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Global salmon market is expected to experience substantial revenue growth over the forecast period of 2023-2031, increasing from US$ 21,747.7 million in 2022 to a projected value of US$ 32,118.7 million by 2031, reflecting a Compound Annual Growth Rate (CAGR) of 4.6%. Additionally, in terms of volume, the market is expected to grow at a CAGR of 4.2% during the same forecast period.
This growth in revenue and volume is driven by several factors such as increasing demand for healthy and protein-rich food products, rising awareness regarding the numerous health benefits of consuming salmon, and the availability of various value-added products in the market. Furthermore, the expansion of aquaculture and the increasing popularity of aquaponics are also expected to contribute to the growth of the salmon market.
In addition to the aforementioned factors, the global salmon market is also benefiting from the growing popularity of seafood as a preferred choice of protein among consumers, particularly in emerging economies where dietary preferences are shifting towards healthier options. The increasing availability of high-quality and sustainable salmon from reputable sources is also expected to drive market growth, as consumers become more conscious of the environmental impact of their food choices.
Moreover, the rising disposable incomes and changing lifestyles of consumers are leading to an increase in demand for convenience foods, such as ready-to-eat and ready-to-cook salmon products. This trend is expected to continue over the forecast period, as more consumers look for convenient and healthy food options that can be prepared quickly.
Another significant trend that is shaping the salmon market is the increasing focus on sustainable and ethical practices in the fishing and aquaculture industry. This has led to the development of various certifications and labeling programs that assure consumers of the sustainability and quality of the products they purchase. As a result, many producers are adopting sustainable practices and obtaining certifications, which is expected to further drive demand for salmon in the global market.
Growing Demand for Healthy and Sustainable Protein
The demand for healthy and sustainable protein sources is rapidly increasing due to the rising awareness regarding the numerous health benefits of consuming salmon. Salmon is a rich source of essential nutrients, including protein, omega-3 fatty acids, and vitamins, which are beneficial for maintaining overall health and reducing the risk of chronic diseases. Additionally, the growing popularity of plant-based diets has led to an increased demand for fish and seafood, including salmon, as a source of protein.
The demand for sustainable seafood products is also a significant driver of the salmon market. Consumers are becoming increasingly conscious of the environmental impact of their food choices, and are therefore seeking out sustainably sourced salmon products. This has led to the development of various certifications and labeling programs that ensure the sustainability and quality of salmon products, which further drives consumer demand.
Expansion of Aquaculture
The expansion of aquaculture has played a critical role in boosting the production and availability of salmon in the global market. Advancements in technology, such as recirculating aquaculture systems and offshore aquaculture, have enabled producers to increase production efficiency and improve the quality of the product. The development of sustainable practices in aquaculture has also contributed to the growth of the salmon market by ensuring the responsible use of natural resources and minimizing the environmental impact of production.
Furthermore, the rising popularity of aquaponics, a sustainable farming technique that combines aquaculture with hydroponics, is also expected to drive the growth of the salmon market. This innovative method of farming allows for the production of both fish and vegetables, thereby increasing the efficiency and sustainability of the farming process.
High Production Costs
Despite the growing demand for salmon, high production costs remain a significant challenge for the industry. The production of salmon requires significant investments in infrastructure, technology, and labor, which can lead to high production costs. Moreover, fluctuations in feed prices, disease outbreaks, and environmental concerns can further impact production costs, thereby limiting the growth potential of the market.
The high cost of transportation is also a significant restraint for the salmon market, particularly for producers in remote areas. Transportation costs can significantly impact the price of salmon products, making them less competitive in the market. Additionally, regulatory frameworks and trade policies can also increase the cost of salmon production and trade, thereby limiting the growth potential of the market.
Segmental Analysis of Global Salmon Market
In terms of species, the Atlantic salmon segment held the largest share in the market in 2022 and is expected to continue its dominance over the forecast period. Atlantic salmon is highly valued for its nutritional benefits, such as being high in protein and omega-3 fatty acids, which provide benefits for the heart and brain. Additionally, the availability of sustainable and high-quality Atlantic salmon has further contributed to its popularity among consumers.
By Fish Type
On the basis of fish type, the farmed segment is estimated to hold the largest market share and highest CAGR over the forecast period due to the rising preference for high-quality seafood. Farmed salmon is known to have a more consistent taste and texture, making it a popular choice among consumers. Furthermore, farmed salmon is much higher in vitamin C, saturated fat, polyunsaturated fatty acids, and calories, making it a nutritious and healthy option for consumers.
By Product Type
By product type, the canned segment dominated the salmon market in 2022 as it is an inexpensive food option as compared to other salmon products. Canned salmon is easy to carry anywhere and anytime and has a longer shelf life, making it a popular choice among consumers. Whereas, the fresh segment is expected to project the highest CAGR over the forecast period due to its longer shelf-life and high nutritional value. Fresh salmon is considered to be the most nutritious form of salmon, as it contains high levels of protein, omega-3 fatty acids, and essential vitamins and minerals.
By Distribution Channel
Based on distribution channel, the retail segment dominated the salmon market in 2022 owing to its high popularity and wide-scale penetration in leading salmon markets. The retail segment is further analyzed for e-commerce (online) and brick & mortar stores (offline). The increasing popularity of online shopping and the convenience it offers has led to a rise in online sales of salmon products. Moreover, brick & mortar stores continue to remain popular among consumers due to the availability of fresh and high-quality salmon products.
By region, Europe accounted for the largest share of the salmon market in 2022, with a significant revenue contribution driven by the high demand for salmon products and the relatively high disposable income of consumers in the region. According to the European Commission, salmon is the most consumed fish species in the European Union, with per capita consumption of approximately 2.5 kg per year. Additionally, the growing popularity of healthy and sustainable food products has contributed to the increasing demand for salmon in Europe.
Moreover, the region has been witnessing a shift in consumer preferences towards premium and organic salmon products, which has further driven the growth of the salmon market. Additionally, the availability of various value-added salmon products, such as smoked and marinated salmon, has also contributed to the growth of the market in Europe.
In contrast, the Asia Pacific region is expected to project the highest CAGR over the forecast period, owing to increasing consumer awareness and the rapid surge in the e-commerce sector. The growing popularity of Western-style cuisine and the increasing disposable incomes of consumers in countries such as China, Japan, and South Korea are driving the demand for salmon in the region. Moreover, the rising awareness of the health benefits of consuming salmon is expected to further boost the growth of the market in the Asia Pacific region.
In addition, the Asia Pacific region has witnessed significant growth in the e-commerce sector, with online platforms such as Amazon, Alibaba, and JD.com gaining popularity among consumers. The availability of various salmon products through online channels, coupled with the convenience and accessibility of online shopping, has contributed to the growth of the salmon market in the region.
List of Key Companies Profiled:
Global Salmon Market is segmented based on species, fish type, product type, distribution channel and region.
By Fish Type:
By Product Type:
By Distribution Channel:
|Market Size Value in 2022||US$ 21,747.7 Million|
|Expected Revenue in 2031||US$ 32,118.7 Million|
|Unit||Value (USD Mn)|
|Segments covered||By Species, By Fish Type, By Product Type, By Distribution Channel, By Region|
|Key Companies||Cremaq Group ASA, Leroy Seafood Group ASA, Mowi ASA, SalMar ASA, AquaChile, Cooke Aquaculture, Bakkafrost, Grieg Seafood, Multiexport, Blumar, Salmones Camanchaca, Australis Seafoods, Nova Sea, Tassal Group, Sinkaberg-Hansen, Nordlaks, Bremnes Seashore, Norway Royal Salmon, Alsaker Fjordbruk, Other Prominent players|
|Customization Scope||Get your customized report as per your preference. Ask for customization|
Low blood pressure, calming inflammation, minimizing the risk of developing cancer and improving the function of the cells, healthy ageing, brain function is some of the benefits of salmon.
It is the one of the best sources of the long-chain omega-3 fatty acids eicosatetraenoic acid (EPA) and docosahexaenoic acid (DHA), which is an essential part of human diet.
Salmon consist of low total fat and has high number of proteins, vitamins, calcium and omega-3 fatty acid.
The Global salmon market is projected to grow at a CAGR of 4.6% during the forecast period 2023-2031 and is expected to reach US$ 32,118.7 Million.
Factors such as rise in consumer awareness towards the health benefits of salmon and rising prevalence of chronic conditions drives the growth in the global salmon market over the forecast period
The retail segment holds the largest CAGR in the global salmon market during the forecast period.
Asia-Pacific region is growing with the fastest CAGR during the forecast period.
Depletion of sea species is a restraining factor which inhibits the growth of the salmon market during the forecast period.
US holds the major share in terms of revenue in the North America salmon market.
The global rise in penetration of e-commerce sector provides a lucrative growth opportunity in the salmon market.
Species, fish type, product type, distribution channel and region are the different segments in the global salmon market.
Cermaq Group AS, Leroy Seafood Group ASA, Mowi ASA, SalMar ASA, AquaChile, Cooke Aquaculture Inc., Greig Seafood, Multiexport Foods S.A., Sinkaberg Hansen AS, Bremnes Seashore AS and Norway Royal Salmon ASA among others.