The Global Canned Salmon Market size is expected to reach $4.2 billion by 2027, rising at a market growth of 4.8% CAGR during the forecast period.
Canning is a method of preserving food in which the contents of the food are treated in a controlled environment and sealed in an airtight container. In addition, Canning extends a product's shelf life, which normally ranges from one to five years, though it can be much longer in some circumstances. Moreover, Consumers are looking for foods that are minimally processed and free of synthetic preservatives, as well as toxic fertilizer and antibiotic residues.
Due to an increase in the consumption of seafood that has a variety of health benefits, canned salmon is seeing an increase in demand. In addition, salmon in cans is a good source of important elements including protein, which are necessary for a healthy body. Moreover, consumer eating habits have shifted as a result of changes in lifestyle and an increase in the working population. Processed foods, such as canned salmon, are preferred by consumers because they are ready-to-eat, easy to store, and include nutritional ingredients that are advantageous to one's health.
According to the FAO, some disruptive technologies are particularly relevant to the seafood industry, such as blockchain technology, which improves visibility and traceability in the fishing sector while also reducing illegal fishing and slave labor. In addition, one of the key trends of the market is technological advancements in the seafood industry.
Furthermore, the widespread use of sensors to monitor environmental changes, as well as the automatic identification system (AIS) that offers details about the vessel's position, speed, and navigational status, provides fish capturing vessels an additional advantage in terms of improving their fish capturing accuracy and efficiency. Such technical advancements in the fishing and seafood industries are projected to boost the market growth.
The onset of the COVID-19 pandemic was Wuhan, China, in December 2019, which has quickly expanded around the world since then. As of October 2020, China, Italy, Iran, Spain, the Republic of Korea, France, Germany, and the United States are among the most affected countries in terms of confirmed cases and reported deaths. The outbreak of the COVID-19 pandemic has had an economic and industrial impact on a number of countries as a result of lockdowns, travel bans, and business closures.
For example, China is the world's largest manufacturing hub and a major provider of raw materials to a variety of industries. The closure of major plants and factories in key locations such as the Asia Pacific and North America is disrupting global supply chains and harming manufacturing, delivery schedules, and sales of various items. All of these issues had a substantial impact on the canned salmon market worldwide.
Sports Industry is one of the promising industries for seafood products. People all around the world are shifting their preferences toward healthy and nutritious items as a result of increased health awareness. In addition, the different vital nutrients it supplies, such as protein, vitamin B-12, omega-3 fatty acids, and iron, are driving up demand for canned salmon products among athletes.
Robots are also predicted to decrease the need for highly qualified employees in specialized occupations. For example, to stimulate innovation in seafood handling, a startup called Collaborative Robotics is working on algorithms for a robotic hand called Sawyer that can be programmed to recognize the optimum fish texture and softness, allowing people to handle vast numbers of fish efficiently.
Lower-income levels of the population in emerging countries make people from such segments to unable to buy goods and seafood products. In addition, such people can hardly eat enough diet on a day-to-day basis, the need to consume nutrients food products like salmon is a distant dream for such people. Additionally, seafood such as salmon comes in seasons only which would hamper its demand. Moreover, there are many countries that are experiencing less or no availability.
Based on Nature, the Canned Salmon Market is bifurcated into Wild and Farmed. In 2020, the Farmed segment held the maximum revenue share of the Canned Salmon Market. This is because it has a softer flavor and is frequently less expensive than wild-caught canned salmon. A salmon that has been raised commercially in a fish farm is known as farmed salmon. Farmed salmon produces more than half of all salmon produced worldwide, and as a result, it dominates global trade. It's a canned salmon product made from both fresh and processed salmon.
Based on the Sales Channel, the Canned Salmon Market is segmented into Hypermarkets/Supermarkets, Specialty Stores, Online Channels, and Others. In 2020, the Online segment held a promising revenue share of the Canned Salmon Market. This is because a large proportion of millennials are accustomed to using the Internet to find information or shop. A website is practically required for seafood dealers and retailers that want to communicate more directly with the public.
On the basis of Type, the Canned Salmon Market is segregated into Fillet, Chunk, and Minced. In 2020, the Chunk segment acquired a significant revenue share of the Canned Salmon Market. This is because of the use of chunk style in various cuisines and the recent use of chunks in pet food. In addition, chunk-type canned salmon is ideal for making various salads.
| Report Attribute | Details |
|---|---|
| Market size value in 2020 | USD 3.1 Billion |
| Market size forecast in 2027 | USD 4.2 Billion |
| Base Year | 2020 |
| Historical Period | 2017 to 2019 |
| Forecast Period | 2021 to 2027 |
| Revenue Growth Rate | CAGR of 4.8% from 2021 to 2027 |
| Number of Pages | 174 |
| Number of Tables | 350 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Companies Strategic Developments, Company Profiling |
| Segments covered | Nature, Type, Sales Channel, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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By Region, the Canned Salmon Market is analyzed across North America, Europe, APAC, and LAMEA. In 2020, the European region emerged as the dominating region in the overall Canned Salmon Market. Some of the key trends of the regional market are the increased consumption of salmon and salmon products. Moreover, rising disposable incomes and greater consumer health consciousness have fueled the demand for salmon in the regional countries.
Free Valuable Insights: Global Canned Salmon Market size to reach USD 4.2 Billion by 2027
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Crown Prince, Inc., Maruha Nichiro Corporation, Tassal Group Limited, Austevoll Seafood ASA (Lerøy Seafood Group ASA), Vital Choice Wild Seafood & Organics (1-800-Flowers.com, Inc.), Trident Seafoods Corporation, Mitsubishi Corporation, Thai Union Group PCL, Wild Planet Foods, Inc., and F.C.F. Fishery Co., Ltd. (Bumble Bee Foods, LLC).
By Nature
By Sales Channel
By Type
By Geography
The global canned salmon market size is expected to reach $4.2 billion by 2027.
Growing Demand from Sports Industry are driving the market in coming years, however, low incomes in developing nations and less availability limited the growth of the market.
Crown Prince, Inc., Maruha Nichiro Corporation, Tassal Group Limited, Austevoll Seafood ASA (Lerøy Seafood Group ASA), Vital Choice Wild Seafood & Organics (1-800-Flowers.com, Inc.), Trident Seafoods Corporation, Mitsubishi Corporation, Thai Union Group PCL, Wild Planet Foods, Inc., and F.C.F. Fishery Co., Ltd. (Bumble Bee Foods, LLC).
The Wild market shows high growth rate of 6.6% during (2021 - 2027).
The Hypermarkets/Supermarkets market is generating high revenue in the Global Canned Salmon Market by Sales Channel 2020, achieving a market value of $1.6 billion by 2027.
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