Canned salmon: Key market research findings
- New product launches drive market growth
- Farmed canned salmon accounts for a majority of the market’s revenue
- Key vendors – Austevoll Seafood ASA, Bumble Bee Foods, Marine Harvest, and Thai Union Frozen Products Company
The market research analysts at Technavio predict the global market for canned salmon to grow at a CAGR of around 4% between 2016 and 2020. The growth of this market is fueled by the launch of new and innovative products in the market. Vendors in the market are coming up with new products to meet the changing consumer demands. For instance, in June 2016, Princes launched a new range of canned Atlantic salmon products in the UK market. During 2015, the global canned salmon market was dominated by the APAC region with a market share of more than 39%. Increase in population, growing demand for protein-rich diets, increased disposable income, and changing lifestyles are some of the factors that drive the demand for canned salmon in APAC.
The new market research report from Technavio presents a breakdown and analysis of the canned salmon segments based on the product type.
“An increase in the practise of land-based salmon farming is a trend that can positively affect the market during the forecast period. Even though more cost intensive than marine aquaculture, land-based aquaculture eliminates several environmental problems associated with sea cage aquaculture. In the land-based type of salmon farming, the fish are confined to indoor tanks inside facilities. This eliminates any interaction between the farmed fish and the external environment,” says Manjunath Reddy, Lead Analyst, Food & Beverages, Technavio Research.
The global canned salmon market was dominated by the farmed canned salmon segment during 2015 by accounting for more than 56% of the overall market revenue. Farmed salmon is found to contain more omega-3 and omega-6 fatty acids than wild salmon. Farmed salmon are bred in salmon aquacultures. A salmon aquaculture is essentially the industrial production of salmon in a net cage, pond, or contained system. Most aquaculture farms use open net cages in the ocean.
The key vendors in the global canned salmon market include Austevoll Seafood ASA, Bumble Bee Foods, Marine Harvest, and Thai Union Frozen Products Company. The global market is highly fragmented owing to the presence of several small and large vendors. Vendors in the market compete on the basis of factors such as price, quality, service, innovation, distribution, reputation, and promotion. An increase in competition may prompt the vendors to reduce their product prices, which could negatively affect their profit margin and market growth.
A more detailed analysis is available in the Technavio report, Global Canned Salmon Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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