A Shetland Coastguard spokesman said: "The survivability is now long gone. He would only have had one hour or so survival time if he had been in the water."
However, Northern Constabulary said emergency workers would continue to search the shoreline. The man was last seen at 11am on Thursday when he parked his car in Bigton. He was wearing a wetsuit and carrying a red canoe.
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Hide AdHe left his car in the village, but has not been seen since.
The Coastguard said the man, who was described as being in his 40s and from New Zealand but has lived in Shetland for several years, was an experienced canoeist.