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 likely to grow in the next few years because more consumers prefer clean-label products, as they are becoming more aware of climate change and sustainability. Major companies are responding by making clean-label goods and launching sustainable canned seafood, which will help drive this market 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 split into two main distribution channels: HoReCa (hotels, restaurants, and cafes) and retail. The retail segment includes supermarkets/hypermarkets, specialty stores, convenience stores, and online retail. Supermarkets and hypermarkets have the largest market share because they offer a wide variety of products. However, online retail is expected to grow the fastest due to rapid technological advancements.
Geographically, the market is divided into North America, South America, Europe, the Middle East & Africa, and Asia Pacific.
Report Coverage
The market research report provides an in-depth analysis of the market, highlighting key areas such as competition and leading product categories. It offers useful insights into market trends and significant industry developments. Additionally, the report examines various factors that have recently contributed to 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 consumer awareness about healthy living has led to higher demand for seafood, pushing major producers to increase their output. However, challenges like climate change and government fishing restrictions to prevent overfishing are making it hard for manufacturers to catch more fish. To address this, major companies are investing in advanced aquaculture methods, which are expected to drive future market growth. The fast-developing aquaculture industry is also contributing to market expansion. Despite this, the shortage of raw materials due to overfishing is holding back 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
Top companies in the market are focusing on sustainable development and forming partnerships to increase production and meet demand. For example, in May 2019, Nippon Suisan Kaisha Ltd. announced a new plan to optimize production and increase 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.