The global canned seafood market is projected to have a moderate-paced CAGR of 3.7% during the forecast period. The current valuation of the canned seafood market is US$ 33.6 billion in 2023. The value of the canned seafood market is anticipated to reach a high of US$ 48.2 billion, by the year 2033.
The growth in demand for distinctive and uncommon culinary items is a result of rising consumer purchasing power. The market offers greater opportunities because different kinds of seafood are used in American restaurants and hotels. Due to the growing popularity of plant-based seafood, the market for canned seafood is anticipated to grow.
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For instance, a Bloomberg Intelligence analysis projects stated that the market for canned fish made from plants would increase from US$ 30 billion in 2020 to US$ 162 billion in 2030.
Scientists and marketers are developing nutritious, plant-based fish that tastes authentic due to the rise in demand for seafood alternatives. For example, the canned fish manufacturer Karavela created a range of yellow pea-based canned seafood items in December 2021.
Both small businesses and established businesses are exhibiting interest in fish made from plants. An alternative to tuna derived from soy, yeast, and sunflower extract was introduced by Atlantic Natural Foods. Additionally, Good Catch secured US$ 32 million in funding in January 2020 for their plant-based seafood, while another company, Impossible Foods, said in 2019 that it is working on plant-based fish.
As consumer awareness for ecologically and socially responsible seafood procurement grows, customers have begun choosing fish items that are acquired sustainably. As a result, more producers of canned salmon are attempting to get their raw materials from fisheries that have received certification from the Marine Stewardship Council (MSC) and Aquaculture Stewardship Council in an effort to support the sustainable movement (ASC). Additionally, it ultimately led to a rise in canned fish sales.
Numerous manufacturers and distributors are concentrating on sales through online channels and e-commerce platforms as a result of customers’ increased interest in and preference for online shopping, which is being fueled by convenience. Therefore, brands like F.C.F. Fishery’s Bumble Bee and Dongwon Group’s StarKist are working more and more closely with online retailing businesses like Amazon, Alibaba, ASDA, and Waitrose & Partners to offer items on their e-commerce platforms. Additionally, business-to-business (B2B) and business-to-consumer (B2C) activities are supported through the internet and e-commerce platforms. In addition, new companies are enhancing logistics and the supply chain to assist in the hassle-free delivery of canned seafood to customers.
However, during the projection period, illegal fishing and overfishing may provide a significant threat to the canned seafood industry. Despite being the market’s main driver, commercial fishing has had a negative impact on fish stocks. Thus, it has caused overfishing and the depletion of fisheries.
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Key Takeaways:
- Over the forecast period, the United Kingdom is anticipated to occupy a significant portion of the global canned seafood market. By purchasing fish solely during its season, British businesses are setting the standard for canning mackerel, tuna, sardines, anchovies, and salmon. Additionally, they obtain it mostly from the world’s most eco-friendly fisheries.
- The canned seafood market in the United States is expected to grow significantly, over the projection period. All of the seafood that the key players buy comes from small-scale fishing villages in the United States, as well as Canada. They solely deal with fisheries that are managed responsibly to benefit both the environment and workers.
- The caviar product category is anticipated to generate the most revenue throughout the course of the projection period because pharmaceutical businesses use it and the different extracts from its products to create tablets, capsules, and liquid medicines that assist patients overcome inadequacies.
- As they offer discounts and deals to improve their sales results, the hypermarkets/supermarkets sales channel type, and is the most creative segment for key companies, accounting for a sizable portion.
Competitive Landscape:
The global canned seafood market is divided as a result of the presence of both international and local competitors. Significant market share is held by several corporations in their specialized industries. Leading firms frequently value organic developments, such as product approvals and the rise in demand for foods derived from animals, fats and oils, refined grains, and fruits and vegetables. The canned seafood market throughout the world is predicted to grow significantly as a result of these causes.
Key Players:
- Nueva Pescanova
- Marine Harvest ASA
- Thai Union Frozen Products
- Royal Greenlands
- StarKist Co.
- Nippon Suisan Kaisha Ltd.
- Maruha Nichiro Corporation
- Icicle Seafoods Inc.
- LDH (La Doria) Ltd.
- Wild Planet Foods
- American Tuna Inc.
- Universal Canning Inc.
- Tri Marine Group
- Trident Seafoods Corporation
- Connors Bros. Ltd.
Recent Developments:
- In May 2019, Rio de Oro, a Moroccan manufacturer of frozen fish, introduced a line of canned fish with a focus on the European market.
- In August 2020, Golden Gate Capital and Thai Union Group PCL had agreed to sell each other the remaining stock interest in Red Lobster Seafood Co. Orlando is likely to continue to house Red Lobster’s headquarters.
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Key Segments
By Product Type:
- Caviar
- Mackerel
- Salmon
- Sardines
- Tuna
- Others
By Sales Channel:
- Hypermarkets/Supermarkets
- Convenience Stores
- Independent Grocery Stores
- Specialty Stores
- Online Retail
By Region:
- North America
- Latin America
- Asia Pacific
- MEA
- Europe
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization, and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel, and End Use over the next 10 years.
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