The global canned salmon market is on track to witness remarkable growth, with a projected valuation of USD 9.2 billion by 2032, reflecting a robust compound annual growth rate (CAGR) of 6.8%. This surge in market value presents promising opportunities for investors seeking to capitalize on the growing demand for nutrient-rich and versatile food options in the B2B industry growth sector.
Canned salmon has emerged as a popular choice among consumers seeking convenient, nutritious, and shelf-stable food options. Rich in essential nutrients such as protein, vitamin B-12, and omega-3 fatty acids, canned salmon offers numerous health benefits, driving its increasing consumption worldwide.
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Consumers’ growing preference for nutrient-dense foods and the convenience offered by canned salmon have fueled demand, leading to a significant market expansion. The market is projected to account for approximately 12% of the total salmon market share by 2022, with sales expected to accelerate at a CAGR of 6.8% from 2022 to 2032.
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.
Key Factors in the canned salmon market:
- Canned salmon offers essential nutrients such as protein, vitamin B-12, and omega-3 fatty acids, appealing to health-conscious consumers seeking nutrient-rich food options.
- Canned salmon’s versatility in various culinary preparations and its convenience as a ready-to-eat food product drive its increasing consumption among consumers worldwide.
- Manufacturers are innovating with novel product offerings, flavors, and packaging to cater to diverse consumer preferences, driving market expansion and growth.
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
Country-wise Analysis of the Canned Salmon Market:
USA Canned Salmon Market: The USA emerges as a key market for canned salmon, with sales expected to reach approximately US$ 775.8 million in 2022, representing around 16% of the global market. Factors such as the health benefits associated with canned salmon consumption, convenience, extended shelf life, and employment opportunities in the cannery industry contribute to market growth in the USA.
Thailand Canned Salmon Market: Thailand presents lucrative opportunities for the canned salmon market, with demand expected to reach US$ 142.8 million in 2022, accounting for approximately 30% of the South Asia market. Rising consumption of canned salmon, particularly wild salmon, and the emergence of plant-based seafood alternatives are driving market growth in Thailand and across the Asia Pacific region.
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