Salmon Market Report 2024 (Global Edition)

Global Salmon Market Report 2024 Market Size Split by Type (Chinook Salmon , Coho Salmon , Pink Salmon , Red Salmon , Salmo Salar , Silverbrite Salmon), by End Product Type (Fresh , Frozen , Ca...

Salmon Market Report Description

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Competitive Landscape of the Salmon Market

The competitive landscape of the salmon market is characterized by a mix of multinational corporations, regional players, and small-scale producers, all vying for market share in both domestic and international markets. Major players in the industry include vertically integrated seafood companies, aquaculture producers, and seafood processors, each contributing to the diverse supply chain of salmon production and distribution.

Salmon Industry News 

In January 2022, Bakkafrost acquired 90% of the shares of the Denmark-based canned fish producer, Munkebo Seafood A/S. The acquisition of Munkebo Seafood will strengthen Bakkafrost’s product portfolio of canned salmon fish and strengthen its ability to increase the value derived from salmon by-products.

(Source: https://www.seafoodsource.com/news/business-finance/bakkafrost-takes-90-percent-stake-in-denmark-s-munkebo)

In June 2020, Ideal Foods Ltd signed a new supply agreement with Mowi ASA to increase its stock availability by an extra 5,000 tons per year. The new partnership was aimed at increasing product availability as well as meeting the global demand for Atlantic salmon.

(Source: https://ideal-foods.co.uk/ideal-foods-secures-new-supply-of-fish-by-products/)

Top Companies Market Share in Salmon Industry: (In no particular order of Rank)

• Some Prominent Players in the Global Salmon Market Include:
• Bakkafrost
• Mowi ASA
• SalMar ASA
• Salmones Camanchaca
• Nordlaks
• Blumar SA
• Nova Sea
• Cremaq Group ASA
• Greig Seafood
• Leroy Seafood Group ASA
• Confidential Data
• Access The Paid Version
• Data Hidden

*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

If any Company(ies) of your interest has/have not been disclosed in the above list then please let us know the same so that we will check the data availability in our database and provide you the confirmation or include it in the final deliverables.

Regional Analysis of Salmon

Which Region Dominates the Salmon Market in 2024?

According to Cognitive Market Research, North America dominated the market in 2024 and accounted for around 40% of the global revenue. North America is the dominant region in the salmon market for several reasons. Firstly, North America has a strong demand for salmon due to its popularity as a healthy and versatile seafood choice among consumers. The region's affluent population, coupled with a growing trend towards healthier eating habits, drives the demand for salmon products in various forms, including fresh, frozen, and processed. Additionally, North America benefits from a well-developed aquaculture industry, particularly in countries like the United States, Canada, and Chile, which are major producers of farmed salmon.

Which Region is Expanding at the Fastest CAGR?

Asia-Pacific emerges as the fastest-growing region in the salmon market owing to several key factors. Firstly, changing dietary preferences and increasing health consciousness among consumers in countries like China, Japan, and South Korea have led to a growing demand for seafood, including salmon, renowned for its nutritional benefits. Additionally, rising disposable incomes in many Asia-Pacific countries have enabled more consumers to afford premium seafood products like salmon, further fuelling demand.

The current report Scope analyzes Salmon Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only.

North America Salmon Market

According to Cognitive Market Research, the global Salmon market size was estimated at USD 33651.2 Million out of which North America held the major market of more than 40% of the global revenue with a market size of USD 13460.48 million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.2% from 2024 to 2031In North America, the salmon market exhibits a robust regional analysis, driven by diverse factors and segmented offerings. Regionally, North America boasts a significant presence in the global salmon market, with Canada and the United States being key producers and consumers. Canada, particularly British Columbia, is renowned for its wild-caught salmon, while the Pacific Northwest region of the United States also contributes significantly to the market, both in terms of wild-caught and farmed salmon. The segmentation analysis of the market reveals a broad array of offerings, including different species such as Chinook, Coho, Pink, and Sockeye salmon, catering to varying consumer preferences. In conclusion, North America remains a dominant force in the salmon market, buoyed by its rich fishing heritage, stringent quality standards, and diverse consumer demand.

According to Cognitive Market Research, the US had a major share in the Salmon market with a market size of USD 10620.32million in 2024 and is projected to grow at a CAGR of 6.0%during the forecast period. The demand is amplified by the nation's rich fishing heritage, stringent quality standards, and diverse consumer demand propels consistent growth. 

The Canada Salmon market had a market share of USD 1615.26million in 2024 and is projected to grow at a CAGR of 7.0%during the forecast period. Canada's stringent quality standards and diverse consumer demand to increased usage of Salmon.

The Mexico Salmon market is projected to witness growth at a CAGR of 6.7%during the forecast period with a market size of USD 1224.90 million in 2024.

Europe Salmon Market

According to Cognitive Market Research, the global Salmon market size was estimated at USD 33651.2 Million out of which Europe held the market of more than 30% of the global revenue with a market size of USD 10095.36 million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.5%from 2024 to 2031.In Europe, the salmon market reflects a nuanced regional analysis, underpinned by diverse factors and segmented offerings. Regionally, Europe is a significant player in the global salmon market, with countries like Norway, Scotland, and Iceland being prominent producers and exporters. Norway, in particular, stands out as the largest producer of farmed salmon in Europe, renowned for its high-quality aquaculture practices. Scotland also contributes significantly, known for its wild-caught Atlantic salmon. The segmentation analysis of the market reveals a wide range of offerings, including various species such as Atlantic salmon, coho salmon, and rainbow trout, catering to different taste preferences across European countries. In conclusion, Europe maintains a strong presence in the salmon market, supported by its rich fishing traditions, stringent quality standards, and diverse culinary preferences.

The United Kingdom Salmon market had a market share of USD 1696.02million in 2024 and is projected to grow at a CAGR of 7.3%during the forecast period. In the UK, Salmon sales witness an upswing due to the nation's strong presence in the salmon market.

The France Salmon market is projected to witness growth at a CAGR of 5.7%during the forecast period with a market size of USD 928.77million in 2024.

According to Cognitive Market Research, the Germany Salmon market size was valued at USD 1998.88million in 2024 and is projected to grow at a CAGR of 6.7%during the forecast period. In Germany, Salmon sales surge due to the nation's stringent quality standards, and diverse culinary preferences. 

The Italy Salmon market is projected to witness growth at a CAGR of 5.9%during the forecast period with a market size of USD 868.20million in 2024.

The Russia Salmon market is projected to witness growth at a CAGR of 5.5%during the forecast period with a market size of USD 1564.78million in 2024.

The Spain Salmon market is projected to witness growth at a CAGR of 5.6%during the forecast period with a market size of USD 827.82 million in 2024.

The Luxembourg Salmon market is projected to witness growth at a CAGR of 6.6%during the forecast period with a market size of USD 312.96million in 2024.

The Portugal Salmon market is projected to witness growth at a CAGR of 6.3%during the forecast period with a market size of USD 212.00million in 2024.

The Greece Salmon market is projected to witness growth at a CAGR of 6.8%during the forecast period with a market size of USD 121.14million in 2024.

Rest of Europe Salmon market is projected to witness growth at a CAGR of 5.2%during the forecast period with a market size of USD 1564.78million in 2024.

Asia Pacific Salmon Market

According to Cognitive Market Research, the global Salmon market size was estimated at USD 33651.2 Million out of which Asia Pacific held the market ofaround23% of the global revenue with a market size of USD 7739.78 million in 2024 and will grow at a compound annual growth rate (CAGR) of 10.0%from 2024 to 2031.In the Asia Pacific region, the salmon market showcases a distinctive regional and segmentation analysis, reflecting the diverse consumer preferences and market dynamics. Regionally, while countries like Japan, South Korea, and China are significant importers of salmon, there is also an emerging trend of salmon farming in countries like Australia and New Zealand. Segmentation analysis reveals a range of offerings tailored to meet the diverse needs of consumers in the Asia Pacific region. This includes various types of salmon such as Atlantic salmon, coho salmon, and sockeye salmon, as well as different product forms including fresh fillets, smoked salmon, and sushi-grade cuts. In conclusion, the Asia Pacific salmon market presents promising opportunities driven by growing consumer awareness of the health benefits of salmon consumption, along with evolving culinary preferences influenced by global trends.

According to Cognitive Market Research, the China Salmon market size was valued at USD 3482.90 million in 2024 and is projected to grow at a CAGR of 9.5%during the forecast period. Salmon sales surge in China due to the nation's growing consumer awareness of the health benefits of salmon consumption.

The Japan Salmon market is projected to witness growth at a CAGR of 8.5%during the forecast period with a market size of USD 1068.09million in 2024.

The India Salmon market had a market share of USD 928.77million in 2024 and is projected to grow at a CAGR of 11.8%during the forecast period. The demand is augmented by India's evolving culinary preferences influenced by global trends.

The South Korea Salmon market is projected to witness growth at a CAGR of 9.1%during the forecast period with a market size of USD 773.98million in 2024.

The Australia Salmon market is projected to witness growth at a CAGR of 9.7%during the forecast period with a market size of USD 402.47 million in 2024.

The South East Asia Salmon market is projected to witness growth at a CAGR of 11.0% during the forecast period with a market size of USD 534.04million in 2024.

The Rest of Asia Pacific Salmon market is projected to witness growth at a CAGR of 9.8%during the forecast period with a market size of USD 549.52million in 2024.

South America Salmon Market

According to Cognitive Market Research, the global Salmon market size was estimated at USD 33651.2 Million out of which Latin America market of more than 5% of the global revenue with a market size of USD 1682.56 million in 2024 and will grow at a compound annual growth rate (CAGR) of 7.4%from 2024 to 2031.In Latin America, the salmon market is characterized by a mix of regional dynamics and segmentation trends. While countries like Chile and Brazil dominate the market in terms of production and consumption, other countries such as Argentina, Peru, and Ecuador also contribute to the regional market landscape. Chile, in particular, is a major player in salmon farming, leveraging its extensive coastline and favourable aquaculture conditions to produce a significant portion of the region's salmon supply. Segmentation analysis reveals a diverse range of salmon products catering to different consumer preferences and market segments. This includes fresh and frozen salmon fillets, smoked salmon, canned salmon, and value-added products like salmon burgers and sausages. In conclusion, the Latin American salmon market presents both opportunities and challenges. While countries like Chile continue to dominate in terms of production, there is growing potential for market expansion in other countries within the region.

According to Cognitive Market Research, the Brazil Salmon market size was valued at USD 720.14million in 2024 and is projected to grow at a CAGR of8.0%during the forecast period. Salmon sales flourish in Brazil due to the nation's consumer preferences.

The Argentina Salmon market had a market share of USD 282.67million in 2024 and is projected to grow at a CAGR of 8.3%during the forecast period. The demand is augmented by Argentina's stringent quality standards, and diverse culinary preferences.

The Colombia Salmon market is projected to witness growth at a CAGR of 7.2%during the forecast period with a market size of USD 149.75 million in 2024.

The Peru Salmon market is projected to witness growth at a CAGR of 7.6%during the forecast period with a market size of USD 137.97million in 2024.

The Chile Salmon market is projected to witness growth at a CAGR of 7.7%during the forecast period with a market size of USD 121.14million in 2024.

The Rest of Latin America Salmon market is projected to witness growth at a CAGR of 6.5%during the forecast period with a market size of USD 270.89million in 2024.

Middle East and Africa Salmon Market

According to Cognitive Market Research, the global Salmon market size was estimated at USD 33651.2 Million out of which Middle East and Africa held the major market ofaround 2% of the global revenue with a market size of USD 673.02 million in 2024 and will grow at a compound annual growth rate (CAGR) of 7.7%from 2024 to 2031.In the Middle East and Africa (MEA) region, the salmon market exhibits unique regional dynamics and segmentation trends. While the market is relatively smaller compared to other regions, there is a growing demand for salmon products driven by increasing consumer awareness of the health benefits associated with seafood consumption. Segmentation analysis reveals a diverse range of salmon products available in the MEA market, including fresh and frozen salmon fillets, smoked salmon, and canned salmon. In conclusion, while the salmon market in the Middle East and Africa region is still developing, it presents significant growth opportunities for both domestic producers and international suppliers.

According to Cognitive Market Research, the GCC Countries Salmon market size was valued at USD 288.05million in 2024 and is projected to grow at a CAGR of 8.5%during the forecast period. Salmon sales flourish in the GCC Countries due to the region's increasing consumer awareness of the health benefits associated with seafood consumption.

The Egypt Salmon market is projected to witness growth at a CAGR of 8.0%during the forecast period with a market size of USD 70.67million in 2024.

The South Africa Salmon market is projected to witness growth at a CAGR of 8.7%during the forecast period with a market size of USD 106.34million in 2024.Salmon sales flourish in the South Africa due to the region's stringent quality standards, and diverse culinary preferences.

The Turkey Salmon market is projected to witness growth at a CAGR of 7.2%during the forecast period with a market size of USD 57.88million in 2024.

The Nigeria Salmon market is projected to witness growth at a CAGR of 6.8% during the forecast period with a market size of USD 70.67million in 2024.

The Rest of MEA Salmon market is projected to witness growth at a CAGR of 6.7%during the forecast period with a market size of USD 79.42million in 2024.

Salmon Market Analysis

Salmon Type Segment Analysis

According to Cognitive Market Research, the dominating category is Chinook salmon. Chinook salmon, also known as King Salmon, holds a dominant position due to its large size, rich flavour, and high oil content, making it a favourite among consumers worldwide. Its superior taste and texture make it a popular choice for various culinary applications, including grilling, smoking, and sushi. Additionally, Chinook salmon is often marketed as a premium product, commanding higher prices in both domestic and international markets. Its popularity among consumers and its premium status contribute to its dominance in the salmon market.

The fastest-growing category in the salmon market is Pink Salmon. Pink Salmon, also known as Humpback Salmon, is experiencing rapid growth due to several factors. Firstly, Pink Salmon is known for its affordability compared to other salmon species, making it accessible to a wider consumer base. Additionally, Pink Salmon has a shorter reproductive cycle, allowing for quicker replenishment of stocks and increased production. This shorter cycle enables Pink Salmon to adapt more readily to changing environmental conditions, contributing to its resilience and growth. Moreover, the rise in demand for canned and processed salmon products has further fuelled the growth of Pink Salmon, as it is commonly used in these applications.

• Chinook Salmon 
• Coho Salmon 
• Pink Salmon 
• Red Salmon 
• Salmo Salar 
• Silverbrite Salmon

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Salmon Industry. Request a Free Sample PDF!

Salmon End product type Segment Analysis

According to Cognitive Market Research, the dominating category is the fresh salmon segment. Fresh salmon holds a dominant position due to its superior quality, taste, and versatility in culinary applications. Fresh salmon is preferred by consumers who prioritize freshness and flavor, especially in premium dining establishments and seafood markets. Additionally, fresh salmon offers flexibility in cooking methods, including grilling, baking, and pan-searing, making it a popular choice for various recipes and cuisines. It’s perceived higher quality and superior taste compared to other forms of salmon contribute to its dominance in the market.

The fastest-growing category in the salmon market is the frozen salmon segment. Frozen salmon is experiencing rapid growth due to several factors, including increased convenience, extended shelf life, and wider availability. Frozen salmon offers consumers the flexibility to purchase and store salmon for longer periods, reducing the need for frequent trips to the grocery store and minimizing food waste. Moreover, advancements in freezing technology have improved the quality and texture of frozen salmon, making it a viable alternative to fresh salmon for consumers seeking convenience without compromising on taste and nutrition. The growing demand for frozen seafood products in both retail and foodservice sectors further drives the growth of the frozen salmon segment in the market.

• Fresh 
• Frozen 
• Canned 
• Others  

The above Graph is for representation purposes only. This chart does not depict actual Market share.

Salmon Distribution channel Segment Analysis

According to Cognitive Market Research, the dominating distribution channel is retail stores. Retail stores, including specialty seafood markets and local grocers, have historically been the primary destination for consumers to purchase fresh and frozen salmon. These outlets offer a wide variety of salmon products, allowing consumers to select based on preferences such as species, cut, and packaging size. Retail stores also provide face-to-face interaction with knowledgeable staff who can offer advice on cooking methods, preparation, and storage, enhancing the overall shopping experience. Additionally, retail stores benefit from their physical presence in communities, allowing consumers to conveniently access salmon products without the need for shipping or delivery.

The fastest-growing distribution channel in the salmon market is online sales channels. With the increasing prevalence of e-commerce platforms and the growing trend of online shopping, more consumers are turning to online channels to purchase salmon. Online sales channels offer the convenience of browsing and purchasing salmon products from the comfort of home, with options for delivery or pickup. This appeal to busy consumers seeking time-saving solutions and those located in areas with limited access to physical retail stores. Moreover, online platforms often feature a broader selection of salmon products from various suppliers, providing consumers with greater choice and the ability to compare prices and quality easily.

• Retail stores 
• Hypermarket/Supermarket 
• Online sales channels 

Author's Detail

Nisha Deore

Research Analyst at Cognitive Market Research

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I am a well-organized, conscientious, and professional Research Analyst with two plus years of experience. In my current role, I conduct in-depth secondary research, data mining, competitive analysis, DRO's, PR, and Collateral writing. Whilst I enjoy working as part of a team, researching information, analyzing data, and producing results that help my organization to achieve its commercial and financial objectives.

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