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
- Health nutrition benefits (Reduces Risk of health issues)
A rising trend in global health and wellness is really shaking things up for the salmon market, turning this fish from a premium delicacy into a nutritional staple. With more people recognizing the benefits of salmon - like its rich omega-3 fatty acids, high-quality protein, and essential vitamins - demand is on the rise, particularly among older and middle-aged consumers who are focused on heart and brain health. This health-driven shift is encouraging shoppers to choose salmon over other protein sources, and its convenience in ready-to-eat and ready-to-cook options is a big plus for busy lifestyles. Additionally, the industry's emphasis on sustainable farming practices and dependable product traceability is boosting consumer confidence, ensuring that the growing demand for ethically sourced and healthy food is a positive trend for the salmon market.
- Rising demand for farmed salmon products globally
There's a booming global demand for farmed salmon, and it's being driven by a mix of factors like rising health consciousness among consumers, tech advancements in aquaculture, and the convenience of the products available. As more people look for protein-rich and nutrient-dense foods, farmed salmon's impressive omega-3 levels and steady supply make it a go-to option. Recent innovations in aquaculture, such as eco-friendly farming techniques and better feed formulations, have enhanced production efficiency and addressed past environmental concerns, which has helped build consumer confidence. With its reliable year-round availability and a variety of convenient products ranging from fresh fillets to frozen portions, the market has expanded, especially in emerging economies where the middle class is growing and dietary preferences are changing.
- Growing popularity of Asian cuisine (sushi, sashimi)
The surge in popularity of sushi and sashimi has dramatically changed the salmon market, elevating this fish to a culinary icon recognized worldwide and boosting demand for top-notch, raw products. In the past, salmon wasn’t a go-to for Japanese sushi because of parasite worries. But in the 1980s, Norwegian producers broke new ground with safer farmed salmon, which - with its mild, fatty, and buttery flavor - was skillfully marketed and found its way into Japanese cuisine. This acceptance opened the floodgates for salmon to become a favorite ingredient in sushi and sashimi, making it an inviting option for newcomers to raw seafood around the globe and enhancing its status as a premium choice for both restaurants and home cooks. The trend is further fueled by a growing number of Asian restaurants worldwide, a rising middle class with more spending power, and a strong association of salmon with health perks like its high omega-3 fatty acid content, creating a powerful marketing narrative that significantly propels overall market growth.
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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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