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.
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.
Fortune Business Insights presents this information in their report titled "Canned Seafood Market, 2023–2030."
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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 conducts a comprehensive analysis of the market, focusing on crucial aspects like competition and top product categories. It also offers valuable insights into market trends and notable industry advancements. Furthermore, the report discusses several factors that have recently driven market growth.
Source: https://www.fortunebusinessinsights.com/canned-seafood-market-103806
Drivers and Restraints
Surging Investments in Aquaculture Production Advancements to Accelerate Market Growth
Growing awareness among consumers about healthy living has increased the demand for seafood, leading major seafood and canned seafood producers to ramp up their production. However, challenges like climate change and fishing restrictions imposed by governments to prevent overfishing are making it tough for manufacturers to catch more fish. Big companies are investing heavily in improving aquaculture methods, which is predicted to boost market growth in the future. The aquaculture industry is also evolving rapidly, driving further expansion. Nonetheless, the shortage of raw materials due to overfishing is slowing down market growth.
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
Leading market participants are focusing on the sustainable development of their organizations and forming collaborations to enhance production and address the demand-supply gap. For example, in May 2019, Nippon Suisan Kaisha Ltd. announced a new value optimization manufacturing plan aimed at increasing 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.)