Home > Food & Beverages > Processed Food > Convenience Foods > Salmon Fish Market

Salmon Fish Market Size - By Species (Atlantic Salmon, Pacific Salmon), By Form (Fresh, Frozen, Smoked, Canned), By Distribution Channel (Supermarkets/Hypermarkets, Convenience Stores, Online Retail) & Forecast, 2024 – 2032

  • Report ID: GMI7163
  • Published Date: Oct 2023
  • Report Format: PDF

Salmon Fish Market Size

Salmon Fish Market was valued at USD 17.3 billion in 2023 and is anticipated to grow at over 8.6% CAGR from 2024 to 2032.
 

Salmon Fish Market

To understand key trends  
Download Free Sample
 

The salmon fish industry faces a myriad of challenges that pose significant threats to its sustainability and growth. One prominent challenge is the increasing adoption of vegan and vegetarian diets. As more consumers shift towards plant-based lifestyles, there is a potential reduction in the demand for salmon and other seafood products, which could impact the market's profitability and long-term viability. Additionally, overfishing remains a critical concern, leading to the depletion of wild salmon populations and posing a threat to marine ecosystems. Stricter regulations and sustainable fishing practices are essential to mitigate the adverse effects of overfishing and ensure the preservation of wild salmon stocks.

 

COVID-19 Impact

The global salmon fish market was significantly impacted by the outbreak of the COVID-19 pandemic, as stringent lockdowns, travel restrictions, and disruptions in the supply chain severely affected both the production and distribution of salmon products. With the closure of restaurants, hotels, and catering services during the peak of the pandemic, the demand for salmon, primarily in the foodservice sector, plummeted, leading to a substantial decline in sales and revenue for salmon producers and distributors. The reduction in consumer spending and the economic uncertainties stemming from the pandemic also contributed to a shift in consumer preferences towards more affordable protein sources, further dampening the demand for premium seafood products like salmon.
 

Salmon Fish Market Trends

There has been a notable shift towards value-added and processed salmon products, including smoked, marinated, and flavored varieties, catering to the evolving palate of consumers seeking convenient yet gourmet seafood options. This trend is supported by advancements in food processing technology, allowing for the development of innovative salmon-based products that align with modern consumer lifestyles and dietary preferences. Also, there is growing demand for sustainably sourced and responsibly farmed salmon products, driven by increasing environmental consciousness among consumers. As a result, industry players are emphasizing eco-friendly aquaculture practices, such as reduced antibiotic use, waste management, and the adoption of organic feed, to meet the rising demand for ethically produced salmon.
 

Salmon Fish Market Analysis

Salmon Fish Market Size, By Species, 2021 - 2032 (USD billion)

To understand key market trends  
Download Free Sample
 

Based on species, the Atlantic salmon segment accounted for USD 11.81 billion in 2022. Atlantic salmon is, recognized for its mild flavor and tender flesh. It is predominantly farmed, with major production hubs located in countries such as Norway, Chile, and Canada. The consistently high market share of Atlantic salmon is attributable to its widespread popularity among consumers and its versatile culinary applications, making it a preferred choice for various cuisines and cooking styles worldwide.
 

Salmon Fish Market Revenue Share (%), By Form, (2023)

To understand key market trends  
Download Free Sample
 

Based on form, the fresh salmon held a dominant market share of around 42% in 2022. Fresh salmon is catered to consumers who prioritize the quality and natural taste of salmon. The demand for fresh salmon is particularly high in regions where consumers have access to coastal areas and prefer locally sourced seafood products. Frozen salmon also commands a significant market share, driven by its longer shelf life and convenience, making it a popular choice for consumers seeking a convenient and readily available option.
 

Based on distribution channel, the supermarkets and hypermarkets hold a significant market share, serving as primary retail destinations for consumers seeking a wide range of salmon products under one roof. These establishments often provide various options in terms of fresh, frozen, and processed salmon, catering to diverse consumer preferences and culinary needs. Convenience stores also contribute to the market share, particularly in urban areas and locations with high consumer foot traffic. They offer a convenient option for consumers seeking quick and easily accessible salmon products, emphasizing the importance of on-the-go consumption and impulse purchases in the salmon fish business.
 

U.S. Salmon Fish Market Size, 2020- 2032 (USD billion)

To understand regional trends  Download Free Sample
 

North America salmon fish market revenue to crossed USD 5.57 billion in 2022. North American consumers' increasing awareness of the health benefits associated with consuming salmon, such as its high omega-3 fatty acid content and various essential nutrients, has bolstered the market share. Moreover, the popularity of salmon as a versatile ingredient in various cuisines and cooking styles has further contributed to its significant presence in the region's culinary landscape.
 

Salmon Fish Market Share

Major key players focus on strategic partnerships, new product launch & commercialization for market expansion. Furthermore, these players are heavily investing in research that allows them to introduce innovative products and garner maximum revenue in the market.
 

Some of the major market players operating in the salmon fish industry are:

  • Lerøy
  • Salmar ASA
  • Cermaq
  • Mowi ASA
  • Bakkafrost
  • SEA DELIGHT GROUP
  • Nordlaks Produkter AS
  • Atlantic Sapphire
  • Ideal Foods Ltd
  • BluGlacier
  • Cooke Aquaculture
  • Australis Seafoods
  • Greig Seafood
  • Salmones Camanchac
  • SalMar ASA

Mowi & SalMar are the prominent players in the salmon fish industry. Mowi is the world's largest producer of farmed salmon, with operations in Norway, Chile, Canada, and the Faroe Islands. The company produces over 450,000 metric tons of salmon annually and sells its products to over 50 countries. Both Mowi and SalMar are committed to sustainable salmon farming practices. They have invested heavily in new technologies and processes to reduce their environmental impact and improve the welfare of their fish. In addition to their core salmon farming businesses, Mowi and SalMar also have a number of other related operations, such as feed production, processing, and distribution.
 

Salmon Fish Market News

  • In 2022, Mowi, has completed the acquisition of Arctic Fish. Arctic Fish operates 10 ASC-approved salmon farming sites in the West Fjords of Iceland, with a maximum allowed biomass of 27,100 tonnes and another 4,800 tonnes pending approval. The company also operates its own hatchery and recently announced expansion plans. The acquisition of Arctic Fish gives Mowi a significant foothold in the Icelandic salmon farming industry, which is set for extensive development and growth in the coming years. Icelandic waters provide excellent growth and living conditions for salmon, and the country has a strong commitment to sustainable aquaculture practices.
     

This salmon fish market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million & Units from 2018 to 2032, for the following segments:

to Buy Section of this Report


By Species

  • Atlantic Salmon
  • Pacific salmon

By Form

  • Fresh
  • Frozen
  • Smoked
  • Canned
  • Other

By Distribution Channel

  • Supermarkets and Hypermarkets
  • Convenience Stores
  • Online Retail
  • Others

The above information is provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Spain
    • Italy
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia
    • South Korea
    • Indonesia
    • Malaysia 
  • Latin America
    • Brazil
    • Mexico
    • Argentina
  • Middle East & Africa
    • South Africa
    • Saudi Arabia
    • UAE
    • Egypt

 

Authors: Kiran Pulidindi, Manish Mohanan

Frequently Asked Questions (FAQ) :

The market size of salmon fish was worth USD 17.3 billion in 2023 and is estimated to reach USD 35.5 billion by 2032, driven by the strong presence of high content of omega-3 fatty acids and essential nutrients.
The supermarkets and hypermarkets distribution channel segment will hold significant share of the salmon fish market by 2032, owing to wide availability of fresh, frozen, and processed salmon for catering to diverse consumer preferences and culinary needs.
Salmon fish market in North America was exceeded USD 5.57 billion in 2022 and is anticipated to expand at significant pace from 2023 to 2032, due to the increasing consumer awareness of the health benefits.
Some of the prominent salmon fish companies are Salmar ASA, Cermaq, Mowi ASA, Bakkafrost, SEA DELIGHT GROUP, Nordlaks Produkter AS, Atlantic Sapphire, and Ideal Foods Ltd.

Salmon Fish Market Scope

Buy Now


Premium Report Details

  • Base Year: 2023
  • Companies covered: 15
  • Tables & Figures: 191
  • Countries covered: 21
  • Pages: 210
 Download Free Sample
Call Us  Download Free Sample