Global Salmon Market

Salmon Market Size, Share, Growth Analysis, By Type(Fresh Salmon, Frozen Salmon), By Form(Whole Salmon, Fillets), By Distribution channel(Hypermarkets/Supermarkets, Specialty Stores) - Industry Forecast 2024-2031

Report ID: SQMIG30C2128 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 95 | Figures: 76

Salmon Market News

  • In November 2023, Blue Star Foods' Chair and CEO, John Keeler, highlighted the success of the company's cost reduction efforts, leading to a consistent decline in quarterly losses throughout the year. Notably, Blue Star has successfully eliminated its convertible debt, resolving previous derivative accounting warrants liability on its balance sheet.  
  • In February 2024, Topian, the NEOM Food Company devoted to future-proofing food systems, started the Saudi International Marine Exhibition and Conference (SIMEC) with the marking of three key association arrangements. These arrangements are pointed toward upgrading Saudi Arabia's job as a worldwide forerunner in maintainable hydroponics. One critical organization was the National Livestock and Fisheries Development Program (NLFDP), focusing on research and technological turn of events, feasible aquaculture practices in the Red Ocean, and the foundation of a national seafood market. 
  • In October 2023, AVEVA, a worldwide leader in industrial software, reported the strengthening of its strategic collaboration with Microsoft. The aim is to upgrade the data integration platforms of the two organizations, empowering them to better help clients carry out artificial intelligence across different key enterprises around the world. 
  • In June 2023, Norwegian regulatory authorities granted approval for the transfer of SalMar's majority ownership in the wellboat, sea freight, and marine services firm Frøy to Falcon Bidco AS. This entity, established exclusively for this transaction, is a Norwegian-registered subsidiary of the asset management firm Goldman Sachs. 
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FAQs

Salmon Market size was valued at USD 53.77 billion in 2022 and is poised to grow from USD 55.76 billion in 2023 to USD 74.77 billion by 2031, growing at a CAGR of 3.7% in the forecast period (2024-2031). 

The competitive environment of the salmon market is dynamic and characterized by a dynamic interplay of various factors, reflecting a diverse and evolving industry. Numerous players, including salmon producers, processors, and distributors, contribute to a competitive marketplace. Key companies often focus on strategic initiatives such as sustainable aquaculture practices and certifications, like the Aquaculture Stewardship Council (ASC), to differentiate their products and enhance consumer trust. 'Mowi ASA (Norway)', 'Marine Harvest ASA (Norway)', 'SalMar ASA (Norway)', 'Grieg Seafood ASA (Norway)', 'Lerøy Seafood Group ASA (Norway)', 'Cooke Aquaculture Inc. (Canada)', 'Cermaq Group AS (Norway)', 'Skretting AS (Norway)', 'BioMar A/S (Denmark)', 'Benchmark Holdings plc (United Kingdom)', 'Indra Aquaculture (Chile)', 'Salmones Austral Ltd. (Chile)', 'Camanchaca S.A. (Chile)', 'Blumar S.A. (Chile)', 'Invermar S.A. (Chile)', 'Santa Barbara Seafoods Group (Chile)', 'Mainstream Aqua Farming Inc. (Canada)', 'New Brunswick Salmon Corp. (Canada)', 'GSI Aquatics Inc. (United States)', 'Ocean Approved Seafood International Inc. (Canada)'

The increasing awareness of the health benefits associated with salmon consumption, particularly its rich omega-3 fatty acids, has fueled a growing demand among health-conscious consumers. Salmon's versatility in various culinary applications further enhances its popularity, appealing to diverse tastes and preferences globally. Additionally, the rise of sustainable and responsible aquaculture practices, marked by certifications such as the Aquaculture Stewardship Council (ASC), has bolstered consumer confidence in the ethical sourcing of salmon products.

The increased use of clean label products, which contain natural and minimally processed ingredients, is a major market development that will impact the business in North America.

Europe, particularly Norway is a significant contributor to salmon production, with well-established aquaculture practices and a reputation for high-quality seafood. Norwegian salmon has a strong presence in international markets, particularly in Europe and North America, contributing to the region's dominance. Norway's commitment to sustainable aquaculture practices aligns with the growing demand for responsibly sourced seafood.The Asia-Pacific region is experiencing a surge in seafood consumption, driven by rising incomes, urbanization, and a growing awareness of the health benefits of salmon. Countries like China and Japan are becoming key players in the salmon market, with a growing appetite for premium seafood products. As consumers in Asia-Pacific diversify their diets and seek healthier protein options, salmon's popularity is expected to fuel rapid market growth in the region.

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Global Salmon Market

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