Salmon Fish Market

Salmon Fish Market Size

The global salmon fish market is projected to thrive at a market value of USD 19.1 billion in 2024. It is predicted to grasp 44.4 billion in the year 2034 and is anticipated to grip a CAGR of 8.8% between 2025 and 2034, driven by increasing consumer demand for healthy, sustainable, and high-quality seafood. Advancements in aquaculture, sustainability practices, particularly in Asia-pacific region, will maintain to back the industry's expansion.

According to the data stated by the Food and Agriculture Organization of the United Nation (FAO), the global production volumes for Atlantic salmon reached 2 million tons. Norway, Chile, and the United Kingdom remained the primary providers. The consumption is mainly dominated by the United States and China. In China, imports of salmon reached 0.8 million tonnes.

More individuals are starting to eat salmon due to the high value of nutrition it provides from proteins and omega 3 fatty acids. Both consumers and businesses are now more concerned with sustainability which is also the case for the aquaculture industry that is trying to enhance its eco-friendly approach to increasing production. The advancement of technologies in aquaculture, such as recirculating aquaculture systems (RAS) alongside innovative sustainable feeds are making salmon farming more productive.

Challenges such as overfishing, habitat destruction, changing climate patterns, and pollution are some of the reasons for this decline. There is a visual drop in the wild population which is already low and has a vital role in biodiversity. The decrease in salmon is also adversely affecting other species like bears and wolves which are dying towards starvation as they directly rely on these species.

Salmon Fish Market Trends

• Expansion of Salmon Farming Technology: Recent advancements such as RAS offshore farming, etc. have expanded the frontiers of the salmon industry. These systems improve the control over environmental factors and lower the likelihood of diseases, leading to better and more efficient farming practices. Particularly RAS has enabled higher concentration environmentally controlled salmon farming with lower impacts on various marine ecosystems.
  
• Health-Conscious Consumer Preferences: As the world shifts towards healthier eating patterns, salmon has raised in consumption for its abundance of omega-3 fatty acids, protein, and essential vitamins. The growing consumer awareness about the health benefits of salmon is positioning to consider it as a primary food choice among health-centric people. This is significantly observed in North America and Europe, where consumers are actively seeking functional foods.
  
• Advances in Breeding and Genetics: Technology and genetic breeding are developing disease resistant and faster growing types of salmon. This development increases efficiency in salmon farms and minimizes the use of antibiotics and other chemicals. Genetic improvements are making farmed salmon more resilient to disease, ensuring stable production levels and reducing risks to the industry.
  
• Regulations and Environmental Concerns: As the scrutiny on environmental challenges of salmon farming increases various organizations and governments are concerned regarding pollution of water bodies, cross infection of numerous diseases, and the impact on the overall population of wild fish. The compliance with these rules is becoming essential for the industry’s long-term growth and sustainability. Farmers of salmon are increasingly adopting environmentally friendly technologies and practices that include but are not limited to restriction in the use of antibiotics, better waste management, etc.
  

Salmon Fish Market Analysis

The salmon fish market by species is segmented into Atlantic & Pacific. The Atlantic segment is estimated to grasp 72.9% of the market share as it is considered as the premium source of protein, rich in omega 3, vitamin, minerals etc. This segment is estimated to grow in the emerging markets like Asia pacific region.

• There is decline in the growth of wild Atlantic salmons due to environmental issues like water pollution, spread of parasites etc. To overcome this issue people has come up with the advancements in aquaculture and farming techniques.
  
• Innovations like recirculating aquaculture systems and offshore farming has helped to provide a continuous supply and reduce environmental impact
  
• The pacific segment is estimated to have a market value of USD 5.1 Bn in 2024 and anticipated to reach 12.4 bn in 2034 as this segment consist of species like chinook, sockeye, and coho which are known for their rich taste and nutritional value it is anticipated to grow at a CAGR of 9.2%
  
• Pacific salmon is considered as the premium segment due to its natural life cycle and perceived higher quality but due to overfishing and climate change this visual decline in the population. Unsustainable and illegal fishing continues to be a major hurdle in the market.
  

The salmon fish market by form is segmented into fresh, frozen, smoked, canned & others. where the fresh is anticipated to hold the market share of 42.4% in the 2024 and grow at a CAGR of 8.5% due to their rich taste and nutritional value. It is often sold in fillets, streaks, etc, in the developed region. This segment is driven by consumers seeking for the fresh food with nutritional benefits.

• Frozen is estimated to grow at a CAGR of 8.6% as it allows for longer shelf life and easier transportation, particularly to regions with less access to fresh products. This segment is driven by the large-scale processors and retailers due to its ease of distribution and storage.
  
• Smoked salmon is sold in both hot-smoked and cold-smoked varieties to fulfill different consumer preferences. Smoked salmon is a premium product, thus, has strongest market demand when it comes to processed salmon in high income markets where there is association with high-end dining. It is also increasingly used in gourmet meals, brunches, etc.
  
• Canned salmon is available in pink, sockeye, and chum varieties and it is affordable, shelf-stable protein for soups and salads. It is well-accepted in North America and Europe, particularly among families who are conscious of spending.
  
• The Other category includes innovative products like Salmon Roe, jerky, and ready to eat meals which are focused on convenience and high protein use.
  

The salmon fish market by distribution channel is segmented into supermarket / hypermarket, convenience stores, online retail & others.

• Supermarket is estimated to hold the highest market share of 54.2% in 2024 as its outlet offer a wide variety of products including fresh, frozen canned, etc. The convenience and ease of accessibility make consumers preferred option in the developed countries.
  
• Convenience stores is estimated to grow at a CAGR of 9.5% driven by the ready-to-eat and packaged salmon products such as smoked salmon & snacks. These stores cater to consumers seeking quick, accessible, and smaller portion sizes.
  
• The increasing demand for high-protein, easy-to-consume is boosting the appeal of salmon in convenience stores.
  
• Online retail is anticipated to hold a value of USD 3.7 Bn in 2024 and estimated to reach USD 8.5 Bn in 2034 driven by the convenience of home delivery. Firms are offering offer subscription and bulk discounts to cater more audience.     
  

• With regard to the salmon fish market, the United States holds an influential position. The American market is estimated to have a value of USD 5.1 billion in 2024 and is set to grow to USD 10 billion by 2034.
  
• According to National Oceanic and Atmospheric Administration, commercial fishermen from Alaska harvested approximately 490million pounds in 2020. The farmed Atlantic salmon segment is set to grow as they are non-seasonal and lower priced than wild salmon, but unlike wild caught salmon which is seasonal and expensive.
  
•  Shipment of fresh and frozen salmon also increased by 63% to 80,126 tonnes and that signifies around 6,700 tonnes per month.
  

The salmon fish market in U.K. is predicted to perceive strong growth from 2025 to 2034

• In the United Kingdom, salmon production is expanding along with additional investments into smolt production technology. Between September 2022 and September 2023, salmon emerged as the predominant fish consumption across the globe, selling approximately 30% of the total fish sales in the countries.
  

Salmon Fish Market Share

The salmon market is intensely competitive, consisting of international companies, regional companies, and industry focused specialized businesses. The market is expected to boom in the European and American regions.

The top 5 companies in the salmon fish market includes Leroy, Salmar, Mowi ,   Cermaq and Bakkafrost. which collectively account for roughly 40% of the global market due to their higher production volume and operations across the regions.

Lerøy, is one of the top world producers of salmon and a global player in Norwegian seafood. The firm takes advantage of sustainable measures to capture value at every step of the production cycle, from farming to distribution. Lerøy salmon is sold fresh, frozen, smoked, or value-added and reaches markets across the globe. Salmar ASA, is respected for its offshore farming innovation and as a sustainable salmon farmer. There is a strong commitment to social responsibility with offshore farming investments, and Salmar distributes its products within Europe, Asia, and North America.

Mowi ASA, former Marine Harvest, is one of the world leaders in the production of Atlantic salmon. Mowi maintains a philosophy of sustainability, animal welfare, and mitigation of environmental impact from hatcheries, feeding, and growing facilities through to processing. Mowi operates in over seventy countries, both as a supplier and retailer of food products. Cermaq is a subsidiary of the Mitsubishi Corporation and operates in Norway, Chile, Canada. Cermaq is well known for sustainable harvesting and farming processes, supplying fresh and processed salmon to various countries around the world.

Bakkafrost, located in the Faroe Islands, is well known for superior quality, farmed salmon on a sustainable basis with a strong emphasis on environmental sustainability and traceability.

Salmon Fish Market Companies

Some of the eminent market participants operating in the salmon fish industry include:

• Leroy
• Salmar
• Cermaq
• Mowi ASA
• Bakkafrost
• SEA DELIGHT GROUP
• Nordlaks Produkter
• Atlantic Sapphire
• Ideal Foods
• BluGlacier
  

Salmon Fish Industry News:

• In 2024, Leroy invests in Salmonic Inc a U.S Based biological innovator company to fire the growth in sustainable seafood manufacturing.
  
• In 2023, SalMar acquired the Scottish sea farms a Scotland based to solidify its position in the European region.
  
• In 2022, Mowi, has completed the acquisition of Arctic Fish. Arctic Fish operates 10 ASC-approved salmon farming sites in the West Fjords of Iceland, with a maximum allowed biomass of 27,100 tonnes and another 4,800 tonnes pending approval. The company also operates its own hatchery and recently announced expansion plans. 
  

The salmon fish market research report includes an in-depth coverage of the industry with estimates and forecast in terms of revenue in USD Billion from 2021 – 2034 for the following segments:

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Market, By Species

• Atlantic salmon
• Pacific salmon

Market, By Form

• Fresh
• Frozen
• Smoked
• Canned
• Other

Market, By Distribution Channel

• Supermarket/ Hypermarket
• Convenience stores
• Online retail
• Others

The above information is provided for the following regions and countries:

• North America 
  • U.S.
  • Canada
• Europe 
  • Germany
  • UK
  • France
  • Spain
  • Italy
  • Netherlands
• Asia Pacific 
  • China
  • India
  • Japan
  • Australia
  • South Korea
• Latin America 
  • Brazil
  • Mexico
  • Argentina
• Middle East and Africa 
  • Saudi Arabia
  • South Africa
  • UAE