The global Salmon Market is experiencing robust growth, driven by increasing health consciousness, rising disposable incomes, and a growing preference for nutritious seafood options. In 2024, the market reached a volume of 3.7 million tons, and it is projected to attain 4.8 million tons by 2033, expanding at a CAGR of 3.0% during 2025-2033. Key factors propelling this growth include advancements in aquaculture technologies, favourable government policies supporting sustainable fisheries, and the escalating demand for value-added salmon products. Notably, the European Union currently dominates global consumption, accounting for over 46.3% of the market share in 2024.
STUDY ASSUMPTION YEARS
- Base Year: 2024
- Historical Years: 2019-2024
- Forecast Years: 2025-2033
SALMON MARKET KEY TAKEAWAYS
- Market Size and Growth: The global salmon market reached 3.7 million tons in 2024 and is expected to grow to 4.8 million tons by 2033, exhibiting a CAGR of 3.0% during 2025-2033.
- Dominant Consumption Region: The European Union leads global consumption, holding over 46.3% market share in 2024.
- Type Segment: Farmed salmon accounts for most of the market share, ensuring year-round availability and predictable supply.
- Species Preference: Atlantic salmon holds the largest share in the salmon industry, attributed to its high protein and omega-3 content.
- Product Form: Frozen salmon remains a dominant segment due to its cost-effectiveness and extended shelf life, appealing to both consumers and businesses.
- Distribution Channel: Foodservice represents the leading distribution channel segment, driven by the increasing demand for ready-to-eat and convenience seafood products.
MARKET GROWTH FACTORS
- Increasing Demand for Protein-Rich Diets and Healthier Food Options
In response to increasing global health awareness and a shift towards protein-rich diets, salmon has emerged as a favored option, especially among health-conscious consumers. Its reputation as a nutritional powerhouse stems from its rich content of omega-3 fatty acids, high-quality protein, and essential vitamins and minerals, which support heart, brain, joint, eye, and skin health while enhancing immune system function. These benefits align perfectly with the growing trend of embracing healthier food options, leading consumers to actively seek out foods that contribute to overall well-being and are associated with a reduced risk of chronic illnesses.
- Technological Advancements in Aquaculture
Technological advancements are rapidly transforming aquaculture, addressing challenges and increasing efficiency across the industry. Recirculating Aquaculture Systems (RAS) are at the forefront, enabling water reuse and dramatically reducing water consumption, particularly in land-based farming operations, Complementing RAS, advanced monitoring systems utilizing IoT sensors provide real-time data on water quality parameters like oxygen levels, pH, temperature, and ammonia, allowing for immediate adjustments and proactive management to prevent issues and maintain optimal conditions for fish health. Automation further enhances efficiency through precision feeding systems that optimize feed delivery based on fish behavior and appetite, minimizing waste and improving feed conversion rates, along with robotic systems performing routine tasks like cleaning and inspections. Beyond production systems, genetic advancements through selective breeding and techniques like genome editing are creating fish species with enhanced growth rates, disease resistance, and desirable traits.
- Expansion of Seafood Retail Chains and Restaurants
The increasing awareness of seafood’s nutritional benefits, particularly seafood with high protein and omega-3 fatty acids content, alongside the convenience offered by various formats like fresh, frozen, and ready-to-eat seafood meal options, is driving the significant expansion of seafood retail chains and restaurants globally. Supermarkets, hypermarkets, and increasingly, online retail channels are making seafood more accessible to a broader consumer base, especially as shoppers embrace e-commerce and value sustainable and traceable options. This trend extends to the foodservice sector, where restaurants are diversifying their seafood menus to cater to health-conscious consumers and to offer diverse culinary experiences, further boosted by the rising popularity of global cuisines and the emergence of quick-service restaurant (QSR) chains that provide convenient and healthy seafood options.
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MARKET SEGMENTATION
By Type:
- Farmed: Accounts for most shares due to its ability to meet the growing global demand for salmon at a more consistent and affordable price.
- Wild Captured: Preferred for its natural diet and flavor profile, catering to niche markets and traditional consumption patterns.
By Species:
- Atlantic: Holds the largest share in the salmon industry, attributed to its high protein and omega-3 content.
- Pink: Known for its mild flavour and affordability, making it popular among consumers seeking value options.
- Chum/Dog: Valued for its firm texture and suitability for smoking and canning processes.
- Coho: Appreciated for its rich taste and vibrant colour, often used in premium culinary applications.
- Sockeye: Recognized for its deep red flesh and robust flavour, favoured in gourmet dishes.
- Others: Includes lesser-known species catering to specific regional preferences and culinary uses.
By End Product Type:
- Frozen: Remains a dominant segment due to its cost-effectiveness and extended shelf life, appealing to both consumers and businesses.
- Fresh: Preferred for its taste and texture, often consumed in regions with access to local fisheries.
- Canned: Offers convenience and affordability, widely accepted in North America and Europe.
- Others: Includes smoked, cured, and ready-to-eat products catering to diverse consumer preferences.
By Distribution Channel:
- Foodservice: Represents the leading distribution channel segment, driven by the increasing demand for ready-to-eat and convenience seafood products.
- Retail: Encompasses supermarkets, hypermarkets, and online platforms, offering a wide range of salmon products to consumers.
Breakup by Region:
-
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
REGIONAL INSIGHTS
In 2024, the European Union dominated the global salmon market, accounting for more than 46.3% of total consumption. This robust standing is attributed to the high demand for both farmed and wild salmon across various EU nations. Favorable government regulations and a strong emphasis on sustainable fishing practices have contributed to increasing salmon supply and aligning with the rising consumer desire for healthy, environmentally friendly seafood.
RECENT DEVELOPMENTS & NEWS
Recent improvements in fish farming technology are helping the salmon market grow faster. New methods like recirculating aquaculture systems (RAS) and eco-friendly fish feed are making salmon farming more efficient and better for the environment. At the same time, more people are buying salmon online thanks to subscription services and bulk order discounts. These changes show how the industry is working to meet rising global demand while staying sustainable and accessible.
KEY PLAYERS
Cermaq Group, Lerøy Seafood Group ASA, Mowi ASA, and SalMar ASA, etc.
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