Global Salmon Fish Market Size, Share, Growth Analysis, By Species Outlook (Atlantic/Aquaculture and Pacific), By From Outlook (Fresh, Frozen and Others) - Industry Forecast 2024-2031

Global Salmon Fish Market size was valued at USD 16.13 Billion in 2022 and is poised to grow from USD 17.50 Billion in 2023 to USD 33.61 Billion by 2031, at a CAGR of 8.5 % during the forecast period (2024-2031).

It is anticipated that more product launches in different forms, frozen, canned, and freeze-dried, will assist overall market growth. Furthermore, market expansion is anticipated to be further fueled by the growing demand for ready-to-eat salads and the growing appeal of hot-smoked salmon fish. Because of its unique flavor and texture, salmon, both fresh and frozen became a mainstay in peoples' daily meals. It is a popular dietary supplement that reduces the risk of many different health issues and is rich in micronutrients, minerals, marine omega-3 fatty acids, high-quality protein, and other vitamins. Sales of products derived from farmed salmon surged dramatically for numerous companies across the globe. According to Mowi's annual report, the harvest of Atlantic salmon reached 658,100 tonnes globally in the third quarter of 2021. The primary contributors to this total were Chile and Norway. Additionally, in the third quarter of 2021, Mowi's product consumption increased by 11% in the United States and Asia, with Europe following closely behind at 4%. The increasing popularity of Asian food and dishes like sushi and sashimi has helped to increase demand for salmon fish. The growing Asian population in the US and the expansion of Asian restaurants across the country have led to a surge in the popularity of salmon. Frozen and canned fish are two more fish types that are expected to grow significantly over the forecast period. Manufacturers continuously introduce new canned fish varieties in an effort to extend the shelf life of food products.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Salmon Fish Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Salmon Fish Market Segmental Analysis

Global Salmon Fish Market is segmented on the basis of Species Outlook, Form Outlook, and region. By Species Outlook, the Salmon Fish Market is segmented into Atlantic/Aquaculture, and Pacific. By Form Outlook, the Salmon Fish Market is segmented into Fresh, Frozen and Others. By region, the Salmon Fish Market is divided into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Drivers of the Global Salmon Fish Market

One of the main factors propelling the global salmon fish market is the rising demand for salmon. Numerous causes, such as growing disposable incomes, shifting food preferences, and more health consciousness, are driving this demand. Consequently, over the next several years, it is anticipated that the worldwide salmon market will expand at a substantial rate.

Restraints in the Global Salmon Fish Market

For farmers, salmon farming can be costly due to the substantial infrastructure, equipment, and feed investments needed. This may reduce salmon farming's profitability and make it more challenging for new competitors to enter the market. One of the main causes of salmon farming's high production costs is the high cost of feed. Salmon needs a diet high in protein, which usually includes fishmeal and fish oil, both of which are pricey and prone to change. The high production costs associated with salmon farming can also be attributed to the cost of other inputs, such as labor, energy, and equipment.

Market Trends of the Global Salmon Fish Market

As a result of Chile's aquaculture sector's consistent improvement over the preceding few years, 2.68 million metric tons of farmed salmon were produced worldwide in 2021. Consequently, there has been an increase in the culture of salmon, especially in the Atlantic region, which produces over 74% of the world's salmon. About 14% of the production increase is attributed to Chile, where a new regulatory framework is beginning to show potential. Furthermore, there is still a significant demand for salmon worldwide, even with the increase in availability. Conventional open net-pen aquaculture is restricted by geography and law, which makes it challenging for farmers to meet the rising demand for salmon around the world.