Canned Salmon Market to Reach US$ 9.2 Bn by 2032 - Comprehensive Research Report By FMI

Worldwide Canned Salmon Industry to 2032 - Players Include Thai Union Group Public Company Limited, Freedom Foods Group Limited, Canada Fishing Company(Canfisco), Maruha Nichiro Corporation - futuremarketinsights.com

NEWARK, Del., May 18, 2022 /PRNewswire/ -- The canned salmon market is expected to witness growth at a CAGR of 6.8%, reaching a valuation of US$ 9.2 Bn by 2032. Manufacturers are using salmon byproducts in a variety of products including pet food, animal feed, and as a fat absorber in the meat and confectionary sectors. These applications aid in reducing waste at the manufacturer's end and allow for the most efficient use of resources.

The manufacturers therefore improve the company's revenue by selling such items that use the available resources created by the production of the company's core product. Thai Union Group, Pataya Food Industries, Alaska Seafood Company, and other large seafood companies are also involved in the production of pet food.

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The canned salmon market is predicted to expand considerably as more players are investing in online retail format to reach out to more customers in accordance with the growing trend of online shopping. The online retail model is handy for consumers, and growing digitalization across emerging economies will augment the growth in the market.

East Asia is expected to witness surge in demand for canned salmons due to less stringent policies in addition to rising population and changes in consumer spending patterns. Owing to these factors, demand for canned salmons is expected to rise in the near future.

"Manufacturers are offering a wide range of flavors and forms of canned salmon, which in turn will augment the growth in the market. In addition to this, rising adoption of sustainable practices for aquaculture will drive sales in the forthcoming years," says an FMI analyst.  

Key Takeaways:

• Based on source, sales in the farmed fish segment will increase at a 5.6% CAGR over the forecast period.
• In terms of species, demand for pacific species will grow at a 6.9% CAGR through 2032.
• By sales channel, the indirect segment is projected to expand at a 7% CAGR over the forecast period.
• Total sales of canned salmon in the U.S. market will reach a valuation of US$ 775.8 Mn in 2022.
• Thailand will emerge as a lucrative pocket, accounting for 30% of the South Asia canned salmon market share in 2022.

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