Salmon Market Demand, Size, Share and Industry Forecast | 2032

Salmon Market Outlook

According to the report by Expert Market Research (EMR), the global salmon market size reached a volume of about 4.50 million tons in 2023. Driven by the rising consumer demand for healthy and protein-rich food products, along with increasing seafood consumption globally, the market is projected to grow at a compound annual growth rate (CAGR) of 3.8% between 2024 and 2032. By 2032, the market is expected to achieve a volume of about 6.33 million tons by 2032.

Salmon, a premium source of protein and omega-3 fatty acids, is widely regarded for its nutritional value, particularly in improving cardiovascular health and enhancing brain function. Salmon is consumed in various forms, including fresh, frozen, smoked, and canned, and finds applications in both the retail and foodservice sectors. As global awareness of the health benefits of fish consumption increases, the demand for salmon is expected to continue rising, fostering market expansion.

Drivers of Market Growth

The increasing inclination toward healthy eating and the rising preference for protein-rich diets are primary drivers of the global salmon market. As consumers become more health-conscious, they seek out high-quality sources of protein, and salmon stands out due to its rich nutritional profile. It is not only an excellent source of protein but is also packed with essential nutrients such as omega-3 fatty acids, which have been linked to improved cardiovascular health, reduced inflammation, and enhanced cognitive function.

The growth of the global salmon market is also being influenced by the increasing demand for sustainable and eco-friendly food options. Salmon, particularly farmed salmon, has seen significant advancements in sustainable aquaculture practices. Consumers are increasingly inclined toward products that are responsibly sourced, and sustainable farming techniques, such as integrated multi-trophic aquaculture (IMTA), are becoming more common. These practices help to reduce the environmental impact of salmon farming and align with the growing consumer trend toward sustainability.

Additionally, the rising popularity of salmon as a convenient and versatile food item is propelling market growth. Salmon’s quick preparation time, coupled with its rich flavor, makes it a preferred choice for busy consumers seeking nutritious meal options. Furthermore, salmon is highly adaptable and can be prepared in numerous ways, including grilling, baking, smoking, and even as sushi, making it a staple in various cuisines worldwide.

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Salmon Farming and Sustainability

The methods of salmon farming have undergone significant transformations in recent years, with a focus on sustainability, environmental responsibility, and the reduction of overfishing. With the rising global demand for salmon, the aquaculture industry has adopted more efficient and eco-friendly farming techniques to ensure the long-term availability of the product. These innovations are not only aimed at improving fish farming practices but also at addressing concerns over the environmental impact of fish farming.

Sustainable salmon farming practices include the use of advanced technologies to monitor water quality, reduce waste, and manage fish health. Moreover, advancements in breeding techniques have allowed for the production of healthier, disease-resistant salmon, leading to higher yields and reduced reliance on antibiotics. The adoption of closed-containment systems, which reduce the risk of contamination and escape of farmed salmon into the wild, is another significant development in sustainable aquaculture.

The certification of farmed salmon by third-party organizations such as the Aquaculture Stewardship Council (ASC) and the Global Aquaculture Alliance’s Best Aquaculture Practices (BAP) is also contributing to the growth of the market. These certifications assure consumers that the salmon they are purchasing has been produced using environmentally and socially responsible methods.

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Salmon Market Segmentation

The market can be divided based on type, species, end product, distribution channel, and region.

Breakup by Type

• Farmed
• Wild Captured

Breakup by Species

• Atlantic
• Pink
• Chum/Dog
• Coho
• Sockeye
• Others

Breakup by End Product

• Frozen
• Fresh
• Canned
• Others

Breakup by Distribution Channel

• Foodservice
• Retail
• Others

The wild captured variant are majorly found in the following regions:

• United States
• Russia
• Japan
• Canada
• Others

The major consuming regions of the product include the following:

• European Union
• Russia
• United States
• Brazil
• Japan
• China
• Others

Competitive Landscape

Some of the major players explored in the report by Expert Market Research are as follows:

• Cermaq Group AS
• Lerøy Seafood Group
• Mowi ASA
• SalMar ASA
• Others

Challenges in the Market

Despite the strong growth prospects, the global salmon market faces several challenges. One of the key concerns is the rising cost of production, particularly in the context of feed and farming technologies. As the cost of raw materials for fish feed increases, the overall cost of farming salmon is rising, which can affect profit margins for producers and result in higher prices for consumers. Additionally, fluctuations in raw material prices and the availability of fishmeal and fish oil can further impact the economics of salmon farming.

Another challenge is the growing concern over the environmental impact of salmon farming. Although sustainable practices are being implemented, salmon farming, particularly in open-net pens, can have adverse effects on local ecosystems. Issues such as sea lice infestations, water pollution, and the impact of escaped farmed salmon on wild salmon populations remain areas of concern for environmental groups and regulatory bodies.

Furthermore, the global salmon market is also vulnerable to the effects of climate change. Rising ocean temperatures, for instance, can impact the health and growth of salmon, as they are highly sensitive to changes in water temperature. Extreme weather events, such as storms and floods, can also disrupt the farming operations and transportation of salmon, leading to supply chain disruptions.

Opportunities in the Market

The global salmon market is poised to benefit from several emerging opportunities. The growing trend toward plant-based and flexitarian diets presents a unique opportunity for salmon producers to target health-conscious consumers seeking high-quality protein sources. Salmon, as a nutrient-dense and sustainable food option, is well-positioned to appeal to this demographic, especially as more consumers adopt diets that are low in red meat.

Another significant opportunity lies in the increasing demand for processed and value-added salmon products. Ready-to-eat, ready-to-cook, and frozen salmon products are gaining popularity, particularly in the busy, health-conscious consumer segment. The convenience of these products, combined with the health benefits of salmon, makes them an attractive option for consumers looking for quick, nutritious meals.

The rise in e-commerce platforms for food and grocery sales also presents a substantial opportunity for the salmon market. The ability to purchase fresh and frozen salmon online allows consumers to access a wider range of products, including premium wild-caught and farmed salmon, from the comfort of their homes. As e-commerce continues to grow, it provides an avenue for salmon producers and retailers to reach a larger, more diverse customer base.

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