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The hot smoking salmon market size is projected to increase by USD 1.27 billion, at a CAGR of 5% between 2023 and 2028.
Europe has achieved self-sufficiency in fish and seafood production, with rising imports of hot smoking salmon. Major markets like the UK, France, Germany, Italy, and Spain exhibit high consumption rates. Smoked salmon leads, followed by smoked mackerel and smoked trout. Norway, Germany, the Netherlands, Poland, Nigeria, Ghana, and Cameroon are key exporters. Growing health consciousness and awareness of omega-3 benefits drive demand. Organized retail outlets enhance convenience, reflecting global health trends. Consumer forecasts indicate sustained growth in hot smoking salmon consumption.
The market shows an Accelerated CAGR during the forecast period.
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Recent expansions and investments is the key factor driving market growth. Marjet players are implementing in the market are developing various hot smoking salmon products to strengthen their position in the market. For instance, in June 2022, Grieg Seafood ASA completed its Gold River Hatchery expansion project, known as RAS 34. The project capitalized on a USD 25 million investment and the creation of almost 60 full-time site positions at the peak of construction.
Thus, this investment will help double the facility smolt capacity and allow the company to explore fish in the hatchery for longer; it also reduces the time required to mature fish compared to the ocean. Hence, such developments in the market will positively impact the growth of the market during the forecast period.
Packaging innovations benefiting fish product packaging is the primary trend shaping market growth. Proper packaging is necessary to prevent the spoilage of fish and its quality. Moreover, aligned with market trends and analysis, adequate packaging helps to keep hot-smoking salmon fresh throughout the supply chain without compromising the product quality. Furthermore, packaging plays a key role in attracting consumers and increasing the demand for hot smoking salmon in countries such as the US, the UK, Germany, France, Italy, Spain, Portugal, Poland, and Nigeria.
For instance, in February 2020, the company JCS Fish launched plastic-free packaging in the UK made from natural products, including eucalyptus fiber and cassava starch. It is fully recyclable, compostable, biodegradable, and adequate for hot smoking salmon. Therefore, the increasing focus of market players on offering hot smoking salmon in attractive packaging and the packaging innovations is expected to significantly drive market growth during the forecast period.
The high price of hot-smoking salmon will be a major challenge for the market. The demand for salmon fish in the market is always very high compared to the supply rate, as it is the easiest fish to cook and eat due to various health benefits. Thus, it increases the price of hot-smoking salmon, making it very expensive.
Moreover, due to its popularity, most of its habitats are destroyed by overfishing, which lowers the supply rate of hot-smoking salmon in the market. As there is a low supply growth and increased demand from consumers, the price of hot-smoking salmon is expected to remain strong. Hence, it is expected to impede market growth during the forecast period.
As there is an increasing demand for hot-smoking salmon from the food service segment in China, and many food service chains offer affordable hot-smoking salmon to meet the growing demand. Further, there is a growing popularity for hot salmon in many fast-casual and quick-service restaurants across the world. One of the key reasons for the growth of this segment can be attributed to the expansion of fast-casual seafood restaurant chains. The food service segment mainly includes food service establishments such as restaurants, hotels, caterers, and institutional food services (such as schools and hospitals). As the food service segment is a major end-user of hot-smoking salmon, and factors such as increasing demand for convenient and high-quality seafood options are expected to drive market growth during the forecast period.
The offline segment will account for a significant share of market growth during the forecast period. One of the main revenue streams of the offline segment is from the sales of products through hypermarkets, supermarkets, clubhouse stores, department stores, and independent retailers. Due to the preference for online shopping by consumers, there has been a drastic decline in revenue in this segment.
The offline segment was valued at USD 3.39 billion in 2018.
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Furthermore, market players focus on enhancing their sales by expanding their presence in local and regional markets. Due to this decline, players are introducing business and retail strategies such as better pricing strategies and more comprehensive assortments. Thus, such strategies are expected to drive the growth of the offline segment of the market during the forecast period.
Europe is estimated to contribute 41% to the growth of the global market during the forecast period
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Technavio's analysts have provided extensive insight into the market forecasting, detailing the regional trends and drivers influencing the market's trajectory throughout the forecast period. The rise in the demand for processed fish products due to increased imports and exports drives the market in Europe. The UK, France, Germany, Italy, and Spain are the major markets with high hot smoking salmon consumption. Smoked salmon is the most popular category of hot smoking salmon in Europe, followed by smoked mackerel and smoked trout. Norway, Germany, the Netherlands, Poland, Nigeria, Ghana, and Cameroon are the major exporters of hot smoking salmon in Europe. Additionally, the increasing health consciousness among consumers and the healthy living trend in Europe have increased the demand for hot smoking salmon and seafood in this region. Thus, such factors will drive market growth in the Europe region during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market forecasting growth and analysis.
The market growth and forecasting report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Banner Smoked Fish, Bumble Bee Foods LLC, Cooke Aquaculture, Grieg Seafood ASA, JCS Fish, LABEYRIE FINE FOODS, Leroy Seafood Group ASA, Maisadour, Mitsubishi Corp., Mowi ASA, SalMar ASA, SeaBear Smokehouse, South Wind AMERICA, St. James Smokehouse, Suempol Sp.zo .o, Thai Union Group PCL, The Santa Barbara Smokehouse, Trident Seafoods Corp., and Ubago Group Mare SL
The market analysis and report of qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The research report forecasts market research and growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
The hot-smoked salmon market continues to thrive, particularly amidst the evolving landscape of the food industry. Smoked Atlantic salmon remains a staple, gracing breakfast, salads, and sandwiches alike. Despite challenges in export, retail sectors have adapted, especially with the closure of food service venues. Social distancing measures have reshaped the dining experience, impacting restaurants, hotels, and catering services. Nonetheless, seafood products sustain international trade, navigating through travel restrictions and border closures. Innovations in low-input aquaculture address declining yield rates, making the most of scarce land.
Moreover, driving factors include rising disposable income and the growing demand for frozen food, catering to sedentary living patterns and combatting obesity. Consumers seek protein-rich foods beyond traditional boundaries, integrating salmon into pasta, patties, burgers, and rice meals. For the working population, ready-to-eat food products offer convenience without compromising on health benefits like reduced heart disease and controlling body mass index. However, the vegan culture presents restraining factors, highlighting concerns over cruelty acts on animals in animal farms and slaughterhouses.
Hot Smoking Salmon Market Scope |
|
Report Coverage |
Details |
Page number |
161 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5% |
Market Growth 2024-2028 |
USD 1.27 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
4.55 |
Regional analysis |
Europe, North America, APAC, South America, and Middle East and Africa |
Performing market contribution |
Europe at 41% |
Key countries |
US, Japan, Germany, France, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Acme Smoked Fish Holding Corp., Austevoll Seafood ASA, Banner Smoked Fish, Bumble Bee Foods LLC, Cooke Aquaculture, Grieg Seafood ASA, JCS Fish, LABEYRIE FINE FOODS, Leroy Seafood Group ASA, Maisadour, Mitsubishi Corp., Mowi ASA, SalMar ASA, SeaBear Smokehouse, South Wind AMERICA, St. James Smokehouse, Suempol Sp.zo .o, Thai Union Group PCL, The Santa Barbara Smokehouse, Trident Seafoods Corp., and Ubago Group Mare SL |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Distribution Channel
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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