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Notable changes in the canned seafood business are indicative of changing customer expectations and tastes in the modern food sector. Changes in the market dynamics of canned seafood, which includes a range of items such as tuna, salmon, sardines, and anchovies, have been brought about by numerous significant developments.
The increased emphasis on health and fitness is one significant factor propelling the canned seafood industry. Canned fish is becoming more and more popular among consumers looking for wholesome, high-protein dietary alternatives. Canned seafood items are thought to be a handy and healthful option since they are high in omega-3 fatty acids and other vital elements. The demand for canned seafood as a component of a healthy, balanced diet is being driven by this trend, which is in line with the growing consumer awareness of the connection between nutrition and wellbeing.
Another important aspect influencing market developments in the canned seafood sector is the sustainability movement. Customers are becoming more worried about bycatch, overfishing, and the overall effects of seafood consumption on marine ecosystems as a result of increased environmental consciousness. As a result, canned fish products that are safely farmed and supplied are becoming more and more in demand. Companies that put an emphasis on sustainable fishing and packaging methods are becoming more popular in the market as customers look to make more ecologically responsible decisions.
One notable trend impacting customer preferences in the canned seafood sector is flavor innovation. In the past, tuna in water or oil and other basic preparations were frequently connected with canned seafood. But there's a discernible trend toward more upscale and varied flavor profiles. These days, consumers are investigating choices like flavored sardines, artistically seasoned tuna, and smoked salmon. This trend is a reflection of customers' changing tastes and their need for interesting and varied culinary experiences, especially when it comes to canned goods.
In the market for canned seafood, convenience is still a major factor, particularly given the hectic nature of modern lives. Seafood that has been canned is a quick and simple source of protein that needs no preparation. Customers looking for quick lunch options without sacrificing nutritious content may find this feature appealing. Because many consumers have busy lives, ready-to-eat canned fish items like salmon salads and tuna pouches have become more and more popular.
Canned Seafood Market Highlights:
Global Canned Seafood Market Overview
Canned Seafood Market is projected to be worth USD 50.47 Billion by 2032, registering a CAGR of 5.8% during the forecast period (2024-2032). Seafood is a great source of protein and various nutrients. Canned seafood includes tuna, canned fish, sardines, salmon, frozen fish fillets, mollusks, and crustaceans. These seafood are loaded with vitamins, minerals, protein, and other nutrients that are necessary for our health. Many people are consuming canned seafood because of its health benefits and their busy schedules. Canned seafood offers ease of consumption without cooking hassle. They also offer lipids, carbohydrates, omega-3 fatty acids that help in the development of the human body.
The health benefits of canned seafood will increase demand of the market, and it is expected to be one of the major factors in the Canned Seafood market growth. They can help to improve eyesight, improves immunity, and reduce the risk of depression. Additionally, the calcium offered by this product can help to increase bone strength as well. People are now more aware of these health benefits of canned seafood which is expected to drive the market revenue.
The technological advancement in packaging technology has allowed keeping the products safe and fresh for days. There are many organic preservatives used that can improve the shelf-life of the products, which can be a major growth factor for the market. Customers are serach9ng for healthy and tasty food options that can be cooked in minimal time, and canned food is one of the best solutions for them; as a result, the market is likely to witness rapid demand in the Canned Seafood market forecast period. The key players are adopting many creative marketing strategies for the promotion of these products that are likely to boost the market size in the coming years.
Covid-19 Analysis
Just like almost all markets, the Canned Seafood market was highly affected by the covid-19 pandemic. The covid-19 pandemic that started because of the spread of coronavirus is the major reason behind the decline of the world economy. Almost all the sectors struggled due to the disruption in the supply chain that was caused by the imposition of lockdown. The governments in all the countries strictly advised the people to stay at home and maintain social distance. The laborers also left their workplace, and the production works were at a halt. Additionally, the travel restrictions caused problems for the raw materials supply, and it further pushed down the production. Canned food production industries were highly affected by this, and due to lack of supply, the demand declined. But slowly, everything is coming back to normal, and the key players are trying their best to cover up the losses. The market is all set to grow and register a healthy CAGR rate in the future.
Market Dynamics
Drivers
Affordability is one of the major drivers in the market. The canned seafood cost is reasonable for the common people, and these foods have vitamins, proteins, and other required minerals, etc. apart from that, the purchasing power of people rising with economic development; as a result, people can spend their money on market which will propel the Canned Seafood market.
Apart from that, canned seafood offers various health benefits like weight loss, cancer prevention, blood pressure control, and high fiber content. Rising health problems like heart disease and diabetes have encouraged people to eat healthily. Furthermore, rapid urbanization with high demand for ready-to-eat food is expected to drive the demand of the market. Their products have a long shelf-life, and they don’t require refrigeration which is increasing its popularity, and it is a big factor behind the market growth.
Opportunities
There are many types of canned foods that can be stored safely for up to five years. There have been many advancements in storing technology in recent years that will increase the shelf-life of these products, and it is likely to generate opportunities for the market. Apart from that people are searching for easy to cook foods because of their busy schedules and long working hours. Canned seafood is not only easy to make but also packed with health benefits, and it will bring opportunities to the Canned Seafood market.
Restraints
A big problem is the canned seafood is highly dependent on climatic conditions. Weather can have a big impact on seafood products. So unexpected weather conditions can hinder the Canned Seafood market trends. Not all regions are favorable for seafood. North America and Europe have supportive weather conditions, whereas the Indian region heat climate doesn’t support the market. Additionally, many people are scared about the contamination, and they prefer not to eat canned seafood.
Challenges in the Canned Seafood market
The seasonal availability of seafood is a big challenge for the Canned Seafood market. Apart from that low income of people in the underdeveloped regions is a challenging factor in the market as well. People with low income can’t afford these products. The key players are trying to overcome these challenges by making affordable products that can be consumed by all backgrounds of people.
Cumulative growth analysis
The market has shown significant growth over the years, and it is expected to do the same in the next few years.
Market segmentation
The Canned Seafood market is segmented on the basis of product type, distribution channel, and geography.
By product type
The product type segment includes shrimp, Tuna, Salmon, Prawns, and Sardines. The Tuna segment holds the largest market share owing to its high lean proteins and omega3 fatty acids. Tuna also improves immunity power, reduces blood pressure, prevents cancer, and helps in weight loss.
By distribution channel
Based on the distribution channel, the market is segmented into retail, food service, and institution. The retail segment was accounted for the highest market share, and it is expected to dominate the Canned Seafood market in coming years.
By geography
Based on geography, the market is segmented into North America, Asia-Pacific, Europe, and the rest of the world. The North American region will remain a crucial marketplace. The Asia-Pacific region is predicted to provide great opportunities to the Canned Seafood market.
Regional Analysis
The major regions in the market are North America, Europe, Asia Pacific, and the rest of the world. The North American region holds the highest share in the Canned Seafood market because this region has favorable climate conditions. Also, the high purchasing power of people in this region is a big factor in the market growth as well.
Asia Pacific region is expected to grow at a higher CAGR rate owing to the high demand for ready-to-eat products in this region. In addition, presence of major key market players in the Asia-pacific region coupled with economic development is likely to be the primary reason for market growth in this region. The high demand for canned seafood in hotels, restaurants, and industries is likely to boost the market in Europe. Additionally, the increased volume in production, with technological innovations, will propel the market according to the Canned Seafood market analysis.
Competitive Landscape
There are major key players who highly influence the Canned Seafood market, and some major key players among them are:
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Maruha Nichiro Corporation (Japan),
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Icicle Seafood, Inc. (US),
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LDH (La Doria) Ltd (UK),
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Bumble Bee Foods,
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LLC (US),
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StarKist Co. (US),
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Nippon Suisan Kaisha Ltd (Japan),
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Wild Planet Foods, Inc. (US),
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Thai Union Group PCL (Thailand),
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American Tuna, Inc. (US),
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Universal Canning Incorporated (Philippines)
These are the major key players in the Canned Seafood market, and among them, LLC contributes largely in the market.
Recent Developments
In October 2021, Karavela launched a new plant-based seafood analog products brand, Fish Peas.
Report Overview
This market report gives complete information on both qualitative and quantitative analysis of the market. Furthermore, it gives detailed information on the drivers, opportunities, restraints, and challenges. Furthermore, this report covers the covid-19 impact on the Canned Seafood market. This report also gives market outlook based on recent developments, regional analysis, and market segmentation.
Segmental Overview
Market, By Product Type
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Shrimp
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Salmon
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Sardines
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Tuna
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Prawns
Market, By Distribution Channel
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Retail
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Institution
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Foodservice
Market, By Geography
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North America
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Europe
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APAC
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Rest of the world
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