Salmon Fish Market Insights: How Product Launches Are Driving Consumer Demand

The global salmon fish market size was estimated at USD 14.87 billion in 2021 and is projected to reach USD 30.97 billion by 2030, growing at a CAGR of 8.5% from 2022 to 2030. The market growth is primarily driven by rising product innovation, with salmon increasingly available in frozen, canned, and freeze-dried forms. The growing popularity of ready-to-eat meals, particularly salads, and the rising demand for hot smoked salmon are further fueling market expansion.

The increasing influence of Asian cuisine, including dishes such as sushi and sashimi, has significantly boosted global salmon consumption. The expanding Asian population in the U.S. and the rising number of Asian restaurants across North America have contributed to greater adoption of ethnic flavors and ingredients, including salmon-based products.

Among various product forms, canned and freeze-dried salmon are expected to register notable growth over the forecast period. Manufacturers are increasingly launching canned salmon products to extend shelf life and ensure commercially sterile seafood. Supportive initiatives by key private players and advancements in packaging and sealing technologies are further contributing to the market’s growth trajectory.

For example, in August 2021, Ramirez, a leading Portuguese producer of canned fish, launched natural canned salmon to expand its presence in the natural and healthy food segment. The product, made from the Salmo salar species captured in Norway, underscores a growing trend toward sustainably sourced, health-oriented seafood offerings.

In addition, major retailers across American and European markets—including Walmart, Target, and Kroger—are partnering with brands committed to sustainable salmon sourcing. These collaborations enable retailers to offer a diverse product range that meets rising consumer demand for ethically sourced and high-quality seafood.

Key Market Trends & Insights

• Europe dominated the market in 2021, accounting for 48.7% of total revenue.
• Asia Pacific is expected to grow at a CAGR of 13.0% from 2022 to 2030.
• By species, the Atlantic species segment accounted for the largest share of 82.7% in 2021.
• By species, Pacific salmon is anticipated to grow at a CAGR of 5.8% during the forecast period.
• By form, the fresh salmon segment contributed more than 52.0% of total revenue in 2021.

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Market Performance

• 2021 Market Size: USD 14.87 Billion
• 2030 Projected Market Size: USD 30.97 Billion
• CAGR (2022–2030): 8.5%
• North America: Largest market in 2021

Competitive Landscape

The global salmon fish market is highly competitive, characterized by the presence of several established and emerging players. Strategic initiatives such as product launches, mergers and acquisitions, and partnerships are key growth drivers.

• In May 2022, SalMar ASA acquired Norway Royal Salmon, forming the second-largest Atlantic salmon farming business globally. The acquisition aims to deliver strong dividend capacity and synergies for shareholders.
• In January 2022, Bakkafrost acquired 90% of Munkebo Seafood A/S, a Denmark-based canned fish producer, to strengthen its canned salmon portfolio and enhance value extraction from salmon by-products.
• In June 2020, Ideal Foods Ltd signed a supply agreement with Mowi ASA to increase its stock availability by an additional 5,000 tons per year, improving product accessibility and meeting rising global demand for Atlantic salmon.
• In December 2019, Cermaq partnered with Labeyrie, a leading smoked salmon brand in France, on a blockchain traceability project. Cermaq also collaborated with IBM Food Trust to deploy cloud-based blockchain technology, enhancing supply chain transparency and product authenticity.

Key Companies

• Lerøy
• SalMar ASA
• Cermaq
• Mowi
• Bakkafrost
• SEA DELIGHT GROUP
• Nordlaks Produkter AS
• Atlantic Sapphire
• Ideal Foods Ltd
• BluGlacier

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Conclusion

The global salmon fish market is witnessing strong growth, fueled by product diversification, sustainability initiatives, and shifting consumer preferences toward healthy, high-protein foods. Rising adoption of salmon in Asian-inspired cuisines, alongside growing demand for convenient formats such as canned, smoked, and frozen salmon, continues to drive market expansion. Strategic acquisitions, partnerships, and technological innovations in processing and traceability are enabling players to enhance value chains and product quality. With Europe maintaining market leadership and Asia Pacific emerging as the fastest-growing region, the salmon fish industry is well-positioned for sustained growth through 2030.