Salmon Market Report 2024

This Salmon market report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

The salmon market size has grown strongly in recent years. It will grow from $26.81 billion in 2023 to $28.6 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. The growth during the historic period can be attributed to several factors, including the rising demand for protein-rich diets, advancements in aquaculture technology, the growing popularity of sushi, increased global seafood consumption, the expansion of e-commerce platforms for seafood, and the increasing popularity of keto and paleo diets.

The salmon market size is expected to see strong growth in the next few years. It will grow to $37.17 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%. The growth during the forecast period can be attributed to the increasing consumer demand for healthy foods, heightened awareness of the benefits of omega-3 fatty acids, advancements in aquaculture, the rising popularity of sustainable seafood, and the expansion of cold chain infrastructure. Key trends expected in this period include the adoption of sustainable aquaculture practices, the implementation of recirculating aquaculture systems (RAS), the use of alternative feed sources, the development of advanced genetic breeding programs, and the advancement of precision aquaculture technologies.

The expanding aquaculture industry is projected to drive the growth of the salmon market in the future. Aquaculture involves the cultivation of marine and freshwater species, including fish and plants, in controlled environments. The growth of this sector is primarily due to increasing consumer demand for seafood, a commitment to sustainable practices, and advancements in aquaculture technology. Salmon holds significant importance in aquaculture due to its economic value, sustainability benefits, nutritional advantages, and adaptability to new farming methods. Its rising significance aligns with the global movement toward sustainable food systems and healthier eating habits. For instance, in March 2024, the Australian Bureau of Agricultural and Resource Economics, a government agency, reported that the contribution of aquaculture to seafood production value is expected to rise from 60% in 2023-24 to 64% by 2028-29, reaching a real value of $2.21 billion. As a result, the expanding aquaculture sector is propelling the growth of the salmon market.

Key companies in the salmon market are creating smoked salmon spreads to diversify their product lines and address the increasing consumer demand for convenient and gourmet snack options. These smoked salmon spreads add value to the salmon market by offering consumers a tasty, nutritious, and convenient choice, thereby promoting a healthy lifestyle and boosting the demand for salmon products. For example, in March 2024, Foppen Seafood, a Netherlands-based seafood processing company, introduced a new hot-smoked salmon spread suitable for lunch or snacking, thereby expanding its product offerings. This innovative spread contains 50% smoked salmon and mayonnaise, reflecting the brand's commitment to minimizing waste while introducing exciting flavors such as jalapeno and seaweed. Such innovations are crucial for the salmon market, meeting consumer demands for convenience and variety in a competitive landscape.

In May 2024, PANOS Brands LLC, a US-based company specializing in consumer food products, acquired The Santa Barbara Smokehouse for an undisclosed sum. This acquisition is aimed at expanding PANOS's range of premium smoked salmon products in both food service and retail markets, responding to the increasing demand for health-conscious foods high in protein and omega-3 fatty acids while enhancing the company's brand image and fostering collaboration with customers and distributors for market success. The Santa Barbara Smokehouse is a US-based company known for producing high-quality smoked seafood items, including salmon, trout, and other fish.

Major companies operating in the salmon market are Agrosuper S.A., Mowi ASA, Australis Seafoods S.A., Lerøy Seafood Group ASA, Cermaq Group AS, SalMar ASA, Cooke Aquaculture Inc., Skretting AS, P/F Bakkafrost, Salmones Camanchaca S.A., Grieg Seafood ASA, Multiexport Foods S.A., Blumar S.A., Tassal Operations Pty Ltd, AKVA Group ASA, Huon Aquaculture Group Pty Ltd, Benchmark Holdings plc, Invertec Pesquera Mar de Chiloé S.A., Bremnes Seashore AS, Sinkaberg-Hansen AS, BioMar Group A/S, AquaGen AS, Nordlaks Produkter AS, Nova Sea AS, AquaChile S.A.

Europe was the largest region in the salmon market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the salmon market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the salmon market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Salmon is a fish belonging to the Salmonidae family, known for its pink and orange flesh and migratory nature, primarily found in the North Atlantic and Pacific Oceans. It is commonly featured in various culinary dishes, such as sushi, grilled fillets, and smoked products, and serves as an important source of protein. Additionally, salmon provides numerous health benefits, being rich in omega-3 fatty acids, high-quality protein, and essential nutrients that promote heart health, brain function, and overall well-being.

The main types of salmon include chinook salmon, coho salmon, pink salmon, red salmon, Salmo salar, and silverbrite salmon. Chinook salmon, often referred to as king salmon, is native to the North Pacific Ocean and its tributaries, noted for its large size, rich flavor, and high oil content. Various end products include fresh, frozen, canned, and more, which are distributed through retail channels, e-commerce platforms, brick-and-mortar stores, the horeca sector, and the wholesale processed food industry, catering to institutional customers as well.

The salmon market research report is one of a series of new reports that provides salmon market statistics, including salmon industry global market size, regional shares, competitors with a salmon market share, detailed salmon market segments, market trends, and opportunities, and any further data you may need to thrive in the salmon industry. This salmon market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The salmon market consists of sales of smoked salmon, salmon fillets, salmon portions, salmon roe (caviar), salmon pate, salmon burgers, and salmon oil supplements. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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