Salmon Market - By Product Type, By Type, By Application, By End-User and By Geography Analysis – Forecast 2023 – 2030

The Global Salmon market size is forecast to reach USD 36.80 billion by 2029, after growing at a CAGR of 5.4% during the forecast period 2024-2029. The Global Salmon market has grown significantly in recent years, owing to the swift rise and spread of both fresh and frozen salmon as a staple food item worldwide, owing to its distinct flavor, exceptional texture, and several other advantages, are significant drivers driving the market's expansion. Because of the popular nutrition sources like omega-3, minerals, micronutrients, high-quality proteins, vitamins, and rich fatty acids, it also helps lower the risk of many health diseases. This leads to increased adoption and consumption of these fish varieties, which in turn boosts the global market. 

The report “Global Salmon Market – Forecast (2024-2029)”, by IndustryARC, covers an in-depth analysis of the following segments of the Global Salmon market.

By Product Type: Atlantic Salmon, Pacific Salmon.

By Type: Farmed, Wild Captured.

By Application: Fresh, Frozen.

By End-User: Food Industry, Health Supplement Industry, Cosmetic Industry, and Others.

By Geography:  North America, South America, Europe, APAC, and Middle East and Africa.

• The increasing proliferation of retail chains and restaurants that specialize in seafood is a significant element driving the expansion of the market. These places frequently provide a wide selection of salmon-based dishes to suit different palates and culinary styles. These businesses grow by introducing regionalized menus to cater to local tastes, which increases the number of people who buy salmon. Furthermore, their forays into new markets, particularly those in developing nations, are enabling a broader exposure of salmon to consumers. A lot of these chains also provide delivery and takeout options, which increases customer convenience and broadens their customer base. 

• In November 2023, Major Norwegian salmon farmer Grieg Seafood funded NOK 1.1 billion ($100 million) into a new post-smolt unit at its Finnmark, northern Norway, smolt facility. this decision was made as the company looks to increase the amount of post-smolt it produces annually in the area. The new facility is anticipated to start producing 3,000 metric tons of post-smolt in 2026.

• In March 2024, the Norwegian fish farming company SalMar unveiled a $48 million "Salmon Living Lab" a new research and development project that. Its goal is to get a comprehensive understanding of the biological performance of aquaculture operations.

Atlantic dominated the Global Salmon market in 2023. The growing demand for nutrient-dense foods among consumers and the accessibility of fresh salmon species are the main drivers of this market. Additionally, the segment market is anticipated to benefit over the next few years from the integration and application of automatic identification systems, monitoring and control surveillance, and vessel monitoring systems in the salmon farming process for improved fishing operations and fisheries management.

For instance, the River Dee Trust, in collaboration with the Atlantic Salmon Trust, the Dee District Salmon Fishery Board, and others, initiated the Save The Spring initiative in October 2023. Thanks to a new role created through a five-year relationship with BP, Save The Spring, a transformative program focusing on the restoration of the River Dee, is pushing forward with its goals.

With their most productive year in over ten years, the last wild Atlantic salmon to return to U.S. rivers have given rise to expectations that they could be surviving numerous ecological concerns. in 2023, more than 1,500 salmon have been counted by officials in the Penobscot River, which is home to the greatest Atlantic salmon run in the nation, according to state data from Maine. This is the highest number since approximately were counted by researchers in 2011.

Farmed salmon dominated the Global Salmon market in 2023. Growing salmon in an aquaculture-controlled environment results in a more reliable and constant supply, efficiently satisfying rising consumer demand. Salmon raised on farms can be produced all year round, in contrast to wild salmon, which is influenced by environmental conditions and seasonal fluctuations. Retailers and eateries, who need a steady supply to match customer expectations, need this constancy even more. Technological developments in aquaculture have also produced higher-quality fish and higher yields. Salmon farming has become more economically viable than relying only on wild-caught salmon because of techniques like recirculating aquaculture systems (RAS) and optimized fish feed.

A United Nations research claims that salmon demand is so great that it may eat up to 6% to 7% of the surplus supply annually without causing price swings. In addition, there is a growing tendency in the salmon market toward fresh food items and an increase in demand for eco-labeled farmed salmon.

Fresh dominated the Global Salmon market in 2023. Owing to its exceptional quality, flavor, and adaptability in culinary uses, fresh salmon occupies a leading place. Consumers who value flavor and freshness, particularly at upscale restaurants and seafood markets, tend to favor freshly caught salmon. A popular option for many dishes and cuisines, fresh salmon also lends itself to versatility in cooking techniques including pan-searing, baking, and grilling. The reason behind its market dominance is its perceived superior taste and higher quality when compared to other types of salmon.

According to the latest data from Statistics Norway, Prices for exporting fresh salmon are beginning to rise once again. Fresh fish reached its highest price of NOK 122.88 per kilogram (£9.20) in March of 2023. And export volumes are increasing, they rose by 4.1% to 24,952 tonnes. Volumes are, on average, over 10,000 tonnes greater than before Easter, when demand usually begins to pick up speed.

The food industry dominated the Global Salmon market in 2023. Salmon is a great source of protein, vitamins, and minerals, as well as omega-3 fatty acids. Because of its numerous health benefits, including enhanced heart health, improved brain function, and decreased inflammation, it is a preferred option for health-conscious consumers. 

Tabuk Fisheries Company and NEOM, an urban project in northwest Saudi Arabia, have formed a joint venture for aquaculture. The joint venture Topian Aquaculture, supported by the Ministry of Environment, Water, and Agriculture (MEWA), intends to help the National Livestock and Fisheries Development Programme reach its ambitious target to produce 600,000 tons of fish products yearly by 2030.

According to a report by the environmental advocacy group Feedback, based in the Netherlands and the United Kingdom, and a coalition of Norwegian and West African NGOs, around 2 million metric tons of wild fish are harvested from the ocean each year to feed Norwegian-farmed salmon. 

Europe dominated the Global Salmon market in 2023. Europe, especially Norway, has a reputation for producing high-quality fish and contributes significantly to the world's salmon production. International marketplaces are replete with Norwegian salmon. Norway's dedication to environmentally friendly aquaculture methods is in line with the rising demand for seafood that is sourced ethically. 

Premium protein sources like salmon are affordable for consumers in various EU nations due to the high standard of living and rising disposable incomes. This ability to pay, together with increased knowledge of the health advantages of Omega-3 fatty acids, which are present in salmon, influences consumer preference for this wholesome fish. Salmon that is wild-caught and sustainably farmed frequently satisfies the strict food safety and quality rules of the European Union. Ensuring customer confidence and increasing demand for salmon products, promotes market expansion.

For instance, in April 2024, A food biotech company called BLUU Seafood claimed that in just three years, its salmonid products generated from cells might be offered at wholesale fish pricing. The company has officially completed the first pilot plant in Europe. BLUU Seafood will be able to grow muscle, fat, and connective tissue cells from Atlantic salmon and rainbow trout in far greater amounts thanks to the new fermenters, which can hold up to 2,000 liters and are currently capable of 65 liters.

Continuous improvements in aquaculture technologies are having a major positive impact on the global salmon industry. Technological advancements in aquaculture are making it possible to adopt more sustainable and productive farming methods, which will increase supply. For example, improvements in fish feed and recirculating aquaculture systems (RAS) are producing fish with larger yields and higher quality. These technical advancements are tackling issues like antibiotic misuse and water contamination that are associated with aquaculture. As a result, the sector is growing more environmentally friendly, which boosts manufacturing capacity and draws in eco-aware customers, spurring additional market expansion. For instance, according to the Food and Agriculture Organization in 2022, the world's aquaculture including salmon fish and fisheries output reached 223.2 million metric tons, the highest level since 1950.

The Canadian federal government is now developing a Transition Plan for salmon farming in British Columbia in collaboration with the sector, First Nations, coastal communities, and other relevant parties, the Transition Plan is estimated to affect $1.2 billion in yearly economic activity in British Columbia and about 4,700 jobs. The aquaculture sector in Canada contributes 1/3 of the nation's total fisheries production value, creates approximately 14,500 jobs, and generates $3.86 billion in economic activity annually. with 97% of salmon produced in Canada being farm-raised, it is the fourth-largest producer of farmed salmon worldwide, which is crucial to easing the strain on finite wild supplies.

For instance, in March 2024, according to the Oceans and Fisheries Ministry of New Zealand, the Blue Endeavour open ocean aquaculture project, which is slated to become New Zealand's first open ocean salmon farm, received final permission from King Salmon of New Zealand. This is a major step forward for the country's aquaculture industry and an economic victory. Salmon farming in the open water off the north Marlborough Sounds will be expanded by the Blue Endeavour project, which is anticipated to provide 10,000 tonnes of harvested salmon yearly and generate up to $300 million in export earnings. 

The demand for salmon is being driven by several causes, including rising levels of disposable money, sedentary lifestyles, increased rates of obesity in the population, and greater health consciousness. Salmon is becoming more and more popular in the manufacture of many different food products, including pasta, patties, bread, burgers, and rice meals, as consumers place a greater emphasis on including foods high in protein in their diets. especially its abundance of omega-3 fatty acids. Salmon's popularity is further enhanced by its versatility in a wide range of culinary applications, catering to a diverse range of tastes and preferences across the globe. Additionally, customer trust in the ethical sourcing of salmon products has increased due to the emergence of sustainable and ethical aquaculture practices, as evidenced by certifications like the Aquaculture Stewardship Council (ASC).

For instance, the most recent recommendations for healthy eating in the US were released in December 2020 under the title Dietary Guidelines for Americans, 2020–2025. The recommendations acknowledge that over 90% of Americans, at all stages of life, should eat more seafood because it is a significant source of nourishment. This translates to adults consuming at least 8 oz., or around two servings, of seafood per week. Particularly salmon is recognized as a source of EPA, DHA, calcium, and vitamin D. The guidelines also advise selecting seafood, which includes salmon, from the Environmental Protection Agency's and Food and Drug Administration's "Best Choices" list.

Salmon is a great source of protein, omega-3 good fats, and many important vitamins and minerals. The average 3.5 oz (100 g) piece of farmed salmon provides at least 20% of the daily required intake of vitamins B3, B5, B6, B12, vitamin D, vitamin E, and selenium, and 41% of the daily recommended amount of protein. Additionally, it is a good source of potassium, a nutrient that is of significance for public health in the United States. 

Concerns about habitat deterioration and water pollution, as well as the environmental impact of salmon farming, are two of the key barriers to the market. Disease outbreaks are a danger to production levels and can result in higher operating expenses for disease management, especially in highly populated aquaculture settings. The sector also faces difficulties due to market volatility brought on by variables like trade laws and geopolitical developments. Furthermore, even if industry certification programs like the Aquaculture Stewardship Council (ASC) encourage sustainable practices, getting widespread industry compliance is still difficult. 

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the Global Salmon market. in 2022, The major players in the Global Salmon market are SEA DELIGHT GROUP, Nordlaks Produkter AS, Atlantic Sapphire, Idea Foods Ltd., BluGlacier, SalMar ASA, Cermaq, Bakkafrost, Nova Sea, Cooke Aquaculture, Australis Seafoods, Alsaker Fjordbruk, AquaChile, Greig Seafood, Mowi ASA, Salmones Camanchaca, Leroy Seafood Group, and Blumar. and Others.

 In June 2023, SalMar's controlling stake in Frøy, a wellboat, sea freight, and maritime services company, was approved to be transferred to Falcon Bidco AS by Norwegian regulatory authorities. A subsidiary of the asset management company Goldman Sachs, this corporation was created specifically for this transaction and is registered in Norway.

 In 2022, Israeli food technology startup Plantish launched whole cut Plant-based Salmon, Customers are getting their first look at Plantish's flagship product, a whole-cut salmon fillet made entirely of plants that has the feel, flavor, appearance, and structural similarity of cooked salmon. The company is working on a multipurpose patent-pending additive manufacturing technique that will enable large-scale, low-cost production of plant-based fish substitutes.