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Canned Salmon Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Product Type and Distribution Channel

Canned Salmon Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Product Type and Distribution Channel

  • October 2020
  • 139 pages
  • ID: 5988354
  • Format: PDF
  • The Insight Partners

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The global canned salmon market was valued at US$ 3,039.67 million in 2019 and is projected to reach US$ 4,136.52 million by 2027; it is expected to grow at a CAGR of 4.1% from 2020 to 2027.

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 helps to preserve the food and increases the shelf life of food product.

Consumers are seeking minimally processed foods that are free from synthetic preservatives and obnoxious residues of fertilizers and antibiotics.Canned foods are, thus, the best alternatives for health-conscious consumers, particularly athletes.

Canned salmon has been perceived in order to increase its shelf life along with feasibility to store it & to import it to other countries or continents where salmon fish is not easily available due to lack of resources. Increasing popularity of canned salmon among consumers worldwide would put the market on necessary thrust and escalate the market growth.

Based on product type, the canned salmon market is segmented into sockeye salmon, chum salmon, pink salmon, and Coho salmon.The sockeye salmon segment accounted for the largest share of the 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 market ing. 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.

Geographically, the global canned salmon market is segmented into North America, Europe, AsiaPacific, South America, and Middle East &Africa.In 2019, Asia Pacificheld the largest share in the global canned salmon market , followed by North America and Europe.

China is dominating the canned salmon market in the Asia Pacific region, followed by Japan and India.The largest market share of the Asia Pacific region is primarily attributed to increasing urbanization and consumption of canned salmon market in China, Japan, South Korea, and Australia.

China is considered to be one of the largest market s where the demand of canned salmon is significantly high.The other economies following the growth pattern of canned salmon market include Japan, India, South Korea, and Australia.

Asia Pacific significantly contributes to the growth of the canned salmon market owing to factors such as rapid urbanization along with growing inclination toward high protein products. Apart from this, the presence of major manufacturers in the region is substantially driving the growth of the canned salmon market in the region.

COVID-19 first began in Wuhan, China, during December 2019, and since then, it has spread across the globe at a fast pace.China, Italy, Iran, Spain, the Republic of Korea, France, Germany, and the US are among the most affected countries in confirmed cases and reported deaths as of October 2020.

COVID-19 has affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns.The food industry is one of the significant sectors suffering severe disruptions, such as supply chain breaks, disruptions in manufacturing due to lockdown, and office shutdowns, resulting from this outbreak.

For instance, China is the global hub of manufacturing and the largest raw material supplier for various industries.The lockdown of different plants and factories in leading regions-such as Asia Pacific and North America-is affecting the global supply chains and negatively impacting the manufacturing, delivery schedules, and sales of various goods.

All these factors have significantly affected the global canned salmon market .

Key players operating 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 derived using primary and secondary sources.The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the global canned salmon market .

Also, multiple primary interviews were conducted with industry participants and commentators in order to validate and analyze the data. The participants who take part in such a process include industry experts, such as VPs, business development managers, market intelligence managers, national sales managers, and external consultants, such as valuation experts, research analysts, and key opinion leaders specializing in the global canned salmon market .

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