The global salmon market is experiencing robust growth, driven by increasing seafood consumption, rising disposable incomes in emerging economies, and a growing demand for value-added salmon products. In 2024, the market reached 3.7 million tons and is projected to grow at a CAGR of 3% from 2025 to 2033, reaching 4.8 million tons by 2033. Factors such as favorable government policies, technological advancements in aquaculture, and heightened consumer awareness of health benefits are propelling this upward trend.

Study Assumption Years

• Base Year: 2024
• Historical Years: 2019-2024
• Forecast Years: 2025-2033

Salmon Market Key Takeaways

• Market Size & Growth: The global salmon market reached 3.7 million tons in 2024 and is expected to reach 4.8 million tons by 2033, growing at a CAGR of 3% during 2025-2033.
• Type Dominance: Farmed salmon holds the largest market share, offering a consistent and sustainable supply to meet growing demand.
• Species Preference: Atlantic salmon is the most popular species, favored for its mild taste and adaptability to aquaculture.
• Product Form: Frozen salmon leads the market, valued for its extended shelf life and convenience in transportation and storage.
• Distribution Channel: The foodservice sector accounts for the majority of sales, reflecting salmon's popularity in restaurants and catering services.
• Regional Consumption: The European Union dominates global consumption, driven by cultural preferences and proximity to major producers.
• Production Leaders: Norway is the largest producer of farmed salmon, while the United States leads in wild-captured salmon production.

Market Growth Factors

1. Technological Advancements in Aquaculture

Aquaculture technology innovations are greatly increasing salmon production. Methods such as recirculating aquaculture systems (RAS) and enhanced fish feed have increased yields and quality of fish. Such innovations enable production throughout the year, addressing growing global demand for salmon. Further, technological advancements facilitate improved monitoring of fish and water quality, enabling compliance with strict food safety regulations and enhancing consumer confidence.

2. Regulatory Impact and Sustainability Initiatives

Government initiatives and sustainability certifications are significantly contributing to market development. Concepts such as the Marine Stewardship Council (MSC) and Aquaculture Stewardship Council (ASC) certifications ensure sustainable fishing and farming methods. Furthermore, schemes such as India's Pradhan Mantri Matsya Sampada Yojana (PMMSY) seek to improve fish output and exports, stimulating investments in advanced aquaculture methods and sustainable methods.

3. Rising Consumer Demand and Health Awareness

Growing health awareness among consumers is fueling demand for healthy food products such as salmon, which is high in omega-3 fatty acids and essential vitamins. The wide appeal of salmon across many different cuisines and ease of ready-to-eat and marinated variants are increasing consumer base. In addition, the increasing number of online supermarket platforms has been making salmon easily available, supporting market growth.

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Market Segmentation

Breakup by Type:

• Farmed: Salmon raised in controlled aquaculture environments, ensuring consistent supply and quality.
• Wild Captured: Salmon caught in natural habitats, subject to seasonal availability and environmental factors.

Breakup by Species:

• Atlantic: Most popular species, known for its mild flavor and adaptability to farming.
• Pink: Smaller-sized salmon, commonly used in canned products.
• Chum/Dog: Valued for its roe and used in various processed products.
• Coho: Known for its rich flavor and firm texture, preferred in culinary applications.
• Sockeye: Recognized for its deep red flesh and high oil content.
• Others: Includes lesser-known species with regional significance.

Breakup by End Product Type:

• Frozen: Offers extended shelf life and convenience in storage and transportation.
• Fresh: Preferred for immediate consumption, maintaining natural taste and texture.
• Canned: Provides long shelf life and ease of use in various recipes.
• Others: Includes smoked, marinated, and ready-to-eat salmon products.

Breakup by Distribution Channel:

• Foodservice: Major channel, reflecting salmon's popularity in restaurants and catering services.
• Retail: Includes supermarkets and online platforms, catering to household 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

Global consumption is dominated by the European Union, which captured more than 46.3% of the market in 2024. This is driven by a robust cultural affinity for seafood, geographical closeness to principal producers such as Norway and Scotland, and good disposable incomes that facilitate the acquisition of high-end seafood products.

Recent Developments & News

• In February 2023, Cermaq Group initiated testing of a combined sea site for salmon and kelp production in Steigen, Nordland, aiming to explore the benefits of integrated aquaculture.
• In May 2022, SalMar ASA acquired Norway Royal Salmon, creating the second-largest Atlantic salmon farming business globally, enhancing dividend capacity and operational synergies.
• In June 2020, UK-based Ideal Foods Ltd. signed a supply agreement with Mowi ASA to increase its stock availability by 5,000 tons per year, aiming to meet the growing global demand for Atlantic salmon. 

Key Players

Cermaq Group, Lerøy Seafood Group ASA, Mowi ASA, and SalMar ASA, etc.

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