Canned Seafood Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Canned Seafood Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The canned seafood market is projected to register a CAGR of 4.64% during the forecast period of 2020-205.

Key Highlights

• Seafood is a popular source of protein and other nutrients.
• Canned seafood includes canned fish, such as tuna, salmon, and sardines, or frozen fish fillets, crustaceans, and mollusks. Canned seafood is the second-most popular category of processed seafood, after the frozen category.
• There is an increasing demand for sustainably sourced seafood, due to their numerous health benefits. Cans are expected to emerge as a popular packaging medium, with the increased number of canned seafood available in various distribution channels.

Key Market TrendsIncreasing Demand For Sustainable Food Products

Canned fish is processed and sealed in an airtight container (such as a sealed tin can) and subjected to heat. Fish contains low acidity where microbes can flourish, and thus, requires sterilization under high temperature (116-130 °C). Other than sterilization, no method is perfectly dependable for preserving. Consumers are seeking minimally processed foods that are free from synthetic preservatives and obnoxious residues of fertilizers and antibiotics. Canned foods are, thus, the best alternatives for satisfying the criteria. There is an increased demand for canned fish products (such as canned salmon) among health-conscious consumers, particularly athletes. Canned seafood, such as salmon, is a rich source of iron, high-quality protein, omega-3 fatty acids, and vitamin B-12. These make it popular among the aforementioned segment of the population. The prospect of higher growth in the e-commerce of seafood is also driving its growth. Online shopping offers extra convenience and the buying experience is greatly enhanced. the governments worldwide are encouraging sustainable production and processing of seafood, in order to empower the coastal community and improve their livelihoods. These initiatives are also boosting the growth of the canned seafood market. The marine economy also developed in the recent years, with different nations coming together on a common platform to sustainably develop the fisheries sector. The blue revolution in India is one such example.

India Has Emerged As One OF The Most Lucrative Markets For Canned Seafood

India is a rapidly growing market for packaged and processed fish and seafood, a category that includes frozen and canned products. Thus, the canned seafood segment has a huge untapped potential with an abundant supply of raw material (but it lacks infrastructural resources). The share of the food manufacturing industries is expected to increase, aligning with the objective of 'Make in India’, a flagship program that aims to provide a significant fillip to the secondary sector of the economy. This factor is propelling the market for niche foods, like canned processed products. The external situation is also expected to be favorable for the canned food market, with India receiving 43% higher foreign direct investment (FDI) in the food processing industry for the fiscal year 2016-17, compared to the previous fiscal year. India has also allowed 100% FDI in the manufacturing of food products and 100% FDI in the trading (including e-commerce) of food products manufactured and produced in India. This factor is expected to attract the foreign manufacturers of canned foods. There has been a major shift observed in the food habits of people in the metropolitan cities of India. A survey conducted by the Associated Chamber of Commerce and Industry of India (Assocham) revealed that about 79% of households prefer instant food, due to a steep increase in incomes and changing standards of living and convenience. Canned foods are, thus, expected to generate higher sales in the urban areas.

Competitive Landscape

the companies in the canned food market are investing heavily in product development by strengthening their R&D initiatives for the long term. Strategic alliances and agreements with regional players are also some of the approaches preferred by the manufacturers to increase their revenue and widen their geographical presence. The major players in the market are Thai Union Group Company Inc., Bumble Bee Foods LLC, Maruha Nichiro Corporation, Maruha Nichiro Corporation, and others.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

Thai Union Group
Bumble Bee Foods LLC
Dongwon Industries Co.
Trident Seafoods Corporation
Maruha Nichiro Corporation
The Calvo Group
Brunswick Seafood

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