Canned Seafood Market

Canned Seafood Market Outlook

The global canned seafood market is estimated to reach a valuation of US$ 33.6 billion in 2023. As per Future Market Insights (FMI) analysis, the canned seafood market size is expected to surpass US$ 48.2 billion in the next decade. Between 2023 and 2033, the market is likely to register 3.7% CAGR.

Global Trends & Scopes Transforming the Canned Seafood Market

Leading international seafood enterprises aspire to transform the fishing industry and deliver the freshness of the sea to the customer's table. They largely rely on business accountability, strong quality and environmental practices, and continuous innovation. Owing to their world-class, inventive, and sustainable strategy, they provide a diverse range of healthful, sustainably farmed seafood. They use nature to make healthy, flavorful, and high-quality food from the sea. Their mission is to provide a one-of-a-kind culinary experience for their loyal clients as a consequence of continual innovation and sustainable development. These initiatives are expected to propel the market.

Aquaculture, with its extremely low carbon footprint, has the potential to play an increasingly important role in feeding the world's rising population. Their approach to fish care and health is unparalleled. They take tremendous delight and care in raising their fish to the best possible standards. Various market participants' product portfolios include entire fish, plain or marinated fillets and steaks, hot- and cold-smoked salmon, luscious burgers, and delicate tartars. They intend to increase their presence in the North Atlantic and the Arctic. With provision of different varieties of fish products, market players are expecting to increase their scope and reach, thus boosting the market.

A local presence in Greenland and Atlantic Canada is an important aspect of their approach. This allows them to benefit from the expertise and knowledge of local fishing communities while also ensuring a consistent supply of fish and seafood from all of their North Atlantic and Arctic sites. Key participants are completely vertically integrated enterprises that combine fishing, processing, shipping, and sales to supply high-quality wild-caught seafood from capture to consumer. Their market position is founded on a thorough understanding of global customer and consumer requirements. Furthermore, they strive for the strongest market position in all worldwide markets where their goods have long-term promise.

Key players provide novel goods that address societal demands, such as nursing care food, pet meals, vitamins, and space food derived from sustainable sources. Furthermore, they are always inventing superior freezing technology that seals in freshness for extended periods of time. Certain market participants exclusively source the elevated quality pole and line tuna from the MSC-certified American Albacore Fishing Association (AAFA) fishery in the North Pacific Ocean.

Few companies have completely mechanized, semi-automated operations that are HACCP and European Union-accredited, with the capacity to produce over 1.5 million cans per day. They process canned sardines with the quickest production time from capturing to canning, owing to their own fleet of fishing vessels and a docking port strategically positioned on the same site as the canning operation. This guarantees that each can has the freshest catch available.

Each of their products is manufactured using advanced technology and adheres to the soaring quality, hygiene, and sanitation requirements. This efficiently provides constant and better quality throughout the manufacturing process. Their goods have become an intrinsic part of society in both developed and emerging economies. This is a consequence of their broad state-wide distribution network, regularly updated market research, ongoing technological updates, and aggressive product advancements.

A Contrast with the Historical Market Scenario

FMI provides a half-yearly comparison study and evaluation of the worldwide market's growth rates as well as its future development potential. Under the subjective effect of macro and industry variables, certain demographic and innovation aspects dominate the market.

According to Future Market Insights study, the global forum of canned seafood has shown exceptional growth in recent years. The market's significant players are working together to address the growing demand for canned seafood. The recorded CAGR was 3.1% from 2017 to 2022, and it is expected to climb to 3.7% over the projected period.

The primary causes of this variation in growth rate are ascribed to the market's slow or rapid uptake during the first half of the projected period as a result of improving end-user demand in important economies and their expanding populations. Particularly, the consumption patterns of the United States and China are both increasing, which is driving up the demand for canned seafood food market.

In the second half of the projection period, numerous other market segments are anticipated to perform reasonably and achieve attractive development possibilities.

Despite these promising developments, the business is still expected to face significant obstacles, such as shifting customer tastes, strict trade restrictions, and a lack of security in the supply of raw materials and other production inputs.

Nandini Roy Choudhury

Principal Consultant

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Category-wise Insights

Caviar - By Product Type

By product type, the market is segmented into caviar, mackerel, salmon, sardines, tuna, and others. According to Future Market Insights, the caviar category is likely to have a significant market share of 3.2% throughout the forecast period.

The frequency of this segment is governed by the following factors:

• The approach of stunning the female fish and extracting the ovaries to gather the eggs without killing the fish is gaining popularity.
• Pharmaceutical businesses are utilizing caviar and its many product extracts in the creation of capsules, pills, and liquid forms of medications for customers to overcome inadequacies.

Hypermarkets/Supermarkets - By Sales Channel

Based on sales channel type, the market is segmented into hypermarkets/supermarkets, convenience stores, independent grocery stores, specialty stores, and online retail. According to Future Market Insights experts, the hypermarkets/supermarkets segment is expected to have a considerable market share of 4% throughout the forecast period.

The following are the key elements influencing the evolution of this segment:

• In these establishments, certain aisles are designated for various items, giving customers a wide range of choices.
• These mass merchandisers' reductions and offers are likely to increase their sales performance as well.

Region-wise Overview

Localized Fishing Communities Becoming Star Suppliers to Key Players in America

The United States contributes 3.2% of total North American sales, making it a significant canned seafood market. In the United States, the canned seafood market is predicted to hit a peak of US$ 11.1 billion. According to the United States National Marine Fisheries Services (NMFS), the American market imported 158,200 tons of canned tuna in 2018, 15% higher than in 2017. The rising popularity of ready-to-cook foods has fueled the rise of the canned seafood industry. The region's market is flourishing owing to a well-established distribution system and an increase in internet sales.

Key players acquire all of their seafood from localized fishing communities in the United States and Canada. They exclusively work with sustainably managed fisheries that promote worker and environmental well-being. Fair salaries, working conditions, and a direct chain of custody from boat to shelf are just a few of the pillars. Upon these aspects, they base their commitment on providing their consumers with ethical seafood.

Consumers are becoming more concerned about the origins of their food. Furthermore, people are looking for things that provide a more consciously crafted experience, from packaging to flavor. Key players are setting the bar for the pantry aisle through diligent sourcing processes and the favorable quality requirements. Their mission is to supply top-tier items from local towns and remote villages along the European coastline to clients in the United States.

Culinary Delights in the United Kingdom primarily consist of Canned Seafood!

With an anticipated value of US$ 2.3 billion and an anticipated revenue growth rate of 6.2% throughout the projection period, the United Kingdom is the dominant canned seafood market. The high polyunsaturated fatty acid content of fish and other seafood has enhanced consumer demand. As a result, the rising health consciousness among consumers and the healthy living trend are expected to support the canned seafood market growth in the United Kingdom throughout the projected period.

British companies are leading the trend in canning mackerel, tuna, sardines, anchovies, and salmon by sourcing fish only when it is in season. Moreover, they source it primarily from the most environmentally friendly fisheries in the world. This is not only simply excellent for the fish; there's also a responsibility to avoid bycatch. In this situation, undesirable fish are tossed back into the sea, benefiting both the environment and the fisherman.

Key players are focused to provide quality, availability, and best-in-class services. Furthermore, they provide their consumers with professional advice on market circumstances and the ideal time to buy. Furthermore, they provide NPD ideas based on current market data. With sustainability at the forefront of everything, key players may decrease waste by utilizing fish that would otherwise go unsold. This might be attributed to fluctuating demand and natural seasonal surplus. Moreover, the availability of canned fish helps enterprises to get closer to their aim of introducing consumers to the excellent local seafood available in the United Kingdom.

China: The World Leader on Importing Canned Mackerel -

With leading corporations in China and South Korea, Asia Pacific is a financial powerhouse for the canned seafood market. China is a lucrative canned seafood market in this area, accounting for 2.8% of total sales. The canned seafood market in China is expected to be worth US$ 2.8 billion. The availability of a huge quantity of raw material, along with the presence of several canneries in the region for aquaculture, has resulted in a surge in the acceptance of canned seafood products.

The notion of ‘devoting green food to a healthier life’ is followed by several China-based corporations. Furthermore, they are now concentrating on increasing their foreign market. Tuna is one of the key things that they supply to their customers all over the world. Additionally, they are eager to establish long-term business relationships and create a brighter future for our consumers. They have set up comprehensive services spanning from trademark registration to product package design and printing, production to storage, and supply chain to financing coordination. Furthermore, they may perform directive manufacturing oversight and assure product transparency.

The growth of China's canned seafood industry is critical to the growth of aquaculture, the packaging sector, and China's seafood exports. Moreover, China has become a world leader in canned mackerel, exporting over 100,000 tons each year. Chinese canned seafood behemoths are breaking new ground with flavorful tuna, sardines, krill, and crab products. They offer established canned seafood for the home market, prepared to local preferences. Grilled herring or krill canned in soy sauce are examples of this. In the country, these market participants also offer tinned sardines and crab.

In South Korea, Western-style Bakery Items are Rising in Popularity -

With a revenue growth rate of 2.8% and a predicted value of US$ 978.1 million over the projection period, South Korea is a highly successful canned seafood industry. The country's leading companies guarantee that their factories are British Retail Consortium accredited (BRC). Moreover, the Hazard Analysis and Critical Control Points certification validate their product prevention method. Furthermore, investments and new product launches by several leading competitors are expected to enhance the market growth in the approaching years.

Smoked fish consumption has increased dramatically in recent years. Smoked salmon consumption in public spaces (HoReCa, schools, hospitals, etc.) has increased in recent years. The canned tuna business in the region is mature and has been falling in recent years as customers have shifted their preferences to other seafood, notably shellfish. As a result, South Korean producers have been inventing their products in terms of base ingredients that can appeal to customers' palates.

The canned salmon market in South Korea is expected to expand owing to rising demand for protein-based goods from health-conscious clients. Aside from tuna, demand for pink salmon and sardines is soaring as consumer expenditure on healthful food goods with high nutritional content rises. Furthermore, regional private-label companies have a considerable market due to the growing customer preference for low-cost items. In response to the rising popularity of dining in bars, cafés, and restaurants, new seafood items are being produced.

New Entrants are Catching up with Key Players: Start-up Economy

Start-up companies are offering canned seafood alongside key market players to contribute to the global canned seafood market growth:

• Qwehli Seafood - It is a producer that offers fish goods for delivery. Salmon, mackerel, haddock, cod, turbot, and more are among the available products. The firm asserts that the items are deep-frozen utilizing novel conservation techniques and are sashimi-grade certified, meaning the fish may be consumed raw. The business also provides recipes for the same.
• La Fourche - It is an organic products merchant online. After purchasing a membership plan, it gives customers access to its catalogue and lets them buy organic products. It sells baked goods, dairy goods, baby food items, cosmetics, home goods, flours, dried fruits, vegetables, purees, canned food, soups, seafood, morning cereals, spreads, and more.
• Supabaza - It is a multi-category grocery product store online. Eggs, bread, milk, oil, canned goods, water, fish, meat, fruits, vegetables, butter, cheese slices, and other items are all listed in the product catalogue. Android users can access the mobile application.

Key Companies Revamping the Canned Seafood Market Space

The canned seafood market share is extremely competitive as a result of the participation of several well-established rivals. Businesses in the canned seafood industry commonly use organic development techniques including product approvals and releases. To capitalize on the potential for market growth, market businesses are concentrating on growing their footprint through acquisitions, expansions, product approvals, and launches.

Recent Developments:

• In May 2021, A 100% subsidiary of Nippon Suisan Kaisha Ltd. (Nissui), Nippon Suisan (Europe) B.V., purchased 75% of the British seafood firm Three Oceans Fish Company Limited. Nissui is projected to strengthen its coated fish business in the United Kingdom in cooperation with Caistor Seafoods and increase synergies with Flatfish and Cite Marine through this purchase.
• In May 2021, German producer of fish goods with shelf life, Rügen Fisch, was fully bought by Thai Union Group. In 2016, the Thailand-based seafood company first acquired a 51% controlling share in Rügen Fisch, and it has since acquired the remaining 49%.
• In April 2021, For BWP 650 million, Century Pacific Food Inc. purchased Pacific Meat Co. Inc. (PMCI), a newcomer in the refrigerated food segment, from its parent company. With its own production facilities, cold chain distribution, and a wide range of chilled items, this business should provide CNPF with development prospects.

Key Market Players in the Canned Seafood Market

• Nueva Pescanova
• Marine Harvest ASA
• Thai Union Frozen Products
• Royal Greenlands
• StarKist Co.
• Nippon Suisan Kaisha Ltd.
• Maruha Nichiro Corporation
• Icicle Seafoods Inc.
• LDH (La Doria) Ltd.
• Wild Planet Foods
• American Tuna Inc.
• Universal Canning Inc.
• Tri Marine Group
• Trident Seafoods Corporation
• Connors Bros. Ltd.

Key Segments

By Product Type:

• Caviar
• Mackerel
• Salmon
• Sardines
• Tuna
• Others

By Sales Channel:

• Hypermarkets/Supermarkets
• Convenience Stores
• Independent Grocery Stores
• Specialty Stores
• Online Retail

By Region:

• North America
• Latin America
• Asia Pacific
• MEA
• Europe