Major Driving Factors for Canned Salmon Market
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The practice of aquaculture in the production of Atlantic salmon is gaining prominence, which is likely to drive the canned salmon market over the forecast period. Land-based salmon aquaculture confines the fish to indoor tanks and eliminates interaction between the farmed fish and outside environment. Growing demand for seafood and fish products is projected to be one of the key propellants of the canned salmon market during the estimated period.
The market has been segmented by product and distribution channel. Farmed and wild canned salmon are two types of this product, with the former having been the dominant segment in 2015 and expected to remain so over the forecast period, due to the growth of salmon aquaculture. Farmed canned salmon contains higher amounts of omega-3 and omega-6 and is therefore preferred to wild canned salmon.
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Nevertheless, salmon aquaculture also faces a variety of challenges such as attacks by sea lice, diseases, and algae blooms. Based on distribution channel, the canned salmon market is divided into the following categories: convenience stores, supermarkets & hypermarkets, and independent retailers. Convenience stores are anticipated to be the leading segment over the forecast period, with most of the urban population choosing to shop there and an increasing number of them mushrooming in developed countries such as the UK, the U.S, and Japan, thereby fuelling the global requirement for canned salmon.
Geographically, the canned salmon market is distributed over Europe, North America, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific accounted for and is projected to continue to constitute a major share in the market. The surging population in this region is the prime factor, apart from the escalating need for protein-rich diets coupled with the rise in disposable income. China, Japan, and India lead the canned salmon market owing to their huge contribution to the overall population in Asia Pacific. North America and Europe exhibit a steady demand for canned salmon due to the increasing awareness about the health benefits of salmon consumption in these regions. Middle East & Africa is an emerging market on account of the growing adoption of canned salmon products here.
Key players in the market are Bumble Bee Foods, Austevoll Seafood ASA, Thai Frozen Products Company, and Marine Harvest. Others include Tassal Group, Beijing Princess Seafood International Trading, Empresas AquaChile, Dong Won Fisheries, Labeyrie Fine Foods, Mogster Group, Princes Group, and Sajo Industries.
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