Dublin, Aug. 28, 2024 (GLOBE NEWSWIRE) -- The "Global Salmon Market by Type (Farmed Salmon, Wild Salmon), Product (Canned, Fresh, Frozen), Species, Application, Sales Channel - Forecast 2024-2030" report has been added to ResearchAndMarkets.com's offering.
The Salmon Market grew from USD 20.62 billion in 2023 to USD 22.36 billion in 2024. It is expected to continue growing at a CAGR of 8.61%, reaching USD 36.77 billion by 2030.
The burgeoning awareness of the health benefits of consuming omega-3 fatty acids and the global rise in seafood consumption as a dietary preference further propel the demand for salmon.
However, environmental concerns are on the list, as salmon farming can lead to pollution and spread diseases to wild fish populations. The market also needs help with overfishing issues and climate change's impacts on salmon habitats. These challenges necessitate strict regulatory measures and the adoption of sustainable practices.
Nevertheless, consumer demand for environmentally friendly and ethically produced food drives a growing trend towards organic and sustainably farmed salmon. Innovation in aquaculture techniques presents another opportunity to reduce environmental impact and improve fish health.
Regional Insights
Salmon is a highly popular fish in the Americas due to its health benefits and versatile culinary uses. American countries prioritize sustainable practices, investing in technologies that enhance salmon farming's ecological footprint. Recent patents in the region include innovations in salmon feed designed to improve nutritional value and decrease the environmental impact of farms.
Europe remains a significant region with high demand across Nordic countries, Germany, France, and the UK coupled with stringent EU regulations shaping a market that values wild and farmed salmon. Ongoing research in the region aims to further disease resistance and environmental sustainability of salmon farms. Innovations include genetic research aimed at enhancing salmon growth rates and stress resistance.
The Middle East and Africa are witnessing increasing demand, influenced by health-conscious consumers and expanding retail infrastructures, with notable investments in local aquaculture to reduce import dependence.
The Asia-Pacific region shows robust growth driven by urbanization, rising incomes, and a cultural appreciation of salmon, particularly in raw forms such as sushi and sashimi. Emerging salmon markets across the APAC region are expanding rapidly due to a burgeoning middle class and enhanced investments in cold chain logistics to improve the availability of fresh salmon.
Recent Developments
Strategic Partnerships in Aquaculture, SalMar's Innovative Initiative to Address Industry Challenges
SalMar, a key player in Atlantic salmon farming, has launched the Salmon Living Lab, a pioneering initiative designed to unite key stakeholders from the salmon industry to collaboratively address pressing challenges. With an initial investment of approximately NOK 500 million, SalMar seeks to establish an innovation and R&D center to serve as the epicenter for shared learning and development across the salmon supply chain.
King Oscar Revolutionizes Canned Seafood with New Premium Salmon Range
King Oscar is set to redefine the canned seafood market with the introduction of a premium line of skinless, boneless Atlantic salmon, preserved in extra virgin olive oil. By using high-quality ingredients, the company aims to elevate canned salmon to unprecedented levels of quality and taste, distinguishing itself significantly from typical offerings in the sector.
Major Alaskan Seafood Companies Secure USD 4.5 Million Contract for National Food Assistance Programs
In a significant development, three significant Alaskan seafood processors including OBI Seafoods, Silver Bay Seafoods, and Trident Seafoods - have been awarded a USD 4.5 million contract by the U.S. Department of Agriculture to provide canned salmon for various domestic food assistance and child nutrition programs in fiscal year 2023. This partnership highlights the vital role of Alaskan seafood in supporting national nutrition initiatives, contributing to the market growth.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 198 |
| Forecast Period | 2024 - 2030 |
| Estimated Market Value (USD) in 2024 | $22.36 Billion |
| Forecasted Market Value (USD) by 2030 | $36.77 Billion |
| Compound Annual Growth Rate | 8.6% |
| Regions Covered | Global |
Market Dynamics
Market Drivers
- Consumer inclination towards healthier dietary choices
- Growing investments in fish processing facilities worldwide
- Rising use of sustainable technology in salmon fish farming
Market Restraints
- High costs of salmons due to supply disruptions and climatic impacts
Market Opportunities
- Supportive government initiatives and programs to encourage aquaculture industry
- Advancements in packaging and processing of salmons
Market Challenges
- Acts associated with animal cruelty and product contamination
Market Segmentation Analysis
- Product: Emerging preference for canned salmon owing to its convenience and extended shelf life
- Application: Burgeoning adoption of salmon across the commercial sector prioritizes consistent quality and reliability in supply
Industry Insights
- Market Disruption Analysis
- Porter's Five Forces Analysis
- Value Chain & Critical Path Analysis
- Pricing Analysis
- Technology Analysis
- Patent Analysis
- Trade Analysis
- Regulatory Framework Analysis
Key Company Profiles
- Alsaker Fjordbruk AS
- AquaChile
- Austevoll Seafood ASA
- Australis Seafoods S.A.
- Blumar Seafoods
- Bremnes Seashore AS
- Cermaq Group AS
- Cooke Aquaculture Inc.
- Creative Salmon Company Ltd.
- Grieg Seafood ASA
- Katahdin Salmon
- King Oscar
- Mowi ASA
- Nordlaks Produkter AS
- Nova Sea AS
- P/F Bakkafrost
- Paramount Foods
- Safe Catch
- SalMar ASA
- SalmoGen
- Silver Bay Seafoods, LLC
- Trident Seafoods
- Vital Choice Wild Seafood & Organics
- Wild Planet Foods by Bolton Group S.r.l.
Market Segmentation & Coverage
Type
- Farmed Salmon
- Wild Salmon
Product
- Canned
- Fresh
- Frozen
- Smoked
Species
- Atlantic Salmon
- Chinook Salmon
- Coho Salmon
- Masu Salmon
- Pink Salmon
- Red Salmon
Application
- Commercial
- Residential
- Sales Channel
Offline Sales Channel
- Convenience Store
- Departmental Stores
- Supermarkets/Hypermarkets
Online Sales Channel
- Company Website
- E-commerce Platform
Region
Americas
- Argentina
- Brazil
- Canada
- Mexico
- United States
- California
- Florida
- Illinois
- New York
- Ohio
- Pennsylvania
- Texas
Asia-Pacific
- Australia
- China
- India
- Indonesia
- Japan
- Malaysia
- Philippines
- Singapore
- South Korea
- Taiwan
- Thailand
- Vietnam
Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom
For more information about this report visit https://www.researchandmarkets.com/r/8issh5
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