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Salmon Fish Market Synopsis

Salmon Fish Market Size Was Valued at USD 17512.72 Million in 2023 and is Projected to Reach USD 36858.85 Million by 2032, Growing at a CAGR of 8.62% From 2024-2032.

Salmon is an oily fish variety belonging to the salmonoid family. Salmon fish is highly rich in protein and provides essential nutrients required for a human body, thus, is considered as functional foods and major driver for salmon fish market.

  • Various health benefits such as lowering of blood pressure, improving the cells function, calming inflammation and reducing the risk of cancer are the key factors that are most likely to boost the market growth salmon fish globally. The rising consumer inclination from carb-based and high-calorie food products towards protein-rich alternatives helps to boost the market growth.
  • The huge demand of the market worldwide is also supported by major factors such as increasing population, growing fast-casual restaurants, rapidly evolving tourism industry and rising healthcare awareness.
  • Additionally, a few significant trends like salmon harvesting projects, growing demand for smoked salmon, increase in penetration of online food orders and technological advancement are anticipated to boost the salmon fish market over the projected period.

Salmon Fish Market Trend Analysis

Rising Demand for Protein Enriched Healthy Food

  • Growing demand for healthy food and rising prevalence of chronic conditions owing to rapidly expanding population, growing literacy level, and technological advancement leads to huge growth of salmon fish market.
  • Consumers are rapidly shifting towards healthy and hygienic products instead of unhealthy products, thus, the demand for protein rich foods including salmon fish and salmon fish products are rapidly increasing.
  • Moreover, with the adoption of new lifestyles and trends and irregularity in routine healthcare check-ups, results in increasing chronic diseases such as heart disease, obesity, and hypertension. This has shift consumer to choose healthy food options like salmon which is full of nutrients, proteins and vitamins, therefore cushioning the growth of the global salmon market.

Innovations in Products and Adopting New Technologies

  • Owing to the rising health consciousness and growing obesity among population, consumers are more focused on adding protein rich food in their diets. This provides a lucrative opportunity for the manufacturers, and thus major key players have introduced salmon in the preparation of various food items such as patties, pasta, burgers, and many more.
  • Moreover, keeping in view the demand for salmon, manufacturers have come up with different salmon products such as salmon oil, frozen salmon, smoked salmon, salmon spreads and canned salmon to serve wide consumer base. Also, the busy lifestyle has led to the growth of ready-to-eat food products.
  • Additionally, the use of Automatic Identification System (AIS), monitoring, control and surveillance (MCS), and Vessel Monitoring System (VMS), in salmon farming is becoming a prerequisite for fisheries management and fishing operations, thereby creating a growth opportunity in the projected period.

Salmon Fish Market Segment Analysis:

Salmon Fish Market Segmented on the basis of Type, End product type, Distribution channel.

By Type, pink salmon fish segment is expected to dominate the market during the forecast period

  • The pink salmon fish segment is expected to dominate the market growth over the projected period. The market is further estimated to continue its dominance owing to the lower fat content in the fish as compared to other types of salmon. Pink salmon offers 64% of its calories from protein and it also supplies 245% of the RDA for vitamin B-12.
  • A 124-gram pink salmon fillet which is extensively cooked using a dry heat method provides 190 calories, 10% of fat, 5% of the DV of sodium, 18% of the DV of saturated fat, as well as 23% of the DV of cholesterol which attracts health conscious consumers.
  • Additionally, there are various health benefits associate with the pink salmon such as it reduces the risk of heart diseases, improves cholesterol levels in the body and provides additional omega-3 fatty acids, which drives the market of pink salmon.

By End Product Type, fresh produce or freshly consumed segment held the largest share of 56% in 2022

  • Fresh produce or freshly consumed salmon holds the largest share and is estimated to dominate the market growth. Consuming fresh salmon fishes ensures that there is no such intake of added preservatives, chemicals or dyes.
  • Further, as Protein plays a number of important roles in your body and consumption of fresh salmon fish ensures major protein intake in human body. It also helps in healing after injury, protecting bone health, as well as maintaining healthy muscle mass as you get older and also during weight loss which turns out to be the major factor for the segment growth.
  • In addition, eating fresh salmon provides all essential nutrients, because salmon losses its nutritional value over the time after taking it out from water.

Salmon Fish Market Regional Insights:

Europe is Expected to Dominate the Market Over the Forecast period

  • Europe is anticipated to exert significant dominance in the salmon fish market owing to several key factors. The region's robust market presence can be attributed to a combination of favorable geographical conditions, a well-established aquaculture industry, and a high consumer demand for salmon products. Norway, in particular, stands out as a major contributor to Europe's leadership in the salmon market, being a leading producer and exporter of salmon globally.
  • The European Union's stringent quality standards and regulations ensure the production of high-quality salmon, boosting consumer confidence and driving market growth. Additionally, the region's focus on sustainable and responsible aquaculture practices aligns with the growing global demand for environmentally conscious seafood choices. The popularity of salmon as a nutritious and versatile protein source further fuels its consumption across various European countries.
  • Furthermore, the diverse culinary preferences in Europe, ranging from traditional smoked salmon to innovative salmon dishes, contribute to a dynamic and expanding market. With a well-established infrastructure for processing and distribution, Europe is well-positioned to maintain its dominance in the global salmon fish market, catering to the evolving preferences of consumers and ensuring a steady supply of high-quality products.

Salmon Fish Market Top Key Players:

  • Trident Seafoods Corporation (USA)
  • Ocean Beauty Seafoods (USA)
  • Clearwater Seafoods Inc. (Canada)
  • Smoked Salmon Processors Association (Canada)
  • Cooke Aquaculture Inc. (Canada)
  • Ocean Wise (Canada)
  • Mowi ASA (Norway)
  • Leroy Seafood AS (Norway)
  • Akvafarmøy AS (Norway)
  • Marine Harvest ASA (Norway)
  • Grieg Seafood ASA (Norway)
  • SalMar ASA (Norway)
  • Leroy Seafood Group ASA (Norway)
  • Oceanic Salmon Limited (New Zealand)
  • Iceland Seafood International hf. (Iceland)
  • Bakkafrost Seafood Group P/F (Faroe Islands)
  • Salmon Scotland Ltd. (Scotland)
  • Scottish Salmon Company Ltd. (Scotland)
  • Australis Aquaculture Ltd. (Chile)
  • Salmones Camanchaca S.A. (Chile)
  • AquaChile S.A. (Chile)
  • Mitsubishi Corporation (Japan)
  • Nichirei Corporation (Japan)
  • Kinki Ocean Salmon Co., Ltd. (Japan)

Key Industry Developments in the Salmon Fish Market:

  • In March 2024, Mowi Consumer Products (CP) of the Americas is promoting its variety of salmon options at the 2024 Seafood Expo North America in Boston. The campaign showcases Mowi's salmon from Norway, Iceland, Scotland, Ireland, the Faroe Islands, Canada, and Chile, highlighting the high quality and traceability of the fish. The goal is to educate consumers about the different origins of Mowi salmon and offer a culinary journey through the unique flavors and textures of each location.
  • In March 2024, SalMar launched the Salmon Living Lab initiative at the North Atlantic Seafood Forum in Bergen, aiming to bring industry leaders, NGOs, academia, and salmon stakeholders together to collaborate on innovation and research projects. Cargill is the first partner to join the project. The initiative will involve the development of a new innovation and R&D center, focusing on addressing challenges in the aquaculture industry such as increasing fish mortality and decreasing fish welfare.
  • In February 2024, The U.S. Department of Agriculture will purchase nearly two million cases of canned salmon and 15 million pounds of pollock, with salmon bids praised by Alaska's congressional delegation and industry groups. State lawmakers and industry groups requested this support to stabilize the industry ahead of the 2024 season. Major processors like Trident Seafoods and OBI Seafoods have struggled due to decreased demand, prompting the purchases.

Global Salmon Fish Market

Base Year:

2023

Forecast Period:

2024-2032

Historical Data:

2017 to 2023

Market Size in 2023:

USD 17512.72 Mn.

Forecast Period 2024-32  CAGR:

8.62 %

Market Size in 2032:

USD 36858.85 Mn.

Segments Covered:

By Type

  • Chinook Salmon
  • Coho Salmon
  • Pink Salmon
  • Red Salmon
  • Silverbrite Salmon
  • Salmo Salar

By End Product Type

  • Fresh
  • Frozen
  • Canned

By Distribution Channel

  • Retail Stores
  • Supermarkets/ Hypermarkets
  • Online Sales Channel

By Region

  • North America (U.S., Canada, Mexico)
  • Eastern Europe (Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe)
  • Western Europe (Germany, UK, France, Netherlands, Italy, Russia, Spain, Rest of Western Europe)
  • Asia Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New-Zealand, Rest of APAC)
  • Middle East & Africa (Turkey, Bahrain, Kuwait, Saudi Arabia, Qatar, UAE, Israel, South Africa)
  • South America (Brazil, Argentina, Rest of SA)

Key Market Drivers:

  • Rising Demand for Healthy Food

Key Market Restraints:

  • Increase in Vegan Population and Demand for Organic Seafood

Key Opportunities:

  • Innovations in Products and Adopting New Technologies

Companies Covered in the report:

  • Trident Seafoods Corporation (USA), Ocean Beauty Seafoods (USA), Clearwater Seafoods Inc. (Canada), Smoked Salmon Processors Association (Canada), Cooke Aquaculture Inc. (Canada), and Other Major Players.
  1. INTRODUCTION
    1. RESEARCH OBJECTIVES
    2. RESEARCH METHODOLOGY
    3. RESEARCH PROCESS
    4. SCOPE AND COVERAGE
      1. Market Definition
      2. Key Questions Answered
    5. MARKET SEGMENTATION
  2. EXECUTIVE SUMMARY
  3. MARKET OVERVIEW
  4. GROWTH OPPORTUNITIES BY SEGMENT
  5. MARKET LANDSCAPE
    1. PORTER’S FIVE FORCES ANALYSIS
      1. Bargaining Power Of Supplier
      2. Threat Of New Entrants
      3. Threat Of Substitutes
      4. Competitive Rivalry
      5. Bargaining Power Among Buyers
    2. INDUSTRY VALUE CHAIN ANALYSIS
    3. MARKET DYNAMICS
      1. Drivers
      2. Restraints
      3. Opportunities
      4. Challenges
    4. MARKET TREND ANALYSIS
    5. REGULATORY LANDSCAPE
    6. PESTLE ANALYSIS
    7. PRICE TREND ANALYSIS
    8. PATENT ANALYSIS
    9. TECHNOLOGY EVALUATION
    10. MARKET IMPACT OF THE RUSSIA-UKRAINE WAR
      1. Geopolitical Market Disruptions
      2. Supply Chain Disruptions
      3. Instability in Emerging Markets
    11. ECOSYSTEM
  6. SALMON FISH MARKET BY TYPE ( 2017-2032)
    1. SALMON FISH MARKET SNAPSHOT AND GROWTH ENGINE
    2. MARKET OVERVIEW
    3. CHINOOK SALMON
      1. Introduction And Market Overview
      2. Historic And Forecasted Market Size in Value ( 2017 – 2032F)
      3. Historic And Forecasted Market Size in Volume ( 2017 – 2032F)
      4. Key Market Trends, Growth Factors And Opportunities
      5. Geographic Segmentation Analysis
    4. COHO SALMON
    5. PINK SALMON
    6. RED SALMON
    7. SILVERBRITE SALMON
    8. SALMO SALAR
  7. SALMON FISH MARKET BY END PRODUCT TYPE ( 2017-2032)
    1. SALMON FISH MARKET SNAPSHOT AND GROWTH ENGINE
    2. MARKET OVERVIEW
    3. FRESH
      1. Introduction And Market Overview
      2. Historic And Forecasted Market Size in Value ( 2017 – 2032F)
      3. Historic And Forecasted Market Size in Volume ( 2017 – 2032F)
      4. Key Market Trends, Growth Factors And Opportunities
      5. Geographic Segmentation Analysis
    4. FROZEN
    5. CANNED
  8. SALMON FISH MARKET BY DISTRIBUTION CHANNEL ( 2017-2032)
    1. SALMON FISH MARKET SNAPSHOT AND GROWTH ENGINE
    2. MARKET OVERVIEW
    3. RETAIL STORES
      1. Introduction And Market Overview
      2. Historic And Forecasted Market Size in Value ( 2017 – 2032F)
      3. Historic And Forecasted Market Size in Volume ( 2017 – 2032F)
      4. Key Market Trends, Growth Factors And Opportunities
      5. Geographic Segmentation Analysis
    4. SUPERMARKETS/ HYPERMARKETS
    5. ONLINE SALES CHANNEL
  9. COMPANY PROFILES AND COMPETITIVE ANALYSIS
    1. COMPETITIVE LANDSCAPE
      1. Competitive Positioning
      2. SALMON FISH Market Share By Manufacturer (2023)
      3. Industry BCG Matrix
      4. Heat Map Analysis
      5. Mergers & Acquisitions
    2. TRIDENT SEAFOODS CORPORATION (USA)
      1. Company Overview
      2. Key Executives
      3. Company Snapshot
      4. Role of the Company in the Market
      5. Sustainability and Social Responsibility
      6. Operating Business Segments
      7. Product Portfolio
      8. Business Performance (Production Volume, Sales Volume, Sales Margin, Production Capacity, Capacity Utilization Rate)
      9. Key Strategic Moves And Recent Developments
      10. SWOT Analysis
    3. OCEAN BEAUTY SEAFOODS (USA)
    4. CLEARWATER SEAFOODS INC. (CANADA)
    5. SMOKED SALMON PROCESSORS ASSOCIATION (CANADA)
    6. COOKE AQUACULTURE INC. (CANADA)
    7. OCEAN WISE (CANADA)
    8. MOWI ASA (NORWAY)
    9. LEROY SEAFOOD AS (NORWAY)
    10. AKVAFARMØY AS (NORWAY)
    11. MARINE HARVEST ASA (NORWAY)
    12. GRIEG SEAFOOD ASA (NORWAY)
    13. SALMAR ASA (NORWAY)
    14. LEROY SEAFOOD GROUP ASA (NORWAY)
    15. OCEANIC SALMON LIMITED (NEW ZEALAND)
    16. ICELAND SEAFOOD INTERNATIONAL HF. (ICELAND)
    17. BAKKAFROST SEAFOOD GROUP P/F (FAROE ISLANDS)
    18. SALMON SCOTLAND LTD. (SCOTLAND)
    19. SCOTTISH SALMON COMPANY LTD. (SCOTLAND)
    20. AUSTRALIS AQUACULTURE LTD. (CHILE)
    21. SALMONES CAMANCHACA S.A. (CHILE)
    22. AQUACHILE S.A. (CHILE)
    23. MITSUBISHI CORPORATION (JAPAN)
    24. NICHIREI CORPORATION (JAPAN)
    25. KINKI OCEAN SALMON CO., LTD. (JAPAN)
  10. GLOBAL SALMON FISHMARKET BY REGION
    1. OVERVIEW
    2. NORTH AMERICA
      1. Key Market Trends, Growth Factors And Opportunities
      2. Key Manufacturers
      3. Historic And Forecasted Market Size By Type
      4. Historic And Forecasted Market Size By End Product Type
      5. Historic And Forecasted Market Size By Distribution Channel
      6. Historic And Forecasted Market Size By Country
        1. USA
        2. Canada
        3. Mexico
    3. EASTERN EUROPE
      1. Key Market Trends, Growth Factors And Opportunities
      2. Key Manufacturers
      3. Historic And Forecasted Market Size By Segments
      4. Historic And Forecasted Market Size By Country
        1. Russia
        2. Bulgaria
        3. The Czech Republic
        4. Hungary
        5. Poland
        6. Romania
        7. Rest Of Eastern Europe
    4. WESTERN EUROPE
      1. Key Market Trends, Growth Factors And Opportunities
      2. Key Manufacturers
      3. Historic And Forecasted Market Size By Segments
      4. Historic And Forecasted Market Size By Country
        1. Germany
        2. United Kingdom
        3. France
        4. The Netherlands
        5. Italy
        6. Spain
        7. Rest Of Western Europe
    5. ASIA PACIFIC
      1. Key Market Trends, Growth Factors And Opportunities
      2. Key Manufacturers
      3. Historic And Forecasted Market Size By Segments
      4. Historic And Forecasted Market Size By Country
        1. China
        2. India
        3. Japan
        4. South Korea
        5. Malaysia
        6. Thailand
        7. Vietnam
        8. The Philippines
        9. Australia
        10. New-Zealand
        11. Rest Of APAC
    6. MIDDLE EAST & AFRICA
      1. Key Market Trends, Growth Factors And Opportunities
      2. Key Manufacturers
      3. Historic And Forecasted Market Size By Segments
      4. Historic And Forecasted Market Size By Country
        1. Turkey
        2. Bahrain
        3. Kuwait
        4. Saudi Arabia
        5. Qatar
        6. UAE
        7. Israel
        8. South Africa
    7. SOUTH AMERICA
      1. Key Market Trends, Growth Factors And Opportunities
      2. Key Manufacturers
      3. Historic And Forecasted Market Size By Segments
      4. Historic And Forecasted Market Size By Country
        1. Brazil
        2. Argentina
        3. Rest of South America
  11. INVESTMENT ANALYSIS
  12. ANALYST VIEWPOINT AND CONCLUSION
    1. Recommendations and Concluding Analysis
    2. Potential Market Strategies

Global Salmon Fish Market

Base Year:

2023

Forecast Period:

2024-2032

Historical Data:

2017 to 2023

Market Size in 2023:

USD 17512.72 Mn.

Forecast Period 2024-32  CAGR:

8.62 %

Market Size in 2032:

USD 36858.85 Mn.

Segments Covered:

By Type

  • Chinook Salmon
  • Coho Salmon
  • Pink Salmon
  • Red Salmon
  • Silverbrite Salmon
  • Salmo Salar

By End Product Type

  • Fresh
  • Frozen
  • Canned

By Distribution Channel

  • Retail Stores
  • Supermarkets/ Hypermarkets
  • Online Sales Channel

By Region

  • North America (U.S., Canada, Mexico)
  • Eastern Europe (Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe)
  • Western Europe (Germany, UK, France, Netherlands, Italy, Russia, Spain, Rest of Western Europe)
  • Asia Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New-Zealand, Rest of APAC)
  • Middle East & Africa (Turkey, Bahrain, Kuwait, Saudi Arabia, Qatar, UAE, Israel, South Africa)
  • South America (Brazil, Argentina, Rest of SA)

Key Market Drivers:

  • Rising Demand for Healthy Food

Key Market Restraints:

  • Increase in Vegan Population and Demand for Organic Seafood

Key Opportunities:

  • Innovations in Products and Adopting New Technologies

Companies Covered in the report:

  • Trident Seafoods Corporation (USA), Ocean Beauty Seafoods (USA), Clearwater Seafoods Inc. (Canada), Smoked Salmon Processors Association (Canada), Cooke Aquaculture Inc. (Canada), and Other Major Players.
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Frequently Asked Questions :

What would be the forecast period in the Salmon Fish Market research report?

The forecast period in the Salmon Fish Market research report is 2024-2032.

Who are the key players in the Salmon Fish Market?

Trident Seafoods Corporation (USA), Ocean Beauty Seafoods (USA), Clearwater Seafoods Inc. (Canada), Smoked Salmon Processors Association (Canada), Cooke Aquaculture Inc. (Canada), Ocean Wise (Canada), Mowi ASA (Norway), Leroy Seafood AS (Norway), Akvafarmøy AS (Norway), Marine Harvest ASA (Norway), Grieg Seafood ASA (Norway), SalMar ASA (Norway), Leroy Seafood Group ASA (Norway), Oceanic Salmon Limited (New Zealand), Iceland Seafood International hf. (Iceland), Bakkafrost Seafood Group P/F (Faroe Islands), Salmon Scotland Ltd. (Scotland), Scottish Salmon Company Ltd. (Scotland), Australis Aquaculture Ltd. (Chile), Salmones Camanchaca S.A. (Chile), AquaChile S.A. (Chile), Mitsubishi Corporation (Japan), Nichirei Corporation (Japan), Kinki Ocean Salmon Co., Ltd. (Japan) and Other Major Players.

What are the segments of the Salmon Fish Market?

The Salmon Fish Market is segmented into Type, End product type, Distribution channel and region. By Type, the market is categorized into Chinook Salmon, Coho Salmon, Pink Salmon, Red Salmon, Silverbrite Salmon, and Salmo Salar. By End Product type, the market is categorized into Fresh, frozen, canned. By Distribution channel, the market is categorized into Retail Stores, Supermarkets/Hypermarkets, Online Sales Channels. By region, it is analyzed across North America (U.S.; Canada; Mexico), Eastern Europe (Bulgaria; The Czech Republic; Hungary; Poland; Romania; Rest of Eastern Europe), Western Europe (Germany; UK; France; Netherlands; Italy; Russia; Spain; Rest of Western Europe), Asia-Pacific (China; India; Japan; Southeast Asia, etc.), South America (Brazil; Argentina, etc.), Middle East & Africa (Saudi Arabia; South Africa, etc.).

What is the Salmon Fish Market?

Salmon is an oily fish variety belonging to the salmonoid family. Salmon fish is highly rich in protein and provides essential nutrients required for a human body, thus, is considered as functional foods and major driver for salmon fish market.

How big is the Salmon Fish Market?

Salmon Fish Market Size Was Valued at USD 17512.72 Million in 2023 and is Projected to Reach USD 36858.85 Million by 2032, Growing at a CAGR of 8.62% From 2024-2032.