The global Frozen Smoked Salmon market is expected to witness a market value of US$ 2.4 Billion in 2023 and is expected to accumulate a market value of US$ 4.8 Billion by registering a CAGR of 6.9% in the forecast period 2023 to 2033. The Frozen Smoked Salmon market registered a CAGR of 3.2% in the historical period 2018 to 2022. Factors such as the rising customer interest for trying new nutritious foods and dining on foreign cuisines, as well as increasing growth of the fishery and food processing industries, are expected to boost the market growth over the analysis period.
As per Future Market Insights - market research and competitive intelligence provider, the global market value for Frozen Smoked Salmon has been flourished. One of the major factors that is expected to accelerate the market growth includes rising demand for healthy food products. With increasing awareness about health and wellness, consumers are increasingly seeking healthy and nutritious food products. Frozen smoked salmon is considered a healthy food option as it is a rich source of omega-3 fatty acids, which have numerous health benefits, including reducing the risk of heart disease, improving brain function, and reducing inflammation.
Seafood consumption is on the rise globally, and smoked salmon is one of the most popular seafood products. Smoked salmon is versatile and can be used in various dishes such as sandwiches, salads, and appetizers. Moreover, it has a longer shelf life compared to other seafood products, which makes it a popular choice for consumers. Hence, the growing popularity of seafood is another major factor that is expected to boost the market growth in the near future.
With changing lifestyles and busy schedules, consumers are increasingly opting for convenience food options. Frozen smoked salmon is a convenient food option as it can be stored for a longer period and can be easily cooked or consumed without any hassle. This factor is projected to escalate the market growth during the forecast period.
The market growth is also driven by factors such as the growing trend of online food delivery. Consumers can easily order frozen smoked salmon online and get it delivered to their doorstep. This factor is anticipated to create lucrative avenues for the growth of the frozen smoked salmon market in the forthcoming years.
Furthermore, the retail industry is expanding globally, and this with this expansion, the frozen smoked salmon is becoming more accessible to consumers, which is driving the demand for the product. In addition, with advancements in technology, packaging and freezing techniques have improved significantly. This has resulted in better preservation of the quality and freshness of frozen smoked salmon. The improved quality and freshness of the product are driving the demand for frozen smoked salmon market during the analysis period.
On the regional end, the Frozen Smoked Salmon market in North America is expected to account for the maximum share during the analysis period. The United States is the largest market for frozen smoked salmon in North America, and it is expected to continue to dominate the market during the forecast period. Factors such as the increasing demand for healthy and nutritious food products, and the increasing popularity of seafood, are stimulating the regional market growth.
On the other hand, the Frozen Smoked Salmon Market in Asia Pacific is witnessing significant growth in recent years, driven by factors such as the increasing demand for seafood products, rising health awareness, and growing popularity of convenience food products. Moreover, the expansion of the retail industry, and the growing trend of online food delivery are also fueling the regional market growth.
Recent developments in the technology, mergers and acquisitions, and partnerships within the companies involved in the designing of Frozen Smoked Salmon are expected to create lucrative opportunities for the market growth over the analysis period.
For instance, in March 2021, Bakkafrost, a salmon farming company based in the Faroe Islands, announced the launch of a new line of frozen salmon products, including frozen smoked salmon. The products will be sold under the company's Bakkafrost brand.
Subsequently, in February 2021, Mowi ASA, a Norwegian seafood company, announced the launch of a new range of smoked salmon products. The new range includes hot smoked salmon, cold smoked salmon, and gravadlax.
| Data Points | Key Statistics |
|---|---|
| Expected Market Value in 2023 | US$ 2.4 Billion |
| Projected Market Value in 2033 | US$ 4.8 Billion |
| Growth Rate (2023 to 2033) | 6.9% CAGR |
Frozen smoked salmon is a kind of salmon prepared predominantly from a fillet that has been cured and smoked. Smoked salmon is often considered a delicacy due to its relatively high price. Despite the fact that smoked salmon is sometimes referred to as lox, the two are distinct things.
About 85 grams of frozen smoked salmon has about 660 mg of sodium, while an equal amount of fresh cooked salmon has about 50 mg which makes it preferable over other salmon. Smoked salmon also has nitrates and nitrites, which are by-products of the smoking process. Due to these high nutrients content is frozen smoked salmon is expected to witnesses a high demand in the forecasted period.
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The frozen smoked salmon demand has grown significantly as a result of factors such as rising customer interest in trying new nutritious foods and dining on foreign cuisines. Frozen smoked salmon is high in B vitamins and selenium, which help the immune system work properly and resist damage to cells and tissues, and vitamin D, which helps to control calcium and phosphate levels in the body, which is essential for strong bones and teeth. This can also help to improve the immune system's normal function.
Frozen smoked salmon is gaining traction among customers and the HoReCa sector as a result of all of the above mentioned advantages, which is finally boosting the demand. The high cost of these items, on the other hand, may limit the growth of the smoked salmon market. Nonetheless, with the steady growth of the fishery and food processing industries, business players have opportunities to invest in this market.
Salmon is a ray-finned fish species present in the North Atlantic and Pacific Oceans, belonging to the Salmonidae tribe. Since frozen smoked salmon is rich in calcium, iodine, vitamin D, vitamin B3, zinc, phosphorus, and omega-3 fatty acids, it is widely consumed around the world.
Since it is one of the primary sources of eicosapentaenoic acid (EPA) and docosahexaenoic acid (DHA), it has a number of health benefits, including reducing inflammation, lowering blood pressure, and improving the efficiency of the cells that line the arteries.
Salmon is used in a number of dishes, including sushi, salads, tartar, sandwiches, and pasta. These health benefit factors of frozen smoked salmon are fueling the market growth around the world.
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Because of the rising tendency of consumers, especially millennials, towards convenience food, North America is expected to see substantial growth in the industry owing to leading consumers like the USA and Canada. In addition, frozen smoked salmon is known in the USA and Canada as "Nova" and is widely served as cuisine with red onion, ginger, and capers.
Manufacturer in these regions is introducing organic frozen smoked salmon as they are free from harmful chemicals as well as are sustainable and hence has better demand.
Due to the rise in per capita consumption of smoked salmon in Europe, the demand is expected to expand moderately. Germany is the world's largest consumer of frozen smoked salmon, followed by the United Kingdom and France. In 2018, the three countries listed above accounted for 39 percent of overall frozen smoked salmon consumption in Europe, boosting the product's regional sales efficiency.
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Some of the major manufacturers and suppliers of frozen smoked salmon are:
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments.
The report also maps the qualitative impact of various market factors on market segments and geographies.
Food and Beverage
September 2023
REP-NF-243
315 pages
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Frozen Smoked Salmon Market
