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Canned Salmon Market to Cross US$ 9 Billion by 2032 as Consumption of Sea-Food for Rich Protein Intake Rises
ROCKVILLE, Md. , Nov. 15, 2022 /PRNewswire/ -- The global canned salmon market is estimated to be valued at US$ 4.5 Billion in 2022. Furthermore, the overall demand for canned salmon is poised to grow at a CAGR of 7.1% between 2022 and 2032, totaling US$ 9 Billion by 2032.
Canned or tinned fish utilize vitamins such as B-12 during canning and is easily available in the supermarkets and online grocery stores. As salmon is considered to be the rich source of omega-3 fatty acids and protein, consumers are increasing the intake of canned salmon. This is expected to be the key factor propelling the sales in the market.
As per the study, people with memory loss issues consume higher amount of sea-food, especially salmon, instead of meat. Further, with rising inclination towards minimally processed foods is also paving the way for canned salmon in the food service industry.
Subsequently, salmon byproducts are used in a variety of application such as pet food, animal feed, and as a fat absorber in confectionary and meat industry. Hence, key manufacturers are increasing the production of canned salmon and gain revenue from a wide range of applications.
Moreover, canned salmon is considered to be a rich delicacy in food service industry, especially in Asian cuisines. Rising popularity of Sushi and Asian cuisine among the younger generation is expected to fuel the demand in the market. As per the study, smoked canned salmon is expected to be the most preferred category in the market. Rich flavor and savory taste of deep fried smoked canned salmon is expected to aid the sales in the segment.
Fact.MR opines, East Asia is expected to be the most remunerative market over the forecast period (2022-2032). Growth in the market is attributed to growing consumption of canned salmon and tuna in Japanese cuisines. Also, Japan has the least stringent policies regarding the manufacturing and marketing of canned salmon. Hence, key players are likely to eye Japan canned salmon market for the untapped potential.
Key players in the canned salmon market are focusing on research & development activities to produce canned salmon with any chemical additives. They are also collaborating with end users and online grocery platforms to expand their customer base.
For instance,
In the latest study, Fact.MR offers a detailed study on global canned salmon market for the forecast period of 2022 to 2032. This study also highlights key drivers promoting the sales of canned salmon through detailed segmentation as follows:
With growing concerns regarding the toxicity and contamination of farmed salmon, the demand for Alaskan salmon is expected to surge over the upcoming decade. As Alaskan salmon is considered to be the least contaminated species and with zero to minimal toxins, the sales in the market are predicted to rise.
: With growing preference towards sea-food and delicacies in Western cuisine, the consumption of frozen smoked salmon is predicted to burgeon. As salmon is considered to be savory, nutritionally dense, and a rich source of protein, consumers are increasing the intake of frozen smoked salmon in their diet, fueling the sales.
The global fish sauce market is projected to expand at 6% CAGR, surpassing US$ 30.5 Billion by the end of 2032. As fish sauce is considered to be the staple in numerous Asian cultures, the demand in East & South Asia is expected to rise at a robust pace. As per the study, the sales of fish sauce are expected to exceed US$ 17.1 Billion by 2022.
Product innovations, growing demand for clean label ingredients in seafood manufacturing, and increasing demand for marine by-products from health food manufacturers are key trends being observed in the market.
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