Canned Salmon Market Key Growth Influencers, Revenue Forecast with Regional Parent Market Outlook-2032
The canned salmon market is expected to witness growth at a CAGR of 6.8%, reaching a valuation of US$ 9.2 Bn by 2032.
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.
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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.
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.
- 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 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.
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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 2022-2032.
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).