What is the global market size of Salmon Market?

Global Salmon Market size was valued at USD 51.85 billion in 2021 and is poised to grow from USD 53.77 billion in 2022 to USD 71.9 billion by 2030, growing at a CAGR of 3.7% in the forecast period (2023-2030).

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.

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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).

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. '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)'

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.

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.

Europe, particularly Norway is a significant contributor to 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 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.

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