Market growth drivers
Aquaculture accounts for about 80% of the global salmon supply. In most cases, salmon are raised at sea sites deployed in protected locations — deep bays or fjords. That said, suitable conditions for salmon farming are rare: the best sites are found in Russia, Norway, Scotland, Chile and Canada.
The Russian aquaculture market is one of the most promising in the world. Today, Russia is already among the top 10 global salmon markets, but there is still room for growth both in absolute terms and in per capita consumption. We expect the Russian salmonid market to reach 183,000 tons in 2027.
INARCTICA’s goal is to have a 27% share of the Russian salmon market in the medium term.
In 2020, the global salmon market was valued at USD 50.1 billion and, by some estimates, is projected to reach USD 76.1 billion by 2028, demonstrating a CAGR of 3.7% between 2021 and 2028.
According to UN estimates, global fish production will reach about 200 million tons per year by 2030. Aquaculture is expected to account for the majority of the production increase: by 2030, it will provide more than 50% of the total supply. At the same time, in terms of the volume of household fish consumption, the share of aquaculture products will increase from 48% in 2019 to 53% in 2030.