Preserved Salmon Market

The article provides insights into the increasing demand for salmon (prepared or preserved) worldwide, with market performance expected to continue an upward trend over the next eight years. Consumption and production of salmon are forecast to grow, with market volume projected to reach 3.6M tons and market value estimated to reach $20.5B by 2030. Key importing countries include Germany, the United States, and Canada, while top exporters include the United States, Thailand, and Poland. Per capita consumption rates are highest in Norway, followed by the United States and China. Average import and export prices for preserved salmon are also discussed, highlighting notable fluctuations in global market trends.

Market Forecast

Driven by increasing demand for salmon (prepared or preserved) worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +1.5% for the period from 2022 to 2030, which is projected to bring the market volume to 3.6M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +4.5% for the period from 2022 to 2030, which is projected to bring the market value to $20.5B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Salmon (Prepared Or Preserved)

In 2022, consumption of salmon (prepared or preserved) increased by 54% to 3.2M tons for the first time since 2018, thus ending a three-year declining trend. In general, consumption saw a strong increase. As a result, consumption attained the peak volume and is likely to continue growth in the immediate term.

The global preserved salmon market value soared to $14.4B in 2022, rising by 20% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, the total consumption indicated a resilient increase from 2012 to 2022: its value increased at an average annual rate of +6.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Consumption By Country

Norway (2M tons) constituted the country with the largest volume of preserved salmon consumption, comprising approx. 62% of total volume. Moreover, preserved salmon consumption in Norway exceeded the figures recorded by the second-largest consumer, China (225K tons), ninefold. The third position in this ranking was taken by the United States (91K tons), with a 2.8% share.

From 2012 to 2022, the average annual growth rate of volume in Norway totaled +33.4%. The remaining consuming countries recorded the following average annual rates of consumption growth: China (+5.8% per year) and the United States (+5.3% per year).

In value terms, Norway ($4.3B) led the market, alone. The second position in the ranking was taken by China ($1.6B). It was followed by the United States.

From 2012 to 2022, the average annual rate of growth in terms of value in Norway totaled +31.2%. The remaining consuming countries recorded the following average annual rates of market growth: China (+4.7% per year) and the United States (+8.3% per year).

In 2022, the highest levels of preserved salmon per capita consumption was registered in Norway (363 kg per person), followed by the United States (0.3 kg per person), China (0.2 kg per person) and India (0.1 kg per person), while the world average per capita consumption of preserved salmon was estimated at 0.4 kg per person.

From 2012 to 2022, the average annual rate of growth in terms of the preserved salmon per capita consumption in Norway totaled +32.3%. In the other countries, the average annual rates were as follows: the United States (+4.6% per year) and China (+5.7% per year).

Production

World Production of Salmon (Prepared Or Preserved)

In 2022, after three years of decline, there was significant growth in production of salmon (prepared or preserved), when its volume increased by 54% to 3.2M tons. In general, production enjoyed a prominent expansion. As a result, production attained the peak volume and is likely to continue growth in the immediate term.

In value terms, preserved salmon production rose rapidly to $11.1B in 2022 estimated in export price. The total output value increased at an average annual rate of +4.0% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2015 when the production volume increased by 13%. Over the period under review, global production hit record highs at $11.9B in 2017; however, from 2018 to 2022, production failed to regain momentum.

Production By Country

The country with the largest volume of preserved salmon production was Norway (2M tons), comprising approx. 62% of total volume. Moreover, preserved salmon production in Norway exceeded the figures recorded by the second-largest producer, China (228K tons), ninefold. The third position in this ranking was held by the United States (95K tons), with a 3% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in Norway stood at +33.5%. The remaining producing countries recorded the following average annual rates of production growth: China (+5.5% per year) and the United States (+0.8% per year).

Imports

World Imports of Salmon (Prepared Or Preserved)

Global preserved salmon imports expanded markedly to 101K tons in 2022, with an increase of 6.6% against the previous year. The total import volume increased at an average annual rate of +2.8% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed throughout the analyzed period. The pace of growth was the most pronounced in 2013 when imports increased by 14%. Over the period under review, global imports hit record highs in 2022 and are expected to retain growth in the near future.

In value terms, preserved salmon imports rose notably to $1B in 2022. Overall, total imports indicated perceptible growth from 2012 to 2022: its value increased at an average annual rate of +4.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +62.1% against 2015 indices. The most prominent rate of growth was recorded in 2018 with an increase of 15% against the previous year. Over the period under review, global imports reached the maximum in 2022 and are likely to continue growth in the near future.

Imports By Country

Germany (21K tons), the United States (17K tons), Canada (14K tons), the UK (9.3K tons), Japan (9.1K tons) and Australia (6.3K tons) represented roughly 75% of total imports in 2022. France (2.6K tons), Italy (2.5K tons), Belgium (2.4K tons) and Sweden (1.7K tons) took a relatively small share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Germany (with a CAGR of +22.5%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, Germany ($240M), the United States ($151M) and Canada ($119M) were the countries with the highest levels of imports in 2022, together comprising 50% of global imports.

Among the main importing countries, Germany, with a CAGR of +25.8%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

In 2022, the average preserved salmon import price amounted to $10,184 per ton, almost unchanged from the previous year. Over the last decade, it increased at an average annual rate of +1.9%. The most prominent rate of growth was recorded in 2018 when the average import price increased by 12% against the previous year. Over the period under review, average import prices hit record highs at $10,335 per ton in 2021, and then contracted slightly in the following year.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Sweden ($14,060 per ton), while Australia ($8,667 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+2.7%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Salmon (Prepared Or Preserved)

Global preserved salmon exports expanded rapidly to 92K tons in 2022, surging by 7.8% against 2021 figures. Over the period under review, exports, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 with an increase of 17% against the previous year. Over the period under review, the global exports attained the maximum at 101K tons in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

In value terms, preserved salmon exports amounted to $921M in 2022. The total export value increased at an average annual rate of +2.4% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations in certain years. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports By Country

In 2022, the United States (21K tons), Thailand (16K tons), Poland (11K tons), Vietnam (7.7K tons), Canada (6.4K tons), Germany (5K tons), Denmark (4.3K tons), China (3.6K tons), Ireland (2.6K tons), Chile (2.2K tons), France (1.8K tons) and Belgium (1.8K tons) was the largest exporter of salmon (prepared or preserved) in the world, generating 92% of total export.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Ireland (with a CAGR of +24.6%), while the other global leaders experienced more modest paces of growth.

In value terms, the largest preserved salmon supplying countries worldwide were the United States ($172M), Poland ($141M) and Thailand ($125M), with a combined 48% share of global exports. Vietnam, Canada, Germany, Denmark, China, Chile, Ireland, Belgium and France lagged somewhat behind, together comprising a further 43%.

In terms of the main exporting countries, Ireland, with a CAGR of +28.9%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

The average preserved salmon export price stood at $10,006 per ton in 2022, rising by 1.7% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.6%. The most prominent rate of growth was recorded in 2018 when the average export price increased by 16%. Over the period under review, the average export prices hit record highs at $10,363 per ton in 2019; however, from 2020 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Chile ($15,332 per ton), while Thailand ($7,656 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+4.2%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform