The canned salmon market size is estimated to reach USD 5,404 million in 2024. Global sales will likely surge at a CAGR of 5.5% throughout the assessment period, totaling USD 9,192 million by 2034.
Manufacturers are using salmon byproducts in a variety of products including pet food, animal feed, and as a fat absorber in the meat and confectionary sectors. These applications aid in reducing waste at the manufacturer’s end and allow for the most efficient use of resources.
The manufacturers therefore improve the company’s revenue by selling such items that use the available resources created by the production of the company’s core product. Thai Union Group, Pataya Food Industries, Alaska Seafood Company, and other large seafood companies are also involved in the production of pet food.
The canned salmon market is predicted to expand considerably as more players are investing in online retail format to reach out to more customers in accordance with the growing trend of online shopping. The online retail model is handy for consumers, and growing digitalization across emerging economies will augment the growth in the market.
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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 2034.
- 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 2024.
- Thailand will emerge as a lucrative pocket, accounting for 30% of the South Asia canned salmon market share in 2024.
Competition Outlook
Manufacturers are looking to attract consumers through the means of attractive packaging and catchy slogans. New product launches are considered key in the sector. The industry is highly fragmented, with small-scale players enjoying great scope locally.
Several players are implementing inorganic strategies like partnerships, acquisitions, and distribution agreements to stay ahead. Similarly, they are using various branding and marketing tools to expand their customer base.
Key Industrial Developments
- In October 2023, industry player Tempo Group purchased Nourish Foods. The latter company had entered administration a month earlier due to a lack of working capital.
- In January 2024, King Oscar launched three tinned salmon products in virgin oil.
Leading Canned Salmon Brands
- 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.
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Explore More Valuable Insights
Future Market Insights, in its new report, offers an impartial analysis of the global canned seafood market, presenting historical data (2017-2021) and estimation statistics for the forecast period of 2024-2034.
The study offers compelling insights based on Source (Wild and Farmed), By Form (Skinless/ Boneless, Chunks, and Fillets), Category (Smoked Fish- In Oil/ Deep Fried, Smoked Fish- Steamed, and Conventional/ Traditional), Species (Atlantic and Pacific), Sales Channel (Direct Sales and Indirect Sales), & Region (North America, Latin America, Europe, East Asia, South Asia, Oceania, MEA).
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