Australia Salmon Market Size, Share Analysis and Forecast Report (2024-2032)

Australia Salmon Market Trends

The growth of the Australia salmon market is driven by its reputation for high quality, exceptional flavour, and freshness, making it highly sought after in both domestic and international markets. The industry prioritises sustainable farming practices that align with global standards. With strong export demand, especially in Asia and Europe, it contributes to job creation and regional economic growth. According to DAFF, salmonid production in Australia's fisheries and aquaculture has grown significantly over the past two decades, reaching 37% in 2023–24.

Innovative farming techniques are shaping the Australia salmon market dynamics and trends by enhancing fish health and growth through advanced technology. At the same time, the industry is embracing environmental management practices to minimise waste and reduce carbon footprints. Rich in protein, Omega-3 fatty acids, and essential vitamins, Australian salmon promotes health, and its versatility in cooking, alongside consumer preference, further fuels market demand.

Australia Salmon Market Growth

The demand of the Australia salmon market is driven by strict food safety and environmental standards that ensure product quality. Increased local production reduces the need for salmon imports, strengthening food security. The industry also contributes to tourism through aquaculture facility tours. The cool climate in regions like Tasmania provides optimal conditions for farming high-quality salmon. According to DAFF, aquaculture is set to increase its contribution to seafood production, rising from 60% of production value in 2023–24 to 64% by 2028–29, with the overall real value of aquaculture reaching USD 2.21 billion by 2028–29.

The Australia salmon market benefits from its status as a premium product with a strong global brand identity, promoting Australian seafood. It also supports local fisheries, building stronger connections between rural and urban areas. Rich in nutrients such as Omega-3 fatty acids and vitamins, it offers significant health benefits. Despite global disruptions, the market remains resilient, with ongoing research and development driving continual improvements.

Australia Salmon Market Insights

• According to the FAO, Australia’s fishery production in 2021 totalled 295,100 tonnes, with 42% derived from aquaculture. This highlights the crucial role aquaculture plays in the nation’s seafood industry. The increase in production supports the growth of the Australian salmon market by boosting supply and meeting both domestic and international demand for quality seafood.
• Industry reports show that seafood consumption in Australia reached 350,000 tonnes in 2021-22, indicating a continued preference for fish in the national diet. This sustained demand benefits the salmon market, driving sales for local producers, supporting growth in salmon farming, and encouraging innovation to cater to health-conscious consumers seeking nutritious seafood.
• The Department of Agriculture, Fisheries, and Forestry reported that the Gross Value of Production (GVP) for Australian fisheries and aquaculture reached USD 3.42 billion in 2021-22. This significant economic contribution underscores the importance of the sector to the national economy, driving investment, promoting sustainable practices, and supporting the growth of the salmon market.
• The salmon market in the Queensland is expected to grow at a rate of 19.8% from 2024 to 2032.

Industry News

November 2024

Chilled salmon fillets from Chile reached Australia, marking a milestone in trade. The 220kg shipment, flown by LATAM Cargo Group, underwent a strict audit by Sernapesca, ensuring compliance with Australia's food safety standards. Chile was recognised by Australia's DAWE in September for processed salmonid exports.

July 2024

JBS invested AUD 110 million to enhance salmon production at its Huon Aquaculture Whale Point facility in Tasmania. The investment aimed to improve on-land fish farming, reducing time and costs in marine environments. The project funded a hatchery and created 150 construction jobs, expanding Huon’s capacity and efficiency.

Australia Salmon Market Drivers

Sustainability and Eco-Friendly Farming Practices

Sustainability is impacting the Australia salmon market revenue, with increasing consumer and regulatory demands for eco-friendly practices. Aquaculture companies are adopting strategies to reduce environmental impact, such as better waste management, lowering carbon footprints, and improving water quality. The industry also focuses on sustainable feed, traceability, and responsible fish farming. These initiatives aim to protect marine ecosystems while meeting the rising demand for high-quality, ethically sourced seafood. As sustainability becomes a priority for producers and consumers, it fosters innovation, positioning Australian salmon as a premium, environmentally conscious product in global markets. By 2023, over 90% of Australian salmon farms were certified by the Marine Stewardship Council (MSC), ensuring environmentally responsible practices, according to the Australian Sustainable Seafood Guide.

Technological Innovation in Aquaculture

Technological advancements are a key trend in the Australia salmon market, with companies adopting cutting-edge technologies such as automated feeding systems, fish health monitoring, and advanced breeding techniques to optimise production. Innovations in water management, disease control, and fish welfare are enhancing efficiency and sustainability. Additionally, digital tools for supply chain management ensure faster delivery of fresh salmon to markets. As aquaculture technology evolves, it supports the growing global demand for seafood while maintaining high standards of quality, health, and environmental responsibility. Technologies like water quality management, automated feeding, disease control, and systems such as RAS and IMTA improve efficiency, sustainability, and environmental accountability.

Opportunities in the Australian Salmon Market

The Australia salmon market is experiencing growth as consumers place greater emphasis on health and wellness, increasing demand for nutritious options like Australian salmon. Rich in Omega-3 fatty acids, protein, and essential vitamins such as D and B12, salmon is known for its heart-healthy benefits. This growing awareness of the health benefits of fatty fish has led to higher consumption of salmon in both domestic and international markets. Promoted as a healthy, nutrient-dense food as part of a balanced diet, salmon’s popularity continues to rise. The health-conscious trend is expected to sustain demand for Australian salmon in the years ahead. Production volumes in the Australian fisheries sector are expected to increase by approximately 4% over the medium term, reaching 307,000 tonnes by 2028–29. This growth is primarily driven by the continued expansion of salmonid production, according to the Department of Agriculture, Fisheries and Forestry (DAFF).

Market Restraints

The Australia salmon market faces several restraints. Environmental challenges, including water pollution, disease outbreaks, and feed sustainability, require ongoing investment in eco-friendly practices and technology. Strict regulatory standards lead to high compliance costs, particularly for smaller producers. Disease management and biosecurity risks also pose significant challenges, potentially reducing production and increasing costs.

The sustainability of fish feed sources is another constraint, as overfishing could impact supply and raise costs. Additionally, competition from imported salmon, often priced lower due to differing farming practices, remains a challenge for Australian producers. To remain competitive, they must emphasise quality, sustainability, and local sourcing, although price differences persist.

Australia Salmon Industry Segmentation

“Australia Salmon Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

Market Breakup by Type

• Farmed
• Wild
• Captured

Market Breakup by Species

• Atlantic
• Pink
• Chum/Dog
• Coho
• Sockeye
• Others

Market Breakup by Packaging

• Frozen
• Fresh
• Canned
• Others

Market Breakup by Distribution Channel

• Foodservice
• Retail
• Others

Market Breakup by Region

• New South Wales
• Victoria
• Queensland
• Australian Capital Territory
• Western Australia
• Others

Australia Salmon Market Share

Market Analysis by Type

According to the Australia salmon market analysis, farmed salmon leads the market due to its consistent supply and affordability, making it a household staple. This segment is projected to grow at a CAGR of 3.9% from 2024 to 2032. Farmed salmon’s-controlled environment ensures high-quality production, rich in omega-3 fatty acids, which support heart health and overall wellness. Additionally, farmed salmon plays a significant role in the local economy through aquaculture. Tasmanian salmon aquaculture plays a key role in the state's economy and the broader Australian seafood market. Tasmania produces more than 90% of Australia's Atlantic salmon, with a value exceeding USD 1 billion, according to the Tasmanian Government.

The growth of the Australia salmon market is also driven by wild salmon, which is valued for its superior nutritional profile, offering higher omega-3 fatty acids and fewer contaminants than farmed varieties. Wild salmon supports sustainable fishing practices, benefiting biodiversity and ecosystem health. Consumers often favour wild salmon for its rich flavour and natural diet, enhancing its culinary appeal. According to the Australian Sustainable Seafood Guide, Australian salmon are primarily caught in New South Wales using haul seine nets cast from sandy beaches, with a smaller proportion captured using purse seine nets.

Market Analysis by Packaging

The demand of the Australia salmon market is driven by the convenience and extended shelf life of frozen salmon, making it a popular choice for consumers looking for quick meal options. It retains its nutritional value, including omega-3 fatty acids, and is available year-round, supporting various culinary uses. According to the FAO, Australia imports USD 1.5 billion worth of fishery products annually, with canned fish, frozen fish fillets, and frozen crustaceans being the main imports.

Fresh salmon also contributes to the growth of the Australia salmon market, prized for its superior taste and texture, offering a premium dining experience. Rich in omega-3 fatty acids, it promotes heart health and overall wellness. Its nutritional benefits and versatility in cooking make fresh salmon a top choice for health-conscious consumers in Australia. According to the Australian Government, the projected growth in salmon production is expected to maintain current per capita consumption levels of around 2 kg per person.

Market Analysis by Distribution Channel

According to the Australia salmon market report, the food service sector plays a crucial role by ensuring a consistent demand for high-quality seafood. Restaurants and catering services drive menu innovation, highlighting salmon as a nutritious and versatile ingredient, thereby increasing its visibility and consumption. In December 2022, Ocean Blue, Australia’s leading smoked salmon brand, sought to differentiate itself in the competitive FMCG market with its first major campaign, created by Melbourne's SICKDOGWOLFMAN. The campaign focused on personality and consistency, aiming to establish Ocean Blue as the long-term preferred smoked salmon brand in Australia.

The retail sector also has a significant impact on the Australia salmon market, providing consumers with easy access to fresh and frozen salmon. Supermarkets and speciality stores encourage health-conscious eating by offering a variety of salmon products, raising awareness of its nutritional benefits. In October 2021, New Zealand’s premium brand Regal King Salmon expanded in Australia with a launch in Coles. Representing 0.7% of the global salmon population, king salmon is known for its high omega-3 content, supporting heart, brain, and joint health while offering a valuable source of protein.

Australia Salmon Market Regional Insights

New South Wales Salmon Market Overview

The New South Wales salmon market thrives due to strong aquaculture practices, significantly contributing to local seafood production. The region’s commitment to sustainable farming improves the quality and availability of salmon, meeting rising consumer demand for fresh, healthy seafood. The annual value of NSW wild harvest fisheries is around USD 90 million, with the broader seafood industry generating USD 370 million in economic activity annually and employing over 3,500 people, according to the NSW government.

Queensland Salmon Market Trends

According to the Australia salmon industry analysis, the Queensland salmon market is characterised by growing consumer interest in sustainable seafood and health-conscious eating. The region’s favourable climate supports aquaculture growth, enhancing production and introducing innovative salmon products to the retail sector. The value of Queensland’s aquaculture industry rose by 16.1%, with production increasing from USD 193.5 million in 2020–21 to a record USD 224.7 million in 2021–22, according to the Queensland government.

Western Australia Salmon Market Dynamics

The Western Australia salmon market benefits from a focus on sustainable fishing and innovative aquaculture technologies. Projected to grow at a CAGR of 3.6% from 2024 to 2032, the region is set for growth as consumers increasingly prefer locally sourced, high-quality seafood products that prioritise health and sustainability. The Western Australian Fishing Industry Council (WAFIC) and other stakeholders work together to manage the state’s commercial fishing industry sustainably.

Competitive Landscape

The Australia salmon market key players specialise in farming premium salmon while adhering to sustainable aquaculture practices to produce high-quality seafood. These companies operate advanced fish farms in optimal conditions for salmon farming. Their focus on innovation, sustainability, and environmental responsibility ensures top product standards, prioritising fish health and minimising environmental impacts. Additionally, they support local communities by creating jobs in rural areas and investing in eco-friendly farming technologies.

Key Industry Players

Huon Aqua: Established in 1986 and headquartered in Dover, Tasmania, the company is a leading Australian aquaculture company specialising in the farming of Atlantic salmon. Known for its sustainable practices and high-quality products, Huon Aqua is a key player in the Australian seafood industry, serving both domestic and international markets.

Petuna: Founded in 1949 and based in Tasmania, Australia, Petuna is a well-established seafood company specialising in the production of premium salmon and trout. Committed to sustainable aquaculture practices, the company is renowned for its high-quality products and is a significant supplier in both domestic and international markets.

Tassal Group Limited: Established in 1986 and headquartered in Hobart, Tasmania, Tassal Group Limited is Australia's largest producer of farmed Atlantic salmon. Focusing on sustainability, Tassal delivers premium seafood products and plays a vital role in the local economy and the country's seafood export industry.

The Seafood Experts Australia Pty Ltd: Founded in 2002 and based in Sydney, Australia, it is a premium seafood distributor specialising in the supply of fresh and frozen fish products. The company is known for its commitment to sustainability and product quality and serves domestic and international markets.

Other key players in the Australia salmon market report are J.R. Simplot Company, Little Tin Co., and Freedom Foods Group Trading Pty Ltd., among others.

Recent Developments

December 2024

Hobart Airport has completed a USD 130 million runway upgrade, facilitating direct flights to Asia. This development is expected to benefit Tasmania's seafood industry, including salmon, by reducing transit times and improving product freshness.

December 2024

Tasmania's USD 1 billion salmon industry is poised to supply thousands of Australian households this Christmas, with strong demand for fresh and smoked fish fillets. Salmon is also a sustainably sourced seafood, farmed under the strictest environmental regulations of any farmed protein in Australia.