Global Canned Salmon Market 2016-2020
Salmon is the common name for fishes belonging to the family of Salmonidae. It is available from both wild and farmed sources. It is estimated that nearly 60% of the world's salmon production is farmed. Salmon farming started in the beginning of 1960s. Atlantic salmon is the most common type of salmon that is farmed. Major part of Atlantic salmon available around the globe are farmed commercially. The salmon farming production cycle lasts about three years. In the first year, production takes place in controlled freshwater environments. In the second year, the farmed salmon is transported to seawater cages. Once the farmed salmon reaches a size suitable for profitable harvesting, it is transported to processing plants to be prepared for sale.’
Technavio’s analysts forecast the global canned salmon market to grow at a CAGR of 4.18% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global canned salmon market for 2016-2020. To calculate the market size, the report considers the revenue generated from the retail sales of canned salmon products to individual consumers.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Canned Salmon Market 2016-2020
Technavio recognizes the following companies as the key players in the global canned salmon market: Austevoll Seafood ASA, Bumble Bee Foods, Marine Harvest, and Thai Union Frozen Products.
Other Prominent Vendors in the market are: Beijing Princess Seafood International Trading, Dong Won Fisheries, Empresas AquaChile, Labeyrie Fine Foods, Princes, Sajo Industries, and Tassal.
Commenting on the report, an analyst from Technavio’s team said: “A noticeable trend that can positively affect the market during the forecast period is the increase in the practice of land-based salmon aquaculture. Land-based aquaculture is expensive than marine aquaculture; however, it will eliminate many of the environmental problems associated with sea cage aquaculture. Sea cages are vulnerable as they can be affected by a number of possible events such as storms, predators, algal blooms, jellyfish attacks, fish escapes, and the diseases from wild fish populations residing near the cages. These hazards can cause a significant decrease in fish production. Land-based salmon farming confines the fish to indoor tanks inside facilities, thus eliminating interactions between the farmed fish and the external environment. The land-based salmon farming can help in decreasing capital costs to the company. Capital costs of the vendor KUTERRA decreased by about 30% in two years since it began land-based closed containment Atlantic salmon aquaculture.”
According to the report, new and innovative products, in line with growing consumer demand, characterize the global market. The new product launches by the players to stay competitive in the market is another major driver contributing to the growth of the global canned salmon market. Players are coming up with new and innovative products to meet the changing consumer demands. In June 2016, Princes launched a new range of canned Atlantic salmon products in the UK market. In June 2016, Tassal launched its new range of canned salmon products, and the company claims that the products are 100% Australian-grown and canned.
Further, the report states that a challenge to the growth of the market is the product recalls by different players in the market. Product recalls by a company can severely affect the reputation of the company and can also cause additional economic cost in terms of settlements of suits and replacement costs. Under consumer protection laws, manufacturers and suppliers must bear the costs of a product recall. In October 2015, Ecola Seafoods and VIS Seafoods issued a recall of all its canned salmon products due to contamination with Clostridium botulinum, a bacterium that can cause life-threatening illness or death. In October 2015, Bornstein Seafoods and Garibaldi issued a recall of all its canned salmon products due to contamination with Clostridium botulinum.
Austevoll Seafood ASA, Bumble Bee Foods, Marine Harvest, Thai Union Frozen Products, Beijing Princess Seafood International Trading, Dong Won Fisheries, Empresas AquaChile, Labeyrie Fine Foods, Princes, Sajo Industries, Tassal.
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