The canned seafood market is a growing industry that offers convenience and versatility to consumers. With a wide variety of options available, including tuna, salmon, sardines, and more, canned seafood provides a convenient way to incorporate healthy proteins into meals. Additionally, canned seafood has a long shelf life, making it a great pantry staple for quick and easy meal solutions. As consumer demand for convenient and nutritious food options continues to rise, the canned seafood market is expected to see continued growth in the coming years.
The Canned Seafood Market convenience factor, coupled with the nutritional benefits, makes canned and frozen fish popular choices for many consumers. The Omega-3 fatty acids found in fish are particularly noteworthy for their role in promoting heart health and aiding in the development of the human body.
Market Size-
The SNS Insider report indicates that the Canned Seafood Market was valued at USD 24.32 billion in 2022, and it is projected to achieve a market size of USD 40.87 billion by 2030, with a compound annual growth rate (CAGR) of 6.7% expected over the forecast period from 2023 to 2030.
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Some of the key players studied in this report are:
- AquaChile
- Brunswick Seafood
- Marine Harvest
- Thai Union Grou
- Sajo Industries
- Bumble Bee Seafoods
- StarKist Co
- Wild Planet Foods
- Connors Bros Ltd
- Tradient Seafood
Market Report Scope –
The growth of the Canned Sea Food Market is being driven by increased awareness about the health benefits which can be obtained from its consumption. A high amount of important Omega 3 fatty acids, which are essential for healthy and happy lives, is found in cooked seafood. In terms of protein, many types of fish have relatively high protein to calorie ratios, packing in around 7 grams of protein per ounce, according to the Dietary Guidelines of the Office for Disease Prevention and Health Promotion.
Market Growth Factors –
The fish contain vitamins, minerals, amino acids and other nutrients that are essential for our health. Because of the health benefits, and due to their schedule, a lot of people eat canned salmon. With no cooking trouble, canned fish offers easy consumption. It also contains lipids, carbohydrates, and Omega 3 fatty acids that help to develop the human body. Demand on the market is expected to be increased by the health benefits of frozen fish, and it is estimated that this will be one of the key markets.
Segmentation Analysis –
In 2022, tuna accounted for the highest market share of 42.24%, and it is projected to maintain its dominant position over the forecast period in view of the significant consumption of prepared meals by working class people all over the world. Nearly 88% of US households are now eating tuna in cans, as reported by the National Fisheries Institute in its 2020 article. The canned tuna is served every month in nearly half of households, and 17.1% are served weekly or more often.
In 2022, retail was the largest distribution channel with a market share of around 60.1% in global revenue. Supermarkets, hypermarkets, convenience stores, grocery stores, and local shops are part of this channel. A rise in the distribution of frozen sea food on the market has been observed as a result of growing numbers of these outlets throughout various regions. In February 2021, the main drivers for canned seafood are convenience stores, as stated in an article from supermarket news.
By Product Type:
- Tuna
- Salmon
- Sardines
- Prawns
- Other Fish
- Shrimps
- Other Seafood
By End-User:
- Households
- Commercial
By Distribution Channel:
- Supermarket & Hypermarket
- Convenience Stores
- Online Stores
- Others
Key Regional Development –
In view of the higher per capita consumption in countries such as China, India and others within this region, Asia Pacific accounted for the highest canned fish market shares by 2022. In the majority of regions, for example in India’s Bengali state, there is a higher per capita consumption due to the fact that fish has been regarded as an essential food. Moreover, one of the major parts of Chinese cuisine is fish and it can be eaten in many different ways. In addition, the growth of the market is being driven by the increasing development of e commerce.
In view of the higher rate of consumption of fish in countries such as France, Italy, Spain, United Kingdom and others, Europe is holding a significant global market share. Moreover, the growth of Europe’s market is being driven by a growing consumer preference for cooking in this region. North America, followed by Europe, has a significant share in the global market, majorly driven by the higher demand for canned seafood in the U.S. Furthermore, seafood consumption in North America.
Key Takeaway
One of the main drivers in this market is affordability. The canned seafood cost is reasonable for the common people, and these foods have vitamins, proteins, and other required minerals, etc. apart from that, the purchasing power of people rising with economic development; as, people can spend their money on market which will propel the Canned Seafood market. In addition, canned fish offers a variety of health benefits, such as weight loss, cancer prevention, blood pressure control and high fiber content. Rising health problems like heart disease and diabetes have encouraged people to eat healthily. In addition, the demand of the market is expected to rise as fast urbanization leads to a strong demand for ready to eat meals. Their products have a longer shelf life, and they do not require refrigeration that is making it more popular. This has been one of the key factors for market growth.
Recent Developments –
Ocean Brands, a division of the Jim Pattison Group, started selling canned fish in September 2022. For the first time in the United States, Ocean Brands, a brand known for its sustainably caught fish for over half a century, is introducing its affordable Ocean’s line of tinned seafood. Eight varieties of brisling sardines and mackerel fillets are now available as a result of Ocean’s partnership with Matiz.
A new canned tuna product, Drained Tuna Chunks, was recently launched by the Maldives Industrial Fisheries Company Limited MIFCO a Maldives based company engaged in the production of fish products, in June 2022. The new product, as it does not use oil, is differentiated from its previous canned tuna products, says MIFCO.
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