Salmon Feed Market Size, Share, Growth, And Industry Analysis, By Type (Roof Configuration, Wall Configuration), By Application (Commercial Buildings, Residential Buildings, Agricultural Buildings, Other), Regional Forecast to 2029

Updated On: 15 April 2024

Report Overview

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The global salmon feed market size expanded rapidly in 2022. The global COVID-19 pandemic has been unprecedented and staggering, with the salmon feed market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. As per our research, the market is expected to generate substantial revenue by 2029, exhibiting a high CAGR during the forecast period. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

A typical definition of salmon feed is an oily fish that is high in proteins and omega-3 fats. On the global market, farmed Atlantic salmon predominates, while wild-caught Pacific salmon is the majority. There are numerous types of salmon, including coho, pink, chinook, red, and silverbrite. Due to the health advantages, it offers, including a decreased risk of heart disease, maintenance of a healthy weight, and bone growth and development, salmon demand is rising quickly on a global scale.

COVID-19 Impact: Interruption in Supply Chains to Deplete Market Growth

The COVID-19 outbreak had a detrimental effect on the salmon business and presented hitherto unheard-of difficulties for several nations. As hotels and other eateries were compelled to close as a result of lockdowns and social isolation in the initial phases of the worldwide outbreak, salmon producers noticed a decline in the market for their products. This led to a fish excess and a price decline, which presented serious financial difficulties to numerous salmon farmers.

Additionally, because of the pandemic's disruption of supply systems, it was difficult for salmon producers to ship their goods to markets. The industry's capacity to export fish to foreign markets was further impeded by travel bans and border closures, which resulted in considerable revenue losses. Hence, the salmon feed market suffered but is predicted to gain advancement during the forecasted timeframe.

Latest Trends

"Increase in Sedentary Lifestyle to Intensify Market Magnification "

Numerous factors, including sedentary lifestyles, rising income levels, the frequency of chronic diseases, and growing health and wellness awareness, are causing changes in individual consumption patterns of salmon feed. They are focusing on lowering or eliminating foods high in carbohydrates from their daily diets and increasing their intake of meals high in protein. As a result, spaghetti, dishes such as salads, hamburgers, tartar sauce, and numerous other foods that are a regular part of their diet are increasingly made with salmon. A wide range of value-added products are also being produced by manufacturers, including salmon spreads, oils, salmon delicacies, canned salmon, frozen salmon, and salmon smoked products.

Segmentation

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• By Type Analysis

According to type, the market can be segmented into general feeds, compound feeds

General feeds are the leading part of the type segment

• By Application Analysis

According to application, the market can be segmented into indirect sales, direct sales

Indirect sales are the leading part of the application segment

Driving Factors

"Low-Input Aquaculture to Boost Market Share "

There are significant concerns about whether the supply of food can increase sustainably as global demand for it rises. Therefore, increasing the production of food crops derived from land is difficult due to diminishing yield rates and competitiveness for limited water and land resources. Additionally, low-input aquaculture is used worldwide to feed people and diversify salmon farmers' sources of income.

Salmon and other fish maintain their individual populations by feeding on the natural production of small ponds with the addition of composted domestic vegetable waste. Additionally, salmon farming can provide a special contribution to economics and nutritional levels when paired with the growing of vegetables and cereal crops. Therefore, with the low-input aquaculture the salmon feed market share will boost during the forecasted timeframe.

"Pink Salmon Segment to Expand Market Forwarding"

The pink salmon segment had been the most significant contributor to the salmon feed market growth, with a value of $13,402.7 million within 2020, and is projected to maintain the market's importance during the forecast period. This is because pink salmon has less fat than other types of salmon, making it a popular choice among consumers in the salmon market. Additionally, it gets 64 percent of its energy from protein, which is essential for fetal and childhood development and growth as well as for the making, mending, and maintenance of cells.

Restraining Factors

"Limited Ability to Transfer Heat to Deplete Market Advancement "

However, a few things could prevent the salmon industry from expanding further. One significant barrier to the market's expansion is the exposure of animal abuse at farms and slaughterhouses. Additionally, it is anticipated that the vegan population would increase dramatically globally. People may become vegans as a result of the education campaigns run the NGOs like PETA about animal rights and welfare. During the projection period, this poses a serious danger to the salmon market all over the world.

Regional Insights

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"Rising Salmon Farming to Foster Market Growth in Europe "

Due to a rise in salmon farming in Norway, Russia, the UK, and Ireland, Europe holds the largest proportion of the worldwide salmon feed market. Market growth is being fueled by new product launches, market competitors entering Europe, and rising consumer demand for salmon. The market for salmon feed is being driven by an increase in the region's salmon output, business-strengthening mergers and acquisitions among market participants, and an increase in the prevalence of various diseases.  Because more aquaculture producers are using salmon feed, more research is being done to create new products, and more salmon is being traded, Europe has a significant market share.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

The analyst provides a comprehensive picture of the market through the study, synthesis, and summarization of data from various sources, as well as an examination of important variables such as financial gain, sales prices, competition, and promotions. It identifies the key industry influencers and presents various market facets. The information provided is thorough, reliable, and the result of extensive primary and secondary research. The market report provides a comprehensive competitive landscape as well as an in-depth vendor evaluation methodology and analysis based on both qualitative and quantitative studies to accurately forecast market growth.

The reports cover important advances with in market, as well as inorganic and organic growth strategies. Various companies are concentrating on organic business expansion such as product announcements, product approvals, and other things like patents and events. Acquisitions, partnerships, and collaborations were among the inorganic growth strategies observed in the market. The above activities have paved the way for market participants to expand their business and customer base. With the growing demands for filter products in the international market, market participants in the market are expected to benefit from substantial growth opportunities in the near future.

List of Market Players Profiled

• BioMar Group (Denmark)
• Cargill (U.S.)
• EWOS (Germany)
• Skretting Averoy (Norway)
• Ridley (Australia)
• Salmofood (Chile)

Report Coverage

The industry's growth was significantly influenced by the tactics employed by market participants in recent years, such as extensions. The report provides details and information on the companies and their interactions with the market. The data is gathered and published through appropriate research, technological advancements, expansions, and expanding machinery and equipment. Other criteria considered for this market are the firms that develop and provide new products, the areas in which they operate, mechanisation, innovative techniques, making the most money, and using their products to have a large social impact. This analysis examines the global and regional effects of the outbreak mostly on the market. The study describes the market share features, and market growth by type, industry, and customer sector.

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.