Canned Salmon Market Size, Trends and Growth Analysis by 2027

The global canned salmon market was valued at approximately US$ 3,039.67 million in 2019 and is anticipated to reach around US$ 4,136.52 million by 2027, reflecting a compound annual growth rate (CAGR) of 4.1% from 2020 to 2027.

Canned fish serve as a vital food source, packed with protein and essential nutrients, including omega-3 fatty acids. The process of canning involves sealing salmon in airtight containers and applying heat, which not only preserves the fish but also extends its shelf life. As consumers increasingly seek minimally processed foods devoid of synthetic preservatives and harmful residues from fertilizers and antibiotics, canned salmon emerges as an excellent option for health-conscious individuals, particularly athletes. The extended shelf life and ease of storage make canned salmon a practical choice for importing to regions where fresh salmon is scarce due to resource limitations. The growing global demand for canned salmon is expected to significantly boost market growth.

The canned salmon market is categorized by product type into several segments: sockeye salmon, chum salmon, pink salmon, and Coho salmon. Among these, the sockeye salmon segment held the largest market share in 2019 and is projected to experience the highest growth rate during the forecast period. Known as red salmon, sockeye salmon typically measures between 24 to 33 inches in length and weighs between 5 and 15 pounds. This variety is characterized by its firm texture and higher oil content, making it more expensive and less widely available compared to pink and chum salmon. Notably, sockeye salmon is rich in omega-3 fatty acids, containing approximately 2.7 grams per 100-gram serving, which can contribute to lowering cholesterol levels and reducing the risk of heart disease. The Bristol Bay region in Alaska, known for its saltwater bays and freshwater lakes, is a significant source of sockeye salmon. In 2017, this area produced over 37 million sockeye salmon, with projections estimating a harvest of 27 million. Bristol Bay sockeye accounts for nearly 75% of all sockeye salmon harvested in Alaska.

Geographically, the global canned salmon market is divided into regions: North America, Europe, Asia Pacific, South America, and Middle East & Africa. In 2019, the Asia Pacific region dominated the market, followed by North America and Europe. Within Asia Pacific, China leads the canned salmon market, with Japan and India also contributing significantly. The substantial market share in Asia Pacific is primarily due to increasing urbanization and the rising consumption of canned salmon in countries like China, Japan, South Korea, and Australia. China, in particular, stands out as a major market with a high demand for canned salmon. Other countries in the region, such as Japan, India, South Korea, and Australia, are also following suit in the growth of the canned salmon market. The rapid urbanization and a growing preference for high-protein products in Asia Pacific are key factors driving this market's expansion, alongside the presence of major manufacturers in the area.

The COVID-19 pandemic, which originated in Wuhan, China, in December 2019, has had a profound impact on global economies and industries. Countries such as China, Italy, Iran, Spain, South Korea, France, Germany, and the United States have been significantly affected by confirmed cases and fatalities as of October 2020. The pandemic has disrupted various sectors, including the food industry, due to lockdowns, travel restrictions, and business closures. The canned salmon market has not been immune to these disruptions, facing challenges such as supply chain interruptions and manufacturing delays. As China is a key manufacturing hub and a primary supplier of raw materials, the lockdowns in major regions like Asia Pacific and North America have adversely affected global supply chains, impacting the production, delivery, and sales of canned salmon.

Key players in the global canned salmon market include 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.

The overall size of the global canned salmon market has been determined through a combination of primary and secondary research methods. The research process begins with extensive secondary research utilizing both internal and external sources to gather qualitative and quantitative data related to the market. Additionally, numerous primary interviews are conducted with industry participants and experts to validate and analyze the findings. Participants in this research include industry professionals such as VPs, business development managers, market intelligence managers, national sales managers, and external consultants, including valuation experts, research analysts, and key opinion leaders specializing in the canned salmon market.