According to the Market Statsville Group (MSG), the global salmon market size is expected to grow from USD 21,694.84 million in 2022 to USD 33,046.65 million by 2033, at a CAGR of 3.90% from 2023 to 2033. A typical definition of salmon is an oily fish that is high in protein and omega-3 fatty acids. Salmon fish demand is being fueled by increased health consciousness, inactive lifestyle patterns, rising obesity among the population, and rising disposable money. Consumers are more concerned with including protein-rich foods in their diets; thus, salmon is utilized in the creation of a variety of foods such as pasta, patties, burgers, and rice meals. Furthermore, producers have developed a variety of salmon products, such as salmon oil, salmon spreads, smoked salmon, frozen salmon, and canned salmon, to meet the diverse tastes of a diverse client base. Furthermore, as the working population grows, the demand for frozen and canned salmon grows tremendously. The rise of ready-to-eat food products has resulted from our hurried lifestyle.

Definition of the Global Salmon Market

Salmon is the common name for numerous economically significant species of euryhaline ray-finned fish from the family Salmonidae that are endemic to North Atlantic (genus Salmo) and North Pacific (genus Oncorhynchus) basin tributaries. Trout, char, grayling, whitefish, lenok, and taimen are all closely related fish in the same family.

Salmon is an important food source that is actively farmed in many parts of the world, with Norway producing the most farmed salmon, followed by Chile. They are also popular game fish for both freshwater and saltwater anglers. Many salmon species have now been introduced and established in non-native ecosystems such as the Great Lakes of North America, Patagonia in South America, and the South Island of New Zealand.

COVID-19 Impact on the Global Salmon Market

The unexpected breakout of COVID-19, as well as the global quarantine procedures, have had a severe impact on retail salmon sales. Consumers who are confined to their homes prefer frozen and processed seafood over perishable fresh fish. As a result, retail sales in these categories surged when the restrictions were originally imposed, but quickly fell as families stored up. As interest in alternative distribution methods grows, online distributors are reporting greater sales in numerous nations. Meanwhile, logistics has grown substantially more difficult, compounding market concerns. Hauliers must contend with closed or restricted road borders and health inspection delays. The large-scale cancellation of flights has directly affected trade in some high-end products which are transported by air, such as fresh Norwegian and Chilean salmon destined for the United States of America and China. Although tightening supply will support prices to an extent, the persisting lower demand will likely push prices close to the breakeven level. If this happens, salmon aquaculture companies can be expected to take significant earnings hit and export revenues will probably be uncertain.

Global Salmon Market Dynamics

Drivers: Rise in consumer awareness towards the health benefit of salmon

Salmon is ray-finned fish in the family Salmonidae, which includes trout, char, grayling, and whitefish. The salmon is a fish food that is loaded with nutrients which may even reduce certain risk factors for several different diseases. It is the one of the best sources of the long-chain omega-3 fatty acids docosahexaenoic acid (DHA) and eicosapentaenoic acid (EPA), which is an essential part for human diet. Salmon and salmon-based food is full of omega-3 fatty acid, vitamin B3 and D, fibre, protein, calcium, zinc, iodine, and cholesterol, which are important for heart health, brain function, and reducing inflammation. Additionally, the regular consumption led to lowering blood pressure, calming inflammation, minimizing the risk of developing cancer and improving the function of the cells that are lining the arteries. Growing demand for healthy food, brought on by a rapidly, expanding population, rising literacy levels, and technological advancement leads to high expectations from food services. This has shifted demand in favour of a health food diet. Good and healthy food confers on a person or groups’ freedom from illness and an ability to realize one's potential. The individual’s interest has grown more responsive in the health and hygiene standards related to food products. There has been also a shift observed in the customer’s focus from price to quality in the present scenario, especially in the urban and a few semi-urban areas.

Restraints: Depletion of sea species

The primary issue limiting market expansion is the depletion of marine species caused by the increased demand for organic salmon and seafood. When fish are taken from the sea at rates that are too high, fish supplies are too low to replenish themselves. The general health of marine life is crucial for maintaining life elsewhere on the globe since the seas make up more than 70% of the surface of the Earth. Yet, a number of factors—including overfishing, climate change, marine pollution, and others—are seriously affecting both the future of ocean and land residents. According to Condor Ferries Ltd, around 100 million marine species die each year as a result of plastic garbage alone, and more than 90% of all seabirds have plastic bits in their stomachs. It went on to say that contaminated seafood kills 50,000-100,000 people per year owing to immune system impairment and cancer.

Opportunities: Global rise in penetration of e-commerce sector

The global food industry has transformed due to the development of e-commerce. E-commerce has emerged as a key component of the global food delivery market in recent years as smartphone and internet use for both personal and professional purposes increases. Moreover, systems for online food delivery (online FD) are becoming more popular in the world of online to offline (O2O) commerce. The rise of online FD has revolutionized the way that many customers and food suppliers interact; therefore, food retailers are looking for sustainable and healthy food options like salmon. According to Gloria Food, nearly 48% (around 2 billion) of the total U.S. population ordered a meal via online platforms in 2016, up from 22% (637 million) from 2011. Also, in 2018, it is estimated that nearly 68% of the U.S. people ordered food items via online platforms. Therefore, the demand for salmon is gaining a high growth potential in the e-commerce food market as it attracts consumers who prefer healthy diets.

Consequently, the rapid growth of the e-commerce sector and the growing preference of the consumer for purchasing food products online has led to a high demand for salmon and a lucrative growth opportunity for the market over the forecasting period.

Scope of the Global Salmon Market

The study categorizes the salmon market based on species, fish type, product type and distribution channel area at the regional and global levels.

By Species Outlook (Sales, USD Billion, 2019-2033)

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

By Fish Type Outlook (Sales, USD Billion, 2019-2033)

• Farmed
• Wild

By Product Type Outlook (Sales, USD Billion, 2019-2033)

• Canned
• Fresh
• Frozen
• Others

By Distribution Channel Outlook (Sales, USD Billion, 2019-2033)

• E-commerce (online)
• Retail
• Brick & Mortar Stores (offline)
• HoReCa & Wholesale
• Processed Food Industry
• Other Institutional Customers

By Region Outlook (Sales, USD Billion, 2019-2033)

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Italy
  • France
  • UK
  • Spain
  • Poland
  • Russia
  • The Netherlands
  • Norway
  • Czech Republic
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Indonesia
  • Malaysia
  • Thailand
  • Singapore
  • Australia & New Zealand
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Colombia
  • Rest of South America
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • South Africa
  • Northern Africa
  • Rest of MEA

Canned segment accounts for the largest market share by product type

Based on the product type, the market is bifurcated into frozen, fresh, canned and others. The canned segment is expected to dominate the market share in 2022 in the global salmon market. The canned segment is expected to fuel the growth of the market as the canned salmon is an inexpensive food as compared to the prices of no-name, store brand and brand-name options. Moreover, it is easy to carry anywhere and anytime and has longer shelf life. Moreover, this segment also register the highest market share due to growing awareness regarding the fresh food diets for health benefits coupled with consumers preference for the adoption of fresh salmon.

Europe is projected to account for the highest market share by Region

Based on the regions, the global salmon market has been segmented across North America, Europe, Asia-Pacific, Middle East & Africa, and South America. Europe is projected to account the highest market share in 2022. Europe is owing the escalating demand for salmon and high disposable income of consumers. Moreover, the increasing food processing sector in the region coupled with growing awareness for salmon consumption and its health benefits has been driven the growth of the market. Further, the rising demand for ready to grab food and growing e-commerce will continue to spur the demand in the upcoming years.

Key Market Players in the Global Salmon Market

The salmon market is extremely cutthroat, and significant competitors in the sector are using strategies including product launches, partnerships, acquisitions, agreements, and growth to enhance their market positions. Most sector businesses focus on increasing their operations worldwide and cultivating long-lasting partnerships.

Major key players in the global salmon market are:

• Nova Sea
• Blumar SA
• Nordlaks
• Greig Seafood
• Mowi ASA
• Bakkafrost
• Leroy Seafood Group ASA
• Cremaq Group ASA
• SalMar ASA
• Salmones Camanchaca

Key Issues Addressed

• What is the market size by various segmentation of the salmon by region and its respective countries?
• What are the customer buying behavior, key takeaways, and Porter's 5 forces of the salmon market?
• What are the key opportunities and trends for manufacturers involved in the salmon supply chain?
• What are the fundamental dynamics (drivers, restraints, opportunities, and challenges) of the market?
• What and how regulations, schemes, patents, and policies are impacting the growth of the market?
• What are the upcoming technological solutions influencing market trends? How will existing companies adapt to the new change in technology?
• The market player positioning, top winning strategies by years, company product developments, and launches will be?
• How has COVID-19 impacted the demand and sales of salmon in the global market? Also, the expected BPS drop or rise count of the market and market predicted recovery period.
• Detailed analysis of the competitors and their latest launch, and what are the prominent startups introduced in the target market? Also, detailed company profiling of 25+ leading and prominent companies in the market.