The global salmon market size was valued at $50,170.0 million in 2020, and is estimated to reach $76,145.3 million by 2028, registering a CAGR of 3.7% from 2021 to 2028.
Salmon is commonly defined as an oily fish with rich content of protein and omega-3 fatty acids. Most Atlantic salmon available in the global market are farmed, whereas the majority of Pacific salmon are wild-caught. Salmon is available in different varieties such as chinook, coho, pink, red, salmo salar, and silverbrite. The demand for salmon is rapidly increasing globally due to the health benefits it provides such as reduced heart disease, maintaining body mass index, and growth & development of bones.
The growing health consciousness, sedentary lifestyle habits, growing obesity among population, and rising disposable income are the factors fostering the demand for salmon fish. Consumers are more focused on adding protein rich food in their diets and hence salmon is added in the preparation of various food items such as pasta, patties, burgers, and rice dishes. Moreover, keeping in view the demand for salmon, manufacturers have come up with different salmon products such as smoked salmon, salmon oil, salmon spreads, frozen salmon, and canned salmon to serve different preferences of wide consumer base.
Furthermore, the demand for frozen and canned salmon is growing exponentially due to the rising number of working population. The busy and hectic lifestyle has led to the growth of ready-to-eat food products.
According to the United Nations, the demand for the salmon in few European countries, U.S., and Japan is diminishing while the growth potential is high in Asia-Pacific and Latin America. The growing demand for salmon in emerging markets like Asia-Pacific and Latin America is offering lucrative growth opportunities to the players operating in the global salmon market. According to a report of United Nations, the demand for salmon is so high that it can absorb around 6% to 7% of excess supply per year without any fluctuations in the price levels. Moreover, demand for eco-labelled farmed salmon is rising rapidly and preference for fresh food products is trending in the salmon market.
Global food demand is rising, and serious questions remain about whether supply can increase sustainably. Hence, scaling up the production of land-derived food crops is challenging because of declining yield rates and competition for scarce land and water resources. Moreover, low-input aquaculture in worldwide is geared to providing food and diversification of income for the salmon farmer. The fishes such as salmon maintain their own populations and feed on the natural productivity of small ponds supplemented by household vegetable wastes and composts. In addition, salmon farming combined with the cultivation of cereal crops and vegetables, it can make a unique contribution to the economies and nutritional levels. Furthermore, contribution of food from the sea to global food supply will depend on convenient range of ecological, economic, policy and technological factors which boost the growth of salmon market.
However, there are certain factors that may restrict the further growth of the salmon market. The revelation of cruelty acts on animals at animal farms and slaughterhouses is one important constraint hindering the market growth. Moreover, the growth of the vegan population is on the rise and is expected to grow significantly around the globe. The awareness programs conducted by NGOs like PETA (People for Ethical Treatment of Animals) regarding animal welfare and animal rights, may encourage people to adopt veganism. This is a major threat to the global salmon market during the forecast period.
The salmon market is segmented on the basis of type, end product type, distribution channel, and region. By type, the market is divided into chinook salmon, coho salmon, pink salmon, red salmon, salmo salar, silverbrite salmon. By end product type, the market is classified into fresh, frozen, canned and others. By distribution channel, it is fragmented into retail stores, online sales channel and supermarkets/hypermarkets. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
According to the salmon market forecast, on the basis of type, the pink salmon segment was the highest contributor to the market, accounting for $13,402.7 million in 2020, and is expected to sustain its significance during the forecast period, owing to its lower fat content as compare to other types of salmon due to this it is widely preferred by consumer in the salmon market. In addition, it derives 64 percent of its calories from protein that play important roles in manufacturing, repairing and maintaining cells as well as it is vital to fetal and childhood growth and development.
By Type
Pink Salmon segment dominates the market and is expected to retain its dominance throughout the forecast period.
Based on end product type, the fresh segment is the largest segment. It garnered market share of around 54.6% in 2020. Purchasing and eating freshly harvested is the best way to ensure no preservatives, chemicals, or dyes have been added in food. In addition, fresh salmon actually loses its nutritional value over time so it is supposed to consume quickly as more nutrients that can be gained from it.
By End Product Type
Frozen segment is expected to grow at a highest CAGR of 5.2% during the forecast period.
By distribution channel, the retail stores segment was the prominent segment, owing to high popularity and wide scale penetration in leading salmon markets. Retail stores allows customers to see product including seafood such as salmon quite close and as opposed to online stores it provides instant gratification because the customer walks away with their purchases immediately. In addition, friendly and helpful staff also helps to build customer loyalty by offering good quality salmon that makes consumers to visit again and again.
By Distribution Channel
Online sales channel segment is expected to grow at a highest CAGR of 5.3% during the forecast period.
According to the global salmon market analysis, in 2020, Asia-Pacific dominated the market, garnering around 38.9% of the global salmon market share, followed by Europe. In Asia-Pacific, salmon market is growing significantly, owing to increasing consumer awareness in the region. Salmon is anticipated to gain maximum demand in the region, owing to higher demand of seafood containing higher nutrition value.
Consumers have become health conscious and are attracted toward fishes such as bluefin tuna, Chilean sea bass, tilefish, imported marlin, because some of this fish contains too much mercury.
By Region
Asia-Pacific dominated the market in 2019 and is expected to grow with a CAGR of 5.2% during the forecast period
Key players operating in the salmon market include Cremaq Group ASA, Leroy Seafood Group ASA, Mowi ASA, SalMar ASA, Bakkafrost, Greig Seafood, Blumar, Salmones Camanchaca, Nova Sea, Alsaker Fjordbruk, Nordlaks. Other noticeable players in these markets are Cooke Aquaculture, Multiexport, Australis Seafoods, Alsaker Fjordbruk and AquaChile.
Benefits For Stakeholders
- The report provides a quantitative analysis of the current salmon market trends, estimations, and dynamics of the market size from 2020 to 2028 to identify the prevailing opportunities.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier–buyer network.
- In-depth analysis and the market size and segmentation assist to determine the prevailing salmon market opportunities.
- The major countries in each region are mapped according to their revenue contribution to the market.
- The market player positioning segment facilitates benchmarking and provides a clear understanding of the present position of the market players in the salmon industry.
Key market segments
By Type
- Chinook Salmon
- Coho Salmon
- Pink Salmon
- Red Salmon
- Salmo Salar
- Silverbrite Salmon
By End product type
- Fresh
- Frozen
- Canned
- Others
By Distribution channel
- Retail stores
- Hypermarket/Supermarket
- Online sales channels
By Region
- North America
- U.S
- Canada
- Mexico
- Europe
- UK
- Iceland
- Netherlands
- Norway
- Denmark
- Rest of Europe
- Asia-Pacific
- China
- India
- Indonesia
- Japan
- Vietnam
- Rest of Asia-Pacific
- LAMEA
- Chile
- Argentina
- Brazil
- Rest of LAMEA
Salmon Market Report Highlights
| Aspects | Details |
 By TYPE |
|
 By END PRODUCT TYPE |
|
 By DISTRIBUTION CHANNEL |
|
 By Region |
|
 Key Market Players | Mowi ASA, Nordlaks, Blumar SA, Salmones Camanchaca, SalMar ASA, Cremaq Group ASA, Leroy Seafood Group ASA, Nova Sea, Bakkafrost, Greig Seafood |
Analyst Review
Based on the opinions of the CXOs, the salmon market has witnessed a consistent growth as well as innovations in production of salmon in the past few years. Varieties, health benefits as well as technological advancements in salmon harvesting are some of the major factors that supplement the growth of the market. Currently, Asia-Pacific is the largest market and has been witnessing huge demand for the salmon market. One of the major reasons contributing toward growth in the salmon market is health benefits such as it prevents irregular heart beat and combat high blood pressure. Other factors such as it is good source of protein, phosphorus, selenium, niacin, vitamin B6, vitamin B12 and vitamin D, are also contributing huge demand in production as well as sales of salmon in this region for this market. Various key players in this market are increasing their efforts toward the incorporation of advanced technologies such as sensor in production as well as harvesting of salmon. North America as well as Europe have witnessed fastest growing demand in the salmon market. Being a developed region, there have been numerous technological innovations and advancements in the production to have high quality salmon that has been lucrative towards wide range of consumers specially who are health conscious.
The global salmon market size was valued at $50,170.0 million in 2020, and is estimated to reach $76,145.3 million by 2028, registering a CAGR of 3.7% from 2021 to 2028. The demand for salmon is rapidly increasing globally due to the health benefits it provides such as reduced heart disease, maintaining body mass index, and growth & development of bones.
The global salmon market is estimated to grow at a steady CAGR of 3.7% from 2021 to 2028, due to the growing health consciousness, sedentary lifestyle habits, growing obesity among population, growing awareness regarding the health benefits of salmon, and rising disposable income are the factors fostering the demand for salmon fish.
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The base year calculated in the salmon market report is 2020. Moreover, the year 2020 was full of adversities due to the outbreak hence a detailed study on the salmon market has been done analyzing the effects of COVID-19 on the global salmon market.
The salmon market is segmented on the basis of type, end product type, distribution channel, and region. By type, the market is divided into chinook salmon, coho salmon, pink salmon, red salmon, salmo salar, silverbrite salmon. By end product type, the market is classified into fresh, frozen, canned and others. By distribution channel, it is fragmented into retail stores, online sales channel and supermarkets/hypermarkets. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The use of monitoring, control and surveillance (MCS), Vessel Monitoring System (VMS), and Automatic Identification System (AIS) in salmon farming is becoming a standard part of fisheries management and fishing operations. Moreover, technologies, such as big data, smart weighing at sea, block chain, drones, artificial intelligence, Radio-frequency identification (RFID), and monitoring through smartphones, are being used to efficiently and effectively manage various operations.
Key players operating in the salmon market include Cremaq Group ASA, Leroy Seafood Group ASA, Mowi ASA, SalMar ASA, Bakkafrost, Greig Seafood, Blumar, Salmones Camanchaca, Nova Sea, Alsaker Fjordbruk, Nordlaks. Other noticeable players in these markets are Cooke Aquaculture, Multiexport, Australis Seafoods, Alsaker Fjordbruk and AquaChile.
Salmon production growth was slowed down to 2–3% in 2020 due to the outbreak of COVID-19. In Chile, where the salmon industry faced many challenges as a result of social unrest in the fourth quarter of 2019, the COVID-19 outbreak has affected both domestic production and foreign trade.
On the basis of type, the pink salmon segment was the highest contributor to the market in 2020, and is expected to sustain its significance during the forecast period, owing to its lower fat content as compared to other types of salmon.
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