Salmon Market 2024 - By Size, Share Analysis, Trends And Growth Forecast By 2033

The Business Research Company recently released a comprehensive report on the Global Salmon Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, 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 in the historic period can be attributed to increasing demand for protein rich diets, growth in aquaculture technology, increasing popularity of sushi, rising global seafood consumption, growth in e-commerce platforms for seafood, increasing popularity of ke*to 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 in the forecast period can be attributed to increasing consumer demand for healthy foods, rising awareness of omega-3 benefits, growth in aquaculture, rising popularity of sustainable seafood, growth in cold chain infrastructure. Major trends in the forecast period include adoption of sustainable aquaculture practices, adoption of recirculating aquaculture systems (RAS), adoption of alternative feed sources, implementation of advanced genetic breeding programs, development of precision aquaculture technologies.

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Market Drivers and Trends:

The growing aquaculture industry is expected to propel the growth of the salmon market going forward. The aquaculture industry refers to cultivating marine and freshwater species, including fish and plants, in regulated settings. The expansion of the aquaculture sector can be attributed to rising consumer demand for seafood, a focus on sustainable practices, and innovations in aquaculture technology. Salmon production plays a significant role in aquaculture due to its economic value, sustainability contributions, nutritional benefits, and adaptability to evolving farming technologies. Its growing importance aligns with the global push for sustainable food systems and healthier dietary choices. For instance, in March 2024, according to the Australian Bureau of Agricultural and Resource Economics, an Australia-based government agency, an estimated aquaculture's contribution to seafood production value is set to grow from 60% in 2023-24 to 64% by 2028-29, reaching a real value of $2.21 billion. Therefore, the growing aquaculture industry is driving the growth of the salmon market.

Major companies in the salmon market are developing smoked salmon spreads to diversify their product offerings and cater to the growing consumer demand for convenient and gourmet snack options. Smoked salmon spreads enhance the salmon market by providing consumers a convenient, flavorful, and nutritious option, promoting a healthy lifestyle, and increasing demand for salmon products. For instance, in March 2024, Foppen Seafood, a Netherlands-based processing seafood products company, launched a new hot-smoked salmon spread that serves as both a lunch option and a snack, broadening its product offerings. This innovative spread, made with 50% smoked salmon and mayonnaise, highlights the brand's focus on reducing waste while introducing exciting flavors such as jalapeno and seaweed. Such innovations are significant for the salmon market, addressing consumer demands for convenience and variety amid rising competition and costs.

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Major Key Players of the Market:

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

Salmon Market 2024 Key Insights:

• 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%.
• Growing Aquaculture Industry Fuels Expansion Of The Salmon Market
• Innovative Smoked Salmon Spreads Enhance Market Offerings And Meet Consumer Demand
• Europe was the largest region in the salmon market in 2023

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