Webinar: Global Smoked Salmon Market - Statistics, Trends, and Outlook
Join our live webinar to get insights into the global smoked salmon market.
We are hosting a 40-minute live webinar on the global smoked salmon market.
Join us to get the main macroeconomic statistics around the production and trade, and talk over the challenges of coronavirus and the nearest future of the market.
We invite speakers from the industry to share their thoughts on how they are going through this difficult time.
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In early 2020, however, the global economy entered a period of the crisis caused by the outbreak of the COVID-19 pandemic. In order to battle the spread of the virus, most countries in the world implemented quarantine measures that put on halt production and transport activity, which undermined economic growth heavily throughout the world. Large-scale quarantine measures constitute the key disruptive factor, due to which production dropped across almost every industry and entire economic sectors are closed, such as catering, non-food retail, and personal services.
The shutdown of the HoReCa sector led to a significant decrease in the production of bakery and Japanese fish dishes, which overall depresses the demand for smoked salmon. Moreover, in the context of falling incomes, consumers primarily tend to exclude non-staple goods from purchases, which include smoked salmon. Thus, a sharp drop in household incomes is a powerful factor that will restrain the smoked salmon market in the medium term.
On the other hand, given the reduction in the number of visits to shops and malls, consumers started to cook more at home. This promotes the demand for food home cooking ingredients, as well as for ready-to-eat products. Smoked salmon fits those requirements as it is typically sold ready for consumption and it could be stored for a certain period of time.
Accordingly, retail packaging adapted to different consumption situations becomes more popular: family packages, single person packages of various shapes and dimensions, snack packages, etc. People are less likely to visit stores, therefore the packaging with increased capacity may become more suitable. Given the limitations of the HoReCa sector and the reduced number of visits to traditional malls and shops, online retail is becoming a more important channel for the sale of food products. Moreover, contactless delivery becomes a ‘must-have’ option for retail services.
The high dependency of the smoked salmon market on international trade means that the lower transport activity and the possible disruption of smoked salmon supply chains are serious threats to the market. Thus, smoked salmon imports dropped to $1.7B in 2019 (IndexBox estimates). The total import value increased at an average annual rate of +6.9% over the period from 2012 to 2019.
We are brand builders to the seafood sector with a focus and experience in creating and executing commercial strategies for seafood producers accessing the North American market. Our wholesale division handles procuring and distributing fresh and frozen fish from around the world with a special focus on farmed salmon.
Market Analyst, Editor
For over 10 years now, IndexBox has been conducting market research, completing consulting work, and selling reports.
Managing Director, Board Member
Lerøy Seafood Group is a world-leading seafood corporation with a history reaching back to 1899. The Group´s core business is the production of salmon and trout, catches of whitefish, processing, product development, marketing, sale, and distribution of seafood. Every single day, all year round, our 4,500 employees deliver seafood corresponding to five million meals. We have an extensive range of sustainable, healthy products served on tables in more than 80 different countries.