Market Size of Salmon Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 33.50 Billion |
| Market Size (2029) | USD 49.39 Billion |
| CAGR (2024 - 2029) | 8.07 % |
| Fastest Growing Market | South America |
| Largest Market | Europe |
Major Players*Disclaimer: Major Players sorted in no particular order |
Salmon Market Analysis
The Salmon Market size is estimated at USD 33.5 billion in 2024, and is expected to reach USD 49.39 billion by 2029, growing at a CAGR of 8.07% during the forecast period (2024-2029).
The global salmon sector has felt the impact of COVID-19 all along the supply chain, with production, processing, and logistics. In Norway, prices were very high in Q1, at over NOK 70 per kilo, and producers have benefitted from several strong years of prices, making the sector fairly resilient. In Chile, quarantines, curfews, and other COVID-19 restrictions have led to lower volumes of salmonids reaching processing plants.
Due to biological constraints, seawater temperature requirements, and other natural constraints, farmed salmon is mainly produced in the sea in Norway, Chile, the United Kingdom, North America, the Faroe Islands, Iceland, Ireland, New Zealand, and Tasmania. In 2020, more than 2.6 million tons of farmed salmonoids were produced. In comparison, only around 550,000 tons of wild salmonids were caught, with farmed salmon capturing nearly 74% of the overall salmon production in the world. Atlantic salmon is one of the most commonly cultured species of salmon across the world. The overall production of farmed Atlantic salmon was marked at 2.4 million metric ton in 2018, which increased to 2.74 million metric ton by 2020.
Good production of farmed Atlantic salmon had experienced a steep decline in the prices in both Norway and Chile in the first half of 2019. Subsequently, this declining price trend was sharply reversed, and prices soared to near-record heights, primarily attributed to the ever-strengthening demand in traditional and emerging markets such as China.
Salmon Industry Segmentation
Salmon is a fish species belonging to the family of salmonoids. For the purpose of the study, both the farmed and captured salmons have been considered for the market estimation. To avoid discrepancy and maintain accuracy, both fresh and processed salmon have been considered for capturing the market trends such as production, imports, exports, and consumption.
The salmon market is segmented by species type (Atlantic Salmon, Coho Salmon, Masu Salmon, Chinook Salmon, and other species types), type (farmed and wild captured), and geography (North America, Europe, Asia-Pacific, South America, and Africa). The report includes production (volume), consumption (volume and value), import (volume and value), export (volume and value), and price trend analysis. The report offers market size and forecasts in terms of value (USD million) and volume (metric ton) for all the above segments.
| Species Type | |
| Atlantic Salmon | |
| Coho Salmon | |
| Masu Salmon | |
| Chinook Salmon | |
| Other Species Types |
| Type | |
| Farmed | |
| Wild Captured |
| Geography | ||||||||||
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Salmon Market Size Summary
The salmon market is poised for significant growth over the forecast period, driven by increasing global demand and strategic production advancements. The industry has shown resilience despite challenges posed by the COVID-19 pandemic, which affected various stages of the supply chain. Key producing regions such as Norway and Chile have adapted to these challenges, with Norway benefiting from high prices and Chile overcoming regulatory and environmental hurdles to boost production. The majority of salmon production is now farmed, with Atlantic salmon being the most widely cultured species, accounting for a substantial portion of global output. The shift towards farmed salmon has been driven by the need to meet rising demand, particularly in traditional markets like Europe and emerging markets such as China.
The global salmon industry is experiencing a dynamic shift, with significant investments and technological innovations aimed at enhancing production capabilities. Chile has emerged as a leader in supply growth, with its aquaculture sector showing promising results and improved biological conditions. The industry is also focusing on sustainability, with efforts to reduce antibiotic use and minimize environmental impact. Regulatory constraints and environmental challenges in traditional producing regions like Europe have led to slower growth rates, prompting a diversification of production locations to countries such as China, Iceland, and the Russian Federation. These developments are expected to further increase the global supply of salmon, aligning with the robust demand trajectory.
Salmon Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.3 Market Restraints
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1.4 Supply Chain Analysis
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2. MARKET SEGMENTATION
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2.1 Species Type
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2.1.1 Atlantic Salmon
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2.1.2 Coho Salmon
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2.1.3 Masu Salmon
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2.1.4 Chinook Salmon
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2.1.5 Other Species Types
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2.2 Type
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2.2.1 Farmed
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2.2.2 Wild Captured
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2.3 Geography
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2.3.1 North America
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2.3.1.1 United States
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2.3.1.2 Canada
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2.3.2 Europe
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2.3.2.1 Norway
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2.3.2.2 Spain
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2.3.2.3 Netherlands
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2.3.2.4 France
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2.3.2.5 Italy
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2.3.2.6 Greece
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2.3.2.7 United Kingdom
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2.3.2.8 Scotland
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2.3.3 Asia-Pacific
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2.3.3.1 China
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2.3.3.2 Japan
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2.3.3.3 Australia
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2.3.4 South America
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2.3.4.1 Chile
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Salmon Market Size FAQs
How big is the Salmon Market?
The Salmon Market size is expected to reach USD 33.50 billion in 2024 and grow at a CAGR of 8.07% to reach USD 49.39 billion by 2029.
What is the current Salmon Market size?
In 2024, the Salmon Market size is expected to reach USD 33.50 billion.
