Salmon Market Forecast 2025-2034: Analysing Major Trends, Opportunities, and Growth Drivers

How Will the Salmon Market Grow, and What Is the Projected Market Size?
In recent years, there has been significant growth in the salmon market. The market size, which stood at $28.6 billion in 2024, is projected to increase to $30.59 billion in 2025, representing a compound annual growth rate (CAGR) of 7.0%. Factors contributing to this growth during the historical period include a rising demand for diets rich in protein, advancements in aquaculture technology, the growing popularity of sushi, an increase in global seafood consumption, the expansion of e-commerce platforms selling seafood, and the rising popularity of the ket*o and paleo diets.

There is a robust growth projection for the salmon market in the forthcoming years, where it is anticipated to escalate to $39.61 billion by 2029, with a compound annual growth rate (CAGR) of 6.7%. Various factors are contributing to this surge during the forecasted period like the increasing preference among consumers for healthy diets, enhanced consciousness about the advantages of omega-3, development in the aquaculture sector, growing popularity of sustainable seafood, and expansion of cold chain infrastructure. Key trends ushering in the forecast period encompass the adoption of sustainable aquaculture methods, usage of recirculating aquaculture systems (RAS), incorporation of alternative sources of feed, initiation of advanced genetic breeding programs and the advent of precision aquaculture technologies.

What Key Elements Are Boosting Growth in the Salmon Market?
The expansion of the Salmon market is anticipated to be driven by the flourishing aquaculture sector. Aquaculture, defined as the practice of rearing and farming aquatic species, both marine and freshwater, under controlled circumstances, has seen exponential growth, thanks to factors such as an increase in consumer preference for seafood, emphasis on ecological preservation, and advancements in fish farming technology. Salmon farming is particularly significant to the industry due to its economic implications, sustainability benefits, nutritional value, and its ability to accommodate new farming techniques. This growing relevance resonates with the worldwide emphasis on maintaining sustainable food production systems and promoting healthier eating habits. For example, data from the Australian Bureau of Agricultural and Resource Economics in March 2024 predicted that the contribution of aquaculture to the value of seafood production is projected to rise from 60% in 2023-24 to 64% by 2028-29, amounting to an absolute value of $2.21 billion. Consequently, the growth in the aquaculture sector is spurring the expansion of the Salmon market.

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Who Are the Major Industry Players Fueling Salmon Market Expansion?
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

Which Key Developments Are Influencing the Salmon Market?
Leading businesses in the salmon industry are branching out into smoked salmon spreads to diversify their range of goods and respond to a burgeoning demand for gourmet, convenient snack choices from customers. This product innovation not only offers consumers a tasty, convenient, and healthy alternative, but it also helps to drive the demand for salmon-based goods. For example, Foppen Seafood, a seafood processing company from the Netherlands, introduced its novel hot-smoked salmon spread to the market in March 2024. This spread served as both a lunch meal and a snack, thereby expanding the company's product range. Composed of 50% smoked salmon and mayonnaise, this innovative spread emphasizes the company's commitment to reducing wastage, all while offering intriguing flavors like jalapeno and seaweed. Such creativities are crucial in the salmon industry, as they meet the consumer's crave for convenience and diversity in the face of competition and increasing costs.

How Is the Segmentation of the Salmon Market Defined?
The salmonmarket covered in this report is segmented -

1) By Type: Chinook Salmon, Coho Salmon, Pink Salmon, Red Salmon, Salmo Salar, Silverbrite Salmon
2) By End Product Type: Fresh, Frozen, Canned , Other End Products
3) By Distribution Channel: Retail, E-commerce, Brick And Mortar Stores, HoReCa And Wholesale Processed Food Industry, Other Institutional Customers

Subsegments:
1) By Chinook Salmon: Fresh Chinook Salmon, Frozen Chinook Salmon, Canned Chinook Salmon, Smoked Chinook Salmon
2) By Coho Salmon: Fresh Coho Salmon, Frozen Coho Salmon, Canned Coho Salmon, Smoked Coho Salmon
3) By Pink Salmon: Fresh Pink Salmon, Frozen Pink Salmon, Canned Pink Salmon, Smoked Pink Salmon
4) By Red Salmon: Fresh Red Salmon, Frozen Red Salmon, Canned Red Salmon, Smoked Red Salmon
5) By Salmo Salar: Fresh Atlantic Salmon, Frozen Atlantic Salmon, Canned Atlantic Salmon, Smoked Atlantic Salmon
6) By Silverbrite Salmon: Fresh Silverbrite Salmon, Frozen Silverbrite Salmon, Canned Silverbrite Salmon

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What Is the Leading Region in the Salmon Market?
Europe was the largest region in the salmon market in 2024. 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.

What Is Covered In The Salmon Global Market Report?

- Market Size Analysis: Analyze the Salmon Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Salmon Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Salmon Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Salmon Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.

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