Canned Seafood Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of Canned Seafood Market
The canned seafood market size was valued at USD 48.94 billion in 2022, and the market is now projected to grow from USD 51.67 billion in 2023 to USD 76.69 billion by 2030, exhibiting a CAGR of 5.80% during the forecast period of 2023-2030.
Government has put restrictions on social gatherings, events and moving out from home which make the people homesick. Numerous companies are encountering hurdles due to covid pandemic as the outbreak situation has curtailed production and supply chain which has hindered the market switched to treating covid patients as priority over the other procedures which led the canned seafood market growth. Additionally, manpower shortages affected manufacturing plants and slowed production due to movement restrictions and lockdowns in several regions. Stopped providing on-site maintenance and installations market growth sputtered amid the pandemic.
Rising use of canned seafood owing to longer shelf life to fuel canned seafood market growth during forecast period. Because of the growing cost of living, canned seafood's affordability plays a major role in the market's expansion. Additionally, fish's salinity makes it suitable for usage as a main protein, side dish, or appetizer. It is anticipated that the growing number of health-conscious consumers would drive market expansion.
Growing technological developments in the aquaculture sector will drive canned seafood market growth during forecast period. Manufacturers are unable to increase the catch rate because to government-imposed fishing quotas and climate change. These measures aim to prevent the negative effects of overfishing. As a result, significant players have increased their investments in aquaculture output. For example, Morocco declared in July 2023 that work on the nation's new aquaculture hatchery had begun. The new effort is expected to yield up to 30 million high-quality species, according to the nation.
Comprehensive Analysis of Canned Seafood Market
The canned seafood market and food & beverages industry is rising at an exponential rate due to its market segmentation. This market expansion effectively provides a detailed regional assessment considering the dominant supply and demand forces that impact the food & beverages benefit management industry. These segmentations are methodically segregated by species and by distribution channel. The Species segmentations include Tuna, Salmon, Sardines, Mackerel, and Others, By Distribution Channel segmentations include HoReCa and Retail [Supermarkets/Hypermarkets, Specialty Stores, Convenience Stores, Online Retail, and others.
The Asia Pacific region lead the canned seafood market by benefitting a market size of USD 27.54 billion in 2022 due to with most places considering seafood to be a basic cuisine.
The top players in the market play a crucial role in the food & beverages industry assuring industrial prospectus growth and setting market standards. These players include, Nippon Suisan Kaisha, Ltd (Japan), LDH (La Doria) Ltd (U.K.), American Tuna, Inc. (U.S.), Universal Canning, Inc. (Philippines), Connors Bros. Ltd. (Brunswick Seafoods) (Canada), Nueva Pescanova (Spain), Marine Harvest ASA (Norway), Thai Union Frozen Products (Thailand), Royal Greenland (Greenland), StarKist Co. (U.S.) these market players provide a level-playing competitive landscape.
In July 2023, The well-known sustainable seafood company Wild Planet Foods announced that, Whole Foods Markets across the country will be stocking its brand-new line of sustainably fished fish in culinary items due to increased demand among consumers.
Segmentation Table
ATTRIBUTE DETAILS
Study Period 2019-2030
Base Year 2022
Estimated Year 2023
Forecast Period 2023-2030
Historical Period 2019-2021
Growth Rate CAGR of 5.80% from 2023-2030
Unit Value (USD billion)
Segmentation By Species
Tuna
Salmon
Sardines
Mackerel
Others
By Distribution Channel
HoReCa
Retail
Supermarket/Hypermarkets
Specialty Stores
Convenience Stores
Online Retail
Others
By Geography
North America (By Species, Distribution Channel, and Country)
U.S. (By Distribution Channel)
Canada (By Distribution Channel)
Mexico (By Distribution Channel)
Europe (By Species, Distribution Channel, and Country)
Germany (By Distribution Channel)
France (By Distribution Channel)
Italy (By Distribution Channel)
Spain (By Distribution Channel)
U.K. (By Distribution Channel)
Rest of Europe (By Distribution Channel)
Asia Pacific (By Species, Distribution Channel, and Country)
China (By Distribution Channel)
India (By Distribution Channel)
Japan (By Distribution Channel)
Australia (By Distribution Channel)
Rest of Asia Pacific (By Distribution Channel)
South America (By Species, Distribution Channel, and Country)
Brazil (By Distribution Channel)
Argentina (By Distribution Channel)
Rest of South America (By Distribution Channel)
Middle East & Africa (By Species, Distribution Channel, and Country)
South Africa (By Distribution Channel)
Saudi Arabia (By Distribution Channel)
Rest of the Middle East & Africa (By Distribution Channel)