Market Overview
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.
The market is expected to expand in the coming years as more people choose products with clear labels, especially those that are eco-friendly. Big companies are stepping up by creating these products and introducing sustainable canned seafood, which will boost this growth.
Fortune Business Insights presents this information in their report titled "Canned Seafood Market, 2023–2030."
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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.)
Segments
Increasing Tuna Fish Consumption due to Its Higher Availability to Fuel Segment Growth
The market is divided by species into tuna, salmon, sardines, mackerel, and others. Tuna holds the largest share of the canned seafood market. This is because tuna consumption is rising, thanks to its high availability in over 70 countries.
Increased Accessibility of Various Products to Foster Retail Segment Growth
The market is divided into two main groups: places where people eat and drink (like hotels, restaurants, and cafes) and stores. Stores include big supermarkets, specialty shops, small convenience stores, and online shops. Big supermarkets and hypermarkets are the biggest because they have a lot of different products. But, online shops are growing the quickest because of new technology.
The market is also spread out across different areas of the world: North America, South America, Europe, the Middle East & Africa, and Asia Pacific.
Source: https://www.fortunebusinessinsights.com/canned-seafood-market-103806
Report Coverage
The market research report gives a detailed look at the market, focusing on competition and top product types. It offers helpful information on market trends and important changes in the industry. The report also looks at different things that have helped the market grow recently.
Drivers and Restraints
Surging Investments in Aquaculture Production Advancements to Accelerate Market Growth
More people are learning about healthy eating, which means they want to buy more seafood. This is making big seafood companies work harder to produce more. But, problems like climate change and rules from the government about fishing to stop overfishing are making it difficult for these companies to catch more fish. To solve this, big companies are putting money into new ways of farming seafood, which is expected to help the market grow even more. The seafood farming industry is also growing quickly, which is helping the market grow. However, the lack of fish due to overfishing is slowing down the growth of the market.
Regional Insights
Increase in per Capita Consumption to Propel Market Growth in Asia Pacific
The Asia Pacific market was worth $27.54 billion in 2022, growing due to higher seafood consumption in countries like China and India, seen as a main food. Europe's market is also expanding, mainly because of a rise in seafood eating and a growing interest in cooking.
Competitive Landscape
Key Market Players Emphasizing Product Innovations to Maintain Their Competitive Edge
Leading companies are working on being more eco-friendly and teaming up to make more products and satisfy customer needs. For instance, in May 2019, Nippon Suisan Kaisha Ltd. shared a plan to improve production and boost their output.
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.