Global Salmon Market to Reach 4.8 Million Tons by 2032, Impelled by Increasing Consumption of Seafood

March 09, 2023 | Food & Beverages

According to the latest report by IMARC Group, titled "Salmon Market Report by Type (Farmed, Wild Captured), Species (Atlantic, Pink, Chum/Dog, Coho, Sockeye, and Others), End Product Type (Frozen, Fresh, Canned, and Others), Distribution Channel (Foodservice, Retail), and Region 2024-2032," the global salmon market size reached 3.6 Million Tons in 2023. Salmon is a species of oily, ray-finned fish belonging to the family of Salmonidae, commonly found in the North Atlantic and Pacific Oceans. It is a rich source of protein, astaxanthin, calcium, iodine, phosphorus, vitamins D and B3, zinc, potassium, iodine, and omega-3 fatty acids, especially eicosapentaenoic acid (EPA) and docosahexaenoic acid (DHA). On account of its valuable nutritional composition, salmon offers several health advantages, such as regulating blood pressure levels, improving the functioning of the cells lining the arteries, minimizing inflammation, and promoting the growth and development of bones and body mass. Apart from this, it reduces the symptoms of rheumatoid arthritis and lowers the risk of developing heart diseases, cancer, and cognitive disorders such as dementia and Alzheimer's.

Global Salmon Market Trends:

The increasing demand for salmon from the bolstering food and beverage (F&B) industry for preparing commercial food dishes, such as pizza, pasta, burger, salad, spaghetti, tartar sauces, and sushi, is primarily driving the market growth. Besides this, the rising consumer awareness about the rich nutritional profile of salmon and various health benefits associated with its regular consumption, combined with expanding prevalence of lifestyle diseases, such as obesity, heart disease, or hypertension, is propelling the market growth. Moreover, with escalating health concerns caused by the adoption of sedentary lifestyles and unhealthy dietary habits, there has been a shifting preference for protein-based, nutrient- and vitamin-rich diets, such as salmon, which is creating a positive outlook for the market. In addition to this, the increasing demand for ready-to-eat (RTE) and easy-to-cook food products, including frozen and canned salmon-based products, due to rapid urbanization, expanding working population, busy lifestyles, and inflating disposable incomes of individuals are aiding in market expansion. Furthermore, the launch of various value-added commercial products by manufacturers, such as salmon jerky, oil, lox, and spreads, the rising establishment of restaurants and fast-food outlets, and the significant expansion in the aquaculture sector and seafood productivity are presenting lucrative growth opportunities for the market. Looking forward, the market volume is projected to reach 4.8 Million Tons by 2032, expanding at a CAGR of 3.1% during 2024-2032.

Market Summary:

  • Based on type, the market has been bifurcated into farmed and wild captured. Currently, farmed salmon dominate the market, holding the largest share.
  • On the basis of species, the market has been segregated into Atlantic, pink, chum/dog, coho, sockeye, and others. Amongst these, Atlantic species represent the largest segment.
  • Based on end product type, the market is categorized into frozen, fresh, canned, and others. At present, frozen salmon is the most popular end product.
  • On the basis of the distribution channel, the market is divided into food service and retail. The food service sector accounts for the majority of the global share.
  • According to regional Insights based on production, the market has been segmented into farmed (Norway, Chile, Scotland, Canada, Faroe Islands, and others) and wild Captured (the United States, Russia, Japan, Canada, and others).
  • According to regional insights on the basis of consumption, the market has been classified into European Union, Russia, the United States, Brazil, Japan, China, and others.
  • The competitive landscape of the market has also been examined, with some of the key players being Cremaq Group ASA, Lerøy Seafood Group ASA, Mowi ASA, and SalMar ASA.

Report Coverage:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion, Million Tons
Segment Coverage Type, Species, End Product Type, Distribution Channel, Region
Companies Covered Cremaq Group ASA, Leroy Seafood Group ASA, Mowi ASA and SalMar ASA
Customization Scope 10% Free Customization
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Global Salmon Market to Reach 4.8 Million Tons by 2032, Impelled by Increasing Consumption of Seafood
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