USD 53.77 billion
Salmon Market Size, Share, Growth Analysis, By Type(Fresh Salmon, Frozen Salmon, Canned Salmon, Smoked Salmon), By Form(Whole Salmon, Fillets, Steaks, and Others), By Distribution channel(Hypermarkets/Supermarkets, Specialty Stores, Independent Small Stores, Online Sales Channel), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG30C2128 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
95
|Figures:
76
Salmon Market Insights
Global Salmon Market size was valued at USD 53.77 billion in 2022 and is poised to grow from USD 55.76 billion in 2023 to USD 74.77 billion by 2031, growing at a CAGR of 3.7% in the forecast period (2024-2031).
In recent years, the global salmon market has been changing consumer preferences and demands due to its reputation as a nutritious and versatile protein source. Salmon's omega-3 fatty acids influenced the rising popularity of it among health-conscious diets. Certifications like the Aquaculture Stewardship Council (ASC) highlighting environmentally friendly production methods leading to the sustainable and responsible aquaculture practices are gaining prominence.
Norway, Chile, and Scotland contribute significantly to global supply and are geographically major salmon-producing regions. Continuous innovation in product forms, such as smoked, fillets, and value-added preparations, caters to diverse consumer preferences. However, environmental concerns related to fish farming, disease management, and market volatility influenced by factors like geopolitical events and trade regulations are the major challenges.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Fresh Salmon
Fastest Growth
Value-added Salmon
Growth Rate
3.7% CAGR
Global Salmon Market ($ Bn)
Country Share for Europe Region (%)
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Salmon Market Segmental Analysis
The global salmon market is segmented into four major segments i.e. by product type, by form, distribution channel, and region. Based on type, it is divided into fresh salmon, frozen salmon, canned salmon, smoked salmon, and others. Based on form, it is bifurcated as whole salmon, fillets, steaks, and others. Based on distribution channels it is segregated into supermarkets, convenience stores, e-commerce platforms, specialty stores, health food outlets, vending machines, and others. Based on region, the market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle East & Africa.
Analysis by Type
Due to the perceived freshness and quality, appealing to consumers who prioritize unprocessed seafood, fresh salmon helps substantial market share. It provides flexibility in cooking methods, catering to diverse culinary preferences and home cooking styles. The rise in health-conscious consumer trends has increased the demand for fresh, unprocessed food items, positioning fresh salmon as a preferred choice.
Due to the busy lifestyles and a growing preference for convenient meal options, value-added salmon products have gained popularity. Because of the increasing incorporation of value-added salmon products, such as pre-marinated, pre-cooked, or flavored options to streamline preparation processes and meet consumer expectations for quick, restaurant-quality meals, the segment is the fastest growing. Ongoing innovations in processing methods contribute to the growth of value-added products, enhancing the overall consumer experience and expanding market reach.
Analysis by Form
Fillets have long dominated the global salmon market due to their ease of preparation, requiring less effort in handling and cooking compared to whole salmon or steaks. It offers a versatile option for various cooking methods, making them suitable for a wide range of culinary preferences. Moreover, fillets often provide a perceived higher value to consumers, as they offer a ready-to-cook solution without the complexities associated with whole salmon.
Evolving consumer preferences for unique and convenient meal options drive the demand for value-added or specialty preparations, including pre-marinated fillets, flavored steaks, and other innovative product offerings. The foodservice sector's inclination towards creative and time-saving solutions fuels the growth of value-added salmon products, meeting the demands of both commercial kitchens and consumers seeking restaurant-quality experiences at home. Continuous innovation in processing techniques and flavor profiles contributes to the expansion of value-added salmon products, capturing the interest of a broader consumer base.
Global Salmon Market By Type
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Salmon Market Regional Insights
Europe, particularly Norway is a significant contributor to global salmon production, with well-established aquaculture practices and a reputation for high-quality seafood. Norwegian salmon has a strong presence in international markets, particularly in Europe and North America, contributing to the region's dominance. Norway's commitment to sustainable aquaculture practices aligns with the growing demand for responsibly sourced seafood.The Asia-Pacific region is experiencing a surge in seafood consumption, driven by rising incomes, urbanization, and a growing awareness of the health benefits of salmon. Countries like China and Japan are becoming key players in the global salmon market, with a growing appetite for premium seafood products. As consumers in Asia-Pacific diversify their diets and seek healthier protein options, salmon's popularity is expected to fuel rapid market growth in the region.
Global Salmon Market By Region
- Largest
- Fastest
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Salmon Market Dynamics
Drivers
Increasing Consumer Awareness on Health and Wellness
- The increasing awareness of the health benefits associated with salmon consumption, particularly its rich omega-3 fatty acids, has fueled a growing demand among health-conscious consumers. Salmon's versatility in various culinary applications further enhances its popularity, appealing to diverse tastes and preferences globally. Additionally, the rise of sustainable and responsible aquaculture practices, marked by certifications such as the Aquaculture Stewardship Council (ASC), has bolstered consumer confidence in the ethical sourcing of salmon products.
Restraints
High Environmental Impact and Disease Outbreaks
- One of the main market restraints is the environmental impact associated with salmon farming, including concerns about habitat degradation and water pollution. Disease outbreaks, particularly in densely populated aquaculture settings, pose a threat to production levels and can lead to increased operational costs for disease management. Market volatility influenced by factors such as geopolitical events and trade regulations also presents challenges for the industry. Additionally, while certification schemes like the Aquaculture Stewardship Council (ASC) promote sustainable practices, achieving widespread compliance across the industry remains a challenge.
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Salmon Market Competitive Landscape
The competitive environment of the salmon market is dynamic and characterized by a dynamic interplay of various factors, reflecting a diverse and evolving industry. Numerous players, including salmon producers, processors, and distributors, contribute to a competitive marketplace. Key companies often focus on strategic initiatives such as sustainable aquaculture practices and certifications, like the Aquaculture Stewardship Council (ASC), to differentiate their products and enhance consumer trust.
Top Player’s Company Profiles
- Mowi ASA (Norway)
- Marine Harvest ASA (Norway)
- SalMar ASA (Norway)
- Grieg Seafood ASA (Norway)
- Lerøy Seafood Group ASA (Norway)
- Cooke Aquaculture Inc. (Canada)
- Cermaq Group AS (Norway)
- Skretting AS (Norway)
- BioMar A/S (Denmark)
- Benchmark Holdings plc (United Kingdom)
- Indra Aquaculture (Chile)
- Salmones Austral Ltd. (Chile)
- Camanchaca S.A. (Chile)
- Blumar S.A. (Chile)
- Invermar S.A. (Chile)
- Santa Barbara Seafoods Group (Chile)
- Mainstream Aqua Farming Inc. (Canada)
- New Brunswick Salmon Corp. (Canada)
- GSI Aquatics Inc. (United States)
- Ocean Approved Seafood International Inc. (Canada)
Recent Developments
- In November 2023, Blue Star Foods' Chair and CEO, John Keeler, highlighted the success of the company's cost reduction efforts, leading to a consistent decline in quarterly losses throughout the year. Notably, Blue Star has successfully eliminated its convertible debt, resolving previous derivative accounting warrants liability on its balance sheet.
- In February 2024, Topian, the NEOM Food Company devoted to future-proofing food systems, started the Saudi International Marine Exhibition and Conference (SIMEC) with the marking of three key association arrangements. These arrangements are pointed toward upgrading Saudi Arabia's job as a worldwide forerunner in maintainable hydroponics. One critical organization was the National Livestock and Fisheries Development Program (NLFDP), focusing on research and technological turn of events, feasible aquaculture practices in the Red Ocean, and the foundation of a national seafood market.
- In October 2023, AVEVA, a worldwide leader in industrial software, reported the strengthening of its strategic collaboration with Microsoft. The aim is to upgrade the data integration platforms of the two organizations, empowering them to better help clients carry out artificial intelligence across different key enterprises around the world.
- In June 2023, Norwegian regulatory authorities granted approval for the transfer of SalMar's majority ownership in the wellboat, sea freight, and marine services firm Frøy to Falcon Bidco AS. This entity, established exclusively for this transaction, is a Norwegian-registered subsidiary of the asset management firm Goldman Sachs.
Salmon Key Market Trends
Rising Consumer Awareness and increased use of clean label products
- The increased use of clean label products, which contain natural and minimally processed ingredients, is a major market development that will impact the business in North America.
Salmon Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
Global salmon market analysis reveals a dynamic marketplace with a number of standout trends and difficulties. The market is propelled by increasing consumer demand for protein-rich, omega-3 fatty acid-packed seafood. However, environmental concerns, including habitat degradation from salmon farming, pose significant restraints. Dominated by fillets due to their consumer appeal, the market is witnessing a surge in value-added and convenient salmon products. Geographically, major production regions like Norway, Chile, and Scotland play pivotal roles. Key trends include a focus on sustainable practices, innovative processing methods, and the rising popularity of unique flavor profiles. Balancing these factors is critical for addressing consumer preferences while ensuring the industry's environmental sustainability.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 53.77 billion |
| Market size value in 2031 | USD 74.77 billion |
| Growth Rate | 3.7% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Salmon Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Salmon Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Salmon Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Salmon Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Salmon Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Salmon Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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