Tinned Fish Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Tinned Fish Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Tinned Fish Market is projected to register a CAGR of 6.2% during the forecast period, 2022-2027.

The growing demand for seafood coupled due to its healthy attributes like the presence of superior quality proteins, essential fatty acids, and macro and micronutrients is driving the global tinned fish market. Fish represents a rich source of nutrients necessary for good health. In addition, the expanding trend of consuming convenience foods due to busy lifestyles is influencing consumer inclination towards processed food such as tinned fish. Further, the improved distribution infrastructure and fish processing methods are driving the growth of the tinned fish market across the globe. Therefore, new product introductions, expanding distribution channels, and improvements in canning techniques are anticipated to boost market expansion during the projection period.

Packaging is a crucial factor in producing high-quality tinned fish as it aids in the shelf-life and safety of any packaged food. Consumer product usage is anticipated to expand with the introduction of RFID tags in packaging to improve product traceability and aggregation, which will support market expansion. For instance, in March 2021, Thai Union Frozen products SPACE-F announced Foods Tech Accelerator and Incubator Program that allow food processing at a faster pace and preserve the quality of its food.

However, because the quality of fish is influenced by species, the time of year it is harvested, how it is handled, and how it is processed. Thus, appropriate food additives are added to preserve the shelf life, nutritional value, texture, and flavor of tinned fish. As a result, the addition of food additives has the potential to hinder the market’s growth during the forecast period.

Key Market TrendsConvenience And Nutritional Factors of The Tinned Fish

Fish in tins or cans is a nutrient powerhouse, but perhaps more importantly, it provides a very portable source of protein that can be consumed on the go. Omega-3 levels are higher in oilier varieties like salmon and sardines. According to the Seafood Nutrition Partnership, canned salmon, sardines, anchovies, mackerel, herring, crab, and clams are some of the best sources of omega-3s. Whole fish in cans is also a rich source of calcium. Fish processing helps to soften the calcium-rich bones, making them more palatable and easier to chew. For instance, the edible bones of sardines provide 43% of the daily need for calcium. Moreover, the study conducted by the NIH(National Institutes of Health) shows that people eating seafood reduced respiratory deaths by 20%. Higher fish and omega-3 fatty acid intakes were significantly associated with lower total mortality.

Additionally, most canned fish is cooked before being preserved in metal, so they're safe to eat straight out of the tin. Moreover, fish are tinned in a variety of oils and spices to complement and retain their natural flavor. This provides convenience to the working population and bachelors living out of the home to have healthy food on the go.

Europe Holds The Largest Market Share

Europe is leading the global tinned fish market owing to the increasing popularity of protein-rich convenience foods in the region. The high content of polyunsaturated fatty acids in fish and other kinds of seafood is influencing consumer spending on tinned fish. The growing popularity of sustainable seafood products in Germany, the United Kingdom, Portugal, and France is expected to drive the market for sustainable tinned fish. For instance, according to the European Market Observatory for fisheries and aquaculture, in 2020, Spain has the largest household consumption volume of fish products at almost 646 thousand tons, followed by Italy at about 308 thousand tons. Moreover, German customers demand canned tuna from fisheries that do not use fish aggregation devices (FADs), yet only 1 in 10 tuna cans sold in Germany is certified by the Marine Stewardship Council (MSC), and tuna products on the German market caught by pole and line have the highest coverage of MSC certification at 68%.

Competitive Landscape

The global tinned fish market is competitive with various major companies focusing on growth strategies such as product launches, strategic acquisitions, and partnerships & collaborations. These activities have paved the way for the expansion of business across untapped markets. Some of the major players operating in the market include Bumble Bee Foods, Natural Sea, Chicken of the Sea International, Crown Prince, Inc., and Roland Foods, LLC, among others. Key companies are expanding their investment in improved canning methods, and packaging standards to launch more shelf-stable products. For instance, in August 2022, Stock Merchant Provision, a premium seafood brand launched a new packaging system for its canned tuna product.

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