Specialists from Global Market Insights Inc. estimate the volume of the global salmon market at $17.3 billion by the end of 2023. It is projected that over the next nine years, the market will grow by 8.6% annually, reaching $35.5 billion by 2032.
Experts suggest that the main growth factors for the salmon market will be consumer interest in high value-added products, including smoked and salted fish. “This is related to the trend for convenient yet sophisticated seafood,” the forecast states.
Additionally, there is a growing demand for salmon products sourced from environmentally friendly sources, analysts note. This is linked to an increase in environmental awareness among consumers.
“Market participants are focusing on sustainable aquaculture practices, including reducing antibiotic use, waste disposal, and the use of organic feeds,” the report emphasizes.
Experts expect that high interest in chilled fish will persist, especially in regions where harvesting and production occur. The main growth drivers will remain countries in the Asia-Pacific region, such as China, Japan, South Korea, India, and Australia, where an increase in salmon consumption is already observed. “This is associated with the growing popularity of Western cuisine, a desire for a healthy lifestyle, and an increase in urbanization,” analysts note. The development of aquaculture and cold chain infrastructure is contributing to improved physical availability of salmon products across the region, the review states.
Among negative trends, experts highlight the growing popularity of vegetarianism. The shift away from meat and fish may negatively impact the demand for salmon and other seafood, analysts warn. Concerns are also raised about the depletion of wild salmon stocks. A reduction in the disposable income of consumers is another negative trend that may lead to a shift in consumer demand towards cheaper types of fish, which do not include salmon.
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