Salmon has high nutritional value and is rich in a variety of minerals and trace elements that play an important role in human physiological functions. Besides, salmon is rich in omega-3 high unsaturated fatty acids, which can effectively prevent cardiovascular and cerebrovascular diseases, have a positive effect on brain tissue, and at the same time regulate mental and emotional condition.
Smoked salmon is made by salting and smoking salmon meat to preserve it for a long time. Smoked salmon can be divided into two types: hot-smoke and cold-smoke. Hot-smoked salmon is first salted with a brine of salt, sugar, herbs and chili peppers for several hours and then smoked with wood burning smoke until it is half-cooked. The taste of the smoked salmon varies depending on the recipe of the brine and the species of wood. Cold-smoked salmon fillets tend to be thin. It needs to be salted before smoking, but it must be dry salting then further drained before smoking. After salting for a few hours, it is then smoked for several hours or even days at a controlled temperature of about 30 degrees. Most people prefer cold-smoked salmon. In 2019, the market value of cold-smoked salmon in global smoked salmon sales has reached $4,059.65 million.
Smoked salmon is widely used in food service, including processed foods, restaurants, etc. Smoked salmon is especially popular with luxury restaurants, and guests often have smoked salmon as the main dish. Smoked salmon is also sold in ready-to-use manner in retail stores for the convenience of customers. As people increasingly pursue an efficient and convenient lifestyle, the market shares of retail sectors will further expand, and the market value is expected to reach $3141.92 million.
Global Smoked Salmon Market Status and Prospect Analysis
As smoked salmon is coming into the limelight, more and more companies are getting into the processing and production of salmon. The top three global smoked salmon manufactures are Marine Harvest, Labeyrie and Suempol. In 2019, the revenue market shares of the three major manufacturers were 21.48%, 10.47%, and 6.6%, respectively.
In 2015, the total revenue of the global smoked salmon market was $3632.86 million, and it will increase to $4572.28 million in 2020. It is estimated that by 2025, the value of the smoked salmon market can reach $5696.02 million. From 2020 to 2025, the global smoked salmon is expected to grow at a CAGR of 4.49%.
In Europe, smoked salmon is well-recognized by the society with high sales and output. Moreover, Europe has a developed economy and high consumption level, which is the largest revenue market for smoked salmon, with a market share of 84.77% in 2019. The North American market share is 9.38%, ranking second.
However, in other regions such as China and Africa, the popularity of smoked salmon is low due to social-cultural and other factors, and sales and production shrink as a result. The Asia-Pacific region has a market share of 2.75% in 2019, ranking third in the world. The market share of the Middle East and Africa is only 0.8%. However, with the rise of emerging regions in recent years, the consumption of smoked salmon in some developing countries has gradually increased.
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Opportunities and Challenges in the Global Smoked Salmon Market
Many people are willing to spend money on salmon. With the development of the economy, public living standards are gradually improving and their purchasing power is increasing. More and more people are beginning to have higher requirements for their quality of life. Furthermore, eating salmon plays a role in enhancing brain function, preventing the disease of Alzheimer and vision loss. However, many factors can restrain the growth of the smoked salmon market, such as the high unit price of salmon and the health risks associated with excessive consumption. Some countries and regions are not interested in salmon due to different dietary habits in different regions.
With the development of the times and information technology, it will also bring some opportunities to the smoked salmon market. Firstly, salmon can be promoted as a high-performance product, with more publicity about its benefits to the human body in various aspects and some of its nutrients. Secondly, overseas markets should be actively developed. Because the current market of salmon consumption is mainly concentrated in Europe, there is still a lot of room for development of smoked salmon in other regions. In addition, the rapid rise and development of e-commerce and logistics in the contemporary era has provided many opportunities for the growth of the smoked salmon market. Therefore, it is important to combine online and offline sales of smoked salmon to further open new sales channels.
Some factors will affect the further expansion of smoked salmon market. In recent years by the impact of COVID-19, the overall consumer demand has been significantly reduced, the high cost of transport of seafood has risen, and the emergence of other alternatives has further intensified market competition. Meanwhile, global warming has led to climate changes and natural disasters, which have caused the fluctuations of salmon production and price. However, as the epidemic is gradually brought under control and economic standards and life order are gradually restored, sales of smoked salmon are expected to continue to rise steadily in the coming years.
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