ๐๐ช๐ฎ๐๐๐ฎ๐ฅ๐ญ๐ฎ๐ซ๐
Much of the salmon consumed worldwide is produced through aquaculture. Continued investment and advancements in aquaculture technology may lead to increased salmon production, meeting the rising demand and contributing to market growth.
๐๐ง๐ญ๐๐ซ๐๐ฌ๐ญ๐๐ ๐ญ๐จ ๐๐ซ๐จ๐๐ฎ๐ซ๐ ๐ญ๐ก๐ ๐๐๐ญ๐ ๐๐ง๐ช๐ฎ๐ข๐ซ๐ @ https://www.alliedmarketresearch.com/purchase-enquiry/A12024
๐๐ฑ๐ฉ๐จ๐ซ๐ญ ๐๐ฉ๐ฉ๐จ๐ซ๐ญ๐ฎ๐ง๐ข๐ญ๐ข๐๐ฌ
Salmon-producing countries such as Norway, Chile, and Canada often export significant portions of their salmon production. Continued demand from both domestic and international markets could drive market expansion.
๐๐๐๐ฅ๐ญ๐ก ๐๐๐ซ๐๐๐ฉ๐ญ๐ข๐จ๐ง
Salmon is widely recognized as a healthy food choice due to its high omega-3 fatty acid content and other beneficial nutrients. As health-conscious consumers seek out nutritious options, the demand for salmon may increase.
๐๐ซ๐จ๐๐ฎ๐๐ญ ๐๐ง๐ง๐จ๐ฏ๐๐ญ๐ข๐จ๐ง
The salmon industry continues to innovate with new product offerings, such as value-added salmon products, convenient meal solutions, and sustainable packaging. These innovations could attract new consumers and drive market growth.
According to the global salmon market analysis, in 2020, Asia-Pacific dominated the market, garnering around 38.9% of the total salmon market share, followed by Europe. In Asia-Pacific, the salmon market is growing significantly, owing to increasing consumer awareness in the region. Salmon is anticipated to gain maximum demand in the region, owing to the higher demand for seafood containing higher nutritional value.
Consumers have become health conscious and are attracted to fish such as bluefin tuna, Chilean sea bass, tilefish, and imported marlin because some of these fish contain too much mercury.
๐๐๐ฒ ๐ฉ๐ฅ๐๐ฒ๐๐ซ๐ฌ ๐จ๐ฉ๐๐ซ๐๐ญ๐ข๐ง๐ ๐ข๐ง ๐ญ๐ก๐ ๐ฌ๐๐ฅ๐ฆ๐จ๐ง ๐ฆ๐๐ซ๐ค๐๐ญ ๐ข๐ง๐๐ฅ๐ฎ๐๐ :
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๐๐๐ค๐ ๐ ๐๐ข๐ซ๐๐๐ญ ๐๐ฎ๐ซ๐๐ก๐๐ฌ๐ @ https://www.alliedmarketresearch.com/salmon-market/purchase-options
๐๐ญ๐ก๐๐ซ ๐ง๐จ๐ญ๐ข๐๐๐๐๐ฅ๐ ๐ฉ๐ฅ๐๐ฒ๐๐ซ๐ฌ ๐ข๐ง ๐ญ๐ก๐๐ฌ๐ ๐ฆ๐๐ซ๐ค๐๐ญ๐ฌ ๐๐ซ๐ :
๐๐จ๐จ๐ค๐ ๐๐ช๐ฎ๐๐๐ฎ๐ฅ๐ญ๐ฎ๐ซ๐
๐๐ฎ๐ฅ๐ญ๐ข๐๐ฑ๐ฉ๐จ๐ซ๐ญ
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๐๐๐ฒ ๐๐ข๐ง๐๐ข๐ง๐ ๐ฌ ๐จ๐ ๐ญ๐ก๐ ๐ฌ๐ญ๐ฎ๐๐ฒ
Market Value: The salmon market was valued at $50,170 million in 2020 and is expected to reach $76,297.8 million by 2028, with a compound annual growth rate (CAGR) of 3.7% during the forecast period.
Fastest Growing Segment: The coho salmon segment is projected to witness the fastest growth, with a CAGR of 5.9% during the forecast period.
End Product Type: In 2020, the fresh salmon segment accounted for 54.6% of the global salmon market share, with a value of $27,439.9 million.
Regional Analysis: In 2020, the U.S. emerged as the most prominent market in North America. It is estimated to reach $2,012.5 million by 2028, growing at a CAGR of 2.8% during the forecast period.
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Allied Market Research (AMR) is a full-service market research and business consulting wing of Allied Analytics LLP, based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view of providing business insights and consulting to assist its clients in making strategic business decisions and achieving sustainable growth in their respective market domains.
We have professional corporate relations with various companies, and this helps us dig out market data that helps us generate accurate research data tables and confirms the utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high-quality data and help clients in every way possible to achieve success. Each and every piece of data presented in the reports published by us is extracted through primary interviews with top officials from leading companies in the domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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Allied Market Research
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