New Delhi, March 20, 2023 (GLOBE NEWSWIRE) -- The global salmon market is anticipated to witness significant revenue expansion between 2023 and 2031, rising from a value of US$ 21,747.7 million in 2022 to an estimated worth of US$ 32,118.7 million by 2031, with a compound annual growth rate (CAGR) of 4.6% over the forecast period 2023-2031.
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The global demand for salmon has been increasing rapidly over the past few years. This growth can be attributed to factors such as rising health consciousness, the popularity of seafood-based diets, and increased disposable income in various parts of the world.
The global production of salmon has been on a steady rise to meet the growing demand. The main contributors to the production in the global salmon market are Norway, Chile, Scotland, Canada, and Russia. As of 2022, Norway was the largest producer, contributing nearly 1.3 million metric tons, followed by Chile. Norway focuses on Atlantic salmon, while Chile mainly produces Pacific salmon.
These two countries alone accounted for about 74% of the global production. As per Astute Analytica, the global production of salmon is projected to grow at a CAGR of 4.2% in the years to come
On the other hand, the global consumption of salmon has increased considerably in recent years. The United States, the European Union, and Japan are the largest consumers of salmon. The United States consumed approximately 420,000 metric tons, while the EU consumed roughly 1.2 million metric tons. Japan accounted for about 300,000 metric tons of consumption.
Norway and Japan’s are the Largest Consumer, Per Capita Consumption is Pegged at 4.5 Kg and 2.4 Kg Respectively in the Global Salmon Market
Per capita consumption of salmon varies significantly between countries. In 2021, the average global per capita consumption was around 0.34 kg. However, in countries with a high preference for seafood, such as Norway and Japan, per capita consumption was substantially higher at 4.5 kg and 2.4 kg, respectively. In comparison, the United States had a per capita consumption of around 1.3 kg.
As mentioned earlier, the United States, the European Union, and Japan are the largest consumers in the global salmon market. In the European Union, the United Kingdom, France, and Germany are the major markets for salmon. Other significant consumer countries include China and South Korea, where consumption has been growing at a faster pace due to increased disposable income and changing dietary preferences.
Canned Salmon Set to Generate More than 70% Revenue of Global Salmon Market
Canned salmon is a popular product worldwide, and its consumption has been increasing steadily in recent years. Astute Analytica’s report also highlights that the rise in demand for convenience food and the health benefits associated with the consumption of salmon are the key drivers for the market's growth.
Alaska is the largest producer of canned salmon in the world, accounting for over 30% of the global production. Other leading producers include Norway, Chile, and Canada. These countries also have a significant presence in the global market, with Norway being the largest exporter of salmon in the world.
When it comes to the leading players in the canned salmon market, MOWI Spa, is one of the largest. The company offers a wide range of canned salmon products, including wild caught, farmed, and organic options.
Though Europe is the largest producer of Salmon, the demand for canned salmon is high in North America, where consumers are increasingly aware of the health benefits of seafood and are looking for convenient and affordable ways to incorporate it into their diets. However, the popularity of canned salmon is also on the rise in other regions such as Asia Pacific, where the market is projected to grow at a significant rate in the coming years.
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Framed Salmon Captures Over 80% Revenue Share of Global Salmon Market
Farmed salmon is a major contributor to the global salmon market, generating over 80% of the industry's revenue. As the demand for salmon continues to rise worldwide, the farming of salmon has become a significant industry with a variety of opportunities and trends. The total number of salmon farms around the globe is difficult to estimate, as it varies by country and region. However, according to the FAO, there were approximately 2,200 salmon farms in Norway in 2020, and the country produced over 1.4 million tons of farmed salmon. Other major producers of farmed salmon include Chile, Scotland, and Canada.
The cost of farmed salmon production varies depending on the location and the type of farming methods used. According to a report by the Food and Agriculture Organization (FAO), the average cost of producing farmed salmon in Norway, which is the world's largest producer, is approximately $5 per kilogram. In other countries, the cost tends to be higher due to factors such as labor costs, feed costs, and regulatory compliance.
As per Astute Analytica, one of the significant opportunities in the farmed salmon market is the increasing demand for sustainably produced seafood. This trend has led to the development of more environmentally friendly and efficient farming practices, such as land-based farming and closed-containment systems. These methods reduce the impact of fish farming on the environment and provide a higher-quality product for consumers.
Another trend in farmed salmon market is the development of new feed sources. Traditional fish meal and fish oil are commonly used in salmon feed, but alternative sources such as plant-based proteins and insect-based proteins are being explored as more sustainable options.
Despite the opportunities and trends in the industry, there are also challenges to farmed salmon production, such as disease outbreaks and regulatory issues. However, with continued investment in sustainable and innovative farming practices, the industry is expected to continue to grow and meet the increasing demand for high-quality salmon products worldwide.
Salmon Market is Highly Competitive, Top 5 Players to Capture more than 37% Revenue Share, Mowi Spa to Lead the Market
The global Salmon market is highly competitive, with many companies operating in the industry. Among the top players, MOWI Spa is a leading player with a significant presence in the market. MOWI has adopted various competitive strategies to maintain its position, including both organic and inorganic growth.
MOWI is a Norwegian company that specializes in salmon farming and seafood production. The company has a production capacity of over 500,000 tons of salmon annually, making it one of the largest producers of Atlantic salmon in the world. MOWI's consumer base is spread across Europe, North America, and Asia, where it is known for its high-quality and sustainable seafood products.
In terms of distribution, MOWI has a strong network that includes both retail and foodservice channels. The company supplies its products to major retailers and restaurants globally, including Walmart, Costco, and McDonald's.
MOWI's growth strategy in the global salmon market has been focused on both organic and inorganic expansion. The company has invested heavily in research and development to improve its production techniques and increase its output. Additionally, MOWI has acquired several companies in recent years, including Northern Harvest Sea Farms, which has helped the company expand its geographical reach and gain a stronger foothold in the North American market.
Some of the Top Market Players Are:
- Cremaq Group ASA
- Leroy Seafood Group ASA
- Mowi ASA
- SalMar ASA
- AquaChile
- Cooke Aquaculture
- Bakkafrost
- Grieg Seafood
- Multiexport
- Blumar
- Salmones Camanchaca
- Australis Seafoods
- Nova Sea
- Tassal Group
- Sinkaberg-Hansen
- Nordlaks
- Bremnes Seashore
- Norway Royal Salmon
- Alsaker Fjordbruk
- Other Prominent players
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