Store Based and Private Label Canned Salmon Brands Witnessed 1.2X Increase in Demand

NEW YORK, Aug. 31, 2021 /PRNewswire/ -- The global canned salmon market is projected to reach US$ 4.5 Bn in 2021. Increasing demand for high protein foods is steering growth in the market. Expanding at a healthy 6.8% CAGR, the market is anticipated to total US$ 8.6 Bn in 2031.

Growing awareness regarding a healthy lifestyle and the importance of a balanced diet is propelling sales of canned salmon. Salmon is a rich source of omega-3 fatty acids and vitamin B12, which is vital for brain and nerve functioning.

Omega-3 fatty acids are beneficial for reducing inflammation, lowering blood pressure, and decreasing the risk factors of chronic ailments. Awareness regarding health benefits derived from salmon consumption is a key factor, driving sales of canned salmon.

Due to hectic schedules and busy lifestyles, consumers are resorting to packaged and ready-to-eat meals. This trend is translating into increasing sales of canned salmon, as it is available in various forms such as smoked, sautéed, steamed, grilled, and poached, making it an easy option for breakfast and salads.

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Moreover, market players are leveraging online retail channels to cater to the growing demand among consumers. Increasing focus on quality, ethical eating practices, and authentic sourcing is boosting sales of canned salmon through indirect sales channels such as modern trade and specialty food stores. These factors are indicative of lucrative growth prospects in the canned salmon market during the assessment period.

As per Fact.MR, the U.S. is anticipated to account for 61.8% of the North America canned salmon market. Increasing consumption of seafood, robust foodservice industry, and presence of leading market players will continue fueling market growth in the U.S. through 2031.

"Growing consumer preference for seafood, coupled with conscious sourcing and labeling strategies adopted by key market players, will spur the canned salmon market growth in the forthcoming years," says the Fact.MR analyst.

Key Takeaways from Canned Salmon Market Analysis:

• Wild canned salmon segment is projected to generate maximum revenue, accounting for 67% of the total market share.
• Demand for pacific species of canned salmon is projected to grow at a 6.9% through 2031.
• Based on form, sales of skinless and boneless canned salmon are anticipated to grow at a 6.7% CAGR.
• The U.S. is estimated to account for 61.8% of the total North American canned salmon market share.
• Canned salmon market in Japan is poised to total US$ 363.3 Mn in 2021, owing to increasing demand for protein-based products.
• Russia is anticipated to dominate the European canned salmon market, holding 21.5% of the total market share.
• China will emerge as an attractive market, accounting for 36.9% of the total market share.
• Thailand is anticipated to dominate the South Asian canned salmon market, growing at a 7.1% CAGR.

Growth Drivers:

• Expansion of the packaged food industry will significantly provide tailwinds to canned salmon sales.
• Increasing innovations and the availability of flavors and variants in canned salmon will propel sales of the same.
• Growing awareness of high nutrient content in food items will drive sales of canned salmon.

Restraints:

• Restrictions on overfishing in various regions might hamper the market growth.

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Competitive Landscape

Owing to the increasing demand for seafood, prominent players operating in the canned salmon market are investing in mergers and acquisitions to provide adequate product offerings.

For instance, in 2021, Peter Pan Seafoods, a leading player in canned salmon market, merged with Northwest Fish company to facilitate and streamline the flow of approximately 50 million pounds of Alaska seafood in the U.S. market.

Leading Players in the Canned Salmon Market Include:

• Thai Union Group Public Company Limited
• Maruha Nichiro Corporation
• Tassal Group Limited
• Bumble Bee Seafoods L.L.C
• Princes Group Limited.
• Beijing Princess Seafood International Trading
• Mogster Group
• Marine Harvest
• Thai Frozen Products Company
• Sajo Industries
• Austevoll Seafood ASA
• Dong Won Fisheries
• Labeyrie Fine Foods

More Valuable Insights on Canned Salmon Market

Fact.MR provides an unbiased analysis of the canned salmon market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the global canned salmon market with a detailed segmentation on the basis of:

Source:

• Wild Canned Salmon
• Farmed Canned Salmon

Species:

• Atlantic Canned Salmon
• Pacific Canned Salmon
• Pink
• Sockeye
• Coho
• Chum
• Chinook

Form:

• Skinless Boneless
• Chunks
• Fillets

Category:

• Smoked Fish- In Oil/ Deep Fried
• Smoked Fish- Steamed
• Conventional/ Traditional

Sales Channel:

• Direct Sales of Canned Salmon
• Indirect Sales of Canned Salmon
• Modern Trade
• Convenience Stores
• Specialty Food Stores
• Wholesale Stores
• Discount Stores
• Online Retail
• Other Retail Formats

Region:

• North America
• Latin America
• Europe
• East Asia
• South Asia
• Oceania
• MEA

Key Questions Covered in the Canned Salmon Market Report 

• The report offers insight into canned salmon market demand outlook for 2021-2031
• The market study also highlights projected sales growth for canned salmon market between 2021 and 2031
• Canned salmon market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry 
• Canned salmon market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others 

Explore Fact.MR's Coverage on the Food & Beverage Domain –

Tilapia Market- Over the last decade, there has been a surge in interest in fish as a natural protein. Freshwater fish's health benefits, such as strengthening heart and bone health, enhancing cognitive functions, controlling weight, and others, are expanding opportunities for tilapia providers all over the world. Suppliers have seen significant development in recent years, with increased demand due to its high nutritional value, which includes protein, vitamin B12, potassium, and other nutrients. With Covid-19 outbreak, people are opting to include tilapia in their diets to strengthen their immunity.

Smoked Fish Market- Prepared seafood such as snapper smoked salmon, crap, catfish, and Alaskan Pollock, among others, is likely to grow in appeal in the near future, fueling industry expansion. These dishes are easy to make and may be finished in a short amount of time. Rising per capita income, an increase in the number of working-class people, and rising demand for ready-to-eat (RTE) packaged seafood items are all predicted to contribute considerably to the worldwide smoked fish market's growth. In the near future, the rapid rise in global digitization and online retailing platforms are likely to boost market growth potential.

Plant-based Fish Market- Environmental concerns, rapid depletion of world fish supplies, and the health risks connected with excessive meat eating have all proven to be major development drivers for plant-based fish products. Plant-based fish is becoming more popular as a result of intense R&D efforts by major food and beverage companies. A plethora of vegan start-ups, in addition to established businesses, dot the worldwide scene. Plant-based fish products have progressively increased in popularity over the last few years, owing to the growing veganism trend.

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