Salmon Fish Market Size, Share & Industry Analysis by Species (Atlantic and Pacific), Analysis by Product Type (Fresh, Frozen, Canned, and Others), Analysis by Distribution Channel (B2B [Food Service Channels] and B2C [Supermarket/Hypermarkets, Convenience Stores, Online Stores, and Others]), and Regional Forecast, 2024-2032

Salmon is a sustainable source containing protein and heart-healthy omega-3 fatty acids. Salmon helps in supporting heart health by reducing total cholesterol and blood pressure. The growing incorporation of nutritious food in daily diets to improve health functioning has led to an increase in the consumption of salmon. Moreover, salmon is versatile and can be easily prepared in a variety of ways, making it a convenient option for consumers with busy schedules.

Consumers are increasingly concerned about the environmental impact of their food choices, including the health of oceans and the sustainability of fishing practices. This has led to a growing preference for ethically sourced seafood, particularly salmon. Manufacturers have been increasingly focusing on new trends by launching innovative salmon products in the market. For instance, in July 2023, Wild Planet Foods, a pioneer of sustainably caught seafood, launched five new sustainably caught seafood items, including salmon and tuna. The new salmon products included wild smoked pink salmon in extra virgin olive oil and wild pink salmon, 3-pack.

Governments, seafood manufacturers and other regulatory bodies have also been playing a major role in driving the demand for sustainable salmon. Some countries are implementing strategies such as investments and imposing regulations to promote sustainable fishing practices, while others are incentivizing the production and sale of certified sustainable seafood. For instance, in January 2023, the European Investment Bank (EIB) agreed to a USD 50 million debt investment in the company RE: OCEAN for the development of Sweden’s first inland salmon fish farm in Saffle, Varmland. The new facility would contribute to the delivery of fresh and sustainable salmon directly to Swedish restaurants and supermarkets. The project is also backed by Sweden’s wholesale companies Axfood, ICA, and Coop.

Key Insights

The report covers the following key insights:

• Market Overview of the Related/Parent Market


• Supply Chain & Regulatory Analysis


• Recent Industry Developments – Partnerships, Mergers and Acquisitions, and New Product Launches


• COVID-19 Impact


• SWOT Analysis

SALMON FISH MARKET SEGMENTATION ANALYSIS

Analysis by Species

The Atlantic segment is expected to hold a significant share of the global market. Atlantic salmon is the most commercially farmed salmon species. According to the Food and Agriculture Organization (FAO), in 2020, Atlantic salmon species made up 71.4% of the total salmon production, accounting for 2.7 million in quantity. The high production is due to its fast growth rate, suitable for aquaculture conditions and high consumer demand.

The Pacific segment is expected to grow significantly over the forecast period. Pacific salmon are native to certain regions, fostering cultural connections and local demand. For instance, pink salmon is a staple in parts of Alaska and the Pacific Northwest, driving its popularity in those areas. Pacific salmon encompasses five distinct species, including Chinook, Coho, Pink, Chum, and Sockeye. Each of the species possesses its unique flavor profile and culinary applications.

Analysis by Product Type

The fresh salmon segment is expected to hold a significant share of the global market. Several consumers value the superior taste and texture of fresh salmon compared to frozen or processed forms. Moreover, the fresh form contains higher nutrient content and does not have artificial or chemical preservatives. Fresh salmon also offers incredible culinary versatility. It can be grilled, baked, smoked or eaten raw, making it suitable for various dishes and preferences.

The frozen segment is expected to grow significantly over the forecast period. Frozen salmon offers convenience and extended shelf life compared to fresh ones. Consumers or wholesalers could buy it in bulk, saving time and reducing food waste. The frozen segment is witnessing new opportunities in product innovation. For instance, in March 2023, Multi X, a Chilean seafood company, launched their first 100% carbon-neutral certified Chilean salmon in the U.S. market. The new product is available in frozen fillet form across the U.S.

Analysis by Distribution Channel

The B2C segment, including the supermarkets/hypermarkets segment, is expected to hold a significant share of the global market. Consumers can easily find various salmon product forms, such as fresh, frozen, canned under one roof, catering to different preferences and budgets. Moreover, convenience-oriented services such as pre-portioned filets or ready-to-cook salmon meals cater to busy lifestyles and further solidify product distribution through supermarkets in the global market.

The B2B segment, including foodservice channels, is expected to grow significantly over the forecast period. The busy lifestyles and increasing disposable incomes are driving the demand for convenient and fine dining experiences outside the home. Restaurants, cafes, and food delivery services play a crucila role in propelling the salmon fish demand.

Analysis by Region

Europe is expected to hold a major share of the global market. Europe is known to be the largest consumer of salmon. For centuries, fishing and aquaculture have been an integral part of many European cultures, leading to deep expertise and robust infrastructure in the salmon industry. Countries such as Norway, the U.K. and Chile account for a major share of salmon consumption. According to the European Market Observatory for Fisheries and Aquaculture Products (EUMOFA), Europe is one of the largest importing regions, taking approximately 70% of the total Norwegian export volumes in recent years. Moreover, Atlantic salmon is one of the most consumed farmed fish species in the region. Furthermore, the growing expansion of Norwegian companies in other salmon-producing countries further influences the salmon value chain and boosts the market growth.

Key Market Players

• Leroy Seafood Group ASA, Mowi ASA


•  Nordlaks


• P/F Bakkafrost


• Blumar SA


• Cermaq Group ASA


• Atlantic Sapphire ASA


• BluGlacier, LLC.


• SEA DELIGHT GROUP


• Ideal Foods Ltd

Key Developments

• In January 2024, Acme Smoked Fish, a family-owned smoked fish outlet, opened a new manufacturing plant. The new 43,000-square-foot manufacturing facility in Florida would help enhance the company’s cold smoked salmon production.


• In January 2024, King Oscar, a premium canned seafood company, launched a new line of skinless and boneless Atlantic salmon in extra virgin olive oil. The new product is available in three flavors, including extra virgin olive oil, extra virgin olive oil Mediterranean style, and extra virgin olive oil with lemon.