Salmon Market Outlook
According to the report by Expert Market Research (EMR), the global salmon market size reached a volume of about 4.50 million tons in 2023. Driven by the increasing demand for healthy, protein-rich food, the market is projected to grow at a compound annual growth rate (CAGR) of 3.8% between 2024 and 2032, reaching a volume of about 6.33 million tons by 2032.
Salmon, known for its rich nutritional profile, particularly its high levels of omega-3 fatty acids, is considered a premium product in the global seafood market. As one of the most widely consumed fish species, salmon has found its place in both culinary traditions and modern health-conscious diets. The growing awareness of the health benefits associated with salmon, coupled with expanding consumer preferences for sustainable food sources, is expected to continue fueling market growth in the coming years.
Salmon is widely consumed in various forms, such as fresh, frozen, canned, and smoked, making it a versatile product in the food and beverage industry. The popularity of salmon can be attributed to its numerous health benefits, including its role in improving cardiovascular health, boosting cognitive function, and enhancing overall well-being. In addition to its nutritional attributes, the fish is a key component in a variety of cuisines, including European, North American, and Asian culinary traditions, further supporting its increasing global demand.
Drivers of Market Growth
The salmon market is primarily driven by growing consumer awareness of the health benefits associated with the consumption of seafood, particularly fatty fish like salmon. Salmon is rich in omega-3 fatty acids, which are essential for heart health and cognitive function, making it a desirable choice for health-conscious individuals. As more people adopt healthier eating habits, the demand for nutrient-dense products like salmon continues to rise.
Another key driver of the salmon market is the increasing preference for sustainable and responsibly sourced food. With consumers becoming more environmentally aware, there is a growing demand for seafood that is sustainably farmed or responsibly caught. The salmon farming industry has made significant strides in improving sustainability practices, ensuring that more consumers are willing to purchase sustainably farmed salmon. The rise of eco-conscious food trends, such as organic and fair-trade products, has had a positive impact on the growth of the salmon market, as it aligns with consumers' desire to make more ethical and environmentally friendly purchasing decisions.
Furthermore, the increasing popularity of plant-based diets has led to a greater emphasis on sourcing high-quality animal proteins that are also rich in essential nutrients. Salmon, being a premium protein source, has gained significant attention as a healthy alternative to red meat. The fish's versatility in various cooking methods, including grilling, baking, and steaming, adds to its appeal, especially among consumers seeking to diversify their protein sources.
Get a Free Sample Report with Table of Contents: https://www.expertmarketresearch.com/reports/salmon-market/requestsample
Expanding Consumer Preferences
The growing preference for convenience and premium food products has significantly contributed to the growth of the global salmon market. In particular, ready-to-eat and value-added salmon products, such as smoked salmon, salmon fillets, and sushi-grade salmon, have seen increased demand. These products cater to busy consumers who seek healthy, quick, and easy meal options that do not compromise on quality or taste.
Additionally, the rise of the foodservice industry, particularly in fast-casual restaurants, sushi bars, and fine-dining establishments, has played a pivotal role in driving salmon consumption. Salmon is often considered a high-end seafood option, making it a staple on restaurant menus and catering services. The demand for salmon in restaurant and catering services is expected to remain robust, contributing to the growth of the global market.
The increasing popularity of ethnic and fusion cuisines also supports the growing demand for salmon. As global culinary tastes become more diverse, salmon is increasingly being incorporated into various traditional and modern recipes. Sushi and sashimi, for example, are becoming more popular outside of Japan, and salmon is frequently used in these dishes. The fish's delicate flavor and high-quality texture make it an ideal choice for these cuisines, further expanding its global reach.
Sustainability and Aquaculture Innovations
Sustainability is a critical consideration in the global salmon market, particularly as the demand for farmed salmon continues to rise. Aquaculture, the farming of fish in controlled environments, is a primary method of salmon production, and innovations in this area are helping to meet growing global demand while minimizing environmental impact.
The adoption of sustainable farming practices, such as reducing the use of antibiotics, improving feed efficiency, and minimizing waste, has become a significant focus for the salmon farming industry. The use of recirculating aquaculture systems (RAS) and offshore farming techniques has been gaining traction as solutions to address concerns related to water quality and environmental impact. Additionally, the development of more sustainable feed alternatives, such as plant-based and insect-based proteins, is helping to reduce the ecological footprint of salmon farming.
The increased transparency in the salmon supply chain also plays a role in boosting consumer confidence. Certification programs such as the Aquaculture Stewardship Council (ASC) and GlobalG.A.P. have emerged, providing consumers with assurance that the salmon they purchase is sustainably farmed. These programs are expected to continue gaining popularity, helping to meet the demand for responsibly sourced seafood and further driving market growth.
Read Full Report with Table of Contents: https://www.expertmarketresearch.com/reports/salmon-market
Salmon Market Segmentation
The market can be divided based on type, species, end product, distribution channel, and region.
Breakup by Type
- Farmed
- Wild Captured
Breakup by Species
- Atlantic
- Pink
- Chum/Dog
- Coho
- Sockeye
- Others
Breakup by End Product
- Frozen
- Fresh
- Canned
- Others
Breakup by Distribution Channel
- Foodservice
- Retail
- Others
The wild captured variant are majorly found in the following regions:
- United States
- Russia
- Japan
- Canada
- Others
The major consuming regions of the product include the following:
- European Union
- Russia
- United States
- Brazil
- Japan
- China
- Others
Competitive Landscape
Some of the major players explored in the report by Expert Market Research are as follows:
- Cermaq Group AS
- Lerøy Seafood Group
- Mowi ASA
- SalMar ASA
- Others
Challenges and Opportunities
Despite its growth, the global salmon market faces several challenges. One of the key challenges is the pressure on wild salmon populations, which are facing overfishing and habitat degradation in certain regions. This has led to a stronger emphasis on sustainable aquaculture practices to reduce the reliance on wild-caught salmon and protect ecosystems. Additionally, the industry must navigate fluctuations in feed prices and regulatory changes, particularly regarding environmental concerns.
On the other hand, there are numerous opportunities for market growth. The increasing trend of plant-based diets and the rising popularity of sustainable food sources create a favorable environment for the expansion of the salmon market. Furthermore, growing awareness of the nutritional benefits of omega-3 fatty acids and the continued rise in health-conscious consumer behavior present further growth opportunities for the industry.
Media Contact:
Company Name: Claight Corporation
Contact Person: George buttler, Corporate Sales Specialist – U.S.A.
Email: sales@expertmarketresearch.com
Toll Free Number: +1-415-325-5166 | +44-702-402-5790
Address: 30 North Gould Street, Sheridan, WY 82801, USA
Website: http://www.expertmarketresearch.com
Aus Site: https://www.expertmarketresearch.com.au
