Pune, India, Aug. 23, 2023 (GLOBE NEWSWIRE) -- The global canned seafood market is poised for robust growth in the coming years, fuelled by several key factors. Firstly, the growing awareness of the health benefits associated with seafood consumption, rich in omega-3 fatty acids and high-quality proteins, is driving consumer demand. Secondly, the convenience factor offered by canned seafood, with its long shelf life and easy preparation, is aligning perfectly with busy modern lifestyles.
The global canned seafood market size is expected to monumentally grow amidst the emerging demand for fatty acids and proteins in consumer diets, observes Fortune Business Insights™ in its report, titled "Canned Seafood Market, 2023-2030."
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To avoid microbial degradation and prevent the food items from getting spoiled in the packaging process, high heat is used to sterilize the canned seafood product to maintain its freshness. Consumers' hectic lifestyles have led to the booming popularity and sales of ready-to-eat foods that can be cooked and consumed quickly and easily. The packaged seafood's longer shelf-life has made it an immensely attractive offering for seafood enthusiasts. In addition, owing to the increasing popularity in the consumption of exotic seafood cuisines, other types of seafood, such as canned oysters and octopuses, are also witnessing a robust spike in demand. The Food and Agriculture Organization of the United States reported an 8% increase in the world's annual fish consumption between 2005-2015, attributed to the rising popularity of fish foods. Moreover, the rising preference for chemical-free canned food items with improved freshness and taste is also promoting the growth of this market.
List of Key Players Covered in the Canned Seafood Market Report:
- The Union Group
- Bumble Bee Foods LLC
- Dongwon Industries Co.
- Trident Seafood Corporation
- Maruha Nichiro Corporation
- The Calvo Group
- Starkist Co.
- Wild Planet Foods
- Cornor Bros Ltd.
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Report Scope & Segmentation:
| Report Attribute | Details |
| Forecast Period | 2023-2030 |
| Historical Data | 2019-2021 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
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| Regions Covered |
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Market Segment
Based on type, the market is segmented into canned fish, canned mollusks, canned crustaceans, and canned cephalopods. On the basis of distribution channel, it is segregated into supermarkets/hypermarkets, convenience stores, specialty stores, and online retail. Geographically, it is grouped into North America, South America, Europe, Asia Pacific, and the Middle East & Africa.
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Segmentation:
By Type
- Canned Fish
- Canned Molluscs
- Canned Curtaceans
- Canned Cephalopods
By Distribution Channel
- Supermarkets/Hypermarkets
- Convenience Stores
- Specialty Stores
- Online Retail
Report Coverage
The report analyses the top segments and the latest market trends. It comprehensively discusses the driving and restraining factors, along with the positive and negative impacts of COVID-19 on the market. Additionally, the report examines the regional developments and the strategies devised by the key players.
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Drivers and Restraints
Increasing Inclination towards Longer Shelf-life Foods to Drive Market Growth
There is a growing concern among consumers regarding excessive consumption of processed or canned foods causing adverse effects on health. Therefore, there is a massive demand for fresh seafood that retain their nutrients and properties, such as omega-3 fatty acids and several other nutrients inherent in fish and other marine animals. This evolving trend is also stoking the usage of heat sterilizing methods in canned foods that help in maintaining the original characteristics and nutritional value of the product. Therefore, the growing consumer demand for exotic canned seafood products that can be stored for longer periods and are ready to cook is brightening the outlook of this market.
However, there is still a reasonably high chance that the final product may have its properties altered during the canning process. Owing to this, the demand for minimally processed seafood has been increasing, acting as a significant restraint on the growth of this market.
Regional Insights
North America to Witness Substantial Growth; Europe to Present Exciting Opportunities
North America is expected to lead the canned seafood market share on account of the widespread consumption of packaged seafood products. In addition to this, the widely popular trend of consuming ready-to-cook, convenient seafood is also driving the growth of the regional market.
Europe is poised to showcase excellent growth prospects in the demand for canned seafood due to the increasing prevalence of heart diseases in the continent as the polyunsaturated fatty acids in fish and other kinds of seafood help in preventing heart conditions. In Germany, France, and the UK, the growing popularity of sustainable canned seafood products is expected to drive the market.
Asia Pacific's booming foodservice sector, which has grown exponentially in the current pandemic, is expected to spawn numerous business opportunities for global market players in the region. This is mainly attributable to the increasing adoption of westernized food habits among the region’s expanding urban populace.
Competitive Landscape
Key Players to Implement Strategies to Boost Sales Performance
Key players have recognized the potential of the ever-growing market for canned seafood, owing to which they are implementing strategies to expand, invest, and innovate. The launching of products targeting certain territories is a prominent strategy that is helping companies to gather a massive consumer base in lucrative markets. For example, Rio De Oro, a Moroccan fish processor, launched a canned fish products portfolio to target the European market. In addition, mass merchandisers are offering discounts to consumers for boosting sales performance and creating brand awareness. For example, Big Basket offers discounts on canned seafood products, such as Mexican-style canned tuna with vegetables.
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Read Related Insights:
Canned Meat Market to Reach USD 42.75 Billion by 2028 | Canned Meat Industry is Anticipated to Grow at a CAGR of 4.21%
Seafood Market Trends, Growth, Share, Size and Forecast Research Report 2028 | Fortune Business Insights™
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