Salmon Market Size (2024 - 2029)

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).

Salmon is often described as an oily fish that is high in protein and omega-3 fatty acids. Many Atlantic salmon found in markets worldwide are raised in farms, while most Pacific salmon are caught in the wild. There are various types of salmon available including chinook, coho, pink, red, Salmo salar, and silver barite. The demand for salmon is boosting globally because of its numerous health advantages including lowering the risk of heart disease, controlling body weight, and promoting bone growth and development.

Traditional salmon farming has been primarily controlled by a few key regions including Chile, Norway, Canada, and Scotland - due to the necessity of specific natural conditions for successful salmon production. These conditions typically include cold water temperatures ranging from 8°C to 14°C, a protected coastline, and optimal biological conditions. In recent times, salmon farming has expanded to Australia, the Faroe Islands, Iceland, Ireland, and New Zealand. In 2022, more than 2.8 million metric tons of farmed salmonoids were produced. In comparison, only around 550,000 metric 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. According to the FAO, overall production of farmed Atlantic salmon was marked at 2,870 thousand metric tons in 2023.

The growing demand for fish in the export market directly relates to producing premium quality salmon fish. Governments and several players in the market are taking various initiatives to boost the fish export market. For instance, in Indonesia, the Program to Increase Fisheries Exports (PROTEKAN) aims to strengthen fisheries exports including salmon. Moreover, many countries are doing trade agreements to boost salmon exports. For instance, as a member of ASEAN, Vietnam is involved in several bilateral and free trade agreements, which created a huge demand for Vietnamese aquaculture products, including salmon, in major economies, such as the United States, North America, China, and India.

Salmon Industry Segmentation

Salmon is a fish species belonging to the family of salmonoids. For 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 study consists of a detailed Production Analysis (Volume), Consumption Analysis (Value and Volume), Import Analysis (Value and Volume), Export Analysis (Value and Volume), and Price Trend Analysis covering all the countries. The report offers market size and forecasts in terms of value (USD) and Volume (Metric Tons) for all the above segments.