Salmon Trends and Forecast
The future of the global salmon market looks promising with opportunities in the fresh, frozen, and canned markets. The global salmon market is expected to grow with a CAGR of 3.4% from 2024 to 2030. The major drivers for this market are the rise in seafood consumption, the increasing popularity of salmon as a source of omega-3 fatty acids and high-quality protein, and ongoing advances in aquaculture technologies.
Country Wise Outlook for the Salmon Market
Recent developments in the salmon market are marked by remarkable changes driven by shifting consumer tastes, increasing concern for sustainability, and technological advancements. Major markets, including the United States and China, are constantly evolving to respond to heightened awareness of health benefits and rising seafood consumption worldwide. Coupled with transformations in the socio-economic characteristics of people in each market, there are unique developments in each region that influence the production, distribution, and consumption of salmon in different ways. This positively impacts the consumer-oriented dynamics of each region.
• United States: In the United States, the salmon market is growing steadily, with farmed salmon being one of the most promising market segments. Salmon is increasingly consumed by health-conscious individuals due to its beneficial omega-3 fatty acids and lean protein. There is a notable shift away from traditional practices that are not environmentally friendly as better fish production practices emerge. Additionally, the trend of ready-to-eat products, such as smoked or marinated salmon, is growing due to consumersÄX%$%X busy schedules. The U.S. market has also embraced traceability and transparency for consumers.
• China: China is entering the salmon industry, fueled by increasing demand driven by improved earnings and better eating habits. The state promotes aquaculture development to enhance local supply and minimize imports. Salmon is gaining popularity among Chinese consumers for its health benefits. The rise of online grocery shopping is making fresh and frozen salmon products more accessible, thus spurring market growth. However, the market faces challenges related to food safety regulations and import standards.
• Germany: Sustainability is a mainstream attribute of Germany’s salmon market. Increased environmental awareness among consumers has raised the demand for salmon with eco-friendly labeling. A shift toward healthy food consumption contributes to the growth in sales of fresh and smoked salmon. Offerings also include salmon in sauces and soups, ready to be reheated. Additionally, there is a demand for local products among German consumers, encouraging domestic policies on aquaculture, although the market primarily relies on imports.
• India: The salmon market in India, although still in its infancy, shows promising potential. Rapid urbanization and increasing disposable income lead to greater seafood consumption, including salmon. There is a general shift in diet as more people recognize the importance of eating fish. However, challenges remain with the existing aquaculture infrastructure. Efforts are underway to enhance cold chain logistics and distribution, and the state is promoting seafood farming to increase local supply and reduce imports.
• Japan: JapanÄX%$%Xs salmon market is also evolving, with changes in conventional consumption patterns. Salmon is a staple in many meals in Japan; however, the rise in culinary culture is driving demand for value-added farmed salmon for sushi and sashimi preparation. Consumers are increasingly concerned about safety, seeking healthy and ethically sourced fish. Convenience is also boosting the demand for ready-to-eat salmon, such as pre-packaged products. Innovations in packaging and preservation are enhancing product quality and freshness.
Emerging Trends in the Salmon Market
The salmon market is progressing with new developments that are changing consumer habits and production levels. These trends indicate the scalability of an industry to adapt to changes in market conditions and consumer needs.
• Sustainability Initiatives: As novel aquaculture elements attract attention, the focus on adopting sustainable farming practices is increasing. Manufacturers are turning to eco-label accreditation to meet the ever-increasing demand for seafood from sustainable sources.
• Health and Wellness Awareness: Online shoppers, who are more aware of the health benefits that salmon provides, specifically omega-3 fats, are more likely to buy it regularly. This trend is stimulating growth among health-oriented marketers.
• Convenience Products: Ready-to-eat and other easy-to-use forms, such as pre-marinated fillets and smoked salmon, are becoming more popular. This trend serves busy individuals who want a quick way to prepare dinner.
• E-commerce Growth: The way people purchase salmon is changing due to the rise in online grocery shopping. Access to fresh and frozen products is becoming easier with e-commerce platforms, increasing market development in urban areas.
• Innovation in Processing: The adoption of new processing technologies is improving the quality and range of salmon product offerings. Innovative packaging and more effective preservation methods are extending shelf life and keeping products fresh.
These trends are transforming the dynamics of the salmon market, emphasizing sustainability, convenience for consumers, and innovation in product development to enable growth and survival in a competitive environment.
Recent Developments in the Salmon Market
The changes occurring in the salmon market reflect an industry that is constantly evolving to meet diverse consumer needs, technological advancements, and regulatory requirements. The following are five key developments influencing the market:
• Improvements in Sustainability of Tools and Production: To reduce environmental impact, producers are embracing more sustainable aquaculture methods. This trend is leading to an increase in the number of certifications and eco-friendly appeals in the market.
• Technological Improvements: The introduction of new technologies in aquaculture, such as improved feed and health management solutions, is enhancing productivity and sustainability, meeting rising global demand.
• Changing Demand for Value-Added Salmon Products: Ready-to-cook and ready-to-eat salmon products have become popular, prompting manufacturers to diversify their offerings. More smoked and marinated salmon products are opening up new market avenues.
• Growth of E-commerce Channels: Given the increasing trend of urbanization, online grocery shopping is becoming a preferred outlet for salmon products, making it easier and more convenient for consumers.
• Evolving Standards in Food Safety and Traceability: Due to stringent food safety compliance and growing public demand, producers are implementing sophisticated tracking systems for their products. These measures focus on quality control and building consumer confidence.
Such trends have positive implications for the salmon market by increasing sustainability, offering improved products, and making high-quality seafood accessible to consumers.
Strategic Growth Opportunities for Salmon Market
As consumer and industry needs shift, the salmon market presents numerous strategic growth opportunities across various applications. These opportunities are vital for enhancing market growth and innovation.
• Health-Oriented Products: Products made from salmon, such as omega-3 enriched options, are appealing to a growing health-conscious market. Producers should effectively market the health benefits of salmon.
• Ready-to-Cook and Ready-to-Eat Products: There is a rising demand for ready meals. Introducing ready-to-cook salmon dinners and other pre-prepared salmon meals can cater to busy individuals seeking healthy, quick options.
• Market Penetration into Untapped Regions: There is significant potential for salmon producers in untapped markets, as fish consumption is increasing in many emerging economies. Focusing on this potential market can lead to growth and larger market share.
• Innovative Packaging Design: The changing landscape of sustainable packaging presents opportunities to add value to products, particularly those aimed at health-conscious consumers. Competition for consumer attention can be won through the use of eco-friendly packaging.
• E-commerce Development: Increasing the coverage and accessibility for consumers through more online sales channels is essential. Producers must invest in e-commerce to capitalize on the trend of online grocery shopping.
Salmon marketers will actively utilize these growth opportunities to encourage product creation and development that meets the evolving needs of consumers.
Salmon Market Driver and Challenges
Growing health awareness is increasing consumer interest in the health benefits of salmon, such as omega-3 fatty acids, leading to higher demand. This trend expands consumption across various age groups.
The factors driving the salmon market include:
• Consumer Awareness Toward Responsible Sourcing: Demand for salmon is increasingly focused on responsible sourcing, influencing changes in production practices.
• Technological Advancements: The dynamics of aquaculture are increasingly driven by technology-based interventions, better breeding and feeding practices that improve productivity to meet growing demand.
• Increase in Seafood Consumption: The growing appetite for salmon products is driven by increased consumption of fish and other seafood. Demand for salmon is rising as consumer preferences shift toward healthier protein sources.
• Growth of E-commerce: The e-commerce sector and initiatives aimed at establishing online grocery services have created alternative retailing options for salmon products, thus increasing consumption, especially in urban areas.
Challenges in the salmon market include:
• Environmental Issues: Increasing fish capture and habitat destruction are barriers to a sustainable supply of salmon. Producers must address laws and public concerns about ecological issues.
• Price Instability: Fluctuations in salmon prices can negatively affect the profitability of large producers and retailers. Economic factors and supply chain issues contribute to this instability.
• Food Safety Regulations: Meeting food safety standards and maintaining necessary certifications can be challenging for producers, hindering marketing activities in the market.
Understanding how these drivers and challenges shape the dynamics of the salmon market, its growth prospects, and strategic management is crucial. Those engaged in this field will be better prepared to capitalize on market opportunities as they arise.
List of Salmon Companies
Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. Through these strategies salmon companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the salmon companies profiled in this report include-
• Greig Seafood
• Nova Sea
• Salmones Camanchaca
• Blumar
• Nordlaks
• Mowi
• SalMar
• Bakkafrost
• Cremaq
• Leroy Seafood
Salmon by Segment
The study includes a forecast for the global salmon by type, end product type, and region.
Salmon Market by Type [Analysis by Value from 2018 to 2030]:
• Chinook Salmon
• Coho Salmon
• Pink Salmon
• Red Salmon
• Salmo Salar
• Silverbrite Salmon
Salmon Market by End Product Type [Analysis by Value from 2018 to 2030]:
• Fresh
• Frozen
• Canned
• Others
Salmon Market by Region [Analysis by Value from 2018 to 2030]:
• North America
• Europe
• Asia Pacific
• The Rest of the World
Salmon Market Insights
Lucintel forecasts that, within the type category, pink salmon will remain the largest segment over the forecast period.
Within the end product type category, frozen is expected to witness the highest growth over the forecast period.
In terms of regions, APAC is expected to withness the largest region over the forecast period.
Features of the Global Salmon Market
Market Size Estimates: Salmon market size estimation in terms of value ($B).
Trend and Forecast Analysis: Market trends (2018 to 2023) and forecast (2024 to 2030) by various segments and regions.
Segmentation Analysis: Salmon market size by type, end product type, and region in terms of value ($B).
Regional Analysis: Salmon market breakdown by North America, Europe, Asia Pacific, and Rest of the World.
Growth Opportunities: Analysis of growth opportunities in different types, end product types, and regions for the salmon market.
Strategic Analysis: This includes M&A, new product development, and competitive landscape of the salmon market.
Analysis of competitive intensity of the industry based on Porter’s Five Forces model.
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FAQ
Q1. What is the growth forecast for the salmon market?
Answer: The global salmon market is expected to grow with a CAGR of 3.4% from 2024 to 2030.
Q2. What are the major drivers influencing the growth of the salmon market?
Answer: The major drivers for this market are the rise in seafood consumption, the increasing popularity of salmon as a source of omega-3 fatty acids and high-quality protein, and ongoing advances in aquaculture technologies.
Q3. What are the major segments of salmon market?
Answer: The future of the salmon market looks promising with opportunities in the fresh, frozen, and canned markets.
Q4. Who are the key salmon market companies?
Answer: Some of the key salmon companies are as follows:
• Greig Seafood
• Nova Sea
• Salmones Camanchaca
• Blumar
• Nordlaks
• Mowi
• SalMar
• Bakkafrost
• Cremaq
• Leroy Seafood
Q5. Which salmon market segment will be the largest in the future?
Answer: Lucintel forecasts that pink salmon will remain the largest segment over the forecast period.
Q6. In the salmon market, which region is expected to be the largest in the next 5 years?
Answer: APAC will remain the largest region over the forecast period.
Q.7 Do we receive customization in this report?
Answer: Yes, Lucintel provides 10% customization without any additional cost.
This report answers following 11 key questions:
Q.1. What are some of the most promising, high-growth opportunities for the salmon market by type (chinook salmon, coho salmon, pink salmon, red salmon, salmo salar, and silverbrite salmon), end product type (fresh, frozen, canned , and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?
For any questions related to Salmon Market, Salmon Market Size, Salmon Market Growth, Salmon Market Analysis, Salmon Market Report, Salmon Market Share, Salmon Market Trends, Salmon Market Forecast, Salmon Companies, write Lucintel analyst at email: helpdesk@lucintel.com. We will be glad to get back to you soon.