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.
The report offers an executive-level blueprint of the market, covering key growth drivers, restraints, opportunities, and prevailing trends. It uses unique research methods to offer the most accurate analysis of the market.
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It includes in-depth insights into the canned seafood market. Some of these are:
- The estimated value of the market was at US$ 36.8 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.
Who is Winning?
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.
Market Segmentation for Canned Seafood Market
By Product Type:
By Distribution Channel:
- Convenience Stores
- Independent Grocery Stores
- Speciality Stores
- Online Retail
- North America
- Latin America
- East Asia
- South Asia
- Middle East & Africa
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Key Questions Answered in the Report
How much is the current worth of the Canned Seafood Market?
Currently Canned Seafood Market is worth more than USD 36.8 Bn.
What is the demand outlook forecast for the canned seafood market?
The global canned seafood market is forecasted to surpass USD 82.1 Bn by the end of 2032.
At what CAGR is the market expected to grow?
Canned seafood consumption is expected to grow at a CAGR of around 8.3% during the period 2021-2032.
What are the drivers of the canned seafood market?
The growing desire for nutritious and diverse foods provides a potential for the canned seafood business to expand. Furthermore, growing public knowledge of the health advantages of seafood would boost market sales.
Which region will dominate canned seafood sales globally?
While North America and Europe will continue to be important regions, Asia Pacific is likely to provide the market with greater growth prospects. The presence of some of the industry’s leading firms will help the region’s market flourish. Furthermore, the canned seafood market in the Asia Pacific will benefit from increased consumer disposable income.
Which product category is most likely to grow the most?
In terms of products, canned tuna has emerged as a widely consumed product. Superior health benefits of tuna will support the growth of the segment
Which segment based on distribution channel will record the highest growth?
In terms of distribution channels, the segment comprising retailers and independent dealers is expected to rise at a robust pace.