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.
Demand for unique and uncommon culinary items grows in tandem with rising consumer spending power. Commercial opportunities have arisen as a result of the use of various types of seafood in restaurants and hotels in the United States. Because of the growing popularity of plant-based seafood, the canned seafood market is expected to grow.
The canned seafood market is rapidly expanding due to the convenience, increased shelf life, and nutritional benefits that canned seafood products bring. Rising customer demand for ready-to-eat and portable options, combined with greater awareness of the health advantages of seafood, is propelling market growth.
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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.
In response to increased demand for seafood alternatives, scientists and marketers are inventing healthy, plant-based fish that tastes authentic. Karavela, for example, will launch a line of canned seafood made from yellow peas in December 2021.
Plant-based fish are gaining popularity among both small and large enterprises. Atlantic Natural Foods debuted a soy, yeast, and sunflower extract tuna alternative. Furthermore, in January 2020, Good Catch acquired US$ 32 million in funding for their plant-based seafood, while Impossible Foods announced in 2019 that company is working on plant-based fish.
Customers are increasingly preferring sustainably sourced fish as consumer knowledge of environmentally and socially responsible seafood buying rises. As a result, more canned salmon companies are striving to source raw materials from fisheries certified by the Marine Stewardship Council (MSC) and Aquaculture Stewardship Council (ASC) in order to support the sustainable movement (ASC). It also resulted in an increase 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.
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
Author
Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders and explores off-the-eye opportunities and challenges. She puts processes and operating models in place to support their business objectives.
She has exceptional analytical skills and often brings thought leadership to the table.
Nandini has vast functional expertise in key niches, including but not limited to food ingredients, nutrition & health solutions, animal nutrition, and marine nutrients. She is also well-versed in the pharmaceuticals, biotechnology, retail, and chemical sectors, where she advises market participants to develop methodologies and strategies that deliver results.
Her core expertise lies in corporate growth strategy, sales and marketing effectiveness, acquisitions and post-merger integration and cost reduction. Nandini has an MBA in Finance from MIT School of Business. She also holds a Bachelor’s Degree in Electrical Engineering from Nagpur University, India.
Nandini has authored several publications, and quoted in journals including Beverage Industry, Bloomberg, and Wine Industry Advisor.
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