Sales are canned salmon are globally estimated to be USD 5,404 million in 2024. Throughout the forecast period, sales are set to progress at a CAGR of 5.5%, reaching the height of USD 9,192 million by 2034.
The canned salmon industry is swimming upwards as a result of the positive progression of the seafood as well as the canned seafood sector. As fishing activities and packaging the fish in canned products grow, the sector stands to benefit.
Canned sardines, brine, prawns, and more are earning the confidence of consumers. However, the fish that is most complimentary to salmon is tuna. Thus, the canned salmon and tuna market is witnessing exemplary growth.
One of the prominent market trends in canned salmon is the health aspect being focused upon in branding. Health trends are proliferating at a rapid rate and many dieticians are recommending incorporating fish into diets for their nutrients. Thus, there is a trend towards healthy eating, and its impact on canned salmon sales is positive.
Global Canned Salmon Industry Assessment
| Attributes | Key Insights |
|---|---|
| Historical Size, 2023 | USD 4,913 million |
| Estimated Size, 2024 | USD 5,404 million |
| Projected Size, 2034 | USD 9,192 million |
| Value-based CAGR (2024 to 2034) | 5.5% |
One of the prime growth factors influencing the canned salmon market is the preference for ready-to-eat food. As the world population becomes busier by the day, convenience in foods is desired on a greater basis. Manufacturers of convenience foods are thus benefitting, producing products that are suitable for on-the-go consumption.
Demand for canned salmon is getting propelled as a result of innovation in packaging. Eco-friendly packaging is one such innovation that is earning the trust of consumers. Creative designs on the packaging also boost the demand.
Fish meals have always been a meal that has enjoyed accessibility in all corners. Thus, there is a clamor for economical options in fish, including canned fish. Manufacturers are aware of the wide appeal of the product among all classes and are thus producing pocket-friendly products. Thus, pricing strategies in the canned salmon market are evident.
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Trend of Aquaculture Takes a Deep Dive into the Canned Salmon Industry
With the increasing world population, aquaculture appears to be the near future solution to meet the demand for seafood. Nonetheless, the canned salmon industry has managed to sustain its position in the seafood industry. The diverse products available in canned salmon, therefore, cater to a broad spectrum of consumer tastes and thus become one of the potent forces behind the industry.
A new dimension of flavor is added to the category of smoked salmon, which comes in both hot and cold versions. Salmon tartars and delicious salmon burgers are easily found for individuals who are looking for convenience.
The industry offers a diverse range of options, catering to various culinary preferences. Companies can target new customer segments and strengthen the industry position. Augmenting the presence in key regions like the North Atlantic and the Arctic allows them to capitalize on premium salmon resources, potentially leading to higher-quality products. The industry’s diversity and adaptability ensure its relevance in the face of emerging seafood industry trends.
Fish in the Tin Trend Adds Spice to Canned Salmon Sales
It's an industry riding upon wave after wave of innovation, propelled by the need to serve the increasingly varied tastes of consumers. Fisheries are introducing new flavors and exciting seasoning options that are geared toward providing canned salmon to consumers of all tastes.
The rising focus on taste exploration goes beyond simply offering plain or salted salmon. By envisioning tantalizing flavors like lemon dill, chipotle lime, or smoky barbecue, manufacturers are experimenting with fresh flavors. Producers are cleverly adapting to the on-the-go lifestyles prevalent in today's world, particularly in urban areas.
Canned salmon is so portable and convenient that it becomes a great protein source for people on the go who want to eat well and healthily. Be it straight from the can or added to a quick salad, the product gives a versatile and healthy solution for people on the go. This new angle on flavor profiles and convenience sets up the sector for success in the coming years.
Veganism Propels the Demand for Plant-based Salmon
There are more and more customers opting for vegetarian and vegan diets, as well as those opting for sustainable and ethical nutrition. Plant-based salmon is thus coming more to the fore as an alternative.
While unable to exactly replicate the taste and texture of real canned salmon, they make for a compelling choice for consumers interested in more plant-centric alternatives. With ingredients such as beans, kelp, or soy, this vegan substitute provides protein and other key nutrients necessary for those attempting to limit their consumption of animal products as much as possible.
The sector faces both a challenge and an opportunity from the rise of plant-based alternatives. Including traditional canned salmon and its plant-based alternative, is seen as a way for diversification that allows fisheries to expand their customer base. This also allows them to possibly capture new consumers who could be interested in plant-based sources of protein but still indulge in the taste and ease of use associated with salmon.
Given in the table below is the expected CAGR for the global canned salmon market over several semi-annual periods spanning from 2024 to 2034. For the first half (H1) from 2023 to 2033, growth is anticipated to be 5.3%. For the second half (H2), sales are set to grow at a CAGR of 5.5%.
| Particular | Value CAGR |
|---|---|
| H1 | 5.3% (2023 to 2033) |
| H2 | 5.5% (2023 to 2033) |
| H1 | 5.7% (2024 to 2034) |
| H2 | 5.6% (2024 to 2034) |
When it comes to the subsequent period, from H1 2024 to H2 2034, the CAGR is predicted to be 5.7% in the first half and 5.6% in the second half. Thus, it is clear that progress in the first half will happen slightly quicker than in the second half.
Principal Consultant
The canned salmon market size was tipped to be USD 3,277 million in 2019. Throughout the historical period, the industry grew at a CAGR of 5.5%, reaching a size of USD 4,913 million in 2023.
The pandemic put a dampener on the sale of the product. With several restrictions imposed, supply chains were disrupted. There was also an increased spotlight on the fishing practices and fish procurement sources of companies, as infected food was one of the chief fears of the time period.
The pandemic, however, also highlighted the need for healthy eating. As a result, the sector gained a significant amount of new consumers.
Showcasing the consistency of demand for fish, the sales of tinned salmon are expected to move ahead at the same pace in the forecast period as in the historical period. Several factors eat into the demand for the product. One of the primary ones is the increase in the vegan and vegetarian population. Added is the rising concern shown by consumers over the harmful effects of fishing on the environment.
The manufacturers, though, are working to overcome these limitations. The introduction of plant-based salmon is going a long way to appeal to the vegan and vegetarian crowd. Similarly, the introduction of sustainable methods of fishing also improves the repute of the industry.
Tier 1 companies that have a notable presence in the industry include Freedom Foods Group Limited, Maruha Nichiro Corporation, and Tassal Group Limited. They hold about 45% of the revenue generation capabilities in the sector.
Freedom Food Group Limited banks on its ability to provide healthy foods, including ones that are gluten-free, wheat-free, and more. This commitment extends to the seafood section and thus nutrient-rich salmon is an area of focus for the company.
Maruha Nichiro Corporation has earned a strong reputation for its canned salmon product. The company boasts of providing delicious salmon to consumers for over a century. Tassal has built trust with consumers by delivering top-notch seafood, salmon prime among them. This capability of the company is now extending to canned versions of the product too.
Prominent tier 2 companies in the sector include Thai Union Group Public Company Limited and Canada Fishing Company (Canfisco). These tier 2 companies account for about 20% of the total revenue generated in the sector, lower than both tier 1 and tier 3 companies.
Much like tier 1 companies, tier 2 companies also rely on the trust they have historically built with consumers. Thai Union Group Public Company Limited is one example of this. The company offers salmon in ready-to-eat versions for direct consumption by consumers.
Canada Fishing Company (Canfisco) dominates the industry in Canada, being the leading packer of the product in the country. The brand banks on its all-around capability in regard to salmon.
Notable tier 3 companies are Pataya Food Industries and Bumble Bee Seafoods L.L.C. Tier 3 companies control a significant revenue share of the industry, 35%, more than tier 2 companies. Pataya Food Industries has significant export capabilities, shipping mainly to Europe from native Thailand. Meanwhile, Bumble Bee Seafoods generates considerable revenue through its canned pink salmon product.
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Fish is an integral part of many cuisines all over the world. Thus, products related to salmon have a wide consumer base. Asia Pacific and Europe are essential regions for the industry due to the use of salmon in many traditional dishes. North America too is a fertile region for the sector as the popularity of smoked salmon climbs.
| Countries | CAGR (2024 to 2034) |
|---|---|
| China | 5.3% |
| United States | 5.3% |
| United Kingdom | 5.5% |
| Japan | 5.6% |
| India | 5.7% |
| Indonesia | 5.8% |
| Australia | 5.6% |
| Italy | 6.4% |
| Spain | 6.2% |
| France | 6% |
| Germany | 5.6% |
| Canada | 5.6% |
The United States tinned salmon industry is set to progress at a CAGR of 5.5% during the forecast period. This can be attributed to growing demand for healthy food products and increasing popularity of convenience foods.
The United States’ struggle with obesity is well documented. Thus, encouragement is being provided in the nation to natural and organic food that increases health benefits.
Smoked salmon is also a prime source of demand acceleration in the United States. Canned versions of smoked salmon are flying off the shelves as fish-obsessed Americans have found a way of having salmon without the hassle of catching or preparing them for consumption.
Demand for canned salmon in Italy is set to increase at a CAGR of 6.4%, making the country a highly lucrative pocket in Europe. Italy has a reputation for being a culinary haven. The Italian propensity for fancy eating benefits the industry.
Salmon has a home in many traditional Italian dishes. Canned versions of the product are also finding greater space in Italian cooking. For example, canned salmon has become a star ingredient in pastas, offering an alternative to tuna.
Production of the product is also high in the country as there is excessive demand for canned fish products. The local produce as well as the methods of manufacturing the product are renowned and thus several nations are calling on Italian companies to satisfy their canned fish need. The strong presence of local brands like Rizzoli Emanuelli and Rio Mare also bolsters the industry in the country.
The sector in the United Kingdom is anticipated to record a CAGR of 5.5% over the next ten years. Salmon is known for having significant quantities of vitamin D. Unfortunately, the lack of vitamin D is haunting the people of the United Kingdom and thus salmon sales are progressing.
According to Forth, 57% of adults in the United Kingdom suffer from Vitamin D deficiency. Thus, the adoption of vitamin-rich food like salmon is necessitated in the country.
The below section offers insights into leading segments. Farmed salmon is the most common type of source. The Pacific species reigns at the top.
| Segment | Farmed (Source) |
|---|---|
| Value Share (2024) | 32.8% |
Farmed versions of the product are expected to take up 32.8% of the industry share in 2024. Problems with using wild salmon lead to producers turning to the farmed version of the fish. Among the many problems faced in the procurement of wild salmon are the maintenance of marine cages, illnesses from surrounding fish populations, algae blooms, and jellyfish assaults. The risk factors are not present in farmed fish. Government and private investment in land-based salmon farming techniques is also helping farmed salmon emerge at the top of the mountain.
| Segment | Pacific (Species) |
|---|---|
| Value Share (2024) | 81.9% |
The Pacific species are anticipated to account for 81.9% of the industry share in 2024. Pacific salmon continues to reign at the top as manufacturers are introducing new methods of fishing and packaging.
Sustainability has emerged as a prominent factor in the fishing industry. A growing number of fishers are taking the environment into account when it comes to fishing. The concern with sustainability has also hit the canned salmon industry.
Pacific salmon are now increasingly being fished with sustainability in mind. Suppliers are also advertising the eco-friendliness of the product prominently, increasing the appeal of canned Pacific salmon in the minds of consumers.
The health benefits of Pacific salmon are also helping suppliers to advertise the product more. Certain brands such as Safe Catch are using these health benefits to advertise the product to pregnant women and children more prominently.
Attractive packaging and catchy slogans are the means through which manufacturers are looking to attract consumers. The industry is fragmented and is greatly represented by small-scale players locally.
Several players have adopted inorganic strategies such as partnerships, acquisitions, and distribution agreements to keep themselves ahead. Similarly, they are using various branding and marketing tools to expand their customer base.
Key Industrial Developments
Based on the source, the canned salmon market is divided into wild and farmed.
Based on the species, the canned salmon industry is categorized into the following segments: Atlantic and Pacific. The Pacific segment is further subdivided further thus: pink, sockeye, coho, chum, and chinook.
Based on the form, the industry is fragmented into skinless/boneless, chunks, and fillets.
Based on the category, the canned salmon market can be divided into the following segments: smoked fish- in oil/ deep fried, smoked fish- steamed, and conventional/ traditional.
Based on the sales channel, the sector is segmented into direct sales and indirect sales. The indirect sales segment is further subdivided into modern trade, convenience stores, specialty food stores, wholesale stores, discount stores, online retail, and other retail formats.
The sector has been analyzed with the following regions covered: North America, Latin America, Europe, South Asia, East Asia, Oceania, and the Middle East and Africa.
The size of the canned salmon sector is estimated to be USD 5,404 million in 2024.
The industry is expected to increase at a CAGR of 5.5% over the forecast period.
The canned salmon market is forecasted to reach a size of USD 9,192 million by 2034.
Thai Union Group Public Company Limited and Freedom Foods Group Limited are some of the prominent companies in the industry.
Sales are expected to register a CAGR of 5.3% in the United States over the period from 2024 to 2034.
Sales are expected to register a CAGR of 5.5% in the United Kingdom over the period from 2024 to 2034.
1. Executive Summary
2. Industry Introduction, including Taxonomy and Market Definition
3. Market Trends and Success Factors, including Macro-economic Factors, Market Dynamics, and Recent Industry Developments
4. Global Market Demand Analysis 2019 to 2023 and Forecast 2024 to 2034, including Historical Analysis and Future Projections
5. Pricing Analysis
6. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034
6.1. Source
6.2. Species
6.3. Form
6.4. Category
6.5. Sales Channel
7. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Source
7.1. Wild
7.2. Farmed
8. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Species
8.1. Atlantic
8.2. Pacific
8.2.1. Pink
8.2.2. Sockeye
8.2.3. Coho
8.2.4. Chum
8.2.5. Chinook
9. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Form
9.1. Skinless Boneless
9.2. Chunks
9.3. Fillets
10. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Category
10.1. Smoked Fish- In Oil/ Deep Fried
10.2. Smoked Fish- Steamed
10.3. Conventional/ Traditional
11. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Sales Channel
11.1. Hypermarkets/Supermarkets
11.2. Specialty Stores
11.3. Online Channels
11.4. Others
12. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Region
12.1. North America
12.2. Latin America
12.3. Western Europe
12.4. South Asia
12.5. East Asia
12.6. Eastern Europe
12.7. Middle East & Africa
13. North America Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
14. Latin America Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
15. Western Europe Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
16. South Asia Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
17. East Asia Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
18. Eastern Europe Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
19. Middle East & Africa Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
20. Sales Forecast 2024 to 2034 by Source, Species, Form, Category, and Sales Channel for 30 Countries
21. Competition Outlook, including Market Structure Analysis, Company Share Analysis by Key Players, and Competition Dashboard
22. Company Profile
22.1. Thai Union Group Public Company Limited
22.2. Freedom Foods Group Limited
22.3. Canada Fishing Company
22.4. Maruha Nichiro Corporation
22.5. Tassal Group Limited
22.6. Pataya Food Industries
22.7. Peter Pan Seafoods
22.8. Safcol Co-op Limited
22.9. Bumble Bee Seafoods L.L.C
22.10. Princes Group Limited
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Canned Salmon Market
