Canned Seafood Market Is Expected To Expand At A CAGR Of 5.9% From 2022 To 2030
Canned Seafood Industry Overview
The global canned seafood market size was valued at USD 30.09 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 5.9% from 2022 to 2030. The increasing popularity of ready-to-eat seafood products due to improvement in distribution infrastructure is anticipated to drive the industry growth. According to the Food and Agriculture Organization of the United Nations, Canned Tune imports in the U.S. increased by 15% in 2020. In addition, factors such as changing lifestyles coupled with increasing affordability are likely to drive the industry's growth over the next eight years. The demand for canned seafood skyrocketed during the COVID-19 pandemic, especially among the consumers that are not fond of cooking food. Consumers following the trend of work-from-home or stay-at-home preferred canned food as it is easy to prepare and takes minimal time. Additionally, restaurants restricted services to avoid an increase in coronavirus cases, so consumers cooked at home, increasing canned seafood consumption.
Rising awareness about the health benefits offered by canned seafood products is increasing the growth of the canned seafood market. Canned seafood has a high level of valuable omega-3 fatty acids, which are important for overall health and wellbeing. According to the Office of Disease Prevention and Health Promotion’s Dietary Guidelines, in terms of protein, many types of seafood have a relatively high protein-to-calorie ratio, packing in around 7 grams of protein per ounce. Moreover, the demand for conspicuous and exotic food items is on the rise as a result of the rising purchase power of consumers.
Gather more insights about the market drivers, restrains and growth of the Global Canned Seafood market
The growing popularity of plant-based canned seafood is likely to propel the growth of the canned seafood market. For instance, according to a Bloomberg Intelligence report, the market for plant-based canned seafood will grow to USD 162 billion in 2030 from USD 30 billion in 2020. Moreover, due to the increase in demand for plant-based seafood food, scientists and marketers are creating healthy, plant-based that tastes like the real thing. For instance, in December 2021, Karavela, a canned fish producer, developed a line of canned seafood products made from yellow peas.
Additionally, startups and large corporations are showing an interest in plant-based fish. Atlantic Natural Foods started offering TUNO, a fishless tuna alternative made from soy, yeast, and sunflower extract. Moreover, another brand, Impossible Foods, announced in 2019 that it works on plant-based fish, and Good Catch raised USD 32 million in financing this January 2020 for its plant-based seafood.
Consumers have started opting for seafood products that are sourced sustainably as per the growing concern for environmentally and socially responsible seafood procurement among the consumers. This has resulted in the rise in the number of canned salmon suppliers seeking to procure raw materials from the fisheries that are Marine Stewardship Council (MSC) and Aquaculture Stewardship Council (ASC) certified to be a part of the sustainable initiative and eventually boost the canned seafood sales in the market. For instance, in May 2021, Bumble Bee Seafoods L.L.C acquired The Marine Stewardship Council (MSC) and other certification programs recognized by the Global Sustainable Seafood Initiative (GSSI) for sustainable sourcing.
Furthermore, a rise in demand for high-shelf-life sea products is expected to result in increased consumption of canned seafood. Also, increased disposable income and gyrating consumers' preference toward ready-to-consume food are likely to emerge as the primary factor for market growth in the coming years. The increased consumption of seafood by the population owing to its high health benefits is anticipated to propel the market growth. The 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.
Browse through Grand View Research's Consumer F&B Industry Research Reports.
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- Halal Food And Beverage Market - The global halal food and beverage market size was valued at USD 774.93 billion in 2021 and is expected to witness a compound annual growth rate (CAGR) of 3.6% from 2022 to 2030. The increasing Muslim population worldwide and growing concern regarding food safety, hygiene, and reliability will drive the market in the forecast period.
Canned Seafood Market Segmentation
Grand View Research has segmented the canned seafood market based on product, distribution channel, and region :
Canned Seafood Product Outlook (Revenue, USD Million; Volume, Kilo Tons; 2017 - 2030)
- Tuna
- Salmon
- Sardines
- Other Fish
- Prawns
- Shrimps
- Other Seafood
Canned Seafood Distribution Channel Outlook (Revenue, USD Million; Volume, Kilo Tons; 2017 - 2030)
- Foodservices
- Retail
Canned Seafood Regional Outlook (Revenue, USD Million; Volume, Kilo Tons; 2017 - 2030)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Market Share Insights
- August 2020: Thai Union Group PCL had agreed to purchase the remaining equity stake in Red Lobster Seafood Co. from Golden Gate Capital. Red Lobster will remain headquartered in Orlando.
- May 2021: Thai Union Group acquired full ownership of Rügen Fisch, a German manufacturer of shelf-stable seafood products. The Thailand-based seafood giant first acquired a majority, 51% holding in Rügen Fisch in 2016, and now purchased the remaining 49% stake.
Key Companies profiled:
Some of the key players operating in the global canned seafood market are:
- StarKist Co.
- Nippon Suisan Kaisha, Ltd
- Maruha Nichiro Corporation
- Icicle Seafoods Inc.
- LDH (La Doria) Ltd
- Wild Planet Foods
- Thai Union Frozen Products
- American Tuna, Inc.
- Universal Canning, Inc.
- Tri Marine Group
- Trident Seafoods Corporation
- Connors Bros. Ltd. (Brunswick Seafoods)
Order a free sample PDF of the Canned Seafood Market Intelligence Study, published by Grand View Research.
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