Canned Seafood Market Size
| Study Period | 2018 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 4.84 % |
| Fastest Growing Market | South America |
| Largest Market | Europe |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Canned Seafood Market Analysis
The Canned Seafood Market size is expected to grow from USD 28,155.98 million in 2023 to USD 35,662 million by 2028, at a CAGR of 4.84% during the forecast period.
The canned seafood market is majorly driven by the growing demand for ready-to-cook food products and the innovations in canning technologies, which have led to the introduction of diverse products in the market and ensured a bigger consumer base. Furthermore, developing value-added seafood products is another strategy key players adopt to cater to the increased demand in the market. For instance, Pacific Seafood offers a value-added line of canned, frozen, and seasoned raw warm water shrimp infused with whey to enhance the potassium and calcium contents of the product.
Similarly, the sale of canned seafood products, particularly canned tuna, increased as the long shelf life of such products appealed to consumers subjected to home quarantines, regulatory measures restricting ease of movement, and other impacts of the COVID-19 pandemic. The rising awareness about the health benefits offered by canned seafood products is increasing the growth of the canned seafood market. Canned seafood is an excellent source of omega-3 fatty acids, which are important for overall health and well-being. The demand for conspicuous and exotic food items is on the rise as a result of the rising purchasing power of consumers. Therefore, the aforementioned factors are expected to fuel the growth of the canned seafood market over the forecast period.
Canned Seafood Market Trends
Growing Preference for Convenience Food
The key factors driving the growth of canned seafood consumption are convenience, increasing disposable income, and a rising number of working women. Changes in lifestyles and increased expenditure on food and beverages lead to significant dietary transitions among consumers, marked by the increased demand for animal-sourced food, fats and oils, refined grains, and fruits and vegetables. People with hectic schedules, those who lack cooking skills and suffer from fatigue due to their fast-paced lifestyles, and changes in consumer demographics are the major factors driving the canned seafood market. Furthermore, the COVID-19 pandemic encouraged consumers to consume convenience foods, such as canned seafood, as lockdowns impacted the supply of fresh food. The importance of long-shelf-life food was paramount during this period. Besides convenience, the sustainability factor of canned seafood also facilitates their sales. Metal is the preferred packaging material for canned foods because it is known to be the most effective in preserving food quality and is 100% recyclable. Furthermore, metal is the only material that completely blocks light and oxygen from entering the package, serving as an excellent barrier.
Europe Accounted for the Largest Share
The region's high demand for ready-to-eat meals and seafood products propels the market growth. Furthermore, demand for long-lasting seafood products is expected to boost canned seafood consumption. The presence of major market players in the region and shifting consumer preferences toward ready-to-eat food are expected to drive market growth in the coming years. People's increased seafood consumption due to its numerous health benefits is expected to propel the industry's growth. Similarly, manufacturers are innovating in canned seafood products, which attract a larger consumer base. For instance, in October 2021, Mitch and Rockfish launched Rockfish Tinned Seafood, a British product that is made using fresh seafood direct from the South Coast of England. The tin is artfully packaged with bold and colorful modern designs.
Canned Seafood Industry Overview
The canned seafood market is highly competitive, with major players investing heavily in product development by strengthening their research and development initiatives for the long term. Strategic alliances and agreements with regional players are also some of the approaches preferred by manufacturers to increase their revenue and widen their geographical presence. With growing income levels and an increasing level of knowledge regarding the consumption of healthy food in these economies, companies are catering to the dynamic needs of the people for canned seafood around the world. The major players in the market are Thai Union Group, Bumble Bee Foods LLC, and Maruha Nichiro Corporation.
Moreover, key players have also been focusing on the sustainable production of seafood products to entice more consumers. Thus, players have invested huge capital in improving their processing techniques and certification processes to produce higher-quality products. For instance, in March 2021, Rio Mare, a Bolton Group brand, received EPD certification (Environmental Product Declaration) from DNV, an international certification body, becoming the world's first seafood brand with this certification.
Canned Seafood Market Leaders
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Thai Union Group
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Trident Seafoods Corporation
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Maruha Nichiro Corporation
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Dongwon Enterprise Co., Ltd.
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FCF Co. Ltd (Bumble Bee Foods LLC)
*Disclaimer: Major Players sorted in no particular order
Canned Seafood Market News
- In September 2022, Jim Pattison Group's Ocean Brands introduced canned fish products. For the first time in the United States, Ocean Brands, a brand known for its sustainably caught fish for over half a century, is introducing its affordable Ocean's line of tinned seafood. As part of Ocean's partnership with Matiz, eight varieties of Brisling Sardines and Mackerel fillets are being introduced.
- In June 2022, Maldives Industrial Fisheries Company Limited (MIFCO), a Maldives-based company that is engaged in the activity of manufacturing fish products, recently launched a new canned tuna product known as Drained Tuna Chunks. According to MIFCO, the new product is different from its other canned tuna products since it uses less oil.
- In August 2021, the Bolton Company acquired Wild Planet Foods, a pioneer in the United States sustainable canned fish industry. Through the acquisition, the Italian group is accelerating its path of international growth and sustainability to become more global and sustainable in the future.
Canned Seafood Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Type
5.1.1 Canned Fish
5.1.1.1 Tuna
5.1.1.2 Salmon
5.1.1.3 Sardines
5.1.1.4 Mackerel
5.1.2 Canned Shrimp
5.1.3 Canned Prawns
5.1.4 Other Types
5.2 Distribution Channel
5.2.1 Supermarkets/Hypermarkets
5.2.2 Convenience Stores
5.2.3 Online Retail Stores
5.2.4 Other Distribution Channels
5.3 Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.1.3 Mexico
5.3.1.4 Rest of North America
5.3.2 Europe
5.3.2.1 United Kingdom
5.3.2.2 Germany
5.3.2.3 Spain
5.3.2.4 France
5.3.2.5 Italy
5.3.2.6 Russia
5.3.2.7 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 China
5.3.3.2 Japan
5.3.3.3 India
5.3.3.4 Australia
5.3.3.5 Rest of Asia-Pacific
5.3.4 South America
5.3.4.1 Brazil
5.3.4.2 Argentina
5.3.4.3 Rest of South America
5.3.5 Middle East and Africa
5.3.5.1 United Arab Emirates
5.3.5.2 South Africa
5.3.5.3 Rest of Middle East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Strategies Adopted by Key Players
6.2 Market Share Analysis
6.3 Company Profiles
6.3.1 Americana Group Inc. (California Garden)
6.3.2 Thai Union Group (John West)
6.3.3 Century Pacific Food Inc.
6.3.4 Bolton Group (Rio Mare)
6.3.5 Okam
6.3.6 Dhofar Fisheries and Food Co. SAOG
6.3.7 Dongwon Group
6.3.8 Carvalho Fisheries
6.3.9 Maldives Industrial Fisheries Company Limited (MIFCO)
6.3.10 Jim Pattison Group Inc
6.3.11 FCF Co. Ltd (Bumble Bee Foods LLC)
6.3.12 Trident Seafoods Corporation
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Canned Seafood Industry Segmentation
Canned seafood is processed food that has been heated and sealed in an airtight container, such as a sealed tin can. The canned seafood market is segmented by type, distribution channel, and geography. By type, the market is segmented into canned fish, canned shrimp, canned prawns, and other types. Canned fish is further sub-segmented into tuna, salmon, sardines, and mackerel. By distribution channel, the market is segmented into supermarkets/hypermarkets, convenience stores, online retail stores, and other distribution channels. It provides an analysis of emerging and established economies across the world, comprising North America, Europe, Asia-Pacific, South America, and the Middle East and Africa. For each segment, the market sizing and forecasts have been done on the basis of value in (USD million).
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Canned Seafood Market Research FAQs
What is the current Canned Seafood Market size?
The Canned Seafood Market is projected to register a CAGR of 4.84% during the forecast period (2024-2029)
Who are the key players in Canned Seafood Market?
Thai Union Group , Trident Seafoods Corporation, Maruha Nichiro Corporation, Dongwon Enterprise Co., Ltd. and FCF Co. Ltd (Bumble Bee Foods LLC) are the major companies operating in the Canned Seafood Market.
Which is the fastest growing region in Canned Seafood Market?
South America is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Canned Seafood Market?
In 2024, the Europe accounts for the largest market share in Canned Seafood Market.
What years does this Canned Seafood Market cover?
The report covers the Canned Seafood Market historical market size for years: 2018, 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Canned Seafood Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Canned Seafood Industry Report
The global canned seafood market analysis provides a comprehensive overview of the market size, market share, and market growth. The industry report segments the market by type, distribution channel, and geography, offering detailed insights into each segment. The report highlights the market value and forecasts the market trends, providing a market forecast outlook.
The industry research includes market data on the leading market leaders and their market segmentation. The market review covers the market statistics and industry statistics, offering a thorough market overview. The report also includes an industry outlook, predicting the market predictions and growth rate for the forecast period.
The industry information and industry analysis are supported by extensive industry reports and industry sales data. The report pdf serves as a report example, providing a detailed market report and market growth analysis. The market outlook and market value are analyzed in detail, offering insights into the market trends and market forecast.
The market segmentation is further analyzed by distribution channels, including supermarkets/hypermarkets, convenience stores, online retail stores, and other distribution channels. The market value and market forecast are supported by industry trends and market data, providing a comprehensive market review.
The industry outlook and market predictions are based on extensive industry research and market forecast. The report pdf is available as a free report download, offering detailed market statistics and industry size information. The report summary provides a detailed analysis of the market growth and market trends, supporting the market overview and industry analysis.
Canned Seafood Market Report Snapshots
