Salmon Market by Type (Farmed Salmon, Wild Salmon), Product (Canned, Fresh, Frozen), Species, Application, Sales Channel - Global Forecast 2024-2030

Salmon Market by Type (Farmed Salmon, Wild Salmon), Product (Canned, Fresh, Frozen), Species, Application, Sales Channel - Global Forecast 2024-2030

The Salmon Market size was estimated at USD 20.62 billion in 2023 and expected to reach USD 22.36 billion in 2024, at a CAGR 8.61% to reach USD 36.77 billion by 2030.

Salmon is a widespread species of fish naturally found in the North Atlantic and Pacific Oceans and raised in aquaculture globally. It is known for its rich taste and high nutritional value, including omega-3 fatty acids, protein, vitamins, and minerals. Salmon consumption offers various benefits, contributing to heart health, brain function, and joint protection. The burgeoning awareness of the health benefits of consuming omega-3 fatty acids and the global rise in seafood consumption as a dietary preference further propel the demand for salmon. However, environmental concerns are on the list, as salmon farming can lead to pollution and spread diseases to wild fish populations. The market also needs help with overfishing issues and climate change's impacts on salmon habitats. These challenges necessitate strict regulatory measures and the adoption of sustainable practices. Nevertheless, consumer demand for environmentally friendly and ethically produced food drives a growing trend towards organic and sustainably farmed salmon. Innovation in aquaculture techniques presents another opportunity to reduce environmental impact and improve fish health.

Regional Insights

Salmon is a highly popular fish in the Americas due to its health benefits and versatile culinary uses. American countries prioritize sustainable practices, investing in technologies that enhance salmon farming's ecological footprint. Recent patents in the region include innovations in salmon feed designed to improve nutritional value and decrease the environmental impact of farms. Europe remains a significant region with high demand across Nordic countries, Germany, France, and the UK coupled with stringent EU regulations shaping a market that values wild and farmed salmon. Ongoing research in the region aims to further disease resistance and environmental sustainability of salmon farms. Innovations include genetic research aimed at enhancing salmon growth rates and stress resistance. The Middle East and Africa are witnessing increasing demand, influenced by health-conscious consumers and expanding retail infrastructures, with notable investments in local aquaculture to reduce import dependence. The Asia-Pacific region shows robust growth driven by urbanization, rising incomes, and a cultural appreciation of salmon, particularly in raw forms such as sushi and sashimi. Emerging salmon markets across the APAC region are expanding rapidly due to a burgeoning middle class and enhanced investments in cold chain logistics to improve the availability of fresh salmon.

Market Insights

Market Dynamics

The market dynamics represent an ever-changing landscape of the Salmon Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

Market Drivers

• Consumer inclination towards healthier dietary choices
• Growing investments in fish processing facilities worldwide
• Rising use of sustainable technology in salmon fish farming

Market Restraints

• High costs of salmons due to supply disruptions and climatic impacts

Market Opportunities

• Supportive government initiatives and programs to encourage aquaculture industry
• Advancements in packaging and processing of salmons

Market Challenges

• Acts associated with animal cruelty and product contamination

Market Segmentation Analysis

• Product: Emerging preference for canned salmon owing to its convenience and extended shelf life
• Application: Burgeoning adoption of salmon across the commercial sector prioritizes consistent quality and reliability in supply

Market Disruption Analysis

• Porter’s Five Forces Analysis
• Value Chain & Critical Path Analysis
• Pricing Analysis
• Technology Analysis
• Patent Analysis
• Trade Analysis
• Regulatory Framework Analysis

FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Salmon Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Salmon Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments

Strategic Partnerships in Aquaculture, SalMar’s Innovative Initiative to Address Industry Challenges

SalMar, a key player in Atlantic salmon farming, has launched the Salmon Living Lab, a pioneering initiative designed to unite key stakeholders from the salmon industry to collaboratively address pressing challenges. With an initial investment of approximately NOK 500 million, SalMar seeks to establish an innovation and R&D center to serve as the epicenter for shared learning and development across the salmon supply chain.

King Oscar Revolutionizes Canned Seafood with New Premium Salmon Range

King Oscar is set to redefine the canned seafood market with the introduction of a premium line of skinless, boneless Atlantic salmon, preserved in extra virgin olive oil. By using high-quality ingredients, the company aims to elevate canned salmon to unprecedented levels of quality and taste, distinguishing itself significantly from typical offerings in the sector.

Major Alaskan Seafood Companies Secure USD 4.5 Million Contract for National Food Assistance Programs

In a significant development, three significant Alaskan seafood processors including OBI Seafoods, Silver Bay Seafoods, and Trident Seafoods—have been awarded a USD 4.5 million contract by the U.S. Department of Agriculture to provide canned salmon for various domestic food assistance and child nutrition programs in fiscal year 2023. This partnership highlights the vital role of Alaskan seafood in supporting national nutrition initiatives, contributing to the market growth.

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Salmon Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

Key Company Profiles

The report delves into recent significant developments in the Salmon Market, highlighting leading vendors and their innovative profiles. These include Alsaker Fjordbruk AS, AquaChile, Austevoll Seafood ASA, Australis Seafoods S.A., Blumar Seafoods, Bremnes Seashore AS, Cermaq Group AS, Cooke Aquaculture Inc., Creative Salmon Company Ltd., Grieg Seafood ASA, Katahdin Salmon, King Oscar, Mowi ASA, Nordlaks Produkter AS, Nova Sea AS, P/F Bakkafrost, Paramount Foods, Safe Catch, SalMar ASA, SalmoGen, Silver Bay Seafoods, LLC, Trident Seafoods, Vital Choice Wild Seafood & Organics, and Wild Planet Foods by Bolton Group S.r.l..

Market Segmentation & Coverage

This research report categorizes the Salmon Market to forecast the revenues and analyze trends in each of the following sub-markets:

Type

• Farmed Salmon
• Wild Salmon
• Product
• Canned
• Fresh
• Frozen
• Smoked
• Species
• Atlantic Salmon
• Chinook Salmon
• Coho Salmon
• Masu Salmon
• Pink Salmon
• Red Salmon

Application

• Commercial
• Residential
• Sales Channel
• Offline Sales Channel
• Convenience Store
• Departmental Stores
• Supermarkets/Hypermarkets
• Online Sales Channel
• Company Website
• E-commerce Platform

Region

• Americas
• Argentina
• Brazil
• Canada
• Mexico
• United States
• California
• Florida
• Illinois
• New York
• Ohio
• Pennsylvania
• Texas
• Asia-Pacific
• Australia
• China
• India
• Indonesia
• Japan
• Malaysia
• Philippines
• Singapore
• South Korea
• Taiwan
• Thailand
• Vietnam
• Europe, Middle East & Africa
• Denmark
• Egypt
• Finland
• France
• Germany
• Israel
• Italy
• Netherlands
• Nigeria
• Norway
• Poland
• Qatar
• Russia
• Saudi Arabia
• South Africa
• Spain
• Sweden
• Switzerland
• Turkey
• United Arab Emirates
• United Kingdom

Please Note: PDF & Excel + Online Access - 1 Year