The Farmed Salmon Market size was estimated at USD 22 billion in 2023 and is projected to reach USD 35 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 7.10% during the forecast period (2024-2030).

Farmed Salmon Market

Market Summary

The farmed salmon market represents a significant and rapidly expanding segment within the global aquaculture and agriculture industries. This market is primarily driven by the escalating global demand for high-quality, protein-rich seafood, with salmon being a highly preferred choice among consumers. The cultivation of salmon in controlled farm environments allows for a consistent and reliable supply chain, mitigating the uncertainties and sustainability concerns often associated with wild-catch fisheries. Key producing nations have established sophisticated aquaculture techniques that optimize growth rates and ensure product quality. The industry is characterized by intensive research and development efforts focused on improving feed efficiency, fish health, and overall operational sustainability. Market dynamics are influenced by international trade policies, environmental regulations, and evolving consumer preferences for responsibly sourced seafood. The integration of advanced technologies for monitoring and managing fish farms is becoming increasingly prevalent, enhancing productivity and traceability throughout the value chain.

Key Highlights

The farmed salmon market is distinguished by several critical factors that underscore its importance and growth trajectory. A primary highlight is the industry's commitment to advancing sustainable aquaculture practices, including the development of alternative feed ingredients to reduce reliance on wild fish stocks. Major producers are increasingly adopting certification standards from organizations like the Aquaculture Stewardship Council to demonstrate environmental responsibility to buyers. Another significant aspect is the robust vertical integration observed among leading companies, which control operations from hatcheries and smolt production to processing and global distribution, ensuring quality control and supply chain efficiency. The market is also noted for its high degree of innovation, particularly in health management through vaccines and selective breeding programs that combat sea lice and other diseases. Furthermore, the value-added product segment, including pre-portioned fillets and smoked salmon, is experiencing growth, catering to convenience-oriented consumers and foodservice channels. The strategic expansion of production capacities in optimal geographical locations remains a focal point for industry players.

Drivers, Opportunities & Restraints

The expansion of the farmed salmon market is propelled by a confluence of powerful drivers. Rising global population and increasing disposable incomes, particularly in emerging economies, are fueling demand for nutritious and premium protein sources. Health-conscious consumers are actively seeking out omega-3 fatty acid-rich foods like salmon, bolstering market growth. Furthermore, the declining yields from overfished wild salmon stocks have created a supply gap that aquaculture is uniquely positioned to fill. Significant opportunities lie in technological advancements, such as the development of offshore and land-based closed containment systems (RAS), which can mitigate environmental impacts and enable production in new regions. The burgeoning popularity of online grocery retail and direct-to-consumer models also presents a novel channel for market expansion. However, the market faces considerable restraints. Stringent environmental regulations and concerns about the ecological impact of open-net pens, including parasite transfer and nutrient pollution, can limit licensing and expansion. Volatility in feed costs, primarily dependent on fishmeal and fish oil prices, directly impacts profitability. Disease outbreaks remain a persistent threat to production volumes and can lead to substantial financial losses.

Concentration Insights

The global farmed salmon market exhibits a high level of concentration, with a handful of multinational corporations dominating production and sales. Norway and Chile are the epicenters of production, hosting the headquarters and primary operations of industry leaders such as Mowi ASA, SalMar ASA, and Ler?y Seafood Group. These companies benefit from extensive experience, significant economies of scale, and vertically integrated business models that span from genetics and feed to processing and branding. This concentration allows for substantial investment in R&D, leading to innovations in fish health and farming technology. However, the market also includes a segment of smaller, independent farmers and regional cooperatives. The high barriers to entry, including significant capital requirements for establishing farms and navigating complex regulatory environments, reinforce the consolidated nature of the market. Competition is intense, not only on price but also on sustainability credentials, product quality, and the ability to secure contracts with large global retailers and foodservice distributors.

Type Insights

The farmed salmon market is primarily segmented by the species of salmon being cultivated, with Atlantic salmon (Salmo salar) representing the overwhelming majority of global production. This species is favored for its rapid growth rate in farm conditions, high feed conversion efficiency, and desirable flesh quality and color, which align with consumer expectations. Other species, such as Coho salmon (Oncorhynchus kisutch) and Chinook salmon (Oncorhynchus tshawytscha), are also farmed but on a much smaller scale, often catering to niche markets or specific regional preferences. The entire production process is meticulously managed, starting with selective breeding in hatcheries to produce robust smolt. These young fish are then transferred to marine net pens where they are grown to harvest size. The type of feed used, which is formulated to include essential nutrients and astaxanthin to achieve the characteristic pink flesh color, is a critical factor influencing the final product's quality, health benefits, and environmental footprint.

Application Insights

Farmed salmon reaches consumers through several key application channels. The primary and most traditional outlet is the fresh whole fish and fresh fillet segment, supplied to supermarkets, hypermarkets, and fishmongers. This segment demands rigorous cold chain logistics to maintain product integrity. The foodservice industry, encompassing restaurants, hotels, and catering services, is another major application, often utilizing fresh and frozen salmon for a wide array of culinary preparations. A rapidly growing application is the processed and value-added sector, which includes products like smoked salmon, pre-marinated portions, ready-to-eat meals, and sushi-grade cuts. This segment appeals to time-poor consumers seeking convenience without compromising on quality. Furthermore, there is a significant industrial application for salmon by-products; oil is extracted for use in omega-3 dietary supplements, and trimmings are processed into fishmeal and pet food, ensuring a holistic utilization of the harvested biomass and enhancing overall sustainability.

Regional Insights

The production and consumption of farmed salmon are characterized by distinct regional patterns. Norway stands as the world's largest producer, leveraging its long, protected coastline and cold, clear waters ideal for aquaculture. Chile is the second-largest producer, benefiting from its southern fjords and opposite growing season to the Northern Hemisphere, allowing for year-round supply. Other notable producing regions include Scotland, Canada, and the Faroe Islands. In terms of consumption, Europe and North America represent the established, high-value markets with mature demand. The United States is the largest single import market for farmed salmon. The Asia-Pacific region, particularly China and Japan, is emerging as a major consumption growth area, driven by rising incomes, urbanization, and the incorporation of seafood into diets. Regional dynamics are heavily influenced by trade agreements, tariffs, and regional health and safety standards, which govern the flow of salmon from producing nations to consuming markets globally.

Company Insights

The competitive landscape of the farmed salmon market is defined by a cohort of vertically integrated international corporations. Mowi ASA, headquartered in Norway, is consistently ranked as the largest producer globally, with operations across all major salmon farming regions and a strong focus on branding and sustainability. SalMar ASA, also based in Norway, is renowned for its innovative offshore farming technology through its Ocean Farm 1 project. Ler?y Seafood Group operates an extensive network of farming and processing facilities in Norway. From Chile, Empresas AquaChile and Multiexport Foods S.A. are significant players, contributing substantially to the supply in the Americas and other markets. Cermaq Group, owned by Mitsubishi Corporation, has a global presence with operations in Norway, Chile, and Canada. These companies compete on the basis of production cost efficiency, product quality, sustainability certifications, and their ability to maintain a diverse and resilient portfolio of customers across retail and foodservice channels worldwide.

Recent Developments

The farmed salmon industry is continuously evolving, with recent developments focusing on sustainability, technology, and market expansion. A prominent trend is the accelerated investment in land-based Recirculating Aquaculture Systems (RAS). Companies like Atlantic Sapphire in the United States and Salmon Evolution in Norway are pioneering large-scale land-based farms to produce salmon closer to key consumer markets while minimizing environmental interactions. There is a strong industry-wide push towards developing and implementing alternative feeds that utilize ingredients from algae, insects, and yeast to replace traditional fishmeal and oil, thereby improving the sector's sustainability quotient. Biosecurity and fish health remain top priorities, with advancements in non-chemical treatments for sea lice, such as warm water and laser technology, gaining traction. Furthermore, major producers are actively engaging in mergers and acquisitions to consolidate market share and expand their geographic footprint, as seen in SalMar's acquisition of Norskott Havbruk (Scottish Sea Farms).

Report Segmentation

This comprehensive market research report on the farmed salmon industry provides a detailed analysis segmented across multiple dimensions to offer a holistic view. The segmentation by type categorizes the market into the primary farmed species, namely Atlantic salmon, Coho salmon, and others, analyzing production volumes, value, and growth trends for each. The application segmentation delves into the various end-use pathways, including fresh products, frozen products, canned products, and other processed value-added items, assessing demand drivers and consumer preferences within each category. Geographically, the report offers a thorough regional analysis covering key areas such as North America, Europe, Asia-Pacific, South America, and the Middle East and Africa. This regional breakdown examines production hotspots, consumption patterns, import-export dynamics, and regulatory landscapes. The report also includes a dedicated company profile section, providing strategic insights into the market share, performance, and key developments of the leading players operating within this dynamic global market.

FAQs

What is farmed salmon? Farmed salmon refers to salmon that is raised in controlled aquaculture environments, as opposed to being caught in the wild. These operations typically use net pens in coastal waters or, increasingly, land-based recirculating systems to cultivate salmon from egg to harvest size.

How is salmon farmed? Salmon farming begins in land-based hatcheries where eggs are fertilized and reared into young fish called smolt. The smolt are then transferred to large net-pens suspended in the ocean. They are fed a formulated diet for 1 to 2 years until they reach market size, after which they are harvested, processed, and distributed.

Is farmed salmon sustainable? The sustainability of farmed salmon is a complex and evolving issue. While it alleviates pressure on wild stocks, concerns include potential pollution, disease transfer to wild fish, and the use of wild fish in feed. The industry is actively addressing these through improved practices, certifications, and alternative feeds to enhance its sustainability profile.

What is the difference between farmed and wild salmon? The primary differences lie in their diet, fat content, and color. Farmed salmon are fed a controlled diet, which often results in a higher fat content and a consistent, vibrant color due to added astaxanthin. Wild salmon consume a natural diet, leading to leaner meat and a color that varies based on their natural food sources.

Is farmed salmon healthy? Yes, farmed salmon is a healthy source of nutrition. It is rich in high-quality protein, omega-3 fatty acids (EPA and DHA), and essential vitamins like B12 and D. While its fat content is generally higher than wild salmon, it remains a beneficial part of a balanced diet.

The Farmed Salmon Market is a growing segment in the seafood industry, transforming aquaculture practices and meeting the increasing global demand for this delectable and nutritious fish. The market is growing as a vital contributor to global seafood consumption, providing a sustainable and delicious alternative to wild-caught salmon. 

Market Overview:

As of 2023, the global Farmed Salmon Market is valued at approximately USD billion, with an anticipated compound annual growth rate (CAGR) from 2023 to 2030. This growth is fueled by the rising popularity of salmon as a healthy protein source, coupled with the industry's commitment to sustainable and responsible farming practices.

Significance of Farmed Salmon:

Farmed salmon, cultivated in controlled aquatic environments, has become a staple in global seafood consumption. Loved for its rich flavor, high omega-3 fatty acids content, and vibrant pink hue, farmed salmon plays a crucial role in meeting the growing demand for quality seafood while alleviating pressure on wild fish stocks. The Farmed Salmon Market offers a diverse array of products, including fresh, frozen, and processed salmon. Consumers appreciate farmed salmon for its health benefits, such as supporting heart health, brain function, and providing a convenient source of lean protein. Major regions contributing to the global Farmed Salmon Market include North America, Europe, and Asia-Pacific. Market dynamics are influenced by factors such as the increasing awareness of the health benefits of salmon, the demand for sustainable and traceable seafood, and the growth of the aquaculture industry.

Key Players and Market Trends:

Leading companies shaping the Farmed Salmon Market include Mowi ASA, Cermaq Group AS, and Lerøy Seafood Group. These key players invest in responsible aquaculture practices, quality assurance, and innovation to meet evolving consumer preferences and sustainability standards. The market experiences heightened demand due to the industry's commitment to sustainable aquaculture. Farmed salmon producers implement practices that reduce environmental impact, ensure fish welfare, and prioritize responsible sourcing of feed, aligning with the global push for eco-friendly and ethical seafood choices.

Challenges and Opportunities:

Challenges faced by the market include concerns related to environmental impact, disease management, and the need for continuous improvement in farming practices. Opportunities lie in adopting advanced technologies for aquaculture, promoting transparency in the supply chain, and educating consumers about the benefits of responsibly farmed salmon.

Regional Insights:

North America dominates the Farmed Salmon Market, contributing over 35% of global revenue in 2023. The region's health-conscious consumers, coupled with the popularity of salmon in culinary traditions, drive its prominence. Europe and Asia-Pacific also show significant growth, with increasing demand for premium salmon products.

Citius Research has developed a research report titled “Farmed Salmon Market Report - Global Industry Analysis, Size, Share, Growth Trends, Regional Outlook, Competitive Strategies and Segment Forecasts 2024 - 2030” delivering key insights regarding business intelligence and providing concrete business strategies to clients in the form of a detailed syndicated report. The report details out the factors such as business environment, industry trend, growth opportunities, competition, pricing, global and regional market analysis, and other market related factors.

Details included in the report for the years 2024 through 2030

• Farmed Salmon Market Potential
• Segment-wise breakup
• Compounded annual growth rate (CAGR) for the next 6 years
• Key customers and their preferences
• Market share of major players and their competitive strength
• Existing competition in the market
• Price trend analysis
• Key trend analysis
• Market entry strategies
• Market opportunity insights

The report focuses on the drivers, restraints, opportunities, and challenges in the market based on various factors geographically. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report. The Farmed Salmon Market report is segmented on the basis of various market segments and their analysis, both in terms of value and volume, for each region for the period under consideration.

Farmed Salmon Market Segmentation

Regions Covered

• North America
• Latin America
• Europe
• MENA
• Asia Pacific
• Sub-Saharan Africa and
• Australasia

Farmed Salmon Market Analysis

The report covers below mentioned analysis, but is not limited to:

• Overview of Farmed Salmon Market
• Research Methodology
• Executive Summary
• Market Dynamics of Farmed Salmon Market
  • Driving Factors
  • Restraints
  • Opportunities
• Global Market Status and Forecast by Segment A
• Global Market Status and Forecast by Segment B
• Global Market Status and Forecast by Segment C
• Global Market Status and Forecast by Regions
• Upstream and Downstream Market Analysis of Farmed Salmon Market
• Cost and Gross Margin Analysis of Farmed Salmon Market
• Farmed Salmon Market Report - Global Industry Analysis, Size, Share, Growth Trends, Regional Outlook, Competitive Strategies and Segment Forecasts 2024 - 2030
  • Competition Landscape
  • Market Share of Major Players
• Key Recommendations

The “Farmed Salmon Market Report - Global Industry Analysis, Size, Share, Growth Trends, Regional Outlook, Competitive Strategies and Segment Forecasts 2024 - 2030” report helps the clients to take business decisions and to understand strategies of major players in the industry. The report delivers the market driven results supported by a mix of primary and secondary research. The report provides the results triangulated through authentic sources and upon conducting thorough primary interviews with the industry experts. The report includes the results on the areas where the client can focus and create point of parity and develop a competitive edge, based on real-time data results.

Farmed Salmon Market Key Stakeholders

Below are the key stakeholders for the Farmed Salmon Market:

• Manufacturers
• Distributors/Traders/Wholesalers
• Material/Component Manufacturers
• Industry Associations
• Downstream vendors

Farmed Salmon Market Report Scope

COVID-19 Impact Analysis

Like most other markets, the outbreak of COVID-19 had an unfavorable impact on the Farmed Salmon Market worldwide. This report discusses in detail the disruptions experienced by the market, the impact on flow of raw materials, manufacturing operations, production trends, consumer demand and the projected future of this market post pandemic.

The report has helped our clients:

• To describe and forecast the Farmed Salmon Market size, on the basis of various segmentations and geography, in terms of value and volume
• To measure the changing needs of customers/industries
• To provide detailed information regarding the drivers, restraints, opportunities, and challenges influencing the growth of the market
• To gain competitive intelligence and uncover new opportunities
• To analyse opportunities in the market for stakeholders by identifying high-growth segments in Farmed Salmon Market
• To strategically profile key players and provide details of the current competitive landscape
• To analyse strategic approaches adopted by players in the market, such as product launches and developments, acquisitions, collaborations, contracts, expansions, and partnerships

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