The global salmon fish market was valued at USD 15.98 billion in 2022, the base year of the Polaris Market Research analysis. The market is estimated at USD 17.29 billion in 2023, the start of the forecast period, and is projected to reach USD 35.50 billion by 2032, growing at a CAGR of 8.3% during the forecast period 2023–2032. Major players include Mowi ASA, SalMar ASA, Bakkafrost, Cermaq, Leroy Seafood Group, Cooke Aquaculture, Nova Sea, Greig Seafood, AquaChile, Salmones Camanchaca, Nordlaks Produkter AS, and Atlantic Sapphire. The proliferation of salmon as a daily diet component, valued for its taste and texture, is a major factor influencing growth.

Atlantic Salmon Holds the Largest Species Share

The salmon fish market is segmented by species, form, and region. The Atlantic species segment accounted for the largest revenue share in 2022. Increasing consumer focus on nutrient-rich food and the easy availability of Atlantic salmon in fresh form are key factors driving this segment.

The report also notes the integration of automatic identification systems, monitoring and control surveillance, and vessel monitoring systems in salmon farming, which supports better fishing operations and fisheries management. The Pacific species segment is also expected to register considerable growth during the forecast period.

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Fresh Salmon and Frozen Salmon Form Dynamics

By form, the market covers fresh, frozen, and others. The fresh form held the largest revenue share in 2022. Growth is driven by increased consumption of fresh salmon, which is high in protein and fat, contains minerals such as calcium, iron, and potassium, and contains no chemicals or preservatives. Import and export activity is also creating growth opportunities. According to Volza's India import data, 1,000 salmon import shipments were brought in by 62 Indian importers from 59 suppliers, with imports from the United Kingdom, Norway, and Japan, among others.

Frozen salmon is likely to expand at a significant rate throughout the forecast period, as freezing supports long-term preservation, extends shelf life, and maintains quality and nutritional benefits. Growing consumer preference for frozen food, driven by hectic schedules, is also expected to fuel demand.

Smoked Salmon, Canned Salmon, and Product Diversification

Manufacturers have introduced a range of products, including frozen salmon, smoked salmon, canned salmon, and salmon spreads, to serve a wide range of consumers. The busy lifestyles of consumers have also led to growth in ready-to-eat food products, which is expected to drive the market.

Retail penetration is rising through offline grocery stores and individual grocery chains in countries such as the U.S., Canada, Germany, and Brazil. According to SeafoodSource, salmon was the top-selling seafood species in U.S. supermarkets and other grocery stores, with total sales jumping by over 9.3% to USD 2.5 billion. During COVID-19, production volume fell and supply chains were severely affected, yet panic buying lifted demand because salmon was one of the leading shelf-stable seafood items.

Regional Outlook: Europe Leads, Asia Pacific Accelerates

Europe dominated the industry in 2021 and is likely to retain its position over the forecast period, supported by rapidly growing demand for salmon products in the United Kingdom, Italy, and Germany. Europe is among the largest traders of fishery and aquaculture products globally, and salmon is one of the major products traded in the region.

Asia Pacific is projected to register the highest growth rate, owing to a rapidly growing consumer population in India and China, favorable government regulations, and improved transport infrastructure.

Strategic Takeaways

For B2B stakeholders, the report points to Atlantic species, the fresh form, and Asia Pacific growth as central themes in the salmon fish market. Growth drivers include the rapidly growing need for healthy and nutritional food, the increasing prevalence of chronic conditions, and consumer shifts toward nutritional products.

Salmon helps reduce the risk of a variety of health diseases because it is a popular source of omega-3, minerals, micronutrients, high-quality proteins, and vitamins. Growing awareness of these benefits, together with a rising number of grocery chains offering easy customer access to desired products, is likely to have a positive impact on growth over the coming years.

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