The canned salmon market is expected to witness growth at a CAGR of 6.8%, reaching a valuation of US$ 9.2 Billion by 2032.
Salmon byproducts are used by producers in many different goods, such as pet food, animal feed, and fat absorbers for the meat and candy industries. By enabling the most effective use of resources, these applications help manufacturers reduce waste.
As a result, the manufacturers increase the company’s revenue by marketing these products, which make use of the resources made accessible by producing the company’s main product. Pet food is also produced by Thai Union Group, Pataya Food Industries, Alaska Seafood Company, and other sizable seafood enterprises.
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As more companies invest in online retail formats to reach out to more clients in keeping with the growing trend of online shopping, the canned salmon market is expected to rise significantly. Customers find the online retail model convenient, and as emerging economies become more digitally connected, the market will expand as well.
East Asia is expected to witness surge in demand for canned salmons due to less stringent policies in addition to rising population and changes in consumer spending patterns. Owing to these factors, demand for canned salmons is expected to rise in the near future.
“Manufacturers are offering a wide range of flavors and forms of canned salmon, which in turn will augment the growth in the market. In addition to this, rising adoption of sustainable practices for aquaculture will drive sales in the forthcoming years,” says an FMI analyst.
Key Takeaways:
- Based on source, sales in the farmed fish segment will increase at a 5.6% CAGR over the forecast period.
- In terms of species, demand for pacific species will grow at a 6.9% CAGR through 2032.
- By sales channel, the indirect segment is projected to expand at a 7% CAGR over the forecast period.
- Total sales of canned salmon in the U.S. market will reach a valuation of US$ 775.8 Mn in 2022.
- Thailand will emerge as a lucrative pocket, accounting for 30% of the South Asia canned salmon market share in 2022.
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Key Players:
- Thai Union Group Public Company Limited
- Freedom Foods Group Limited
- Canada Fishing Company(Canfisco)
- Maruha Nichiro Corporation
- Tassal Group Limited
- Pataya Food Industries
- Peter Pan Seafoods
- Safcol Co-op Limited
- Bumble Bee Seafoods L.L.C
- Princes Group Limited
Competitive Landscape
Key canned salmon producers are working on research and development in order to offer a variety of goods that do not include any chemical additives. To enter untapped market, leading players are partnering and developing new product lines. For instance:
- Thai Union Group plans to launch Plant based products comprising both seafood and non-seafood in Asia Pacific region in 2021.
- Subsidiary of Thai Union Group, John West Foods Ltd. has unveiled a Salmon Fridge Pot in 2021 in a bid to attract younger consumers and make the tinned salmon category more relevant to consumers.
Canned Salmon Market By Category
By Source:
- Wild
- Farmed
By Species:
- Atlantic
- Pacific
- Pink
- Sockeye
- Coho
- Chum
- Chinook
By Form:
- Skinless Boneless
- Chunks
- Fillets
By Category:
- Smoked Fish- In Oil/ Deep Fried
- Smoked Fish- Steamed
- Conventional/ Traditional
By Sales Channel:
- Direct Sales
- Indirect Sales
- Modern Trade
- Convenience Stores
- Specialty Food Stores
- Wholesale Stores
- Discount Stores
- Online Retail
- Other Retail Formats
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa (MEA)
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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