Salmon Market to Generate $76.14 Billion by 2028, States the Report by Allied Market Research

A lead analyst at AMR highlighted the salmon market in Asia-Pacific is anticipated to grow at the fastest CAGR during the forecast period, due to owing to higher demand of seafood containing higher nutrition value.

Allied Market Research published a research report on the salmon market. The findings of the report states that the global market for salmon generated $50.17 billion in 2020, and is projected to reach $76.14 billion by 2028, witnessing a CAGR of 3.7% from 2021 to 2028. The report offers valuable information on changing market dynamics, major segments, top investment pockets, and competitive scenario for market players, investors, shareholders, and new entrants.

The report provides insights on drivers, restrains, and opportunities to help the market players in devising several growth strategies. Rise in fish production for fulfilling the food demand, surge in demand for nutritious diet, and technological advancements in fish harvesting/aquaculture fuel the growth of the global salmon market. On the other hand, adoption of veganism and increase in animal cruelty in animal farms and slaughterhouses impede the growth to some extent. However, breeding activities of salmon to improve quality, evolution in inland fishing, and utilization of sustainable technology in salmon fish farming present new opportunities in the industry.

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The report provides a detailed scenario of the impact of the Covid-19 pandemic on the salmon market globally. The outbreak of COVID-19 gave way to distorted supply chain across world, thereby affecting the global salmon market, especially during the initial stage. However, the pandemic has led to increase in the inclination of people toward having healthier food options, which has boosted the market growth positively.

“the use of monitoring, control and surveillance (MCS), Vessel Monitoring System (VMS), and Automatic Identification System (AIS) in salmon farming are becoming a standard part of fisheries management and fishing operations. Moreover, technologies such as big data, smart weighing at sea, block chain, drones, artificial intelligence, Radio-frequency identification (RFID), and monitoring through smartphones are being used to efficiently and effectively manage various operations. These technologies are also helpful in facilitating sustainable aqua farming practices.” said Aniket Kadam, Senior Research Analyst, Consumer Goods at Allied Market Research.

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The report offers detailed segmentation of the global salmon market based on type, end product type, distribution channel, and region. These insights are helpful for new as well as existing market players to capitalize on the fastest growing and largest revenue generating segments to accomplish growth in the future.

On the basis of type, the pink salmon segment contributed the highest share in 2020, accounting for more than one-fourth of the total market share. Nevertheless, the coho salmon segment is expected to cite the fastest CAGR of 5.9% from 2021 to 2028.

On the basis of distribution channel, the retail stores segment held the highest share in 2020, generating nearly half of the global salmon market. On the other hand, the online sales channels segment is expected to manifest the fastest CAGR of 5.3% from 2021 to 2028.

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Based on region, Asia-Pacific garnered the major share in 2020, holding nearly two-fifths of the global market, and is projected to retain its dominance in terms of revenue by the end of 2028. This region is also expected to showcase the fastest CAGR of 5.2% throughout the forecast period. The report also analyzes regions including North America, Europe, and LAMEA.

The leading market players analyzed in the global salmon market report include Leroy Seafood Group ASA, Mowi ASA, SalMar ASA, Nordlaks, Greig Seafood, Blumar, Salmones Camanchaca, Nova Sea, Cremaq Group ASA, Alsaker Fjordbruk, and Bakkafrost.

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About Allied Market Research:

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 of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting services to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

This release was published on openPR.