GVR Report cover Aquaculture Salmon Fish Market Size, Share & Trends Report

Aquaculture Salmon Fish Market Size, Share & Trends Analysis Report By Type (Pink, Atlantic, Chum/Dog), By Form (Frozen, Canned), By Distribution Channel (Offline Trading, Online Trading), By Region, And Segment Forecasts, 2022 - 2028

  • Report ID: GVR-4-68039-925-2
  • Number of Pages: 80
  • Format: Electronic (PDF)

Report Overview

The global aquaculture salmon fish market size was valued at USD 7.7 billion in 2021 and is expected to expand at a CAGR of 5.3% from 2022 to 2028. This can be credited to the growing demand for Atlantic salmon fish from the consumers of Europe. The growing demand for ready-to-eat salad products coupled with the rising popularity of hot smoked salmon fish is further anticipated to boost the market growth. The growing acceptance of Norwegian organic smoked fish to aid the protein and minerals in the diet is driving the market growth. Moreover, the rising demand for Whole fish in the U.S. and China is further expected to boost the market growth. The rising demand for salmon fish to obtain omega-3 fatty acids and the soluble Vitamin-D are the major factors propelling the market demand. However, the lack of a skilled workforce to operate aquaculture is hindering market growth.

U.S. aquaculture salmon fish market size, by type, 2019 - 2028 (USD Billion)

The COVID-19 pandemic had affected all across the world owing to the several variants of the coronavirus. The supply chain of the aquaculture market had been slightly hampered due to the lockdown implemented by several countries across the world. The distribution channels such as offline and online trading were hindered during the COVID era owing to the threat of the delta plus corona variant. In the COVID-19 pandemic, the demand for smoked fish products has increased owing to the growing demand for marinated salmon fish-based products. Salmon fillets had gained traction during the virus era to fulfill the demand for healthy ingredients. The rising concern to consume healthy seafood is anticipated to boost the market growth. The key players in the market are evaluating the online e-commerce platform to boost the sales of seafood. This online trading platform is escalating the demand for the canned fish product which will turn to propel the market growth.

Growing investment from the Norway-based aquaculture companies to procure frozen salmon fish product are refueling the market growth. The major key players are focusing on the premium taste of smoked fish with the perfect texture. Additionally, key players are focusing to launch cost-effective organic salmon food products. Hence, the aquaculture salmon fish market is expected to capture significant market growth during the forecast period.

Moreover, the significant growth in the aquaculture industry across the globe further contributed to the growth of the market during the forecast period. Aquaculture is the fastest-growing agriculture sector across the globe. Global population growth and an emerging middle class in developing economies are fueling increased demand for seafood that further supports the growth of the aquaculture industry in the upcoming years. Rapidly growing demand for aurora salmon from the U.K consumers is propelling the industry growth.

According to the FAO, aquaculture accounted for over 45% of the total production and 50% of fish for human consumption. China has remained a major fish producer, accounting for 35% of global fish production in 2018. Excluding China, a significant share of production in 2018 came from Asia (34%), followed by the Americas (14%), Europe (10%), Africa (7%), and Oceania (1%). Therefore, the significant fish production across the globe further contributed to the market and is also projected to propel the growth of the market during the forecast period. 

Type Insights

On the basis of type, the global market is segmented into pink, Atlantic, chum/dog, and others. The Atlantic segment contributed the highest share of over 48% of the global market revenue in 2021. The ray-finned structure of salmon fish is offering a great variety of classic formats such as bellies, trimmings, and frames. The growing adoption of smoked Atlantic salmon fish in several restaurants and hotels is estimated to propel the market in the forthcoming years. The high quality of protein content is escalating the demand for salmon fish during the forecast period.

The other segment is forecast to expand at the highest CAGR of 6.5% during the forecast period. In the other segment, arctic salmon fish is projected to register the highest growth over the forecast period. The growth in the segment is credited to the health benefits offered by the arctic salmon fish. The smoked arctic salmon fish is offering Vitamin B, selenium, and the antioxidant astaxanthin. The saturated fat content of salmon fish with vitamin B9 content is helping the consumers to reduce weight. The healthy benefit of arctic salmon fish will drive the market growth over the forecast timeline.

Moreover, the chum/dog segment is forecast to grow with a significant CAGR of 5.6% during the forecast period. The major factor that contributes to the growth of the segment includes the increasing consumption of chum/dog salmon fish in emerging economies such as China, India, and others. Chum salmon contains low sodium and has a mild taste, thus it is widely adopted across the globe. Moreover, Chum Salmon is a good source of omega-3 fatty acids, niacin, vitamin B12, and selenium which in turn drives the market demand over the forecast years.

Form Insights

On the basis of form, the global market is categorized into frozen and canned. The frozen segment contributed a share of over 50% of the global market revenue in 2021. The frozen segment consists of packed salted salmon rice products. The growing demand for technologically advanced ambient seafood is a major factor to propel segmental growth. Frozen seafood is offering the premium quality fish with minimal preservatives. The frozen segment offered a nutritionally balanced diet at a lower cost which in turn is expected to boost the market growth during the forecast period.

Moreover, the canned segment is forecast to attain a significant CAGR of 5.7% during the forecast period. This growth is owing to the increased focus of manufacturers to adopt long shelf life procedures. Growing demand for strictly controlled sealing seafood coupled with the supportive measures offered by private key players to accomplish the demand for commercially sterile canned seafood is refueling the market growth. Moreover, the growing demand for packaged meat products across the globe is further projected to enhance the demand for canned salmon fish in the upcoming years.

Distribution Channel Insights

Based on the distribution channel the global market is segregated into offline and online trading. Offline trading contributed a share of over 75% of the global market revenue in 2021. The convenience stores include several domestic seafood providers. The domestic suppliers are delivering a variety of Norwegian and Canadian salmon fish at a reasonable cost which in turn will refuel the segmental growth. The rapidly growing network of specialty stores in Europe will further boost the market growth.

Global aquaculture salmon fish market share, by distribution channel, 2021 (%)

The online segment is forecast to grow with a significant CAGR of 6.8% during the forecast period. This growth is owing to the increased focus of hypermarkets & supermarkets on adopting the technologically advanced e-commerce technology to raise the sales of the seafood products. Supermarkets is preferring door-step delivery with minimal tenure by using the online sales platform. Consumers easily track the orders of salmon fish by using e-commerce web applications. The market growth is owing to the increasing demand for canned fish products through an online trading platform.

Regional Insights

Europe made the largest contribution to the global market with over 30% share in 2021 due to the increasing demand for purified seafood in the UK and Germany. The growing adoption of the premium products of frozen fishery in France will help boost the market growth. The market share of the UK is driven by the rising consumption rate of smoked seafood products. Moreover, the funding is provided by the fishery department of France to expand the preservation capacity of the salmon fish catchers. This kind of initiative is projected to boost market growth.

Asia Pacific is projected to witness a CAGR of 6.1% from 2022 to 2028. This can be attributed to the increasing demand for Atlantic salmon fish product from China and India to accomplish the demand for high nutritional selenium content. The emerging trend in China to consume sashimi-smoked products is propelling the market growth. The growing adoption of pink salmon fish in Japan to fulfill the demand for minerals is estimated to show the fastest growth rate in the assessment period.

Key Companies & Market Share Insights

Companies' main focus is to launch aquaculture salmon fish products to lead the blue revolution. The prime key players are adopting online trading platform to fulfil the demand of Atlantic salmon. However, implementing canned packaging techniques has its unique challenges and limitations. Multiple companies are targeting on the expansion and launches premium salmo salar products in the market. In January 2020, Lerøy Seafood Group and DNV GL had signed a contract to develop the product certification for STP 86 Salmo Salar. The STP-86 consists of the higher content of omega-3 acids. Some prominent players in the aquaculture salmon fish market are as follows: -

  • Cermaq Group AS

  • Lerøy Seafood Group

  • Mowi ASA

  • SalMar ASA

  • East Coast Seafood Group

  •  Ideal Foods Ltd

  • Sea Delights

Aquaculture Salmon Fish Market Report Scope

Report Attribute

Details

Market size value in 2022

USD 8.0 billion

Revenue forecast in 2028

USD 10.97 billion

Growth Rate

CAGR of 5.3% from 2022 to 2028

Base year for estimation

2021

Historical data

2017 - 2020

Forecast period

2022 - 2028

Quantitative units

Revenue in USD million/billion and CAGR from 2022 to 2028

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Type, form, distribution channel, region

Regional scope

North America; Europe; Asia Pacific; Central & Central & South America; Middle East & Africa

Country scope

U.S.; Canada; U.K; Germany; France; Italy; Russia; China; India; Japan;Brazil; Argentina; Saudi Arabia; South Africa

Key companies profiled

Cermaq Group AS; Lerøy Seafood Group; Mowi ASA; SalMar ASA; East Coast Seafood Group; Ideal Foods Ltd; Sea Delights

Customization scope

Free report customization (equivalent up to 8 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope.a

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Segments Covered in the Report

This report forecasts revenue growth at global, regional & country levels and provides an analysis on the latest trends and opportunities in each of the sub-segment from 2017 to 2028. For this study, Grand View Research has segmented the global aquaculture salmon fish market report based on the type, form, distribution channel, and region.

  • Type Outlook (Revenue, USD Million, 2017 - 2028)

    • Pink

    •  Atlantic

    •  Chum/Dog

    •  Others

  • Form Outlook (Revenue, USD Million, 2017 - 2028)

    •  Frozen

    • Canned

  • Distribution Channel Outlook (Revenue, USD Million, 2017 - 2028)

    • Offline Trading

    • Online Trading

  • Regional Outlook (Revenue, USD Million, 2017 - 2028)

    • North America

      • The U.S.

      • Canada

    • Europe

      • U.K.

      • Germany

      • France

      • Russia

      • Italy

      • Rest of Europe

    • Asia Pacific

      • China

      • India

      • Japan

      • Rest of Asia-Pacific

    • Central & South America

      • Brazil

      • Argentina

      • Rest of Central & South America

    • Middle East & Africa

      • Saudi Arabia

      • South Africa

      • Rest of Middle East & Africa

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