The global canned seafood market size was USD 48.94 billion in 2022. The market is set to rise from USD 51.67 billion in 2023 to USD 76.69 billion by 2030 at a CAGR of 5.80% during 2023-2030.
Increasing consumer preference for clean-label products due to growing awareness about climate change and sustainability is expected to boost market growth in the coming years. Increasing focus on manufacturing clean-label products and introducing sustainable canned seafood by key players to fuel market growth.
COVID-19 Impact:
COVID-19 Pandemic Moderately Affected Market ExpansionOwingtoIncreased Awareness of Healthy Lifestyles among Consumers
The COVID-19 pandemic moderately affected the canned seafood market growth. HoReCa channels were negatively impacted by the sudden lockdowns imposed by governments. On the other hand, increased demand for canned seafood due to its convenience while cooking assisted market growth amid the pandemic. Increased awareness for healthy lifestyles among consumers in the U.S., Germany, India, and others favored market growth.
Information Source:https://www.fortunebusinessinsights.com/canned-seafood-market-103806
Segments
Increasing Tuna Fish Consumption due to Its Higher Availability to Fuel Segment Growth
By species, the market is classified into tuna, salmon, sardines, mackerel, and others. The tuna segment accounts for the highest canned seafood market share. The segment growth is driven by increasing tuna fish consumption due to the species' higher availability in more than 70 countries.
Increased Accessibility of Various Products to Foster Retail Segment Growth
Based on distribution channel, the market is segregated into HoReCa and retail. The retail segment is further sub-segmented into supermarkets/hypermarkets, specialty stores, convenience stores, and online retail. The supermarkets/hypermarkets segment has the highest share in the market owing to the increased accessibility of various products. And the online retail segment is set to witness the highest CAGR due to the rapid expansion in technology.
From the regional ground, the market is segmented into North America, South America, Europe, the Middle East & Africa, and Asia Pacific.
Report Coverage
The market research report presents a comprehensive market examination, emphasizing crucial elements, including the competitive environment and prominent product categories. Furthermore, the report provides valuable observations on market trends and significant industry advancements. Apart from the factors above, the report encompasses several factors that have bolstered market expansion in recent times.
Drivers and Restraints
Surging Investments in Aquaculture Production Advancements to Accelerate Market Growth
Growing consumer awareness about healthy lifestyles has boosted the demand for seafood. It has pushed top seafood and canned seafood producers to increase production capacities. On the other hand, the climate change and fishing quotas set by governments to reduce the negative effects of overfishing hinder manufacturers from increasing the catch rate. Surging investments in aquaculture production advancements by leading companies are expected to boost market growth in the coming years. Rapid innovation in the aquaculture industry is propelling market expansion.
Nevertheless, limited supply of raw materials due to overfishing is hampering the market expansion.
Regional Insights
Increase in per Capita Consumption to Propel Market Growth in Asia Pacific
The market in Asia Pacific was valued at USD 27.54 billion in 2022. An increase in per capita consumption in China, India, and other countries is driving market growth in the region. The growth is attributed to the seafood being considered as one of the staple foods in the countries.
The significant market growth in Europe is driven by the increased seafood consumption rate in France, Italy, Spain, the U.K., and other countries. Growing consumer preference for cooking food is driving market growth in the region.
Competitive Landscape
Key Market Players Emphasizing Product Innovations to Maintain Their Competitive Edge
Top market participants are concentrating on the sustainable development of their organizations and collaborations to boost their production and fulfill the demand and supply gap. In May 2019, Nippon Suisan Kaisha Ltd. declared its new value optimization manufacturing plan to increase production.
- Key Industry Development
- September 2022: A Canada-based seafood manufacturing business, Ocean Brands, declared the launch of Ocean’s line of wild-caught canned seafood in the U.S. due to the increasing need for sustainable seafood in the country.
- List of Key Players Profiled in the Market Report
- Nippon Suisan Kaisha, Ltd (Japan)
- LDH (La Doria) Ltd (U.K.)
- American Tuna, Inc. (U.S.)
- Universal Canning, Inc. (Philippines)
- Connors Bros. Ltd. (Brunswick Seafoods) (Canada)
- Nueva Pescanova (Spain)
- Marine Harvest ASA (Norway)
- Thai Union Frozen Products (Thailand)
- Royal Greenland (Greenland)
- StarKist Co. (U.S.)
