July 24, 2024

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Global Salmon Market: Trends, Outlook, and Future Growth

4 min read
Salmon Market

The global salmon market size has been on a steady rise, reaching an impressive volume of about 4.50 million tons in 2023. This growth trajectory is expected to continue, with projections indicating a compound annual growth rate (CAGR) of 3.8% from 2024 to 2032, culminating in a market volume of approximately 6.33 million tons by 2032. This article delves into the key aspects of the global salmon market, including its current overview, market size and share, prevailing trends, industry segmentation, and competitive landscape, while also providing a comprehensive forecast for the period 2024-2032.

Salmon Market Overview

Salmon, a highly prized fish known for its rich nutritional profile and culinary versatility, is a staple in diets around the world. The demand for salmon has been driven by its numerous health benefits, which include high levels of omega-3 fatty acids, vitamins, and minerals. The global salmon market encompasses various types of salmon, including Atlantic, Pacific, and others, with different production methods such as wild-caught and farmed (aquaculture).

Salmon Market Size and Share

As of 2023, the global salmon market reached a volume of 4.50 million tons, reflecting a robust demand across key regions including North America, Europe, and Asia-Pacific. Europe remains the largest market for salmon, driven by high consumption in countries like Norway, Scotland, and Iceland, which are also major producers. North America, particularly the United States and Canada, follows closely, with a growing preference for healthy and sustainable seafood options. The Asia-Pacific region, led by Japan and China, is witnessing rapid growth due to increasing disposable incomes and changing dietary patterns favoring high-protein foods.

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Trends Shaping the Salmon Market

Several trends are shaping the future of the global salmon market:

  • Sustainability and Eco-friendly Practices: There is a significant shift towards sustainable fishing and aquaculture practices. Consumers are becoming more environmentally conscious, driving demand for salmon that is certified by sustainability standards such as the Aquaculture Stewardship Council (ASC) and the Marine Stewardship Council (MSC).
  • Technological Advancements: Innovations in aquaculture technology are enhancing productivity and efficiency. Techniques such as recirculating aquaculture systems (RAS) and offshore farming are reducing the environmental impact and improving yield quality.
  • Health and Wellness Trends: The global emphasis on health and wellness is boosting salmon consumption. Rich in essential nutrients, salmon is increasingly being incorporated into health-conscious diets, promoting its market growth.
  • Product Diversification: The market is witnessing a diversification of salmon products, including smoked salmon, salmon oil, salmon-based ready-to-eat meals, and supplements. This product variety caters to diverse consumer preferences and broadens market appeal.
  • E-commerce and Direct-to-Consumer Sales: The rise of e-commerce platforms is facilitating direct-to-consumer sales of fresh and processed salmon. This trend is particularly prominent in urban areas where consumers seek convenience and quality.

Industry Segmentation

Industry Segmentation for the global salmon market can be broken down into several categories:

Based on type, the market is segmented into:

  • Farmed
  • Wild Captured

By species, the market is classified into:

  • Atlantic
  • Pink
  • Chum/Dog
  • Coho
  • Sockeye
  • Others

Based on end product, the market is segmented into:

  • Frozen
  • Fresh
  • Canned
  • Others

By distribution channel, the market is classified into:

  • Foodservice
  • Retail
  • Others

Based on major producing countries, the market is divided into:

  • Farmed
    • Norway
    • Chile
    • Scotland
    • Canada
    • Faroe Islands
    • Others
  • Wild Captured
    • United States
    • Russia
    • Japan
    • Canada
    • Others

Based on major consuming countries, the market is segmented into:

  • European Union
  • Russia
  • United States
  • Brazil
  • Japan
  • China
  • Others

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Forecast Period 2024-2032

The forecast period from 2024 to 2032 looks promising for the global salmon market. The market is expected to grow at a CAGR of 3.8%, reaching a volume of 6.33 million tons by 2032. Several factors will drive this growth:

  • Rising Health Awareness: As consumers continue to prioritize health and nutrition, the demand for salmon, a nutrient-dense food, will rise.
  • Technological Innovations: Advances in aquaculture technology will enhance production efficiency and sustainability, meeting the growing global demand.
  • Sustainable Practices: The shift towards sustainable fishing and farming practices will attract environmentally conscious consumers and ensure long-term industry viability.
  • Market Expansion in Emerging Economies: Rapid economic growth and increasing disposable incomes in emerging economies will expand the market for premium seafood products like salmon.

Competitive Landscape

The global salmon market is highly competitive, with key players focusing on expanding their production capacities, investing in sustainable practices, and developing innovative products. Some of the prominent companies in the market include:

  • Cermaq Group AS
  • Lerøy Seafood Group
  • Mowi ASA
  • SalMar ASA
  • Others

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