Global Canned Seafood Market Report and Forecast 2023-2028

Global Canned Seafood Market Report and Forecast 2023-2028

Market Outlook

According to the report by Expert Market Research (EMR), the global canned seafood market reached a value of USD 29.15 billion in 2022. Aided by the rising demand for ready-to-eat food products and the growing applications of canned seafood in various cuisines, the market is projected to further grow at a CAGR of 4.7% between 2023 and 2028 to reach a value of USD 38.43 billion by 2028.

Canned seafood market is poised to witness a healthy growth in the forecast period, as it is a nutrient-packed food product derived from various marine organisms such as fish, molluscs, and crustaceans, and it's commonly employed as a primary ingredient in many dishes, including salads, pasta, sandwiches, and more. It plays an essential role in human health, providing high-quality protein, vitamins, minerals, and omega-3 fatty acids. Besides its nutritional benefits, canned seafood also boasts superb preservation characteristics due to its long shelf life, making it an indispensable component in numerous commercial applications including retail, hospitality, and military ration packs.

The escalating consumer demand for protein-rich and convenient food products is a driving factor for the global canned seafood market expansion. Amid growing awareness of the health benefits correlated with seafood consumption, there has been a marked transition towards seafood-enriched diets, inciting an upswing in demand for canned seafood products. Additionally, the increasing pace of life and the rising need for quick and easy meal solutions have further amplified the popularity of canned seafood.

The broadening applications of canned seafood in various sectors also significantly contribute to the canned seafood market development. In the retail industry, canned seafood is a popular choice due to its long shelf life, easy storage, and versatility in meal preparation. The hospitality industry appreciates canned seafood for its ability to deliver consistent quality and flavour across various dishes. Military and emergency services value canned seafood for its nutritional content and convenience, making it a crucial element in prepared ration packs.

Moreover, the intensifying demand for sustainable and eco-friendly food solutions in the food and beverage industry has led to a sharpened focus on canned seafood as a practical choice. With the rise of pescatarian diets and the increasing emphasis on sustainable fishing practices, canned seafood, particularly those with MSC (Marine Stewardship Council) certification, has emerged as a crucial player in the formulation of environment-friendly and ethical food choices, thereby propelling the canned seafood market growth.

The market is also influenced by the growing trend of premiumisation. Consumers are showing an increased willingness to pay more for premium canned seafood products that offer superior taste, quality, and ethical sourcing, which in turn opens up new avenues for growth within the sector.

Market Segmentation

The market can be divided based on type, distribution channel, and region.

Market Breakup by Type

• Canned Fish

Tuna

Salmon

Sardines

Mackerel

Others

• Canned Shrimp
• Canned Prawns
• Others

Market Breakup by Distribution Channel

• Supermarkets/Hypermarkets
• Convenience Stores
• Online Retail Stores
• Others

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global canned seafood companies. Some of the major key players explored in the report by Expert Market Research are as follows:

• Thai Union Group Public Company Limited
• Bumble Bee Foods, LLC
• Century Pacific Food Incorporated
• Bolton Group S.r.l
• Dhofar Fisheries & Food Industries Company S.A.O.G
• StarKist Co
• Icicle Seafoods, Inc
• Others

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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.