The sales of Canned Seafood Market are estimated to be valued at US$ 36.8 Bn in 2022. As per Future Market Insights (FMI), the overall market value is expected to reach US$ 82.1 Bn by 2032, rising at a CAGR of 8.3% for 2022-32.
Globally consumers are looking for foods that are minimally processed and free of synthetic preservatives, as well as toxic fertiliser and antibiotic residues. As a result, canned meals are the greatest option for meeting the criteria. Canned fish products (such as canned salmon) are becoming increasingly popular among health-conscious customers, particularly athletes.
Salmon, for example, is a good source of iron, high-quality protein, omega-3 fatty acids, and vitamin B-12 in canned form. These factors contribute to its popularity within the aforementioned demographic. The promise of increased growth in seafood e-commerce is also propelling it forward.
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“Canned seafood market in Asia Pacific is currently picking pace on account of the rising demand for ready-to-eat food in the region. One of the key reasons favouring increased sales of ready-to-eat food and canned is that they offer a higher shelf-life,” said a lead analyst at FMI.
Report includes in-depth insights into the canned seafood market. Some of these are:
- The estimated value of the market was at US$ 36.4 Bn in 2022. Through the course of the report’s forecast period, the market is exhibited to show a steady pace of growth.
- Regionally, Asia Pacific has emerged as a key market backed by rising demand in China, Vietnam, Thailand, and Indonesia.
- North America and Europe will remain steady as key markets for canned seafood.
- Canned tuna segment expected to show growth at an impressive rate over the forecast period.
- Key players are likely to focus on advanced technologies stay relevant in developed markets.
Rising Popularity of Seafood Boosts Overall Adoption of Canned Seafood
The demand for seafood has considerably risen in the last few years. The market owes much of this to the increasing awareness among consumers about health benefits of seafood. Canned seafood offers the goodness of fresh seafood packed and ready-to-eat for better convenience. Furthermore, canning seafood extends their shelf-life. These factors together work in favour of the expansion of the canned foods market.
In the coming years, the trade of seafood is expected to rise, especially on account of the rising demand in emerging nations across Asia Pacific. As a result of this, the canned seafood market is forecast to rise at a steady pace through the forecast period.
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Competitive Landscape
Some of the leading players operating in the canned seafood market are High Liner Foods, Oceana group, Mazetta Company, Gomes da Costa, Tri Marine International, CamilAilmentos, and Mark Foods Inc.
Competition in the canned seafood market is mostly concentrated in Asia Pacific. The region boasts the presence of some of the most renowned domestic and global companies. In order to gain a competitive edge, the players in this market primarily focus on offering superior product quality at reduced costs. In addition to this, they are using advanced technologies to carve a niche in the industry.