Smoked Atlantic Salmon Market Size, Share, Growth, and Industry Analysis, By Type (Hot Smoking, Cold Smoking & Others), By Application (Food Service Sector, Retail Sector & Others) and Regional Insights and Forecast to 2031

Updated On: 20 November 2023

SMOKED ATLANTIC SALMON MARKET REPORT OVERVIEW

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The global smoked Atlantic salmon market size expanded rapidly in 2022 and the market is projected to grow substantially by 2029, exhibiting a prodigious CAGR during the forecast period.

Smoked salmon is a kind of smoked seafood. It is commonly eaten for breakfast, although it can also be used in salads or sandwiches. Smoked salmon is typically produced from Atlantic salmon. The fish is filleted and then cured in a brine solution (salt water) for many hours. After that, it is either cold-smoked or hot-smoked. The rising demand for smoked salmon in the food service and retail sectors is driving market expansion. North America leads the global smoked salmon market, followed by Europe, Asia Pacific, Latin America, and the Middle East and Africa.

COVID-19 Impact: Pandemic Caused Closure of Food service and Export Challenges Restrained the Market Growth

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

Due to lockdowns and social distancing measures, many restaurants, hotels, and catering services were closed or operated at reduced capacity. The closing of the food service sector resulted in a considerable decrease in demand for seafood products, especially smoked Atlantic salmon, which is frequently popular at restaurants and hotels. International trade is critical to the seafood business. Travel restrictions, border closures, and shifting rules in several nations made shipping fish goods difficult, impacting the global market for smoked Atlantic salmon.

LATEST TRENDS

"Declining Yield Rates, Scarce Land and the Low-Input Aquaculture to Diversify the Market Growth"

Global food consumption is increasing, and serious uncertainties remain about whether supply can keep pace. As a result of diminishing yield rates and competition for restricted land and water resources, scaling up production of land-derived food crops is difficult. Furthermore, low-input aquaculture around the world is oriented on providing food and revenue diversity for salmon farmers. Salmon sustain their own populations by feeding on the natural productivity of tiny ponds supplemented by domestic vegetable wastes and composts. Furthermore, salmon farming, when combined with the development of cereal crops and vegetables, has the potential to make a significant contribution to the economics and nutritional levels. Furthermore, the contribution of seafood to global food supply will be determined by a variety of ecological, economic, policy, and technical factors that support the growth of the salmon market.

SMOKED ATLANTIC SALMON MARKET SEGMENTATION

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• By Type

Based on type the global market can be categorized into hot smoking, cold smoking & others.

The majority of smoked salmon is cold smoked, usually at 37 °C (99 °F). Because cold smoking does not cook the fish, it has a delicate texture. Although some smoke houses intentionally go for a 'oaky' style with lengthy exposure to smoke from oak chips, industrial manufacture prefers less exposure to smoke and a blander style with cheaper woods. Hot smoking, which is commonly employed for both salmon and trout, 'cooks' the salmon, leaving it less moist, harder, and with a less delicate taste. It can be eaten cold smoked salmon style, or blended with salads or pasta.

• By Application

Based on application the global market can be categorized into food service sector, retail sector & others.

During the projection period, the food service industry segment is expected to develop at the fastest CAGR. The growing demand for smoked salmon in restaurants, hotels, and catering services is propelling this industry forward. Smoked salmon is a popular delicacy throughout the world, and it is frequently served as an appetiser or main meal. It can be eaten alone or topped with cream cheese, sour cream, or other ingredients. During the projected period, the retail sector segment is expected to increase at a faster rate. This expansion can be ascribed to the convenience with which products are available, as well as an increase in consumer knowledge of the health benefits connected with the intake of smoked salmon. Another key element fueling the expansion of this market is the large selection of products offered in the retail sector.

DRIVING FACTORS

"Rising Disposable Income and Demand for Frozen Food to Raise the Market Sales"

Growing health consciousness, sedentary living patterns, rising obesity among the population, and increased disposable money are the reasons driving demand for salmon fish. Consumers are more concerned with including protein-rich foods in their diets, thus salmon is utilised in the manufacture of a variety of food products such as pasta, patties, burgers, and rice meals.Furthermore, as the working population grows, so does the demand for frozen and canned salmon. The busy and chaotic lifestyle has resulted in the rise of ready-to-eat food products.a

"Health Benefits Offered to Solidify and Rupture the Market Growth"

Salmon is usually referred to as an oily fish high in protein and omega-3 fatty acids.Because of the health benefits it gives, such as reduced heart disease, controlling body mass index, and bone growth and development, global demand for salmon is fast expanding.

RESTRAINING FACTORS

"Vegan Culture and Revelation of Cruelty Acts on Animals to Potentially Impede Market Growth"

There are few reasons that may limit the salmon market's future growth. One significant barrier impeding market growth is the exposure of animal cruelty at animal farms and slaughterhouses. Furthermore, the vegan population is growing and is predicted to grow dramatically around the world. PETA (People for the Ethical Treatment of Animals) education programmes on animal welfare and animal rights may persuade people to become vegans. During the forecast period, this is a serious threat to the worldwide salmon market. However, the vegan culture and awareness programmes in revelation to cruelty acts on animals to retard the smoked Atlantic salmon market growth.

SMOKED ATLANTIC SALMON MARKET REGIONAL INSIGHTS

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"Europe Dominating the Market due to Growing Popularity and Increased Consumption"

Europe has emerged as the most dominant region in the global smoked Atlantic salmon market share due to several factors. In forecasted period, the revenue share of the global market was dominated by Europe. Due to customers' growing health consciousness, the region is predicted to increase as a result of the growing demand for salmon products, including smoked and canned salmon. Furthermore, during the course of the forecast period, it is projected that regional product demand would be fueled by the increasing popularity of foods high in protein.

KEY INDUSTRY PLAYERS

"Key Industry Players Shaping the Market through Innovation and Market Expansion"

Important industry players have a major impact on the smoked Atlantic salmon market since they are essential in determining market dynamics and consumer preferences. These major firms provide consumers easy access to a vast array of clothing alternatives through their huge retail networks and online platforms. These industry titans also consistently fund R&D, bringing cutting-edge styles, materials, and clever features to smoked Atlantic salmons in order to meet changing consumer demands and tastes. These big businesses' combined efforts have a big impact on the market's future direction and level of competition.

List of Market Players Profiled

• Marine Harvest (Norway)
• Labeyrie (France)
• Lerøy Seafood (Norway)
• Suempol (Poland)
• Thai Union Frozen Products (Meralliance) (Thailand)
• Young’s Seafood (U.K.)
• Salmar (Norway)
• Delpeyrat (France)
• Cooke Aquaculture (Canada)
• Norway Royal Salmon ASA (Norway)
• Grieg Seafood (Norway)
• ACME Smoked Fish (U.S.)

INDUSTRIAL DEVELOPMENT

• November 2022: Cooke paid $1.5 billion to acquire the Australian salmon aquaculture business Tassal.
• September 2020: Acme has bought a majority stake in Norlax A/S, a Danish company that produces smoked fish products, located in Outrup.Adam Caslow, David Caslow, and Emily Caslow, the fourth generation of owners, are currently in charge of Acme Smoked Fish.

REPORT COVERAGE

The report includes a thorough SWOT analysis and offers predictions for market growth in the future. It explores a broad range of market categories and possible applications that might have an impact on the market's trajectory in the upcoming years, as well as key aspects that contribute to the market's growth. The research provides a comprehensive overview of the market's components and identifies possible growth opportunities by taking into account both historical turning points and present trends.