Canned Salmon Market is estimated to grow at a Profitable CAGR 4.1% Till 2027

Canned Salmon Market is estimated to grow at a Profitable CAGR 4.1% Till 2027
5 min read
29 December 2022

According to "The Insight Partners" latest market study on “The global Canned Salmon Market Forecast to 2027 – COVID-19 Impact and Global Analysis –by Product Type (Sockeye Salmon, Chum salmon, Pink Salmon, and Coho Salmon) and Distribution Channel (Direct Selling, Mass Retailers, Internet Retailing, and Others),” the market was valued at US$ 3,039.67million in 2019 and is projected to reach US$ 4,136.52million by 2027; it is expected to grow at a CAGR of 4.1% from 2020 to 2027. The report highlightskey driving factorsand prominent market players along with their developmentsin the market.                 

The canned fish are an important food source. They are rich in protein and other essential nutrients, such as omega-3 fatty acids. Canned salmon is processed and sealed in an airtight container and subjected to heat. Canning of food product is a method of preserving food in which any food contents are processed under the controlled atmosphere & conditions and further sealed in an airtight container. Canning helps in increasing the shelf life of products from one to five years' time period. Salmon fish has been widely popular, and the demand for this fish is increasing since it has a specific taste along with various health benefits that lures the masses.

Austevoll Seafood ASA; Bumble Bee Seafood; Golden Prize Canning Co., Ltd.; FREEDOM FOODS GROUP LIMITED; Pure Alaska Salmon Co LLC; Princes Foods; Raincoast Trading; Wild Planet Foods; Peter Pan Seafoods; and Alaska Seafood Company are among the well-established players in the global canned salmon market.

Based on product type, the canned salmon marketis segmented intosockeye salmon, chum salmon, pink salmon, and Coho salmon.The sockeye salmonsegment accounted for the largest share ofthe global canned salmon market in 2019, and expected to grow at the highest CAGR during the forecast period. The sockeye salmon is also known as red salmon. They range in size from 24 to 33 inches in length and weigh between 5 and 15 pounds. Red salmon have a firm texture and higher oil content.

These are expensive and are not widely available as compared to pink and chum salmon. Red salmon has the highest amount of omega 3, with approximately 2.7 grams per 100-gram portion. Therefore, just one serving per week can help lower cholesterol and the risk of heart disease. The red salmon run in Bristol Bay, Alaska, an area with saltwater bays and freshwater lakes.

The Bristol Bay Regional Seafood Development Association is a fisherman-funded group with the objective to increase the value through education, quality outreach, and marketing. In 2017, Bristol Bay, Alaska, yielded a harvest of over 37 million sockeye salmon. The projected harvest was 27 million sockeyes. Bristol Bay sockeye represents nearly 75% of all sockeye salmon harvested in Alaska.

Salmon consumption helps prevent heart disease; lower cholesterol and blood pressure; boost brain function; and reduce the risk of cancer, stroke, depression, Alzheimer’s disease, arthritis, Crohn’s disease, and asthma. Rising shift toward healthy eating habits, which consist of a variety of protein foods, including more seafood, is driving the growth of the canned salmon market. As per the Seafood Nutrition Partnership, the dietary guidelines recommend eating around 8 ounces of seafood to get at least 250 mg per day of omega-3 fatty acids. Also, pregnant women are advised to eat at least 8 ounces of seafood every week for improved infant health.

The salmon consumption is increasing at an unprecedented rate worldwide. For instance, as per the World Wildlife Fund, salmon consumption worldwide is three times higher than it was in 1980. Furthermore, salmon aquaculture has become the fastest-growing food production system—accounting for 70% (2.5 million metric tons) of the market, and generating billions of dollars in revenue in local economies globally. Surge in demand for seafood in emerging countries and rise in healthy and nutritious food have increased the salmon consumption globally.

The COVID-19 outbreak was first reported in Wuhan, China,in December 2019, and since then, it has spread at a fast pace globally. Lockdowns, travel bans, and business shutdown measuresimplemented to curb the spread of infection have led to the limitations on the supplies of food &beverages. This represents a significant loss for canned salmon manufacturers.

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