They are packaged in red cans. The food is red/brown and meaty. They can also be cooked or roasted, and they will become hot and steamy. The same materials that are used to create Swedish Barnacle Balls are also used to create Barnacle Loaf. Both products are owned and created by Barnacle Products Incorporated.
This is the second canned product which Squidward eats. The first was Canned Bread.
Although Squidward doesn't eat this, Canned Coral is another canned food item seen in the series.
Swedish Barnacle Balls are a parody of Swedish Meatballs.
Squidward actually preferred eating these, rather than "Marsh King" marshmallows. This is probably because he did not want to eat such "trash".