Salmon competed by alternative proteins in the established markets
Salmon have seen an increased demand in the global market as it was promoted as a healthy and sustainable product. Nevertheless, the competition for the centre of the plate is getting tougher as the consumer trends that favoured salmon also favour the new range of alternative proteins, according to a recent Rabobank analysis.
Three factors have contributed to the growth of salmon demand so far, and can support further growth:
1. consumer trends favouring salmon consumption,
2. unique features of the salmon supply chain compared with other seafood categories,
3. growth strategies through new markets and new value-added products.
Salmon prices have been volatile but generally increasing and, despite this, the industry has managed to gain consumers in new markets in developed and emerging economies, even if some consumers in the established markets have turned to alternative proteins.
"For the foreseeable future, Rabobank expects strong salmon demand to continue, which will keep prices at their current highs. However, we don’t anticipate the high prices to be sustainable in the long run", explains Beyhan de Jong, Associate Analyst – Seafood at Rabobank.
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