The global salmon fish products market was valued at USD 33.4 billion in 2022 and is projected to expand at a CAGR of 5.2% from 2023 to 2030. Increasing demand for salmon fish products from consumers is attributed to the rising health awareness and the growing popularity of salmon fish as a healthy food option. Increasing demand for ready-to-eat convenience food, growing disposable income, and changing lifestyle are some of the other factors driving the demand for salmon fish products.

Furthermore, the increasing popularity of processed and frozen salmon fish products is contributing significantly to the growth of the salmon fish products market. The increasing demand for frozen salmon fish products can be attributed to the growing demand for convenience food. In addition, technological advancements have enabled the manufacturers to adopt efficient freezing techniques, thereby increasing the shelf-life of the products. Moreover, the manufacturers are focusing on introducing new and innovative products in order to attract more customers.

The rising trend of veganism is a key factor influencing the growth of the market. Additionally, an increase in the demand for healthy, organic, and natural products is further driving the demand for salmon fish products. The growing demand for canned and vacuum packaged salmon fish products is a major factor driving the market growth. The increasing demand for canned and vacuum-packed salmon fish products is attributed to the rising preference for convenience food products among consumers.

Moreover, the growth of the salmon fish products market is driven by the increasing availability of salmon fish products in retail stores and supermarkets. The increasing availability of salmon fish products in retail stores is attributed to the rising demand for convenience food among consumers. Furthermore, the increasing demand for salmon fish products from restaurants and foodservice providers is propelling the growth of the market. In addition, the increasing popularity of salmon fish in the health and wellness industry is driving the market growth.

The fresh salmon segment dominated the market in 2020, owing to the increasing demand for fresh and chilled salmon fish products. According to an article published by the Journal of Food Science & Nutrition, in April 2020, the consumption of fresh salmon has been on the rise due to its rich nutrient content and health benefits. Furthermore, rising disposable incomes and changing lifestyles are some of the other key factors driving the growth of the fresh salmon segment.

The canned salmon segment is projected to register the fastest CAGR of 7.1% during the forecast period. This is attributed to the increasing demand for convenient and ready-to-eat food items across the globe. Moreover, the growing retail sales of canned salmon in supermarkets, convenience stores, and online stores is expected to boost the demand for canned salmon products over the forecast period.

The supermarkets and hypermarkets segment dominated the market with a share of over 38.7% in 2022. The growth of the segment is mainly driven by the rising consumer inclination towards supermarkets & hypermarkets as a primary source to purchase food items. According to a study by KPMG in 2020, fresh fish & seafood are the most common products purchased in supermarkets & hypermarkets, followed by frozen fish & seafood. These establishments also provide a wide selection of products and assist customers in making rapid purchasing decisions for the required fish & seafood item.

The online segment is anticipated to expand at the highest CAGR of 13.3% over the forecast period. E-commerce development in the fish & seafood industry has been rapid, with companies launching online websites and shopping apps to increase their brand visibility among consumers. For instance, in January 2021, The Scottish Salmon Company launched a new online store, offering customers a range of fresh and frozen salmon products. In addition, it will also offer the best brands and products for salmon fish along with expert advice and opinions on choosing the best fish.

The fresh salmon segment accounted for the largest revenue share of 71.2% in the year 2022. The demand for fresh salmon is due to the increasing health consciousness among consumers, as it is rich in protein and low in fat. Additionally, the availability of fresh salmon at supermarkets, grocery stores, and fishmongers is driving the growth of the segment. For instance, in August 2020, Red Lobster, a seafood restaurant chain, launched a new campaign called “Lobster & Salmon Together”, which encouraged people to buy fresh salmon from its outlets.

The frozen salmon segment is anticipated to expand at the highest CAGR of 8.4% over the forecast period. The growing popularity of frozen salmon among consumers due to its extended shelf life is driving the growth of the segment. Additionally, the increasing demand for frozen salmon in the foodservice industry due to its convenience and time-saving nature is also contributing to the growth of the segment. For instance, in October 2020, The National Fisheries Institute (NFI) launched an “Eat More Seafood” campaign to increase the demand for frozen salmon among restaurants and other food outlets.

North America is expected to account for a significant share of the global market due to the presence of a large number of salmon farms and seafood processing plants in the U.S. and Canada. Moreover, the presence of a large number of major players in the region is expected to drive the market growth. For instance, in October 2021, Bristol Bay Seafoods signed a joint venture with the Samish Indian Nation to create a new seafood processing facility in Washington state.

Asia Pacific is expected to witness the fastest growth in the coming years due to rising demand for salmon in the region. The growing popularity of salmon as a healthy and nutritious food source is driving the market growth in the region. In addition, increasing disposable income and changing lifestyle preferences among consumers are expected to propel the demand for salmon products in the region. For instance, in April 2021, China’s demand for salmon fillets increased by 50%, compared to the same period of the previous year.

In this part of the salmon products business plan, we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your salmon products company. Usually, these projections are drafted for a 5-year period.

Revenue Assumptions
The main source of revenues for a salmon products business comes from the sale of salmon products both wholesale and retail, as well as from other related services such as processing, packaging, and shipping. Other possible sources of profit such as catering, supplying restaurants, and selling souvenirs can also be included in the business plan.

Projecting Expenses
In this section, all the regular expenses related to keeping the salmon products business running will be described. The list of operating expenses includes wages, supplies and equipment, insurance policies, advertising, utilities, and others. Additionally, it is important to include the cost of obtaining and maintaining any certifications, licenses, and permits required to operate the business.

Some of the key companies operating in the salmon fish products market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:

– In June 2022, Marine Harvest launched its new range of smoked salmon products in the European markets.

– In August 2022, Cooke Aquaculture launched a new range of canned salmon products in the Canadian market.

– In October 2022, Trident Seafoods launched a new range of frozen salmon products in the US market.

Some of the prominent players in the salmon fish products market include:

– Marine Harvest
– Cooke Aquaculture
– Trident Seafoods
– Faroe Seafood
– Icicle Seafoods
– Oceana Group
– Bumble Bee Foods
– Pacific Seafood
– High Liner Foods
– American Seafoods Group

This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global Salmon Fish products market based on product, distribution channel, type, and region:

1. Product Outlook (Revenue, USD Million, 2017 – 2030)

– Frozen
– Fresh
– Processed
– Others

2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)

– Supermarkets & Hypermarkets
– Online
– Specialty Stores
– Others

3. Type Outlook (Revenue, USD Million, 2017 – 2030)

– Atlantic
– Pacific
– Others

4. Regional Outlook (Revenue, USD Million, 2017 – 2030)

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

[Q]: What are the Major Drivers of the Salmon Fish Products Market?
[A]: The major drivers of the salmon fish products market include the growing demand for salmon fish in the foodservice industry, increasing health consciousness among consumers, and growing awareness about the health benefits associated with the consumption of salmon fish. Additionally, the rising demand for convenience foods and the increasing demand for ready-to-eat salmon fish products are also expected to fuel growth in the salmon fish products market over the forecast period.

[Q]: What are the Key Challenges Faced by the Salmon Fish Products Market?
[A]: The key challenges faced by the salmon fish products market include the fluctuating prices of salmon fish, stringent regulations regarding the quality of salmon fish products, and the availability of substitutes for salmon fish. Additionally, the rising concern over the environmental impact of salmon farming is also expected to hinder market growth over the forecast period.

[Q]: What are the Major Product Types in the Salmon Fish Products Market?
[A]: The major product types in the salmon fish products market include fresh salmon, smoked salmon, canned salmon, and frozen salmon.

[Q]: What Regions Are Expected to Offer the Highest Potential for Sales of Salmon Fish Products?
[A]: North America is expected to offer the highest potential for sales of salmon fish products, followed by Europe, Asia Pacific, and the rest of the world. The increasing demand for convenience foods and the rising health consciousness among consumers are expected to drive growth in the North American market.