Canned Seafood Market size is forecast to reach $102 billion by 2025, growing at a CAGR of 12.44% during the forecast period 2020-2025. Increasing popularity for ready to eat products, increasing affordability, and increasing product consumption are the major factors driving the growth of the market. Increasing adoption of sustainable fish farming technique is set to further enhance the overall market demand for Canned Seafood Market during the forecast period 2020-2025.
Product- Segment Analysis
The Tuna segment held the largest share in the Canned Seafood Market in 2019 and is estimated to grow at a CAGR of 8.7% during the forecast period 2020-2025 owing to its superior properties including a rich source of lean proteins. Tuna contains omega 3 fatty acid that results in the improvement of personal health. It improves the immune system, reduces blood pressure, reduces depression, weight reduction, and cancer prevention. Salmon is rich in omega 3 fatty acids, which has been linked to a reduced risk of heart disease, stroke, macular degeneration (eyes), and even dementia. Shrimp has high nutritional value and has benefits such as low-fat content coupled with a high concentration of easily digestible protein. Increasing health benefits, such as proteins, minerals, and fatty acids offered by consuming salmon is likely to generate promising opportunities for key players operating in the canned seafood market. The Tuna is set to be the highest growing segment and is estimated to register the highest CAGR during the forecast period 2020-2025 owing to its property to result in cardiovascular disease.
Distribution Channel – Segment Analysis
The Supermarkets/Hypermarkets held the largest share in the Canned Seafood Market in 2019 and is estimated to grow at a CAGR of 10.2% during the forecast period 2020-2025 owing to the rapidly growing market for packaged and processed fish and seafood. Consumers are seeking minimally processed foods that are free from synthetic preservatives and obnoxious residues of fertilizers and antibiotics. Canned foods are thus, the best alternatives for satisfying the criteria. There is an increased demand for canned seafood products among health-conscious consumers, particularly athletes. Online shopping offers extra convenience and the buying experience is greatly enhanced. the governments worldwide are encouraging sustainable production and processing of seafood, in order to empower the coastal community and improve their livelihoods. These initiatives are also boosting the growth of the canned seafood market. The marine economy also developed in recent years, with different nations coming together on a common platform to sustainably develop the fisheries sector. Supermarkets/Hypermarkets are set to be the highest growing segment and are estimated to register the highest CAGR during the forecast period 2020-2025.
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Geography – Segment Analysis
Asia Pacific dominated the Canned Seafood Market in 2019 with a share of more than 39%, followed by the Asia Pacific owing to high adoption by consumers, high demand for ready to eat seafood products and increasing disposable income. Increasing demand for sustainably sourced seafood owing to their numerous health benefits is increasing the growth of the canned seafood market.
However, North America is estimated to grow at a higher CAGR during the forecast period 2020-2025 owing to the growing awareness about the advantages of canned seafood such as high durability. Increasing demand for ready-to-eat meals and seafood coupled with increasing preference for seafood products among individuals is increasing the growth of the canned seafood market in this region.
Drivers – Canned Seafood Market
Rising Awareness about health benefits offered by canned seafood products:
Rising awareness about health benefits offered by canned seafood products is increasing the growth of the canned seafood market. Canned seafood has a high level of valuable omega 3 fatty acids which are important for overall health and wellbeing. Omega-3 fatty acids improve blood vessel function, lower blood pressure, and reduce the risk of cardiovascular disease. In addition to this, the demand for conspicuous and exotic food items is on the rise as a result of the rising purchase power of consumers. Spurred by this, the canned seafood market is poised to welcome impressive growth opportunities. Changing consumer preference, as they increasingly focus on healthier and tastier food is increasing the demand for canned seafood products. Thus, increasing the growth of the canned seafood market during the forecast period 2020-2025.
Increasing popularity for ready to eat products
Increasing popularity for ready to eat products is increasing the growth of the canned seafood market. Ready-to-eat food products are being considered as the closest alternative to regular food, which can be consumed at any time. The initiatives taken by regulatory authorities to create awareness regarding canned seafood products are driving market growth. Changing food consumption behaviour among consumers, increased willingness to spend on such food and the lack of time to cook at home are a result of rapid urbanization. Urbanization also helps in increasing disposable income, which increases the food expenditure of the final consumer. Thus, increasing the growth of the canned seafood market during the forecast period 2020-2025.
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Challenges – Canned Seafood Market
Lower income levels of population in developing economies are unable to afford the product and seasonal availability of product
Some of the factors that is set to impede the growth of the Canned Seafood Market are lower income levels of the population in developing economies are unable to afford the product and seasonal availability of the product. High usage of preservatives in some canned foods, can cause health issues in individuals if consumed in high quantities is set to hinder the growth of canned seafood market.
Canned Seafood Industry Outlook
Product launches, mergers and acquisitions, joint ventures, and R&D activities are key strategies adopted by players in the Canned Seafood Market. In 2019, the Canned Seafood Market share is consolidated by the top ten players present in the market. Canned Seafood, the top 10 companies are Bumble Bee Seafoods, Wild Planet Foods, Connors Bros Ltd., Trading Seafood, Marine Harvest, Thai Union Group, Starkist Co., Icicle Seafoods Inc., Maruha Nichiro Corporation, and Monster Group among others.
In February 2020, Bumble Bee Seafoods was acquired by Taiwanese company for $928 million.
The Asia Pacific dominates the Canned Seafood Market owing to the high demand for ready to eat seafood products and a rise in demand for high shelf life seafood products. The Canned Seafood Market scope for different regions will be provided in the final report.
Rising awareness about health benefits offered by canned seafood is likely to aid in the market growth of the Canned Seafood Market.
Detailed analysis of the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Canned Seafood Market report.
Lower-income levels of population in developing economies are unable to afford the product and seasonal availability of product are set to create hurdles for the Canned Seafood Market.
Related Reports :
A. Processed Seafood & Seafood Processing Equipment Market
B. Food Preservatives Market
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