Smoked Salmon Market - Forecast(2023 - 2028)

Smoked Salmon Market Overview

Smoked Salmon Market Size is estimated to reach $7.6 billion by 2027. Furthermore, it is poised to grow at a CAGR of 5.4% over the forecast period of 2022-2027. Smoked Salmon is the preparation of salmon fish or typically its fillets that have been cured and hot or cold smoked. The smoking process increases the flavour and texture of the fish. Salmon is best source for long chain omega-3-fatty acids, eicosapentaenoic acid (EPA) and docosahexaenoic acid (DHA). The salmon has various nutritional advantages as it is rich in omega-3 fatty acids, proteins, vitamins, selenium and potassium which can lower the high blood pressure and heart disease risk. Further the millennials demand for tasty meals that offer nutritional benefits due to their growing health consciousness. The growing trend of consuming organic food products as they are free from harmful chemicals as well as are sustainable has led the manufactures to introduce organic Smoked Salmon. The Smoked Salmon industry has been driven by the growing demand for processed meals that are both convenient and healthy, as a result of consumers' busy lifestyles. Salmon is a nutrient-dense fish that is widely consumed in smoked form, either on its own or as part of a culinary preparation. In addition, the increased demand for seafood, which has a great taste and nutritional value, has assisted market expansion.

Salmon contains potassium, which aids in blood pressure control and fluid retention prevention and contain selenium, a mineral that may help with bone health, thyroid function, and cancer prevention. Increased demand for ready to eat food, as well as brand awareness advertising by manufacturers, are the fundamental reasons driving the Smoked Salmon sector during the forecast period 2022-2027.

Smoked Salmon Market Report Coverage

The report: “Smoked Salmon Market Forecast (2022-2027)", by Industry ARC covers an in-depth analysis of the following segments of the Smoked Salmon Market.

Key Takeaways

• Geographically, North America held a dominant market share in the year 2021 to rise in the demand for Smoked Salmon in commercial food industry. However, Asia-Pacific is expected to offer lucrative growth opportunities over the forecast period owing to factors such as rising consumption patterns, growing consumer needs, and others.
• As a consequence of reasons such as expanding customer interest in trying new nutritious foods and eating on international cuisines, the demand for cold Smoked Salmon has increased substantially. Bleiker's smoke-house in the United Kingdom launched a new brand identity in December 2019 to 're-invigorate' the smoke fish category and attract young consumers. Manufacturers' increasing awareness of the health benefits of Smoked Salmon will help to the market's growth during the forecast period of 2022-2027.
• However, Smoked Salmon products include moderate levels of mercury and pollutants, which is harmful and is projected to limit the Smoked Salmon Market's growth throughout the forecast period.
• A detailed analysis of strengths, weaknesses, opportunities, and threats will be provided in the Smoked Salmon Market Report.

However, Hot Smoked Salmon Market is expected to increase with a CAGR of 6.9%, over the forecast period 2022-2027. Due to it is fresh & smoked at 120-degree Fahrenheit and consumed within 48 hours. Also growing health-conscious consumers like to consume fresh food & restaurants serving hot Smoked Salmon in many dishes which support growth of market. JCS Fish introduced organic Smoked Salmon from a new certified smoke-house in the UK in September 2019, according to demanding organic standards as well as current high-care manufacturing and hygiene standards. Such developments by Key players also leads Smoked Salmon Market over forecast period.

Smoked Salmon Market Segmentation Analysis - By Distribution Channel

Smoked Salmon Market based on distribution channel can be further segmented into Supermarkets, Hypermarkets, E-commerce websites and Others. E-Commerce held a dominant market share in the year 2021 and is also expected to grow with a CAGR of 7.3%, over the forecast period 2022-2027. From past few years increase use of social networking sites, use of digital marketing and number of E-commerce websites propel market growth due to doorstep availability, rates & review of other customer helping decision to purchase or not, time bonded delivery, easy payment methods like credit or debit card, UPI, options like cash on delivery, discounts & brand promotion by manufactures leads E-commerce. Online E-commerce websites like amazon, big basket, flipkart, Instacart, kaufland & others held E-commerce market in very short time. Worldwide digital buyers increased from 1.32 billion to 2.14 billion from 2014 to 2021 that is 27.6 % of world population. One out of four people prefer online shopping which estimated to fuel the market growth.

Smoked Salmon Market Segmentation Analysis - By Geography

The Smoked Salmon Market based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America, and the Rest of the World. North America held dominant market share of 37% in 2021 due to the rising tendency of consumers, particularly millennials, towards convenience food, North America is likely to see strong growth in the market. In addition, Smoked Salmon is known in the region as 'Nova,' and is popularly served as a dish with red onion, lemon, and capers. Due to the general rise in per capita consumption of Smoked Salmon in Europe, the market is expected to develop moderately.

However, Asia-Pacific is estimated to be the fastest-growing over the forecast period 2022-2027. Asia-Pacific is the fastest-growing market for salmon sausages, owing to various health benefits of salmon, including proper cell function, including the nervous system, cell formation, repair, and maintenance, and being vital for fetal and infant growth and development. It also helps to keep the body's calcium and phosphorus balance in control, which is important for bone health. It is expected to grow at a promising rate in the Asia Pacific region, leading to an increase in several health issues such as obesity, systemic inflammation, and the risk of developing atherosclerosis, hypertension, and stroke. People in countries like China and India are changing their eating habits. As a developed region, there have been several technical advancements and advances in manufacturing processes which leads market over forecast period.

Smoked Salmon Market Drivers

The Rising Demand for Processed Fish Products to Aid in Market Growth.

Salmon is best source for long chain omega-3-fatty acids, eicosapentaenoic acid (EPA) and docosahexaenoic acid (DHA) which is known for its health benefits like inflammation, lowering blood pressure to minimize risk of cancer & improving cell function of arteries. Nearly half of the U.S. population or nearly 116 million people suffer from hypertension. ‘Astaxanthin’ anti-oxidant found in salmon is beneficial for heart, brain, nervous system & skin health. Salmon is also consumed to balance weight, it reduces appetite, boost metabolic activity, & decrease belly fat. Due to processed foods grew in popularity as a result of health consciousness of consumers. That rising demand for processed fish is likely to be a major driver of market expansion.

Busy Lifestyle & Ready to Eat Food Trend Is Propelling the Market Growth.

The demand for Smoked Salmon is increasing in developed & developing countries due to busy lifestyle of peoples. As per Bureau of Labour Statistics, Americans work nearly 34.4 hours a week, with people in the age group of 25-54 contributing nearly 40.5 hours/week, thereby forming a critical segment for the market. Smoked Salmon does not need any extra cooking due to it cooked when it is smoked which make it ready to eat food & become most popular in developed countries. Sea bear offered Ready to Eat Salmon, which is fully cooked, boneless from non- GMO plant of company. Most of salmon consumed in France, Japan, the U.S. & Europe. Ready to eat salmon reduce time & energy of buyer to cook meal. Variety of combinations is likely to be with Smoked Salmon. Global competitors provide Smoked Salmon in different types of taste & packaging will also lead Smoked Salmon growth in market.

Smoked Salmon Market Challenges

High Price of Smoked Salmon is Posing Challenges to the Market Growth.

Salmon is most popular fish in world, also it is easiest fish to cook & eat & have many more health benefits the demand of salmon fish in market is always very high than supply, this is one of the reason behind high price of salmon. Due to its popularity most of its habitat where they live in get destroyed by overfishing, which lower its supply in market. Fishing of wild salmon is most difficult than farm salmon. Wild salmon gives great flavour due to hormonal changes in ocean, that can’t in comparison with farm salmon. Also, number of laws to protect salmon from overfishing make it even more difficult to caught.  Additionally, salmon prices to remain strong for the next three years, driven by a combination of low supply growth and increased demand as economies rebound from the COVID-19 pandemic. While the Russian invasion of Ukraine has had only a moderate impact on demand, nonetheless, will drive increased costs. The prices have touched EUR 7.9 in April 2022, from the YoY value of Euro 5.95.

Smoked Salmon Industry Outlook

Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Smoked Salmon Market. The top 10- Smoked Salmon Market companies are-

1. Marine Harvest
2. Salmones Camanchaca
3. Lerøy Seafood Group
4. Delpeyrat
5. UAB Norvelita
6. Meralliance
7. TSIALIOS
8. Grieg Seafood
9. Gottfried Friedrichs KG
10. Acme smoked Fish Corp.

Recent Developments

• In April 2022, International food conglomerate IFF-DuPont is teaming up with Israeli foodTech start-up SimpliiGood by Algaecore Technologies LTD. to develop the first commercial Smoked Salmon analog made entirely from a single ingredient: whole fresh spirulina. The company is climate protection-oriented, growing its spirulina in the desert under controlled, ideal conditions.
• In February 2022, Grieg Seafood BC Ltd announced its Gold River Hatchery Expansion Project is near completion. The project is capitalised with %25 million that will help to double facility’s smolt capacity and allow company to explore fishes in hatchery for longer time; it also reduce time required to mature fish compared to ocean.
• In October 2021, Camanchaca Chile seafood company launched new consumer brands ‘Unico’ to capture domestic Chile market. It launched in wholesale & retail outlets in regional supermarkets, as well as company online point of sales.
• In October 2020, Meralliance completed its expansion of 1200m² at Quimper based (Finistere) factory in France. Now the site area after expansion is 12000 m². Company doubled it production workforce in high season. The expansion is with aim to optimize the industrial performance of company.

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