Canned Salmon Market to Reach $5.43Bn, Globally, by 2030 at 5.1% CAGR: Allied Market Research

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Feb 09, 2022, 08:20 ET

PORTLAND, Ore., Feb. 9, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Canned Salmon Market by Nature (Wild and Farmed), Type (Fillet, Chunk, and Minced), and Sales Channel (Hypermarket/Supermarket, Specialty Stores, Online Channels, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030."According to the report, the global canned salmon industry was estimated at $3.19 billion in 2020, and is anticipated to hit $5.43 billion by 2030, registering a CAGR of 5.1% from 2021 to 2030.

Major determinants of the market growth

Increase in land-based salmon farming, health benefits of canned salmon, and convenience of canned food to drive the growth of the global canned salmon market. However, dwindling wild salmon populations and environmental repercussions due to metal can manufacturing impede the market growth to some extent. Moreover, increase in the online presence of canned foods innovations in technology drive the market to pave the way for multiple opportunities in the industry.

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COVID-19 scenario-

Due to imposed lockdown in the initial days of the pandemic, the demand for packaged food with longer shelf life increased, thus favored the demand for the canned salmon.
Because of the lockdown across various countries, the sales of the canned salmon industry via brick and mortar stores have disrupted, however, the sales demand increased via online channels.
However, as lockdown limitations are eased and logistics are improved in light of Covid-19 prevention efforts, the seafood industry is predicted to grow that is expected to increase in sales of fish products during the forecast period.

The farmed segment to dominate by 2030-

Based on nature, the farmed segment contributed more than two-thirds of the global canned salmon market share in 2020 and is anticipated to rule the market by 2030. This is due to salmon aquaculture which is the world's fastest expanding food production system. Moreover, this segment is anticipated to register the fastest CAGR of 5.4% throughout the forecast period. The report also includes an analysis of the wild segment.

The fillet segment to maintain the dominant share-

Based on type, the fillet segment accounted for nearly half of the global canned salmon market revenue in 2020, and is expected to lead the trail by 2030, owing to the fact that salmon fillets are considered to be the delicacy in different cuisines. The chunk segment, however, would register the fastest CAGR of 5.4% during the forecast period. The report also includes an analysis of the minced segment.

Europe, followed by North America, dominated the market-

By region, Europe garnered the major share in 2020, contributing to nearly half of the global canned salmon market, owing to the higher availability of salmon products and canned salmon in the European countries and the demand for seafood is also higher in this region. However, Asia-Pacific is projected to grow at the highest CAGR of 7.9% from 2021 to 2030, owing to the growing adoption of meat-based diet because of factors such as changes in lifestyle and marketing of meat products in the region. North America is anticipated to grow at a CAGR of 4.1%.

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Key Market Players-

Thai Union Group PCL
Maruha Nichiro Corporation
Tassal Group Limited
Bumble Bee Foods, LLC
Austevoll Seafood ASA
Crown Prince, Inc.
Wild Planet Foods, Inc.
Mitsubishi Corporation
Vital Choice Seafood & Organics
SPC
Trident Seafoods Corporation.
Nippon Suisan Kaisha
Mowi (Marine Harvest)
Dongwon Enterprise
Red Chamber Group

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